3 Ways AI Can Cut Business Expense
Since the beginning of time, humans have always wanted a faster way to work. We invented wheels for a reason. But we’ve progressed so much further than that with our machinery—so much further that sometimes, the machine can do better work than us.
In the next decade, Artificial Intelligence is predicted to usher in a new era of automation, making our lives easier in almost every aspect. But putting the future aside, there are ways we could be using AI right now to help your organization’s ROI. By baking AI technology into your everyday business processes, you can save time and cut your costs almost instantly.
But don’t just take our word for it. Check out the examples below on how AI can cut business expenses, and see if any of those match up with the needs of your business.
Automate Busywork
AI really said, “Anything you can do, I can do better.”
Let’s look at the JP Morgan case study completed by Futurism. As the largest bank in the United States, JP Morgan employees more than 240,000 people, and of that whopping number, a good percentage are lawyers who spend a total of 360,000 hours a year on a slew of mundane busywork tasks, such as interpreting commercial-loan agreements.
Enter AI. When JP Morgan began implementing the usage of COIN, a machine learning system that managed to cut down that 360,000 hour time while interpreting 12,000 brand new wholesale contracts every year. Wowza. Talk about a quick win.
The company would have never been able to achieve that kind of power manually without hiring more employees and increasing their payroll costs. Even though AI may be expensive to invest in, it definitely pays off when it can get you those kinds of time and cost savings!
Prevent Errors
There’s a reason why they’re called human errors.
Miscalculations in data can be costly. Take the healthcare industry for example. Forbes says that the waste in healthcare spending is $935 billion annually – that’s right, a billion with a b. That’s about 25% of the country’s total medical spending. So where does all this miscalculation come from? You guessed it: human error. Patients could be scheduled for incorrect treatments, receive double booked appointments through multiple providers, charged extra through insurance claims…the list goes on.
But imagine if AI comes into play. An automated system would easily be able to scan all procedure documents within minutes and identify any duplicated services or misplaced bills. This could drastically reduce the spend for a practitioner, and clear the schedule of an overbooked doctor.
You can apply this strategy outside of healthcare to practically any industry. Visuzulation into your data is key for cutting down on costs. You could be spending somewhere in excess that you didn’t even know! Utilizing AI to locate any unnecessary spending in your budget is a no-brainer that can be completed in minutes, where it would manually take days – or even months to execute.
Improve the Customer Experience
It’s no secret that customers want answers, and they want them now. While your employees may be excellent at serving your customers, it’s impossible to scale and continue to provide top-notch service without adding more employees to your roster.
Or is it?
Think about chatbots. They provide quick, knowledgeable answers and don’t require bathroom breaks. Your customers may have a quick question that can be easily answered through a selection of predetermined answers. If a customer has a more challenging question, AI can direct your customer to a representative, removing the scenario of having an employee waste time discussing answers that can be easily solved via automation.
Improving the customer experience by using AI can go beyond simple directional bots on your website. Take the V.E.R.N. Emotional Detector models, for example. These models are handy for interpreting the complex emotions layered into a text post online. Unlike a regular sentiment analysis program, these containers go beyond identifying a post as “positive, negative, or neutral.” These models will detect complex human emotions (going as far as to even identify sarcasm) and express their findings as a confidence percentage in real-time.
This can allow you to monitor customer satisfaction on social media, identify how your company’s investors speak about your finances, or improve your marketing strategy through an analysis of trends online. Through AI, you can predict your customers mood and respond accordingly to improve the way your business handles its customer experience.
There’s More Where that Came From
As AI evolves, so do the possibilities for using it. This is only the tip of the iceberg in the ways you could be saving. As a platform for offering the latest and greatest scripts and models, Gravity AI is a marketplace where you can find hundreds of unique AI models that have easy implementation and deliver quick results.
Your business has unique needs that AI can solve for, and by investing in a platform that offers a one-time, easy purchase with flat monthly license fees, you’re getting a whole catalog of handy models ready to make your life easier. No sending us any of your sensitive data, no working around our database — it just takes one quick click for your container to download and begin working for you in less than a day.
Learn more about how the gravityAI marketplace can make RPA, Document automation, and document intelligence more efficient than ever before.