In today’s economy, every organization has access to a steady flow of data. Thriving businesses utilize that information not just to make smarter decisions, but to help tackle challenges they are facing.
Artificial intelligence (AI), in particular, can be a powerful tool for addressing challenges that keep many CIOs up at night. Here are five business cases that should inspire your business to develop an AI strategy:
1. Fraud prevention
Every minute of every day, bad actors are cooking up new ways to scam organizations and customers.
Rather than being reactive to new threats, smart organizations are using AI to sift through massive amounts of data in search of irregularities and potential cases of fraud.
For an example of this, let's look to the financial industry.
Institutions are able to use AI to monitor millions of transactions each day and almost instantaneously flag suspicious activity on customer transactions. This not only helps reduce financial stress for customers, but it also allows financial institutions to provide overall better service.
2. Resolving churn
Regardless of the industry, organizations have to constantly be worried about churn. Not just in their employees, but in customers as well.
In-house, AI can help organizations employ automation in order to reduce the workload of dull and repetitive tasks that often lead to employee burnout. This can greatly reduce churn and, in addition, inspire employees to be more creative and productive with their time.
For reducing churn in customers, AI-driven chatbots can be employed by organizations to provide better service, quickly surface products and services customers are looking for, and reduce the common frustrations that lead customers to spend their dollars elsewhere.
3. Resource planning
Applying AI to historical and current data can help organizations take the guesswork out of forecasting resource needs. Everything from employee productivity, equipment usage, and customer trends can be examined and applied toward future resource procurement.
This greatly reduces the risk of overprovisioning, which can lead to substantial waste. It also helps inoculate organizations against potential missed opportunities from not having the resources on-hand to act quickly.
In every industry, outages and downtimes happen. IT systems fail, development changes cause downtime, outside events can lead to massive influxes in usage. Surviving these issues requires the ability to move quickly.
By using AI to monitor and help predict potential problems, organizations are able to build contingencies that place them in a better position to rapidly adapt to threats caused by IT failures, employee injury, weather complications, and worldwide events.
5. Keeping up with the market
Organizations that remain competitive are able to move fast enough to keep up with, or get ahead of, the market.
Increasingly, these organizations are the ones that employ AI to help accelerate how they make decisions—not just in reaction to changes in the market, but to adapt on the fly to where the market is headed.
Start developing an AI strategy for your business today. Download our free eBook, Take Flight: The CIO’s Guide to Leveraging AI to Leap Ahead of the Market.
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