Remember watching those mushy Disney movies when you were a kid?
Now, imagine being in one of them. It’s a world of the rainbow, palace, unicorn, and golden dreams. Isn’t it?
You might be thinking, why we are talking about Disneyland in a blog about automation. Right? Because, if you compare a business with automation and business without automation, first one would look like a normal routined monotonous city, and the next one would feel like an amazing Disneyland!
Nowadays, we all are a little bit aware of automation. Be it a virtual assistant, chatbot, or text-to-speech converter, automation has it’s golden touch everywhere. Isn’t it? But, how exactly do automation and business go hand on hand?
In this blog, we are going to tell you all about the impact of automation in the business process. Before that, let us tell you a little bit about automation and AI.
Automation is basically a labor-saving technology by which a process can be performed with a very minimum amount of human labor. The concept of automation goes way back in Ptolemaic Egypt, the time of 270 BC. Back then, Ctesibius described a float regulator for a water clock, a device not unlike the ball and cock in a modern flush toilet. This was the earliest feedback controlled mechanism. The appearance of the mechanical clock in the 14th century made the water clock and its feedback control system obsolete. Afterward, through the automated loom fully automated spinning mill, automatic switched telephone, automation has covered a long way towards perfection. The activities automation can take care of nowadays, will surprise you completely. There are applications of automation that surely leaves us at awe, by accelerating the business growth in a way you could never expect! Let’s look at some of them, shall we?
We all are pretty familiar with this concept. Isn’t it? Chatbots are the trends of every organization now.
A chatbot is an AI application that conducts an online chat conversation via texts or text to speech. Chatbots are typically used in dialog systems for various purposes including customer service, request routing, or for information gathering. While some chatbot applications use extensive word-classification processes, Natural Language processors, and sophisticated AI, others simply scan for general keywords and generate responses using common phrases obtained from an associated library or database. When the customers take advice from a chatbot, it feels like they are just talking to a customer care executive. Yes, it feels that real! Hence, anytime your customer has a query with the product, the chatbot is always there to help him/her out. And a happy customer is directly proportional to the happy business. Isn’t it?
Another application where AI and business can work hand in hand. We all know how important fraud detection is for any business. And since transactions are happening all around the world for most of the corporates, it’s has become more just an issue of financial sectors. 3 million identity theft and fraud reports were received in 2018 among which 1.4 million reports were fraud-related, and 25 percent of those cases reported a loss of money. In 2018, the consumers reported losing about $1.48 billion related to fraud complaints, an increase of $406 million from 2017. When the situation is this alarming, if you are not using automation in your business process, you are putting yourself at risk too to cost a million dollars. Fraud Detection with AI helps in completing data analysis in a very minimum amount of time and in detecting complex patterns in an efficient way that can be difficult for the fraud analyst to detect.
By removing the time-consuming tasks, AI empowers the fraud analysts to focus on critical cases when risk scores are at the peak. AI in business for fraud detection can also help you in preventing abuse attacks.
Customer Behaviour Forecasting:
While shopping online, you might wonder about this fact that how the product you might like is coming in your recommendation list automatically. Isn’t it?
Well, that’s also because of implementing automation for businesses. Predictive Analytics is a really important feature of AI. Predictive analytics picks up a variety of statistical techniques from data mining, predictive modeling, and machine learning to analyze current and historical facts and make predictions about upcoming and unknown events. In business, predictive models exploit patterns found in the customer’s previous activities to identify risks and opportunities. Predictive Analytics Models function by capturing relationships among various factors to allow assessment of risk or potential possibilities associated with a particular set of conditions. This also helps in triggering the decision-making for candidate transactions
Among automation ideas of business, cross-referencing of data is undoubtedly the need of the hour. Along with data solicitation, data extraction, and data classification, automation helps businesses to build up their cross-referencing database as well. The cross-reference database is a database utilized by the Data Loader tool to map the object classes and fields of a source to those in a target. A source type can include shapefile, coverage, or a geodatabase that is defined by a specific schema. A cross-reference database has to be defined for each source type and schema. Sources of the same type with different schemas require separate cross-reference databases.
By automating the entire cross-reference database management, any business can save a huge chunk of time!
Although a part of experts think that Automation can snatch the jobs of so many employees. We think otherwise. If the mundane tasks can be automated, there would be more room for them to indulge their mind in productivity. Isn’t it?
So let’s grab the AI certification, and dive in towards the automation driven business in making. Shall we?