Artificial Intelligence (AI) is a revolutionary technology that is advancing rapidly in an expanding digital landscape due to its ability to supercharge the power of businesses, opening up opportunities for them to solve complex business challenges and achieve growth and success amid digital transformation.
Today, AI has significantly become ubiquitous and has found its use cases in every business field.
What are the common applications of Artificial Intelligence?
According to a recent McKinsey survey, 55% of organizations report that their organizations have adopted AI. Looking ahead to the next three years, nearly 67% of respondents expect their organizations to leverage AI investment. Besides, AI adoption is also expected to reshape many roles in the workforce.
Here are some common industries that have reaped significant benefits from this emerging business technology.
The banking and financial services industry is experiencing a profound transformation due to the advancement of AI. According to Insider Intelligence’s AI in Banking report, 80% of banks recognize the potential benefits that AI can provide.
- Fraud detection: AI and Machine Learning can detect fraudulent activities, and track loopholes in business systems by identifying patterns in transactions, thereby minimizing risks, and improving overall security.
- Customer experience: AI can provide superior customer support by learning particular customers’ behaviors and needs, thus reducing waiting times.
- Personalized banking experience: Based on Machine Learning algorithms, AI can recommend customized products/services that are tailored to customer’s financial behavior and spending habits.
- Loan processing: AI can help banks make more intelligent profitable loan and credit decisions by determining the risks and validating customer information.
- Risk analysis: By monitoring customer data, financial transactions, and market trends with advanced Machine Learning, AI can suggest investment options and warn when there is real-time risk.
- Personalized product recommendations: By understanding online shoppers’ language and images with Natural Language Processing (NLP) capability, and learning data from past customer behaviors, browsing history, and purchase history, AI can provide more personalized customer interactions and shopping experiences.
- Customer service: Chatbots can act as customer service representatives by providing relevant responses to customer inquiries.
- Dynamic pricing optimization: With AI, businesses can vary prices across different POS channels at any given moment, taking into account factors such as costs, competitors’ prices, customer segments, etc.
- Fraud detection: By analyzing data such as browsing habits, and transaction history, AI can detect anomalies and flag suspicious activities for further investigation.
- Demands forecasting: Leveraging AI’s capabilities can result in more accurate and trustworthy demand forecasting, using historical data and real-time data such as demographics, weather, social media reviews, etc.
- Medical diagnosis: AI can assist in providing more accurate diagnoses by analyzing large volumes of data, including patient information, graphical data, scan findings, etc., and recognizing patterns in the data.
- Treatment recommendations: With the advent of Machine Learning and AI-based systems, AI can analyze features and deviations of medical graphics, and recommend treatments based on symptoms, patient data, and medical history.
- Drug discovery and development: AI can be used to identify new applications for existing drugs, and predict the efficacy of new drugs by analyzing large-scale data sets.
- Hospital administration: Integrating RPA and AI can create comprehensive automation for hospitals, streamlining tasks such as patient scheduling, billing, filling out medical records, answering basic patient questions, etc.
- Demand forecasting: The adoption of AI and ML can provide real-time data about product movements, storage conditions, etc., helping retailers enhance demand forecasting, leveraging pricing decisions, and optimizing product placement.
- Supply chain optimization: With the help of RPA, AI can be used to optimize the supply chain, from production, inventory management, and distribution, to delivery. According to McKinsey, AI in the supply chain can eliminate errors by up to 50%, thus reducing lost sales and product unavailability by up to 65%.
- Customer experience: By identifying and interpreting facial, biometric, and audio cues with NLP, AI can offer appropriate products, recommendations, or support, and boost the customer experience, both online and in stores.
- Quality control: Manufacturers can utilize AI and ML algorithms to detect anomalies in products and components, thereby optimizing quality standards and reducing faulty products.
- Predictive maintenance: AI can predict upcoming failures of equipment and alert staff when checkups and maintenance are required, allowing for reduced downtime.
- Inventory management: AI can keep track of supplies and send alerts when stock is low and needs replenishment.
- Customer insights: AI can collect large amounts of customer data, analyze customer data, and understand customer behaviors based on purchases, time-on-page, and email opens. This allows marketers to develop personalized marketing campaigns and reach potential customers.
- Customer service: Marketers take advantage of AI-powered chatbots to provide real-time responses to customer inquiries, enabling faster and more efficient customer service.
- Personalization: AI can help businesses optimize advertising and marketing campaigns by analyzing engagement behavior and audience preferences, providing more relevant content to audiences.
AI and RPA Integration: Perfect match for businesses
AI is the perfect match for RPA. AI’s capabilities such as Machine Learning, Natural Language Processing, and Deep Learning now provide a cognitive advancement for Robotic Process Automation (RPA) robots. The two technologies can support each other to automate a broader range of processes, understand natural language, process complicated data, perform intelligent tasks and decisions, and bring out superior outcomes.
Combining RPA and AI can create a comprehensive Intelligent Automation (IA) strategy to automate any business processes and create harmony in human-bot collaboration. Businesses can take advantage of Intelligent Automation to solve complex business challenges, streamline processes, create end-to-end workflows, and scale to total digital transformation. Some enormous benefits that Intelligent Automation offers businesses are:
- Greater accuracy: RPA is ideal for automating tedious tasks and minimizing human errors. Integrating AI into the workflow can further improve the precision and consistency of the data.
- Enhanced efficiency: RPA and AI combined can ensure faster processing, reducing the time to complete specific tasks, and thereby enhancing the overall efficiency of operations.
- Stronger decision-making: Combined with RPA, AI can leverage its ability to guide better business decision-making by processing a vast amount of data and making data-driven choices for further analysis.
- Reduced costs: Faster processing time, improved productivity, and reduced errors contribute to greater cost savings. Deloitte research indicates that Intelligent Automation can help businesses cut costs by anywhere from 25% to 40% on average.
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From the very first step of automation process selection, akaBot will select appropriate technology (such as AI or Machine Learning), integrate it with RPA solutions, and establish a Center of Excellence (CoE) in the deployment phase.
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akaBot (FPT) is the operation optimization solution for enterprises based on RPA (Robotic Process Automation) platform combined with Process Mining, OCR, Intelligent Document Processing, Machine Learning, Conversational AI, etc. Serving clients in 20+ countries, across 08 domains such as Banking & Finances, Retails, IT Services, Manufacturing, and Logistics…, akaBot is featured by Gartner Peer Insights, G2, and ranked as Top 6 Global RPA Platform by Software Reviews. akaBot also won the prestigious Stevie Award, The Asian Banker Award 2021, etc.
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