It's no secret that several businesses are facing a tough economic climate right now, with growing expenses and slow growth. But the good news is that there are ways to save money and become more efficient, and technology is leading the charge.
In particular, AI is a game-changer for businesses looking to cut costs and streamline their operations. By automating repetitive tasks and providing valuable insights, AI can help businesses of any size to improve their bottom line and stay competitive.
"I want an AI-powered society because I see so many ways that AI can make human life better. We can make so many decisions more systematically or automate away repetitive tasks and save so much human time." - Andrew Ng, co-founder of Google Brain and founder of deeplearning.ai
If you are a fan of statistics, you will be happy to know that Forbes estimates that around 4 in 5 businesses deem AI to be a top priority in their business strategy. In fact, 83% of companies claim that using AI in their business strategies is a top priority.
So let's start by exploring 5 AI strategies and examples to help you understand how using AI tools, you can save money and become more efficient.
#1 Automate routine tasks with AI to free up employee time
One of the most significant benefits of AI is automation. By using AI to automate routine tasks, you can save time and resources while improving business operations' accuracy and efficiency. This frees employees to focus on more complex and creative work requiring human skills, significantly increasing productivity. In fact, according to research by (PWC), AI is expected to enhance employee productivity by 40%.
For example, Calls9 helped Savings Champion condense 400 Salesforce reports on 40,000 financial products into 16 master reports. We deployed workflow automation tools to replace old manual processes, allowing the Savings Champion team to work faster and more effectively. This improved data integrity by minimising human error and reducing the manual workload.
It's important to understand that robots will not replace humans, and they will make their jobs much more humane. Difficult, demeaning, demanding, dangerous, dull – these are the jobs robots will be taking.
#2 Predictive maintenance: prevent costly equipment failures with AI
Another way that you can save money with AI is by reducing maintenance costs. Using predictive maintenance, businesses can detect potential equipment failures before they occur, preventing costly repairs and downtime.
For example, if you are a manufacturer, you can use an AI-powered to optimise the maintenance of your machinery. AI can analyse data from sensors on your equipment, such as temperature and vibration, to detect signs of wear and tear. This will allow you to schedule maintenance proactively, reducing downtime and minimising the need for expensive repairs.
#3 Combat fraud and save money with AI-powered fraud detection
Did you know that the total amount of fraud cases worth £100,000 or more in UK courts saw a significant increase of 151% between 2021 and 2022. The total value rose from £444.7 million in 2021 to £1.12 billion in 2022, as reported in KPMG UK's most recent Fraud Barometer.
Fraud can significantly drain a business's resources, especially if you have limited budgets. AI-powered fraud detection systems can help your business identify potential fraud before it becomes a problem, allowing you to take action before it's too late.
For example, if you are an online retailer, you can use AI to combat fraud in your e-commerce business. AI can analyse millions of transactions to identify potential fraud. This can reduce your fraud-related losses significantly, helping your e-commerce business to grow and thrive.
#4 Boost customer satisfaction and loyalty with personalisation
Providing seamless and personalised customer experiences using AI can save businesses money and time. By analysing customer data, AI can help you tailor your products and services to meet each customer's unique needs. There are several ways you can provide seamless experiences to your customers. Some of them are:
Personalised customer portals: AI-powered customer portals can allow your customers to access their accounts, view their order history, and receive tailored recommendations and content. This helps customers feel valued and recognised by the business, increasing their loyalty.
Create your own digital products and services: Have you ever thought you could create digital products and services, digitalising offline processes to decrease manual workload and provide personalised experiences to your customers? Digital products are not just for large corporations. Low code development allows us to create solutions for your needs cost-effectively.
At Calls9, we worked with Bona Fide to create a system to connect brands to relevant micro-influences using their data. Using the easy-to-use digital platform, brands can connect with relevant influencers to promote their brand based on age, location and interest.
Predictive analytics: Predictive analytics uses machine learning algorithms to identify patterns in customer behaviour and predict what customers are likely to do next. This can help businesses anticipate customer needs and offer personalised content, product or service recommendations and discounts before they even ask for them.
#5 Optimise your marketing campaigns with AI for increased revenue and efficiency
AI can also help you cut costs by improving the efficiency of your marketing efforts. By analysing customer data, AI can help you target marketing campaigns more effectively, leading to higher conversion rates and increased revenue.
By identifying trends and patterns in customer behaviour, AI enables you to adapt your marketing strategies to better meet the needs of your target audience. AI-powered marketing tools can also automate routine marketing tasks like email campaigns and social media posts, freeing staff to focus on more strategic activities. Using AI to streamline marketing efforts can save time and resources while still achieving the desired results.
Furthermore, AI can help your marketers make data-driven campaign decisions. It can provide insights into the effectiveness of different marketing channels and strategies by analysing data from various sources, including customer interactions, website traffic, and social media activity. This can help you refine your marketing approach and make informed decisions about where to invest your marketing budget for maximum impact.
Start your digital transformation journey
As you can tell from the above, emerging technologies like AI and ML are not only available to large enterprises. AI systems and tools are essential if you want scale and reach new heights by enabling efficiencies and cutting down costs. We offer a wide range of services to help you start your digital transformation journey. Some of them are:
- Innovation / Digital Transformation consultancy: We will help you audit your internal processes and systems so we can determine where AI can have the most impact. Then we will create a strategy and a roadmap to help you navigate change. But don't worry. We will be with you every step of the way.
- AI Development: custom solutions and models to automate processes, analyse data, and make predictions to help you streamline operations and maximise efficiency.
- AI & ML integration: Unlock the full potential of your existing systems and processes by integrating AI & ML tools into your current technology.
- AI Consulting and Training: We will ensure you get the most out of your AI and ML investments by training your team and leadership.