Modern, up-to-date technology is one of the keys to surviving in business. Considering how fast innovation happens now, sometimes it feels like you need to scrap your legacy systems and rebuild your models just to stay relevant.
Fortunately, AI can help. IntelAgree understands how revamping a time-honored business model can breathe new life into operations (we did reinvent the contract process, after all), so let’s look at a few different ways your business can reimagine some of its biggest productivity obstacles from the ground up.
Reimagining Customer Relations
How much of your manpower goes to answering simple questions from customers? You know you have to respond to maintain that relationship, but over time it saps your team’s engagement.
That’s because humans are wired for novelty. By the time your team members answer the same question about shipping 100 times, they’re probably done. AI, on the other hand, isn’t capable of burn-out. It can answer shipping questions all day long. Let it.
AI can transform your relationship to your customers by responding to queries promptly day or night with no sense of frustration or boredom. Since messaging is one of the top ways customers wish companies would communicate, moving to AI here is a no-brainer.
AI also knows when to kick a complicated conversation over to a real person so your team can be on hand for more complex issues or inquiries. Save their energy for those.
Reimagining the Hiring Process
Ask your human resources team (or person) about the hiring process, and what you hear may surprise you. Piles of irrelevant resumes and hours narrowing down candidates can make the hiring process tedious for any team.
AI can help cut through that tedium by writing job descriptions and shortlisting candidates for interviews using deep learning analysis. Your team can quickly sort through resumes regardless of origin, allowing your business to leverage sources like Indeed to widen your search without expanding your headaches. And of course, HR steps in to determine things like soft skills and fits for company culture, something machines still aren’t able to do.
Once a candidate is hired, AI can also help formulate plans for onboarding and retention. This helps cut down on training costs and reduce employee churn. Human resources can take over building relationships and problem-solving with the extra time they get back.
If your organization sells products, maintenance could be the next big revolution. Traditionally, downtime costs businesses millions, and figuring out when and how to perform maintenance is a huge issue. It takes massive amounts of energy to keep up, and one misstep could derail the entire process.
Machines can help reduce this downtime in two different ways. First, the Internet of Things makes it possible to keep track of product performance, meaning you could detect anomalies that could require maintenance before things break. That means you don’t have to wait on customer service reports, surveys, or even data logs. You can tell your product is headed for downtime, alert customers if necessary, and plan for a fix beforehand. All before your customers even consider going with a competitor!
For products that need regular maintenance, AI can also plot the best times for performing that maintenance to reduce downtime costs. Hong Kong uses AI to predict maintenance for its busy subways. It manages nightly engineering work by deploying workers across a complicated system of networks and analyzing travel data to do it in the least invasive way possible. If AI can handle Hong Kong’s transportation, think of what it can do for your products.
AI can also be deployed to better manage your security, often without your customers even knowing. Traditional fraud detection can be inconvenient and challenging to manage. For example, if you don’t tell your bank you’re traveling abroad and you use your debit card, it can take a while to sort out. Yes, they’re keeping you secure – but sometimes at the expense of your convenience.
AI takes fraud detection and turns it into a system of probabilities based on analysis of massive amounts of data. This data can predict behavior better than a human can. That means it gives your organization a considerable edge without increasing the inconvenience to your customers.
AI analyzes this data to create a pattern of unusual behavior targeted to a specific customer instead of a general customer-base profile. The underlying relationships in data help uncover discrepancies while also reducing the amount of times your customer base suffers from inconveniences like our debit card story.
The best part of this? As your customer’s life circumstances change (having babies, moving cities, growing older), the algorithm changes as well. Security continues to match prevention to each individual customer, reducing false positives and providing lifelong protection.
AI is Reimagining Your Work Life
What do all these cases have in common? In each one, AI takes mundane, tedious tasks off your team’s plate. This puts your people in the fast lane for innovating, building relationships, and problem-solving. Soon, you may be able to boost your company’s morale by reimagining their daily challenges and removing them.
AI can provide valuable support for your team’s higher level tasks, making it possible for them to accomplish more without feeling the burnout. Be willing to rebuild even your legacy systems from the ground up to avoid coming out on the wrong side of disruption, and turn AI into your next valued team member.
And if you want to start with your contract management process, you should check out IntelAgree. We’ve totally simplified the contract process for every person on your team – schedule a demo today!