Small Business Software Reviews, Services Insight and Resources

Best Small Business Software Reviews, Services a steady flow of information, insight and inspiration for small business owners and operators: 2021, 2022, 2023, 2024.

Business Automation Solutions Based on Artificial Intelligence

In simple words, business automation means gradual replacement of manual processes and procedures with intelligent, rules-driven operations, real-time analytics and reporting that help transform your business and customer experience. Most business owners focus on building relationships and differentiating themselves in the market to survive in this strongly competitive world where power is the customer’s loyalty. Another thing is, every business strives to ensure the most effective use of resources and to reduce overall operational costs. And here is where technology comes to the rescue.

What is Business Automation Software Used For?

Business process automation software is designed to streamline parts of the business through computerized workflows in many areas including finance, facilities, IT/IS, sales, marketing, purchasing, HR or legal. All activities within the BPA framework are tracked and analyzed for efficiency and are subject to improvement. Here are some examples of advantages your company can gain from business automation:

  • Reduced manual processing
  • Improved productivity
  • Less error and higher accuracy
  • Reduced operational costs
  • Audibility and tracking
  • Improved employee morale and job satisfaction
  • Better transparency and control
  • Better customer service

Business Process Automation Gets ‘Intelligent’ – Why?

Business automation services increasingly use artificial intelligence (AI) technologies to better process unstructured databases. AI can complement human input in complex work thanks to its ability to collect and extract knowledge, recognize and learn patterns and adapt to new situations or environments. It is one of the main reasons why organizations tend to see artificial intelligence as a key technology to optimize their workflows. According to McKinsey, intelligent process automation enables businesses to achieve 25 to 35 percent efficiency growth; helps shorten process time by 50 to 60 percent and boosts ROI.

A synonym to AI, Robotic process automation (RPA) is an emerging technology that combines robotics, artificial intelligence, machine learning, and machine vision with automation. RPA creates software robots that perform high-volume, repetitive humanlike tasks and mimic how humans would interact with the user interface. They are good for automating report generation, managing products, validating and auditing information, migrating data, etc. RPA can work with the existing application environment in a way a human would do, so there is no need for companies to build any extra IT integrations. It leverages software abilities made possible by recent breakthroughs in computer science, such as natural language processing, machine vision, speech recognition, and machine learning.

The Application of Artificial Intelligence in Different Industries

AI and machine learning algorithms have become incredibly popular in the business analytics community. Companies add artificial intelligence to their processes by buying or building simple-task bots that use natural language processing or vision recognition tools and combine them with ‘traditional’ actions still performed by human workers. Machine learning helps extract meaningful information from raw data to quickly solve complex and data-rich business problems. Once the pattern is discovered, it can be used to make predictions. Thanks to this ability, machine learning can help improve performance in nearly any activity that generates large amounts of data.

In market research and marketing, AI and data mining help predict customer lifetime value and customer segmentation. Marketers have access to big data that can be used to extract meaningful insights needed to plan future strategies and campaigns.

Machine learning and AI can be implemented in banks, insurance or fund servicing industries for portfolio management, algorithmic trading, loan underwriting, and fraud detection and prevention. Once presented with a database of information about credit card transactions, e.g. time and date, merchant, merchant location, price and whether the transaction was fraudulent, a machine learning system learns patterns that can predict fraud. Chatbots, insurance bots and other conversational interfaces become increasingly indispensable. Facial recognition systems can be used for loan process automation to avoid manual photo verification and identify potential fraudsters, allowing to reduce manual labor and speed up loan granting.

Manufacturers can make use of AI to discover meaningful patterns and insights hidden in their factory data. Such predictive maintenance helps reduce the risks associated with unexpected failures and cut unnecessary expenses.

Another emerging AI-based technology is self-driving or autonomous vehicles that have the potential to improve the general social wellbeing by saving lives through reducing crashes; reducing fuel consumption and pollution, increasing mobility for the disabled, etc. To perceive visual surroundings, these vehicles use the combination of three visual systems: video cameras, radar, and lidar. Deep-learning AI uses data from all three sources to fully map out the vehicle’s surroundings and locate any unexpected obstacles. Self-driving cars are rather a popular subject for discussion, whereas driverless tractors do the real work and are already called the future of farming. In fact, agribusiness can benefit from using AI technologies in many ways like pest management, yield forecasts or plant disease detection.

An increasing number of companies use chatbots and AI assistants in HR and recruiting. They help recruiters to skip repetitive daily processes and allow for quicker resume sorting, and better applicant tracking. The scope of AI application is pre-employment assessment, video interviewing tools, automated candidate sourcing, and rediscovery, or even facial expression analysis.

ML and artificial intelligence can be of great use in medicine and healthcare. They are used to predict diagnoses, recommend medicines, and predict readmissions based on patients’ records and data sets along with the symptoms exhibited by the patient.

Artificial intelligence can be used to increase the cybersecurity of organizations by building technologies that learn to detect unknown threats quickly and effectively.

AI solutions and machine learning can help improve customer loyalty and deliver excellent customer experience by using and analyzing all previous customer records and behavioral data. Major companies use predictive algorithms to deliver a more personalized product or service suggestions their customers would enjoy.

The overall excitement caused by the deep-learning revolution in the tech world is hard to ignore. And the vast multi-industry expertise demonstrates that business automation using artificial intelligence and its ability to process large amounts of data is a real game-changer in terms of business efficiency.

Average rating 5 / 5. Vote count: 2

No votes so far! Be the first to rate this post.