Artificial Intelligence (AI) has been transforming business operations, raging from marketing communications and customer service to database management. The adoption of Artificial Intelligence in professional practices is the inevitable trend of the 4th industrial revolution era, and is expected to benefit a wide range of sectors with its powerful potentials in the future.
According to Gartner’s 2019 survey, 37% of businesses have implemented AI in some form. Most of them use AI to automate business processes, generate revenue and improve security. Here are 5 ways AI will change the future of business:
1. AI helps businesses achieve their competitive advantage
According to the Boston Consulting Group and MIT Sloan Management Review study, 84% of respondents say AI will enable them to obtain or sustain a competitive advantage.
AI allows businesses to automate their processes and conduct deep data analysis, assisting leaders in decision making. This makes your business different from the rest and stay ahead of the competition.
AI solutions can be used to explore untapped marketing channels and customer segments, to evaluate performance and conversion rates across a variety of media channels easily. Therefore, businesses can focus on the channels that generate the most ROI for them, or reshape customer behavior to target the right customers that other companies do not have.
2. AI accelerates business operations
Machines can calculate much faster than humans. The processing capacity of human brain has been estimated at 120 bits per second, while a supercomputer can perform 10.5 trillion operations per second. Therefore, it is certain that AI solutions can speed up the workflow process and boost productivity.
For example, Optical character recognition (OCR) allows businesses to convert image files (output images of scanner, camera, PDF file, etc.) into editable documents (word file). With AI integration, OCR becomes more upgraded and can identify the specific extracted areas on documents.
By applying Optical Characteristic Recognition (OCR) on the base of Deep learning technology, FPT.AI Vision enables the identification of ID documents (i.e. National ID card, Driver’s License and Passport) and content extraction from images of various forms/bills (i.e. electric, water and retail bills, etc.) and printed documents. FPT.AI Vision is the ultimate tool for business to accelerate document processing and digitalization as data entry time is shortened from 5-10 minutes to 2-3 seconds. In addition, the extracted information is immediately stored in CRM systems, making it easy for businesses to use later.
3. AI empowers employees
AI can tackle basic and repetitive tasks to free up employees’ time and boost productivity. The Economist Intelligence Unit found that 79% of surveyed executives believe that AI will make their jobs easier and more efficient.
AI solutions help businesses automate several tasks, ranging from customer verification to sales consulting. Human resources will be distributed and optimized in marketing strategies, customer care, and high ROI processes.
Take FPT.AI Virtual Agent for call center as example. Generally, a call center that makes tens of thousands of calls to customers will need hundreds of operators to repeat calling scripts for 7-10 days. This not only makes the job boring, but also waste time and maintenance costs. Therefore, FPT.AI provides smart Virtual Agent to enhance customer service and productivity in call center.
Home Credit Vietnam is a pioneer in using FPT.AI Virtual Agent for call center. The virtual agent handles more than 250,000 calls per month to remind customers the payment due date. The operator team is freed from repetitive tasks and focus on more specialized ones. After 3 months of FPT.AI Virtual Agent implementation, Home Credit has saved billions in operations and labour costs.
4. AI optimizes sales and marketing strategies
Marketing campaign is a key factor in the existence and development of every business. Therefore, businesses put a high emphasis on AI adoption in marketing. According to a study by Dresner Advisory Services, “40% of marketing and sales teams say data science encompassing AI and machine learning is critical to their success as a department.”
One of the AI solutions that is utilized in marketing campaigns and channels is chatbots. Chatbots can engage and screen customers, improve customer care, consult and sell the products on omnichannel.
In Vietnam, SHB Finance is using FPT.AI’s chatbot to filter out customers who really need credit. They will provide full information such as Name, ID number, Date of birth, Place of residence, and phone number. Their information will be collected and consultants will call them for more information. During 3 months of implementation, SHB Finance’s virtual staff “Sau Tai Chinh” consulted for thousands of customers. It answered correctly up to 90% of customer inquiries and bring 10% of the total number of potential customers on online marketing channels.
5. AI improves customer experience
AI helps businesses tailor personalized experience for customers based on deep analysis. AI enables businesses to predict customer behavior based on purchase history and offer helpful and relevant product recommendations in the form of upsells or cross-sells.
In addition, another plus of AI Chatbots is to provide 24/7 customer support, regardless holidays and weekends and deliver a seamless experience for customers, increasing customer satisfaction, as well as the number of loyal customers.
With its limitless potential, AI can “revolutionize” your business. Investing in AI solutions is an urgent need for businesses to consolidate their position in the market.
FPT is implementing a prestigious, worldwide competition called FPT Tech Sharing. It opens up the opportunities for tech-savvy community to exchange knowledge and experiences about emerging technologies, such as Artificial Intelligence, Blockchain or Cloud. In the first race, FPT Tech Sharing #1 will take place with the theme “Pitching AI for business”. The submission deadline is from August 12, 2020 to September 25, 2020. Further information HERE.
FPT Tech Sharing #1: Pitching AI for business