Anirudh Kala, Chief Data Scientist, and Co-founder, Celebal Technologies.
“Enterprises of any size and expertise can capitalize on the power of AI for cost-savings and productivity boosts.”
Anirudh Kala, Co-founder, Celebal Technologies: Artificial Intelligence has gone from a good-to-have to a must-have part of every organization.
The use cases for AI touch upon all the departments like HR, Finance, Operations, Manufacturing, Marketing, etc.
The 2021 Deloitte State of AI report found that Indian enterprises intend to increase their investments in Artificial Intelligence, based on the returns they have seen on their existing AI investments. Even small and medium businesses can benefit from embedding AI and innovation into their organizational fabric. Becoming data-driven will level the playing field for such enterprises – allowing everyone to leverage all their data to build better user experiences and increase business agility.
Anirudh Kala, Co-founder, Chief Data Scientist at Celebal Technologies said, “Artificial Intelligence is not just in the realm of buzzwords and hyped-up technologies anymore. It has gone from a good-to-have to a must-have part of every organization – big and small alike. The pandemic spurred on rapid digital transformations, leading every enterprise to establish a culture of continuous innovation to become more resilient. These digitalization journeys have led to a boost in AI adoption with many enterprises setting up data and analytics infrastructure as the foundation to build AI projects.”
Speaking on how AI can unlock hidden opportunities for businesses, Anirudh explained that Artificial Intelligence has a wide range of applications in the business world. From process automation, and tailored customer services to conversational analytics and predictive analytics, the use cases for AI touch upon all the departments of HR, Finance, Operations, Manufacturing, Marketing, etc. Organizations can use AI to grow business, increase revenues and business agility, and enhance operational efficiency.
In the financial sector, machine learning algorithms are being designed to improve fraud detection, supplement the risk assessment process, deliver tailored customer recommendations and services, etc. Artificial Intelligence is also empowering the manufacturing sector with demand forecasting, inventory optimization, supply chain analytics, production planning, and many more diverse use cases. With the ability to continuously learn and adapt itself, AI technologies can also help businesses make better decisions that will help predict market changes and help your business competitive and resilient.
Personalized virtual assistants, recommendation engines, predictive analytics are also some of the ways enterprises are leveraging AI to craft lasting customer experiences and stem customer churn. Infusing AI will not only fuel a culture of innovation but also cause immense benefits of reduced expenses, automated processes, faster insights, and improved business continuity.
Citing two examples of AI applications: AI-Powered Enterprise Chatbots, and Cognitive AI that have evolved to be an indispensable part of any enterprise today Anirudh further explained their need and necessity.
Exceptional customer experiences with AI-Powered Enterprise Chatbots
AI Powered Chatbots and Conversational Voice Bots are essential tools for all brands that want to deliver hyper-personalized experiences. Engineering these experiences using conversational AI can boost customer satisfaction, customer loyalty, and increase customer lifetime value.
AI-driven Chatbots bring flexibility and versatility to the conversation to understand and even learn from most client queries in multiple languages. AI-enabled Chatbots are important assets for organizations dealing with a massive number of daily customer support queries or having limited customer support staff. One can also leverage chatbots for improving employee collaboration within an enterprise, bringing together business processes and people on a single platform.
Accelerating automation with Cognitive AI
Cognitive AI applications involve embedding AI into cognitive tasks that traditionally require huge amounts of manual effort like scanning invoices and documents, extracting information from an unstructured pool of data, or analysing thousands of images. Face detection, social media sentiment analysis, speech recognition and analytics, risk assessment, knowledge mining, fraud detection, vehicle damage detection are just some of the many ways that AI can assist in improving manual and routine tasks.
Adding intelligent automation into an enterprise has the benefit of not just replacing manual processes but will help adding a dimension of process intelligence. This would involve aiding decision-making with insights into maximizing your process efficiency and predicting organizational changes that could affect your business.
Expressing his final thoughts, Anirudh said, “Going into 2022, many organizations are going to increasingly move towards AI and integrate it with their business functions. Enterprises of any size and expertise can capitalize on the power of AI for cost-savings and productivity boosts. Low code platforms are also making it easier for enterprises to tap into the potential of AI. But, before you begin this journey, it is important to come up with an AI implementation strategy. Partnering with the right technology and software solutions provider will ensure that you remain in the right direction to achieve excellence and a competitive edge.”