Actions that will Boost Frontline Engagement and Retention

The applicability of artificial intelligence to industries like healthcare, market research, data science, and finance are well-established as AI tools become increasingly adopted, representing the digital shift in society. However, how do use cases involving artificial intelligence vary at the intra-organizational level?

Creating an artificial intelligence future has its share of benefits on the intra-organization level, including sharpening business processes and establishing a data-driven culture that improves efficiency. Benefits from enterprise AI are noticeable in human capital management (HCM), customer service relations and human resources departments within an enterprise. The use cases for AI are plentiful and make a business transition more seamless for enterprises. Here’s a look at some of the top use cases for AI spanning different industries.

Use Cases Within Human Capital Management (HCM)

Human capital management has been a beneficiary of AI

HCM has seen its fair share of tools integrated using predictive algorithms to assess and determine prospective employees' suitability.

HCM workflows are being improved using AI for elements like talent acquisition. Artificial intelligence tools have increasingly been utilized to improve the recruitment and processing of job candidates. By using AI, HCM specialists can easily identify top-quality CVs, picking out the applications that stand out from the thousands they receive daily. AI accelerates the hiring process, reducing the costs of what can be a resource-intensive process.

Additionally, artificial intelligence provides insights that give HCM system operators increased access to data-driven reports and statistics, allowing HCM to better evaluate the workforce. From the statistics and reports received, HCM can do staff augmentation, optimize training strategies, boost professional development and make the workforce more functional. Then, there are compliance and regulatory functions. An artificial intelligence future for human capital management includes integrating AI to cut costs and maintaining regulatory compliance in a given timeline. One element of automation, machine learning, can monitor payroll systems for compliance while automatically updating systems based on changing regulatory requirements. Artificial intelligence tools can monitor changing rules, then make the necessary corrections to ensure full compliance.

Artificial intelligence-based solutions for human capital management vary from company to company depending on factors such as:

• Where employee data is being stored
• How data is extracted

By identifying pain points, performing data audits to evaluate data integrity, and documenting key performance indicators (KPIs), AI HCM solutions have a strong foundation that the entire enterprise can trust.

AI Use Cases in the Retail Industry

Within the retail industry, there are several AI use cases that industry leaders and stakeholders should hold dear as they try to improve workflows and efficiency on an intra-organizational level. These use cases include, but are not limited to:

• Price, promotion, and markdown optimization
• Fraud detection
• Demand forecasting
• Product selection, development, and designing
• Contextualized, real-time pricing
• Social media marketing

Through artificial intelligence, product recommendations are being made using customer search histories. Retailers analyze huge amounts of customer data, extracting patterns from customer preferences and purchases. Through data-driven methods, retailers can send personalized messages and offers to customers while improving conversion rates and order values.

Additionally, retail leaders benefit from improved demand forecasting and management through artificial intelligence tools. Inventory managers have a better idea of how to manage products relative to demand. Through AI and machine learning, retailers understand seasonal trends and avoid stock-outs.

Plus, AI usage optimizes internal pricing strategies for retailers, which is helpful considering product pricing is arguably the most challenging retail task. AI applications will fix the best product prices that attract customers, ensuring profits through reasonable pricing.

AI Use Cases in Customer Relationship Management (CRM)

Enterprise AI makes it easier for organizations to personalize their services and make the customer experience more worthwhile across various channels with customer relationship management. CRM specialists can better track the customer journey and life cycle by using conversational AI, machine learning, and natural language processing.

Artificial intelligence tools automate customer interactions by using chatbots. Alternatively, AI can be used with the Internet of Things (IoT) to understand customer sentiments and needs, improving customer personalization. AI also enhances demand planning and marketing initiatives, especially as sales channels multiply. Previously, systems made decisions based on fixed assumptions and narrowly defined inputs/outputs. Past systems provided helpful insights but lacked scalability and struggled to track audience specifics.

AI Use Cases in the Banking Industry

The banking industry sees the value in artificial intelligence, with 80% of banks aware of AI's benefits.

Some use cases have gained traction in the banking industry, including chatbots in front offices and anti-payments fraud in middle offices. Banks are increasingly leveraging algorithms on the front end to improve customer authentication and identification processes, using chatbots to imitate live employees. Through artificial intelligence, banks garner personalized insights and recommendations to improve their service quality. Within the middle office, enterprise AI is used to do thorough risk assessments, detect and prevent payment fraud. Through AI implementation, banks foolproof their anti-money laundering (AML) processes and consistently perform their Know Your Customer (KYC) checks.

Also, verified data sets are vital to AI machines successfully analyzing data, with artificial intelligence-powered mobile banking apps collecting and creating ideal learning procedures to provide more personalized user experiences to bankers.

Banks are exploring holistic adoption strategies extending across their respective enterprises, including business lines and usable data. By adopting more holistic AI strategies, banks cut operational costs by handling repetitive tasks, improving customer service capabilities, and identifying trustworthy clients to disburse their loans, thanks to AI’s analysis of customer transaction data. Banks also enjoy higher security levels and improve their wealth and portfolio management.

Fueling business transition and innovation through the use of artificial intelligence is difficult. But, top use cases for artificial intelligence on an intra-organizational level show how much industries are learning about and adapting to advanced technology to improve their business processes. Aviskaran can boost your business intelligence by creating an artificial intelligence future through the cloud and other top-notch digital solutions. Contact Aviskaran today to find out more about our wide-ranging services.

Written By:
Aviskaran team
Content Writer, Aviskaran Technologies