All of the leading companies in the world are riding the digital wave with innovative tech solutions and by harnessing the cutting-edge emerging technologies like Artificial Intelligence (AI). It is one of the most popular technologies these days and has been identifying new potentials of digital transformation. The technology is used in almost every industry and the applications are increasing day-by-day. One major sector which can exponentially decrease the problems in front of it using AI is refining business processes.
Performance monitoring plays a vital role in refining any business process. It is the process in which the supervisors make sure that their employees are meeting the set goals. Traditionally, these supervisors are humans only but they are not the best option to be considered. In an era where we are progressing in technology with the speed of light, why to stick with old and time-consuming methods for performance monitoring? AI is emerging as a powerful tool for refining the business process by helping organisations in performance monitoring and tackling the major problems faced during the process. Here is how.
Problems in monitoring
Artificial Intelligence can prove to be very effective and efficient in any kind of monitoring i.e. performance, stock, store, or employee activity etc. The current modes used for monitoring rely on manual methods which consume a lot of time and aren’t accurate enough either. Besides, these techniques are only beneficial for a micro-scale organisation and fail as the size increases. In larger businesses, the number of parameters to be monitored can rise up to hundreds or even thousands making the configuration unmanageable. It troubles companies to get meaningful insights and reliable monitoring.
What can AI offer?
AI is the perfect amalgamation of automation, machine learning, and transaction tracing which can open gates to smart solutions for performance monitoring and refining the business process. A fully-fledged, deep, and dynamic 360° map can be made to monitor your entire IT environment and data. The technology can
- Actively monitor and predict any problem beforehand
- Help you prevent bottlenecks and downtime in critical business processes
- Extract real-time business intelligence from IT systems
- Reduce time wasted on manual configuration and troubleshooting
- Enable the IT infrastructure to impact business outcomes and drive innovation
- Detect changes automatically to resource consumption and help control cloud costs
What are the benefits?
1.Consistent real-time assessments
AI can help in establishing modern and agile performance management practices that encourage organising performance review activities at frequent intervals. Annually conducted traditional performance management methods can be erased completely as Artificial Intelligence eliminates the need for fixed intervals entirely by facilitating real-time performance assessments consistently.
People have fixed agendas and targets during the goal-setting process which must be fulfilled within a specific time. AI can be used to monitor this entire process in real-time can provide instant feedback based on status and performance. If the performance is up to the mark, reward the employees but in case they were not able to match the standards, notify them immediately and help them reach the goal. It is a big step towards managing the problem in a timely manner.
2.AI in learning and development
A business process can’t be refined only by real-time assessment methods. Your staff must learn and develop their skills in order to be more productive and efficient than they used to be yesterday. These performance reviews are a perfect way for individuals to identify the skills they need to polish and the ones which are lacking.
AI can be used to provide employees with personalised learning experiences based on their respective performances. In a highly-competitive world where skills have a shorter shelf life than ever before, Artificial Intelligence is the perfect way to determine which employees need to reinvent their skills before they become obsolete and get replaced with better technologies.
People are getting modern and demanding for equality everywhere especially in the workplace. Many companies are trying their best and making efforts to bridge the gap of gender equality but changing the societal beliefs overnight is not an easy task. There are bound to be certain biases, subconsciously maybe.
But not if we use Artificial intelligence. AI is least bothered about the gender of humans while assessing performance, experience or salary. It helps in reducing the gender gap and offer equal opportunity to everyone in the workplace. Same goes for race, ethnicity or nationality apart from the gender.
AI can provide end-to-end visibility in performance monitoring while driving desired results but only if used strategically. Combining AI with automation is the key to enhance employee performance and boost your business functionality which eventually helps you refine the business process. It is an ideal tool to obtain accurate results and save time.
How is AI used in business?
Artificial intelligence can be used to solve problems across the board. AI can help businesses increase sales, detect fraud, improve customer experience, automate work processes and provide predictive analysis. … Financial services can benefit from AI-based process automation and fraud detection.
How do I integrate AI into my business?
Artificial intelligence (AI) is a computerized learning process that more businesses are utilizing to streamline processes, improve customer service or create deliverable products. Many entrepreneurs want to include AI in their operations, and that doesn’t have to be difficult. While there are many ways to integrate AI into your business, the three most common applications are:
- Chatbots: These AI programs are most often used in customer service applications because of their ability to deliver information and support 24/7. By 2020, 85 percent of customer interactions are expected to be managed without a human, according to Chatbots Magazine. In addition, 80 percent of businesses plan to deploy some type of chatbot by that same year, and by 2022, the shift could reduce business costs by as much as $8 billion.
- Machine Learning (ML): This category of AI has the broadest applications, including pattern identification for improved decision-making, marketing personalization and data security. In a survey conducted by MemSQL, 85 percent of respondents adopted machine learning AI to make informed business decisions, and 74 percent of respondents consider the tool to be a game-changer. Machine learning is used by Netflix, Amazon and other large corporations to target consumer preferences or decrease “click to ship” times.
- Sales and Marketing: Smart algorithms help businesses target their ideal audiences, such as “Lookalike Audiences” on Facebook. For example, 61 percent of marketers state that AI is the most important data strategy, according to Venture Harbour. In addition, Harvard Business Review reports that companies using AI increased their leads by more than 50 percent.
What are some examples of AI in use?
Artificial intelligence in business management
Applications of AI in business management include:
- spam filters
- smart email categorization
- voice to text features
- smart personal assistants, such as Siri, Cortana, and Google Now
- automated responders and online customer support
- process automation
- sales and business forecasting
- security surveillance
- smart devices that adjust according to behavior
- automated insights, especially for data-driven industries (eg financial services or e-commerce)
Why is artificial intelligence important to business?
it seems like it’s the solution to all our problems. The wonderful tech that can do everything that needs to be done and wins business leaders competitive edge. But how many real benefits of AI can you name? With the variety of use cases, it’s almost impossible to list all the advantages. Let’s try to cover some of the most important benefits that AI brings for business.
Save time and money
Machines are more efficient than humans. They can work 24/7, they don’t sleep, don’t need breaks, don’t get bored. This means you can rely on them to notify you about important events right at the moment, even in the middle of the night, or to chat with customers whatever time of day it is, etc. Artificial intelligence can analyze vast amounts of data in a blink of an eye – a task that would take hours of arduous human labor or would be even impossible to accomplish. AI can also take repetitive jobs away from people but automating routine work.
Generate business insights
Data is sometimes called “the new oil” as it’s become an invaluable resource of the digital economy. But even big data is useless when you can’t make sense of it. Artificial intelligence can help businesses data-mine processing billions of data points in an instant. Whatever question you need AI to answer, it can do it and it will keep getting better at answering. What movie will Jane like? Will customer X churn? Will this item sell out? AI can provide accurate predictions about future outcomes based on historical data. Artificial intelligence converts information into knowledge and even gives you insight into the future! Of course, AI is no fortune-telling technology but it can support your business with predictive analytics. Predictive analytics is a form of analysis with the use of machine learning – the algorithms analyze historical and current data to make predictions of future outcomes.
Artificial intelligence isn’t error-free. It can make mistakes but generally speaking, it’s much more accurate than humans. In many cases, the accuracy is around 99%, even for very sophisticated systems, such as Google’s LYNA (Lymph Node Assistant) that achieved the accuracy of 99% and 69% sensitivity in metastatic breast cancer detection, according to VentureBeat.Artificial intelligence is not as prone to errors as humans are – its great advantage is that it makes decisions based on the available data only. It doesn’t have opinions, it doesn’t have emotions. It can, however, reflect the beliefs of people, depending on the type of data the system was fed with.
Enhance customer experience
Artificial intelligence solutions are beneficial to both businesses and their customers. It’s much easier to justify collecting different types of data when you actually bring value. Most people are well aware of how much information companies such as Google or Facebook gather from them. But in return, we get what is called a “free” service. In reality, it’s “free” in terms of monetary payment – the currency we use to pay for such services is our personal information. And we’re mostly fine with that.