Artificial Intelligence fundamentally changes how humans interact with technology, and how digital systems interact with each other. However, the biggest impact may be to a company’s bottom line.
Numerous factors contribute to AI ROI
Much has been written about how Artificial Intelligence (AI) for the enterprise upends the user experience (UX) on the front-end and optimizes processes on the back. However, when it comes to business decision makers, the most important AI feature is its ability to generate ROI — especially when it comes to making a strong case for AI investment.
Most enterprise technologies are designed to impact an isolated business area, e.g. streamlining HR processes or automating internal IT help requests. A cognitive solution like Amelia, on the other hand, has the potential to connect and optimize an entire organization, which paves the way to robust financial performance. Here are a few ways that a cognitive AI platform like Amelia contributes to economic success:
Scaled services = scaled revenue
Digital colleagues such as Amelia allow users to independently execute processes from end-to-end 24/7. This ubiquitous accessibility permits customers to purchase goods and services inside or outside of “normal” business hours without ever being forced to wait in a queue for service. Companies can scale their offerings to meet customer demand and drive additional revenue.
Optimized processes = reduced overhead
Not only can AI systems automate transactional tasks, they are increasingly adept at executing cognitive tasks related to decision making. Cognitive AI systems can be implemented all along a value chain and allow companies to remove human “middleware” and reinvest those resources in other parts of the business.
Improved UX = improved WOM
AI can be particularly valuable in improving the customer experience, which means better word-of-mouth (WOM) recommendations — a particularly vital form of marketing in the social media age.
Companies can scale their offerings to meet customer demand and drive additional revenue.
Amelia quantifiably executes user interactions far more efficiently than a traditional interface. For example, when tapped as a “whisper agent” with a global insurance provider, Amelia was able to lower average call curation by 9% and reduce the need for a follow-up call by 24%. Similarly, when handling customer service for a major online gaming company, Amelia reduced call times from 10 minutes to just three. Furthermore, an AI system automates routine tasks and frees human employees to use their soft skills to help customers with unique or complex business needs.
Unburdened employees = more creative business solutions
Just because AI automates routine tasks that were previously handled by humans doesn’t mean human employees are obsolete. In fact, automating high-volume tasks frees companies to invest in roles that depend on human creativity.
For example, a retail clothing store could design an AI system to automatically purchase new shirts or dresses whenever inventory runs low. The store would no longer need human buyers to processes routine inventory management tasks (checking available inventory, placing orders with suppliers, tracking shipments etc.). AI would allow a buyer’s role to expand in areas that benefit from uniquely human skills, emphasizing intuition (for example to see how current pop culture will impact fashion trends next season) and deal-making (to make sure the company negotiates the best price from vendors). To remain competitive, the store would be compelled to invest in employees who excel at these creative tasks as AI takes on more prominence throughout the organization.
Machine learning = a virtuous feedback loop
Implementing an AI solution is not a one-and-done operation, but a sustained investment. However, thanks to machine learning, Amelia improves at tasks over time to create more business value. Furthermore, once Amelia masters a primary role, it becomes easier to train her on additional functionality, e.g. once a bank trains Amelia to provide account balances to users, a smaller investment in time and money can train her to handle transfers or schedule recurring payments. This means that ROI increases the longer a system is in place.
There’s no one best way to utilize powerful AI systems within an enterprise, and results will vary depending on the business issues that need solving. However, one commonality across AI system deployments is AI’s ability to generate meaningful and prolonged ROI.