5 Reasons Why Companies Are Using AI Tools To Get Their Work Done
Artificial intelligence (AI) is being adopted by all businesses, regardless of the industry they operate in, at almost all stages of their processes. Along with increasing human productivity, artificial intelligence is reshaping how we conduct business. AI allows for faster and more precise decision-making. Be it traditional businesses like insurance, lending, and banking, or new-age financial services, AI is widely adopted for various purposes.
For example, document AI software is used in insurance, lending, accounts payable, and logistics to make accurate decisions from unstructured documents.
Throughout this article, we cover the five use cases of AI in business.
Let’s dive in!
First, let’s understand the top 3 applications of AI:
- Automation
- NLP
- Data Analytics
Here’s how they improve operational efficiency and streamline business processes.
- Automation: Because of automation, people are no longer required to perform repetitive tasks. It frees employees’ time to concentrate on higher-value work instead of tedious or error-prone tasks.
- Data analytics: By identifying novel patterns and correlations in data, data analytics enables organizations to uncover previously unreachable insights.
- Natural Language Processing (NLP): Natural language processing is advantageous because it enables chatbots to be more helpful, search engines to be more innovative, and improves accessibility for those with disabilities, such as hearing loss.
Let’s examine some prominent commercial sectors where artificial intelligence is used.
- AI In Marketing
By adopting AI in marketing, businesses can boost operational effectiveness while enhancing customer experience. AI helps marketers understand their target audience better. The information gathered can be further used to boost conversions while lightening the workload of marketing staff using automation.
- AI In Sales
Using AI for sales use cases such as demand forecasting (which generates automated and accurate sales projections based on all client interactions and historical sales results), lead scoring, and automated chatbots (tailored messages), businesses can increase their leads, cut down on call time, and have cost reductions.
- AI In Document Processing
A document AI software like Docsumo is integrated to improve effectiveness and efficiency while processing data from various documents. Document AI algorithm has demonstrably improved data extraction with high accuracy through intelligent document processing (IDP).
IDP automates data extraction from unstructured and semi-structured documents and converts them into structured and valuable data.
Additionally, AI can unleash the full power of an organization’s data to enable improved engagement of both employees and consumers. Natural Language Processing (NLP) is used for document review and analysis. Document AI software verifies data by identifying private and sensitive information or by gathering and comparing information from other documents.
- AI In Accounting
In accounting, AI can automate laborious tasks, increase accuracy and efficiency, and reveal unnoticed trends. AI can upload, read, and categorize files using the appropriate accounting codes. In addition, AI can automate repetitive tasks, including data entry, transaction categorization, account reconciliation, entering and correlating data from scanned receipts and invoices to transactions, reviewing employee expense reports, and monitoring price fluctuations.
- AI In Operations
Applying AI to business operations, or AIOps aids numerous enterprises on their journey to a successful digital transformation. Operations are becoming complex due to the demand for organizational agility, making it difficult for people to keep up. AIOps assists with this by automating specific procedures and allocating staff time to projects with a higher priority.
Conclusion
A key reason for widespread adoption of AI in workplace is the multitude of benefits AI offers, such as:
- AI handles repetitive tasks so that employees can focus on value-added decision making, thereby increasing their productivity.
- AI helps companies read all the data they generate and provides valuable insights without the need for a data scientist on staff.
- Added security, as all the data is stored on the cloud. With AI, organizations can even control access rights, have an audit trail, and ensure that sensitive data does not fall into the wrong hands.
It is high time to implement AI in workplaces. If you are in the lending, banking, or logistics sector, document AI software is a great starting point.
