To shed light on how artificial intelligence can revolutionize business operations, we’ve gathered insights from eight professionals, including a Business Operations Manager and a CTO. Their suggestions range from employing AI assistants in underwriting to implementing AI-driven business automation. Dive in to discover the myriad ways AI can optimize your business operations.
Employ AI Assistants in Underwriting
Boost Operations with Predictive Analytics
Include Process Automation with AI
Reduce Repetitive Tasks with AI
Use Predictive Analytics for Data-Driven Decisions
Try AI in Gardening and Customer Engagement
Embrace AI for Task Transition and Creativity
Implement AI-Driven Business Automation
Employ AI Assistants in Underwriting
AI deployment today is best served with a hybrid of AI/human involvement. AI assistants are being built for different internal departments.
For example, within underwriting, AI models are being trained to provide underwriters an estimate of appropriate premium dependent on risk factors and the confidence scoring of each factor. This significantly reduces the immediate research an underwriter conducts to evaluate customer risk and allows them to focus more time in areas of uncertainty.
The underwriter can then add in additional data to improve the accuracy of the recommended premium value, and the AI model can determine if the customer’s risk has been priced within our risk parameters.
Adam Butler, Business Operations Manager, Vouch
Boost Operations with Predictive Analytics
In my experience with tech and AI, one standout way artificial intelligence boosts business operations is through its knack for predictive analytics. AI sifts through heaps of data quickly, spotting patterns and trends that might otherwise go unnoticed.
This means businesses can better predict things like customer demand, manage their stock, or even foresee market changes. It’s like having a crystal ball that helps companies make informed decisions, use their resources wisely, and get a leg up on their competitors. Simply put, AI transforms numbers and data into real, actionable business game plans.
Khurram Mir, Founder and Chief Marketing Officer, Kualitatem Inc.
Include Process Automation with AI
One way artificial intelligence can optimize business operations is through process automation. AI-powered bots and algorithms can handle repetitive, time-consuming tasks with precision and speed, freeing up employees to focus on more strategic and creative aspects of their work.
For instance, in customer support, chatbots can quickly respond to common queries and issues, reducing response times and improving customer satisfaction. In finance, AI can automate data entry and financial analysis, reducing errors and allowing finance professionals to spend more time on strategic financial planning. Automation not only increases efficiency but also reduces operational costs, making it a valuable tool for optimizing business operations.
Jay Toy, General Manager, 88stacks
Reduce Repetitive Tasks with AI
Rather than having a whole team of low-level analysts slicing up data to derive insights, you can either have a few analysts handle the bulk of the workload with assistance from an AI, or, more realistically, have that same number of analysts do significantly more work more efficiently and with fewer errors. The era of the AI-assisted workstreams is here, and being an early adapter means big benefits, in my opinion.
Kate Kandefer, CEO, SEOwind
Use Predictive Analytics for Data-Driven Decisions
From my perspective as someone who has dealt with integrating AI into business operations, I’ve found that one highly effective avenue is leveraging predictive analytics. Within our team, we usually prioritize this approach. AI algorithms, underpinned by my expertise and knowledge, excel at delving into extensive datasets, uncovering nuanced patterns, trends, and potential future scenarios.
Drawing upon this predictive prowess, we make data-driven decisions, proactively anticipate customer needs, fine-tune inventory management, and streamline our supply chain processes. This personalized use of AI-driven predictive analytics has notably enhanced our efficiency, trimmed expenses, and fortified our adaptability in a rapidly evolving marketplace.
Leonidas Sfyris, CTO, Need A Fixer
Try AI in Gardening and Customer Engagement
As a gardener,AI has benefited me in the productive analysis of plant care. AI can analyze various environmental factors like weather forecasts, soil conditions, and historical data to suggest optimal solutions for plant care to me. This can help maximize plant and crop yield and minimize waste of resources.
Moreover, AI-powered image recognition systems can identify and detect diseases in plants by analyzing images of leaves and soil. It can also help in engaging customers online and selling my products easily across the world.
Michael Fleetwood, Gardener, Notweed
Embrace AI for Task Transition and Creativity
Switching gears between 20 different tasks that all require creative energy can be exhausting and inefficient. AI can be that stimulant that allows for a smooth transition into that lane and shoot forward by opening the door.
For instance, if there are 10 sets of interview questions with different people, being able to feed ChatGPT background on the company or person and ask it to write 20 questions will save minutes or even hours of procrastination. Once the questions are received, they can be quickly gone through and edited, added to, or revised, but otherwise, there would be staring at the screen waiting for neurons to switch gears to the current task.
James Hills, Publisher – Travel and Relationships, CouplePlaces.com
Implement AI-Driven Business Automation
Artificial intelligence can automate business operations, which can significantly enhance efficiency and improve workflow. AI-powered systems can perform repetitive and time-consuming tasks with greater accuracy and speed, freeing up employees to focus on more complex and creative tasks.
Automation can also reduce errors and minimize the risk of human error, which can be costly and time-consuming to correct. By integrating AI into business operations, companies can streamline their processes, reduce costs, and increase productivity.
Overall, AI can optimize business operations by improving efficiency, reducing errors, and freeing up employees to focus on higher-level tasks.
Lee Odierno, Personal Injury Lawyer, The Odierno Law Firm, P.C.
Employ AI Assistants in Underwriting
Boost Operations with Predictive Analytics
Include Process Automation with AI
Reduce Repetitive Tasks with AI
Use Predictive Analytics for Data-Driven Decisions
Try AI in Gardening and Customer Engagement
Embrace AI for Task Transition and Creativity
Implement AI-Driven Business Automation
