Artificial Intelligence

What is AI & What can it do for your company?

Artificial intelligence (AI), the ability of a digital computer or computer-controlled robot to perform tasks commonly associated with intelligent beings. The term is frequently applied to the project of developing systems endowed with the intellectual processes characteristic of humans, such as the ability to reason, discover meaning, generalize, or learn from past experience. (Copeland,2019)

Sales / Customer Relationship Management (CRM)

Price Optimisation

Discover the ideal discount rate should be for a proposal to ensure that you’re most likely to win the deal by looking at specific features of each past deal that was won or lost.

Forecasting

Predict with a high degree of accuracy next quarter’s revenue, which in turn would help a company, from an operations standpoint, to better manage inventory and resources.

Managing for Performance

Use dashboards to visually see which salespeople are likely to hit their quotas along with which outstanding deals stand a good chance of being closed.

Lead Scoring

Compile historical information about a client, along with social media postings and the customer interaction history and rank the opportunities or leads in the pipeline according to their chances of closing successfully.

Upselling and Cross-Selling

Identify which of your existing clients are more likely to buy a better version of what they currently own (up-sell) and/or which are most likely to want a new product offering altogether (cross-sell).

Supply Chain Management

Price Optimisation

Using AI to determine the optimal maintenance schedule for production equipment.

Forecasting

Using AI to predict what your customers are going to order. This reveals what supplies will be required and orders can be placed earlier, assuring priority.

Managing for Performance

Customer responsiveness is tracked by the AI which orders materials on a Just in Time basis. That means materials arrive precisely as the machines need it, so it doesn’t need to be warehoused and stored until demand catches up with supply. 

Upselling and Cross-Selling

AIs can use these algorithms to glean new insights from what was previously incomprehensible data. This can even be expanded to translating foreign languages.

Lead Scoring

AI can assist with getting product to  customer in an expeditious manner. AI which is connected directly to your fleets, can re-route materials on-the-fly. It can also determine the most cost effective courier or delivery service available.

Accounting

Accounts Payable/ Receivable Processing

Bots can learn the accounting codes that are appropriate for each invoice.

Supplier Onboarding

Tracking price changes among a number of suppliers.

Audits

All over the business, departments and divisions record transactions in journals, which need to be consolidated and reconciled. A robot can gather and consolidate transactions and reconcile them in your ERP.

AI Chatbots

Chatbots are used to efficiently solve common questions or queries from customers including the latest account balances, when certain bills are due, the status on accounts and more.

Expense Management

Machines can read receipts, audit expenses and alert humans when a possible infraction has occurred.

Procure to Pay

Validate Transactions & Cut Down on Approval Processes

Can do this by comparing data from past purchases and looking at external force. AI and data analytics, can then effectively approve the deal.

Decision Intelligence

Uses a sophisticated algorithm to examine how an account is used over time. Then, using all of the data that it has compiled, it detects normal and abnormal spending in real time.

Price Comparisons

If you work with a number of suppliers to source a specific product with fluctuating prices, track changes and best pricing automatically with a robot. Robots can even sneak into the web code to extract catalogue pricing.

Market Intelligence

Vetting suppliers’ credentials on a periodic basis to ensure they meet your threshold is a highly manual task that’s easy to put off for another day. Charge a robot with this job, and it will deliver a full report on time, every time.

Call Center Operations

Answer Common Questions

Bots that can answer simple and oft-asked questions online, without the need for the customer to pick up the phone.

Handle Multiple Interactions

Troubleshoot the minor issues or to get an update on their account system.

Field Calls

Field calls away from the busy agents and then gather the data from the clients beforehand.

Predict Customer Behaviour

AI is now helping to predict customer behaviour on the phone, to provide recommendations to the customer service reps on how best to deal with the issue.

Reduce Staff Training Costs

Bot can serve the agents with related information; the agents won’t need high-level training to learn everything.

Billing

Medical Billing and Coding

Automatically recognize and extract data from medical documents for proper coding and billing.