What is Collaborative Intelligence?
Five Ways that AI Makes Businesses More Profitable
Artificial intelligence (AI) is among the most adaptable and advantageous business technologies available today. It can perform a remarkably broad range of tasks, from process automation to customer interaction.
As a bonus, AI can execute many of these tasks more efficiently than humans. It analyzes data and follows instructions faster than the average person and costs less to maintain than a full-time employee.
By saving money and optimizing business processes, AI can make tech-friendly enterprises significantly more profitable — especially through the following applications.
Based on conversations with hundreds of organizations, large and small, here are the top five ways we’ve seen companies innovating with AI to help drive revenue:
Automating business processes. Perhaps the most well-known application of AI is automation. With sophisticated algorithms and/or machine learning, AI can handle tasks usually delegated to employees. Consider the healthcare industry, for example. Hospitals like the Cleveland Clinic use AI to automate processes such as analyzing patient data, predicting cardiac arrest, and identifying at-risk patients.
Similarly, Synaptiq has worked with a nutritional supplement provider to develop an AI model for mapping and extracting content from healthcare data. We helped build a solution that automated the time-consuming process of converting compliance documents into structured text. Learn more about this project in the case study below.
Enhancing cybersecurity. In this “digital age” of business, cybersecurity can make or break profitability. Data breaches hurt brand reputation, destroy valuable data, and lead to costly lawsuits. That’s why companies are turning to anti-cybercrime AI, which patrol databases and online channels for suspicious activity.
Recently, Synaptiq used emotion AI to help a client, DICIO, build a machine vision model that captures emotions (e.g., happy, sad, etc.) and another model that measures stress (by detecting heart rates). This system buffs cybersecurity by checking that the user is who they say they are and are acting of their own volition.
Optimizing marketing. Have you ever used Amazon’s online platform? If so, you’ve interacted with an AI that analyzes consumer data — including location, purchases, and searches — to show targeted ads. In this manner, AI optimizes marketing by focusing product recommendations and adapting to customer data in real-time.
Freeing up “knowledge workers.” As technology advances, the demand for specialized labor rises. That’s where “knowledge workers” come in: specialists like doctors, lawyers, and financial analysts who perform the high-skill tasks that technology cannot. By automating low-skill busywork such as data analysis and documentation, AI frees knowledge workers to focus on the jobs that only they can perform.
For example, Synaptiq helped BAL Global expedite document processing using intelligent automation (AI + robotic process automation). As a result, BAL’s attorneys could avoid error prone, repetitive tasks, freeing up their time to focus on and provide their clients with a better experience. You can read more about our work with BAL below.
Supporting customers. Satisfied clients are repeat clients, so quality customer support increases profitability. As a recent Forbes article explains, “people [seeking customer support] get quickly…angry at chatbots and automated call distribution (ACD) systems that don’t understand how upset the person is.” Sentiment analysis or emotion AI can resolve this issue by giving contextually appropriate responses and raising customer satisfaction.
These five applications only scratch the surface of AI’s potential to enhance profitability. Artificial intelligence isn’t merely a technology; it’s a scientific research field with limitless room for growth and refinement.Wondering if AI can increase the profitability of your business? At Synaptiq, we can answer your questions and help you unlock the power of AI.