5 Ways to Use Artificial Intelligence as a Competitive Advantage

Sep 18, 2017 11:09:00 AM

IMAGE PROCESSING is one of the main areas where Artificial Intelligence is being used today, and Moonoia does exactly that. But there are other sectors currently employing AI and they are definitely worth keeping an eye on.
AI allows you to transform how you market, sell, produce or support products or services. Any repetitive tasks can be automated, but the transformation will come from how this impacts the way you engage and support customers and staff. Many readers are probably aware of how robots and AI can automate manufacturing, and I will in this post therefore put focus on some of the less obvious use cases for AI which exist within most organizations.

Advanced text analytics and semantic technologies allow you to identify patterns, extract key meanings (entity extraction), automatically classify new information (auto-classification), and summarize complex text (summarization). Adding self-learning technologies on top of this allows you continuously to improve how things are processed. How can this improve your business? Below are a few examples:

#1 Demand Generation: The Internet has impacted how people find and buy products and services. Even brick-and-mortar businesses need to become digital businesses to serve digital-first customers, e.g. people searching and researching possible carpenters before asking what it will cost to paint a house. Analytics and AI allow you to better identify social media users and web visitors early in the buying stage, e.g. think of a Twitter user complaining that their washing machine is not working well. This allows you to leverage social media and SEO to get more web visitors, turn web visitors into qualified leads, nurture leads to become customers and turn customers into ambassadors. You don´t need to segment customers anymore - you can instead provide unique information to people based on their unique history and preferences.

#2 Sales Automation: You don´t need to hire additional sales staff to increase the number of customers who buy your products or services online. For prospective customers who need help in understanding their requirements and what solutions they need, AI will make this interaction more personalized, optimized, and consistent. Amazon claims that 35% of their sales comes from online recommendations - this supports changing buying trends where people are looking to their networks for trusted information before they purchase. To boost your sales results - use analytics and AI to recommend the best solution.

#3 Business Intelligence: AI allows you to better learn from the past to predict – or change – the future. Learn from your historic data and information to identify future opportunities and risks. This is how T-Mobile has identified the customers that plan on cancelling their phone subscription – and then T-Mobile approaches them before they decide to do it. This is how the Santa Cruz Police Department predicts when and where crime will happen – and then sends police officers to the region to prevent the crime or to improve community safety. This is how the University of Kentucky calculates the chance of a student dropping out of classes – and then engages them before they decide to leave.

#4 Online Support: Don´t force customers to call or email you to get support or help. Get them instead to explain their problem to a machine or virtual agent and let AI guide them to the right way to solve the issue. Use this AI gateway to provide self-service and instant gratification for more than 80% of support inquiries. If urgent, direct action is required by your organization, you can identify this in only a few minutes and intervene with in-person, second level support if needed.

#5 Ensuring Compliance: Reduce your compliance cost and risk by using AI to automate information management compliance. Don´t rely on staff to identify, capture, and classify important email, documents, or records. AI can automate this for 90%+ of electronic information that has value for your organization or for data which is subject to regulatory record-keeping requirements or compliance.

AI is therefore an opportunity for us to improve local production and value. According to the book Only Humans Need Apply, "the best investment in intelligent machines do not usher people out the door, but allow them to take more challenging tasks.” By providing augmented capabilities for knowledge workers, job replacement becomes job enhancement.

What do you think? How do you see AI and deep learning changing our future? I look forward to hearing from you.

To learn more about AI and deep learning solutions for data extraction, document classification and information management, visit us at www.moonoia.com.

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