Demonstrating The AI Impact On Business In 5 Examples

Demonstrating The AI Impact On Business In 5 Examples

Until recently, computers were limited to binary, rules-based operations: If this, then that. This was enough to automate workplace tasks that require a consistent approach to problem solving, like billing and accounting. But more complex processes remained beyond the power of computers—until Artificial Intelligence (AI) became widely available.

Today, enterprise AI is capable of three activities that used to fall strictly in the human domain: learning, thinking, and simulating human actions. Business users can now transfer repetitive tasks from human staff to AI automation tools—and that’s a powerful change. Regardless of the wide-reaching effects of artificial intelligence, people are better at imagining, creating, and directing. They can spend more time on these high-level tasks when AI automation is handling the rest. To explain how, here are five real-world examples that show how AI is changing business—and how it can help your company thrive.

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5 Technologies That Demonstrate The AI Impact On Business

1. AI Chatbots

Chatbots are software systems that simulate human conversation. One form of AI—Natural Language Processing (NLP), which allows machines to understand human language in its raw form—makes chatbots possible. But they may also use machine learning and other AI technologies to provide more accurate, relevant responses.

Chatbots are already ubiquitous in business. Go to any company website and you’re likely to see a chat window pop up. Call a customer service line and, rather than a series of interminable push-button menus, you may be treated to an interactive voice agent—a voice chatbot that uses AI to get results through language.

The reason for this widespread adoption of AI chatbots is clear: It allows companies to automate and scale customer interactions. But they’re not the only way AI helps to automate core business communications.

2. Intelligent Automation For Service Desk Processes

Information Technology (IT) departments need a centralized communications hub to serve stakeholders; that’s the purpose of a service desk. This department collects IT requests from customers, employees, and partners. It generates support tickets, assigns tasks to IT staff, tracks resolution, and communicates with stakeholders every step of the way.

In many industries, service desks receive hundreds of service requests per day. Robotic Process Automation (RPA) bots with machine learning, Computer Vision (CV), Optical Character Recognition (OCR), and NLP can categorize, process, and respond to these requests. They can generate tickets and assign them to the appropriate staff. This AI automation saves a tremendous amount of staff time on these tasks, streamlining service desk operation for greater performance and cost efficiency.

3. Invoice Data Extraction And Processing

Accounts payable departments are swamped with invoices. Smart RPA bots from Nividous use AI to identify key information on invoices, regardless of layout or format. They extract this information and enter it into accounting software and ERPs. Thanks to integrated Business Process Management (BPM) capabilities, the Nividous automation platform orchestrates work between smart RPA bots and employees to achieve total end-to-end process automation for invoicing tasks and more.

4. Insurance Claims Processing

Every insurance claim involves multiple documents, in all sorts of formats, as well as complex eligibility checks and data verifications. With AI, software can check data across documents, automating verification and other tasks associated with claims processing. Intelligent automation also reduces data errors during all these processes and dramatically reduces staff time dedicated to claims processing, saving 37,000 staff hours per year in one Nividous implementation.

5. Fraud Detection

The previous examples rely largely on AI’s ability to categorize, classify, and converse, but AI is also crucial for data mining, or the discovery of useful patterns within extremely large datasets. Predictive analytics involves data mining in order to predict future outcomes—including potential fraud.

Take credit card transactions as an example. A bank can train an AI model with datasets of all its normal and abnormal transactions. That AI system can then analyze the data to reveal patterns that suggest fraudulent activity. When similar conditions arise in future transactions, the fraud detection system can notify account holders, asking for verification before processing the charge.

The Artificial Intelligence Impact On Management

With AI, we can automate many workplace tasks—but we can also automate the management of those tasks, achieving end-to-end process automation. The Nividous platform is a comprehensive tool for automating complete processes, as well as individual tasks within the process. It combines AI, RPA, and BPM into a single-pane-of-glass environment. Users can assign certain tasks to smart RPA bots and others to human workers.

An organization can then track and record every step within a centralized BPM dashboard, so managers no longer have to assign tasks or create manual reports; they can simply open the Nividous platform for real-time updates on vital work processes. To experience the Nividous platform for yourself, request a free, personalized demo today.

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