Using Artificial Intelligence to Boost Business Productivity

Original article can be found here (source): Artificial Intelligence on Medium

Using Artificial Intelligence to Boost Business Productivity

In recent years, the world of technology has changed significantly, and many changes in it continue to amaze. And although information technology has affected all areas, it is business that they change the most. A significant achievement that occurred in the late 2010s was the use of artificial intelligence (AI) in the offices of banks and financial companies.

Artificial Intelligence Collects Data

A typical AI has a lot of skills, but the most honed one is the ability to collect data and use it to increase business productivity. It saves employees time and also avoids errors that may occur during manual data collection. AI not only collects information faster but also better structures the received data. After machine processing, the data is easier to understand and analyze.

For lending companies, AI helps to find potential customers. It looks for posts on social networks and forums that contain questions from users who plan to open their own business and are interested in starting capital. Having collected text information, AI processes it to present it to managers in a convenient form.

Artificial Intelligence Serves Customers

The success of a company depends on the satisfaction of its customers. To make your customers happy, you need to process their requests without interruption. People are not always able to work in this mode, especially in small businesses (for example, microfinance organizations). In contrast, AI can work without breaks and days off. Using at least a chatbot and preferably a virtual assistant will save employees time and reduce maintenance costs when interacting with customers.

The companies that used AI to find customers in need of credit can additionally use a virtual assistant. It will remind borrowers of the approaching loan repayment deadlines and offer additional services such as overdraft and factoring.

Business Is Reaping the Benefits

Artificial intelligence will help outperform competitors while they evolve in traditional ways. Free the sales and support departments from the routine and automate business processes by implementing the AI system in your company. Your business will work and grow faster, which will expand the audience and conquer new markets.

But do not stop at what you can achieve thanks to AI. It is a powerful tool, but keep in mind that the potential of AI is still unfolding as it has new capabilities. Previously only corporations and banks could confidently invest in IT innovations. Today technologies have become more accessible to everyone. Now the owners of any company, even startups, can try and choose among modern technologies those meeting their needs.