Artificial intelligence: understand its impact on business
Every day, Artificial Intelligence (AI) gains more space in the daily lives of people and companies and becomes essential for business management, definition of innovative strategies, automation of processes, market monitoring, customer acquisition and loyalty. With its ability to learn human behaviour, this technology is revolutionising the corporate universe and positively impacting the companies’ results.
Even with the insertion of AI in various sectors of companies, the full potential of this technology has not yet been exploited. That is, there is a lot to learn, develop and use. Certainly, this will cause intense and rapid paradigm shifts in business. We have only touched the tip of the iceberg in the potential applications of Artificial Intelligence. Today, AI is being applied in the financial industry, retail, insurance, healthcare and industry among other segments.
Although each application has its specificity and purpose, the goal of using technology is to identify better business opportunities, increase revenues through a better customer experience, reduce costs and losses by automating processes, and make people’s lives easier with AI-based software. And this is because AI systems, especially those that use Machine Learning, can collect data, organise and cross-reference a large volume of information quickly and safely, and generate forecasts that enhance the ability of managers to make better quality decisions.
Companies have a great ally when it comes to dealing with these challenges: Artificial Intelligence, as it is present in: Personal assistants, such as Alexa; Devices with facial recognition; Mobility applications, such as Waze; Personalised advertising; Recommendations of online shops.
These are just a few examples of how AI is already present in your life. But what about at work? It is no different. Check out some examples of how it is part of a commercial routine:
- Automation tools;
- Management and expense management software, like Everest;
- Security mechanisms;
- Data analysis solutions.
Of course, with all this advancement, it didn’t take long for companies to start using AI to optimise processes.
Large organisations are full of repetitive processes, but which require a great deal of concentrated effort to be carried out. This is exactly where AI comes in, to streamline everything that can be automated.
According to a survey by Accenture, in the coming years, Artificial Intelligence should account for 40% of productivity in companies.
How to use Artificial Intelligence in business management?
Digital payments and access to credit
Today, AI is deeply entrenched in the payment environment. Traditional banking, lending, and financial institutions have boosted their active investment in AI and integrated it into their technological infrastructure. In fact, at the rate at which it’s going, the global investment in AI by the Fintech market will reach USD 22.60 billion by 2025 at a CAGR of 23.37%.
AI, in its early stages, is having an indelible effect on B2B payments. In the near future, it will inevitably transform the way institutions of all sizes handle financial management. Smart chatbots will also be used in this sector increasingly to ease workflows, connect systems and accounts digitally and enable everything from automated record keeping to new types of digital payments .
As well as standardising accounts payable, automation technology makes it easier for SMEs to receive funding. AI-enabled credit scoring can rate businesses for far less than it would have done manually. In addition, AI tools can abolish any bias and use contemporary and historically available data to make credit decisions where conventional financial information may be lacking.
Chatbots
If you’ve ever heard of conversational robots, chances are it was for the purpose of helping with customer service. They can go much further and help businesses on a number of fronts, including supporting the back office.
Even within an organisation they can take on a number of roles, such as:
- Answering questions for employees: In very large companies, much of an HR team’s time can be taken up just answering questions that other employees have.
- Issuing duplicate documents: As well as doubts, issuing documents, such as payslips, for example, also occupy much of the routine of these professionals. Chatbots can do this in a simple and agile way.
- Holiday scheduling: This is another action that can be easily performed by a bot. This way, the team responsible can focus on more complex demands.
- Curriculum screening: The chatbots can perform a first analysis in a selection process, and even respond and interact with candidates.
- If the company has adopted some messaging application as a communication channel, it can also be done with the help of chatbots. On WhatsApp, for example, messages can be easily automated. Including the active sending of important information.
All these actions make the company gain more agility. At the same time, employees do not have to wait for answers, which makes the work experience much better.
Stock management
Good stock management is essential in the routine of many organisations. However, this is an ongoing job that demands a lot of time, and if done manually, the allocation of a complete team.
The good news is that Artificial Intelligence in business management can make this job less dull with AI-based software.
Imagine the following: Instead of doing the daily count and spending the day updating spreadsheets with missing products and what needs to be replenished, you get an email, with the list of missing items, with suggestions for replenishment and everything else.
All this can be done with the help of AI, ensuring a more efficient management and that will certainly impact cost reduction for the operation.
Data analysis
This is undoubtedly one of the biggest challenges that companies face today. Dealing with a huge amount of data on a daily basis. Capture, measure, analysis are issues that arise routinely in large organisations.
Relying on AI to automate this process can guarantee countless advantages. One of the main ones is to have all data organised and centralised in dashboards, where all information is visualised in a simple way.
And all of this, in an automated way, allows collaborators to concentrate on more complex analyses, guaranteeing much more intelligence for the business.
Analysis of consumer behaviour
Another fundamental question for companies that want to stand out in the market is to know well the public with whom they relate. Having a well-structured process of consumer behaviour analysis can be an important differential.
Knowing the customers’ consumption journey is essential nowadays. And this is done through a lot of study, research and again: data analysis.
Of course, AI also generates a very positive impact on this function. With the help of automation, this data can be compiled more efficiently.
In conclusion, AI has enabled major players in the fintech and payments ecosystem to easily circumvent the risks associated with front- and back-end processes. This will consequently lead to greater investor confidence in B2B Fintech entities as the B2B payments arena continues to grow and evolve.
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