How can AI play a crucial role in Business Intelligence Applications?
Business organizations around the world are entering a new era which is being ruled by data. Interestingly, what was once the realm of science fiction, Artificial Intelligence or AI is fast evolving into business applications that are helping enterprises to cope up with increasing competition. Companies are now using machine algorithms so that they can identify the trends and patterns in this vast realm of data. In this manner, they are able to implement faster decisions which in turn helps them to undertake faster decisions and stay ahead of their competitors.
However, as AI has gained speed, reputed application providers have gone beyond developing traditional software to create holistic platforms and solutions which can automate various processes of an enterprise. Here is the list of areas which depicts that AI has come a long way and is increasingly being implemented in multiple areas of an organization.
The use of artificial intelligence in HR
The Human Resource department of an organization is tasked with a multitude of tasks which comprises overseeing recruitment, training and development, compliance and a host of other responsibilities. In this context, it is important to note that employee recruitment is an area which can be benefitted from AI. It is common knowledge to all that a thousand of applications come in for a single opening.
It makes the task difficult for HR personnel to study all applicants in detail. However, with AI, this job becomes simple. If an AI software is designed to screen through and separate applications based on the established criteria, the HR staff can do the remaining task once the applications have been reduced. This saves a lot of time also reduces workload.
The role of AI in customer service
The reputation of a particular business can be marred or made by its customers. This is what makes customer service assumes importance for a company. However, dealing with customers and vast volumes of calls can cost a company dearly in terms of workforce. However, AI has simplified things for an enterprise. One of the most commonly observed examples is a chatbot. With the help of a chatbot, you can engage your customers like never before. Chatbot boasts of AI which enables it to have conversations with a large number of clients. As chatbot helps in instant communication, the customers of a particular business would always be happy.
The usefulness of AI in portfolio management
The portfolio management is an area of application which has a direct impact on entrepreneurship. For instance, in case you are a stakeholder in investment management, you can rely on such AI applications as robot-advisors. These AI apps would assist you with portfolio management with less human input. These AI apps usually function by creating a financial portfolio which confirms with the aims and objectives set by the investor. Interestingly, these AI apps related to portfolio management also takes into account the risk tolerance of the client as a part of its design.
Hence, it is evident that “effortless” is the word which best describes AI. Regardless of what area it is applied to, AI would always catapult your business into new heights of success.