Embracing technology and building efficiency in the process
Artificial Intelligence (AI) is a hot topic these days, so hot that it is often hard to avoid. Much of the fodder around AI is fear-based and makes a case for the perils and pitfalls of everything that this technology has to offer. Businesses are slowly starting to embrace AI and are mapping the ways to navigate a new technological terrain.
There are several ways that AI can help businesses and likely hundreds of more ways that we have yet to see. Like the beginning days of the internet, we are embarking on new learnings and opportunities with more AI support to come.
Three ways Businesses are Benefitting from AI
1. Automating the Mundane
AI can take automation to the next level by building efficiencies and creating seamless workflows. Routine and monotonous tasks can take up a lot of time and substantial manpower. Certain tasks like data collection or data entry can be automated, thus freeing employees to focus on more involved, human-centric tasks.
Some examples of where we are seeing this play out is in the insurance space. AI is being leveraged to facilitate claims, thus giving insurance brokers the opportunity to provide more consultative support to their clients.
2. Reducing Human Error
If programmed correctly, AI can facilitate work with little to no errors. AI models are based on predictive analysis and the more work that is executed, the more that they learn—ultimately erasing potential errors in the long-run. As technology continues to learn, time and resources are saved, developing accurate results and saving the time of staff.
Considering that human error causes 23% of unplanned downtime in manufacturing[1] the impact of human error can be vast, translating to lost profits and increased costs.
3. Enhancing Customer Service
Customer service often has a bad reputation – consumers dread the hours that they need to spend on the phone searching for answers. However, with AI technology customer service can be entirely automated, through online chat support, or partially automated helping customer service representatives get to answers quicker.
AI can also be present when humans may not be, allowing for 24/7 support to meet customers where they are and offering the support that they need. Facilitating instant and accurate support can have immediate and lasting impacts on businesses – McKinsey estimates that AI technologies could potentially deliver up to $1 trillion in additional value each year, of which revamped customer service accounts for a significant portion.[2]
Considerations for AI
Implementing AI in areas of the business is not a decision that can be made overnight. It is imperative to map out what is needed, the considerations, and the broader impact on business operations and end customers (where relevant).
One of the first key considerations starts with the impact on staff. In many cases the goal of integrating AI is not to replace staff but rather to compliment staff and can help to make life easier for the very people that are instrumental to the business.
Where We Come In
At empatiX, we understand the broader impacts of technology. Through continuous trend tracking we understand the impacts of new technologies on business and work to help our clients understand how best to integrate and potential impacts to customers.
Need help building exploring AI potential for your organization? We would love to chat! Reach out to us at hello@empatixconsulting.com.
[1] “Human Error is More Common Cause of Unplanned Downtime in Manufacturing Than Any Other Sector, According to New Research.” Business Wire. November 7, 2017. [2] “The next frontier of customer engagement: AI-enabled customer service.” McKinsey. March 27, 2023.
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