AI in modern business processes: current trends

What seemed to us futuristic, fantasy and far from reality just a few years ago is gradually becoming a full-fledged element in the life of a modern person. As you have probably already guessed, we are talking about Artificial Intelligence (AI), that is, artificial intelligence. Today, this technology is developing at an accelerated pace, expanding its functionality, covering new areas and directions. Despite the fact that AI is still far from perfect, it can still significantly simplify the work of many specialists and speed it up. The fairly broad functionality of AI allows it to be used in many business processes.

Such tasks as planning, data entry, idea generation, collecting information, structuring it, and many others are taken over by specialized neural networks. As a result, similar processes can be automated, and specialists will have much more time to solve strategic problems. Among what the modern market offers in this area, you can find many options for businesses of different levels, sizes, including for teamwork.

As part of today's review, we will consider the main tasks that modern businesses can easily delegate to artificial intelligence. The recommendations provided will allow you not only to get acquainted with the capabilities of modern neural networks, but also to understand which of your own processes you can entrust to AI. So, first things first.

Personalization to improve customer experience

Now artificial intelligence can rightfully be called a full-fledged partner in collecting data about users and clients. No marketing strategy or advertising campaign can do without detailed market research. Business representatives and relevant specialists try to get as much information as possible about the target audience in order to build the most effective interaction with them, offer the most useful products, and understand which promotions and interactive events will give the best results. Using AI will not only improve the quality and efficiency of the collected data, but will also help create a personalized customer experience.

It turns out that the neural network is initially trained on the information received. It studies the purchase history, user behavior when interacting with the site, products, and then selects individual product recommendations for a particular buyer from the online store catalog, offers a variety of personalized marketing campaigns. Those that are more likely to interest a potential buyer, as they will take into account his interests, pains, wishes. Particular attention is also paid to the time of the offer itself, as if urging to place orders here and now, while the price of the product item is as attractive as possible.

We would like to draw attention to the fact that in this case we are talking not only about the field of e-commerce. It is possible to create a personalized customer experience using AI technologies in any other area. For example, many world-class digital media companies, including video hosting YouTube and the Netflix platform, have created their own neural networks capable of offering customers the most relevant content for them, thereby maintaining constant attention at a high level.

Minimizing the influence of the human factor

Even people who thoroughly understand their work can make mistakes and make minor mistakes. That is, even the best employees are not immune from this. As a result, even a small mistake can cause serious damage to the business, cause dissatisfaction on the part of a potential buyer or partner. Modern AI technologies are able to identify such anomalies as quickly as possible, inform about them and even suggest ways to eliminate the identified problem. And this can be implemented in absolutely any area and when performing any work. Alternatively, a modern neural network, trained accordingly, will be able to identify violations in production processes, notice oversights in financial transactions. Thanks to the timely detection of errors, it will be possible to eliminate them as quickly as possible, before it causes serious harm.

Another feature of artificial intelligence is the ability to minimize the influence of bias in the process of making a decision. Here, AI will act as a neutral judge, able to understand the problem, consider different ways to solve it and choose the most effective one. This feature makes this technology indispensable in areas where special attention is paid to accuracy and objectivity. This rightfully includes the medical field and financial transactions. Also, with the help of a neural network, you can build an effective system for assessing employee performance, optimize the process of hiring new personnel. All this became possible due to the fact that artificial intelligence does not have subjective impressions, but instead has the ability to assess the situation comprehensively, taking into account many factors.

Automation of monotonous and routine work

In the case of a comprehensive and professional approach, you can train the neural network to work directly with your business, monitoring all ongoing processes at each level. Moreover, you can entrust AI with the performance of monotonous and routine work, thereby ensuring their automation. Repetitive tasks are encountered in practice in absolutely any business. If you delegate them to a neural network, you will be able to use the freed-up human resources to find answers to more serious strategic questions.

By and large, almost all businesses have been using automated software solutions in their work for quite some time now. But thanks to the capabilities of AI, these capabilities can be made more extensive, complex, and profound. This includes entering and processing information, scheduling meetings, scheduling them, informing them, and managing accounts. Artificial intelligence in business has also found wide application in automating the process of hiring employees and adapting them to new working conditions. Alternatively, you can entrust AI with the following tasks:

• Checking and analyzing applicants' resumes. The neural network is capable of automatically scanning documents and selecting suitable candidates based on specified key phrases.
• Conducting initial interviews. Here, AI will be able to generate appropriate questions and then analyze the answers to them, including in the format of a video interview, and not just as text.
• Performance monitoring. AI will be able to periodically collect data on the performance indicators of an individual employee or an entire department, analyze them, and also generate detailed, structured reports from the information received.
• Providing opportunities for personalized development. For each individual employee, the neural network is able to develop an optimal training plan, focusing on their current capabilities, career goals, and business priorities as a whole. It will also monitor the effectiveness of training by analyzing the corresponding results.
• Distribution of tasks, planning of work schedules between individual employees. Thanks to this, the most even distribution of the workload of each employee is ensured, taking into account tariff holidays, seasonality of sales and many other factors characteristic of a particular business.
• Making forecasts regarding the optimization of the number of employees. By analyzing the overall performance of the company, artificial intelligence can anticipate seasonal surges that require the involvement of additional employees, and predict a drop in sales. This is what will optimize the number of personnel, and along with this, wages, while ensuring stable sales figures and high satisfaction from the consumer audience.
• Formation of documentation on the payment of wages, vacation pay, bonuses, processing a request for a salary increase, the need for indexation, etc.

Of course, a person will need to keep all this work under control, but still the savings in time and workload will be more than impressive.

Implementation of a chatbot in customer service processes

Customer satisfaction with the level of service is one of the key indicators in forming brand loyalty. Consumers expect business representatives to respond to their requests as quickly as possible, provide professional advice, and help with their choice. And you can delegate these tasks to artificial intelligence. It is in this area that AI demonstrates some of the best indicators today. In particular, business representatives can create a specialized program based on AI that will be able to provide personalized and detailed answers to the most frequently asked questions.

That is, thanks to this, you can transfer the first stages of interaction with potential buyers to the neural network. Through an automated and intelligent chat bot, customers will be able to receive instant professional answers that will help them decide on the advisability of a particular purchase, decide on the most suitable model, type of product. You can also tell the neural network at what point it will be necessary to transfer the communication to a real manager, Someone who can then provide more detailed advice and systematically lead a person to making a purchase.

The high efficiency of such chat bots is ensured by natural language processing technology. It is what underlies them. It is noteworthy that it is already so developed today that it is impossible to distinguish it from natural human speech. This means that a potential buyer will not be able to understand whether he is currently interacting with AI or a real manager: the level of service will be at its best.

Providing assistance in planning and making strategic decisions

The essence of such assistance is that the neural network will be able to track current trends in real time, instantly respond to insights. The information received will help the relevant specialists make decisions aimed at improving the efficiency of the business more easily, quickly and simply. Also, modern AI technologies are able to assess market opportunities in a particular niche, identify risk areas. This is what will help make reasonable adjustments to the overall development strategy, minimize problems and financial losses, and increase income.

Also, artificial intelligence can be trusted to analyze the impact of the closest competitors on the market, to assess the prospects of launching a particular new technology. AI will also be able to respond to economic fluctuations in the market, monitor changes in demand for certain goods and services, while assessing various factors. This is what will allow you to constantly maintain an up-to-date business development strategy aimed at achieving maximum results. Moreover, artificial intelligence can be used to monitor the effectiveness of work and instantly respond to deviations from a pre-planned plan, making changes in accordance with new events and information.

Simplification of work in the field of IT

We have already talked about the fact that artificial intelligence can significantly simplify and automate the performance of monotonous and routine work. Among other things, this is also relevant for IT tasks. Alternatively, you can entrust the neural network with managing various servers, setting up systems. Many specialists use AI as an assistant for writing program code, as well as in checking existing solutions in order to identify errors and inaccuracies in them.

But here we want to draw your attention to the fact that you should not completely rely on AI in this matter, since errors and inconsistencies may be made here. Therefore, the optimal solution will still be to use neural networks not as the main tool, but as an assistant. Trust them to generate a basic version, and then make your own adjustments, ultimately receiving a truly high-quality and working program code.

Using AI in Search Engine Marketing

Modern marketers actively use neural networks to prepare and send emails to the target audience, generate recommendation content on goods and services. But recently, they have increasingly been used directly in search engine marketing. The point is that artificial intelligence is capable of generating extended snippets that will be placed at the top of search results pages, as well as optimizing a site by adding relevant keywords to the content, which are highly likely to be displayed in extended snippets.

AI can easily conduct a comprehensive analysis of user search query patterns, based on which it can predict the intentions of a particular person. Knowing this, you can offer a potential buyer exactly the product or service he is looking for, thereby stimulating him to place an order in your store. This is one of the most effective ways to bypass your closest competitors, including those who have been working in the market longer than you, but have not yet learned to use the opportunities that artificial intelligence offers to modern business.

Efficient implementation of innovations in business

Thanks to artificial intelligence technologies, many companies will be able to develop new products more quickly and deliver advanced services to the market. This is largely due to the use of business process automation and more detailed development. The greatest advantage from using AI in practice will be received by companies that can create their own neural network to more effectively manage their business. The prospects of such technology have already been appreciated by many enterprises, investing considerable funds in the development of unique services and products, which ultimately help them to constantly be one step ahead of their closest competitors.

Tesla and Waymo autopilots can be cited as a striking example. These are solutions developed by one of the divisions of Google, namely Alphabet. In particular, Tesla uses quite complex machine learning algorithms and neural networks in practice, allowing them to create intelligent autopilot systems capable of taking over certain stages of car control, thereby providing partial autonomy of driving.

Unlike Tesla, Waymo is betting on creating fully autonomous vehicles. In particular, it is developing technologies based on artificial intelligence that will allow cars to navigate independently even in fairly difficult road conditions, ensuring safe interaction with other road users, as well as with third-party obstacles.

Improved forecast analytics

Data collection and artificial intelligence are 2 technologies that go almost hand in hand, as we have already discussed above. They appeared at about the same time and became extremely popular among many business representatives. Moreover, they can effectively complement each other. In particular, artificial intelligence ensures the most efficient and fast processing of collected information, generates clear and easy-to-understand reports, which allows business representatives to make the most informed and correct decisions for subsequent business development.

Recently, artificial intelligence has already begun to be introduced directly into the process of collecting information, giving it higher intelligence, which ultimately increases the accuracy and quality of the data obtained. In addition, AI also takes on the decision-making for such information. This feature allows using this technology to expand the business, bring it to new markets, and increase sales. In particular, using the data on the user audience existing in the system, the neural network will be able to identify trends in people's behavior, as well as note changes in needs.

This is what will allow the business to quickly adapt to changing conditions and offer customers exactly the products they need, thereby ensuring stable and effective development in the market. If we talk directly about everyday work, then neural networks will be able to improve the inventory management process, promptly informing that a relevant and in-demand product will soon run out in the warehouse or that you have accumulated a large amount of goods, the demand for which on the market has long been at a minimum position.

Improving Business Cybersecurity

Unfortunately, modern business is forced to work in conditions of a huge number of cyber threats. They are constantly evolving, improving, new solutions appear, for which there are no effective methods of protection yet. Today, many companies have already encountered ransomware, as well as more complex and large-scale hacks, for which social engineering tools are used. And in such conditions, artificial intelligence may well become your reliable assistant and ally in countering serious threats.

The peculiarity of using AI in this case will be in tracking the internal work processes of the business, identifying characteristic behavior in them. As a result, the neural network will be able to easily identify deviations from the norm, unusual network activity literally in real time, which will allow you to instantly respond to dangers and minimize their negative consequences. Most neural networks will be able to identify hidden vulnerabilities before they are launched and cause harm to the business.

That is, using AI, business representatives will be able to respond to such threats as quickly as possible. Information security specialists will receive data that will help them take measures to eliminate these weak areas. Moreover, the modern market offers solutions that can respond to threats automatically. In particular, we are talking about disabling network access to particularly sensitive and important information.

Faster and more efficient recruitment

Talking about the automation of routine and similar tasks, we have already mentioned that AI can be used to optimize recruitment work. So, now you will no longer need a qualified and reliable team of professionals who will independently select personnel from scratch. AI completely changes the approach to finding suitable candidates. In particular, the existing tools based on artificial intelligence in the context of solving this problem are capable of:

processing video resumes, focusing on the key phrases contained in them;

• viewing resumes of applicants;
• making appropriate shortlists of candidates for a vacant position;
• conducting preliminary interviews with people through a specially configured chat bot;
• minimizing the human factor and bias, including unconscious bias, when making a hiring decision.

That is, thanks to artificial intelligence, you will be able to hire a person who is optimally suited to work in your company in a particular position. But it will still be necessary to additionally provide full human control over the operation of the neural network, at least today, while these technologies are still at the stage of their formation and comprehensive development.

Using AI in dynamic pricing strategies

We are sure that now there will be those business representatives who will say that dynamic pricing is a rather controversial trend today. And most likely, these will be those who have already tried this method in practice, but did not get the desired result. This is mainly due to extremely strict manual regulation. But here artificial intelligence comes to the rescue. The very essence of dynamic pricing is that the cost of certain goods will directly depend on the demand for them at a given time. But artificial intelligence technologies will be used to directly change the cost.

Let's assume that your assortment includes a product for which there is a fairly high demand. This fact is established by a neural network by analyzing user data. As a result, an automatic decision is made to increase the price, which will lead to higher income from each sale. But if AI detects the emergence of competitors, then, on the contrary, it will be able to reduce the cost, thereby attracting the attention of the target audience to your products, and not to the products of competitors. We would like to draw your attention to the fact that in this case, you set all the numbers, that is, the percentage of price increase/decrease, yourself.

Generation of text, graphic, multimedia content

Surely many of you already know that artificial intelligence is capable of generating texts, pictures, audio clips, video materials. If we talk directly about the application in business, then such content can be used to prepare marketing publications, as well as to perform internal tasks facing the company's employees. Thanks to this, you can significantly reduce the time costs for development, get a selection of original, non-standard ideas, ensure a variety of materials and their regular updating.

Another undeniable advantage of AI when working with content will be its ability to translate publications into different languages, which will be especially useful for businesses operating in different countries and regions. So, with minimal time and effort, you can enter new markets, attract the attention of local buyers, and increase sales by diversifying points of sale.

Having chosen a suitable neural network for yourself, you will be able to generate:

• Graphic materials. This includes pictures, photographs, logos, illustrations, infographics, and other branding elements. AI can also be trusted to create presentations and develop web design.
• Audio content. Most of the modern neural networks presented in this category are capable of generating music, creating sound effects, and transforming text materials into audio.
• Videos. Today, there are many neural networks that can generate quite realistic video materials for you, edit videos, and create original animation.
• Text content. Thanks to AI, you can significantly speed up the process of preparing product cards, emails, instructions, notifications, news, full articles, scripts, surveys, quizzes, advertising slogans, jokes and memes, polls and many other materials.

But we want to draw attention to the fact that the technology is still far from perfect today and it is clearly not worth relying entirely on AI when developing at least text content. You can take the generated materials as a basis, and then improve them, increase the quality before direct publication.

Improving supply chains

Any business that involves selling physical goods will develop stably and effectively only if it manages to organize a working and reliable supply system. Here, first of all, we are talking about interaction with suppliers and providers. It is the management of this process that you can entrust to artificial intelligence. It will be able to more flexibly manage supply chains, thereby reducing material and time costs for delivery.

Among other things, you will be able to use neural networks to forecast demand for a particular product on the market, promptly making adjustments to order volumes. This means that you will order as many goods as you need at a given time to ensure stable sales, rather than storing them until better times. That is, in this case, AI can be used as a forecasting and inventory management tool. Neural networks can also be used directly by drivers to optimize delivery routes, eliminating excess fuel consumption and excessive fatigue.

Another opportunity for artificial intelligence in this category is this is the automation of routine tasks, including:

• planning all delivery processes and their optimization;
• demand forecasting;
• cost analysis and comparison with profit;
• optimal allocation of resources, people;
• forecasting failures in work.

As an example, here we can cite the Amazon platform, which can rightfully be called the market leader in the field of practical application of artificial intelligence in the field of delivery of goods. Here, neural networks are completely responsible for selecting the optimal route for transporting cargo from one point to another.

Improved customer interaction management

Every business knows that retaining the attention of regular customers, ensuring their loyalty is the result of a professional and customer-oriented approach. These works have been significantly simplified by using special software, namely CRM systems. They will help to provide an individual approach to the target audience, improve the process of interaction with it. In particular, here you will be able to save individual profiles of each of your clients. With each subsequent contact with this person, the system will automatically pull up their data, which will allow you to build effective interaction at any point of contact. Alternatively, your employees will be able to plan at what point in time it is worth reminding a person about your business in order to re-engage him in the sales funnel.

In many ways, the high efficiency of modern CRM systems is due to the use of artificial intelligence. Here there is already an additional element that can process previous interactions, predict future behavior, automate a certain stage of communication. Also, neural networks will be able to provide a number of recommendations aimed at retaining the buyer, which will minimize their churn rates.

The functionality of AI also includes processing technical requests, sending instructions on how to use a product or service. Alternatively, you can entrust virtual assistants with the process of helping clients set up a particular software, fixing identified technical errors. In this case, the neural network will describe all the actions that the user needs to perform step by step, thanks to which it will be possible to fix the most common problems without outside help. If it turns out that the situation is more complicated, AI will redirect reports to specialized departments, where specialists will get to work. That is, thanks to such virtual assistants, the user will be able to install applications and fix the most common errors on their own.

In addition to direct communication with clients, the neural network can monitor feedback, analyze the information received, and transcribe calls. Additionally, you can configure settings according to which AI will be able to distribute problems and complaints into separate categories, identify certain patterns. Those questions that AI cannot solve on its own, it will forward to technical specialists.

It is very inconvenient that virtual assistants, including those on the basis of which chatbots are implemented, are able to provide customer support 24/7, including on weekends and holidays. Yes, this will be providing answers to the most common questions, but the level of satisfaction from the audience from such service will still increase significantly. Let us repeat that modern neural networks are able to recognize not only text content, but also human speech, perform instant automatic translation of requests and provide answers to them in almost any language of the world. This means that with their help you can maintain a high level of service even for international clients, ensuring stable satisfaction from a very wide audience.

Organization of more effective financial management

Finance is a niche that must be controlled by a good specialist. This is what will minimize problems and financial losses. But even here, there is a worthy application for artificial intelligence. We recommend using it as a reliable assistant in financial management. In particular, you can automate some of the same type of work, such as tracking business expenses, generating reports, making forecasts for sales indicators and, accordingly, business income.

Along with this, neural networks are already available on the modern market that are capable of providing fairly competent financial advice. Among other things, this can be identifying problem areas in the budget, providing recommendations on how to save on a particular process. Moreover, a business can already use specialized accounting software based on artificial intelligence technologies. This is what will make financial management more efficient. Thanks to this, specialists will be able to solve those issues that are more important for achieving strategic growth, shifting routine work to the neural network.

Providing a comprehensive analysis of competitors

Artificial intelligence will also become an indispensable assistant in the work of modern business in the field of processing information about competitors. This is what will allow you to get an impressive set of information that allows you to assess the strengths and weaknesses of other companies operating in the same niche as you, and also take the appropriate decisions into service. The fact is that classical analysis methods require a lot of time and effort. They are labor-intensive to implement. Using neural networks, this process can be significantly simplified and accelerated.

Here are just a few of the tasks that can be delegated to AI in the field of competitor analysis:

• collecting information about various sites, including websites, social networks with its subsequent structuring;
• analysis of offers that exist today in your niche, including monitoring the product line, target audience, the share that a particular business occupies in the market;
• monitoring mentions of competitors, analyzing the emotional component;
• analysis of current trends, which will allow you to accurately predict changes and promptly adapt to them;
• studying the business models used, strengths and weaknesses, strategies and approaches to products, services in general;
• assessing the effectiveness of marketing campaigns, channels through which interaction with the audience is carried out;
• control over pricing, strategy of discounts on similar goods and services with the aim of timely response to them.

Thanks to this, you will understand how your closest competitors operate, you will be able to adopt their strong strategies and, conversely, avoid using unsuccessful tactics.

Let's sum it up

As you can see, artificial intelligence is an extremely powerful assistant in the work of a modern business. It can provide significant assistance in performing monotonous and routine work, improve interaction with the user audience, and also take on the performance of many other tasks that modern companies face in their work. However, we still do not recommend relying on it completely, since not a single, even the most advanced and technologically advanced neural network can replace the work of a real person. As a result, you risk causing your company much more serious damage than it may seem at first glance. That is, artificial intelligence should be used only as an assistant, a generator of ideas, while key tasks must be controlled by a real person.

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