3 Ways AI helps businesses cut costs and improve workflows

3 ways artificial intelligence helps businesses

Artificial intelligence (AI) has become a buzzword in the tech industry lately and it’s no mystery why. This relatively new technology allows businesses to automate their processes, free up employees’ time, and help improve efficiency.

For companies both large and small, this can lead to better profit margins and a sharper competitive edge.

Here are three ways AI is having a positive impact on modern industry.

Error Reduction in Healthcare

In any business, errors create black holes of wasted money and resources. In the healthcare space, mistakes can translate to delays in treatment or even premature patient death.

Thankfully, AI can positively impact the healthcare industry by reducing medical errors.

For example, CHRISTUS Health recently partnered with Experian Health to take advantage of automation in their registration process.

In fact, they opted to automate 80 percent of their pre-registration tasks, including patient access processing. With more time available, CHRISTUS workers were able to focus on more important tasks.

Thanks to the implementation of AI, errors decreased drastically, and employee productivity spiked by 60 percent. Here, the partnership between AI and CHRISTUS worked to the benefit of both patients and service providers.

Automating Customer Service

No one likes waiting on hold to talk to a customer service representative. Similarly, no one enjoys chatting with a bot that can’t actually help. However, done right, a virtual chatbot can greatly improve a company’s overall customer service experience.

In part, this is because AI assistants are available for support around the clock. Even if the bot isn’t able to answer all questions, it can certainly lower the load for human employees and give customers a sense of satisfaction while their requests are processed.

Predictions show that around 85 percent of customer interactions with a company will be handled by AI in 2020.

By using AI to automate their customer service departments, companies can speed up response times, boost consumer satisfaction, and improve profitability.

Though a chatbot may cost upwards of six figures to develop, their low operating cost means they are ultimately less expensive than human customer service employees.

Higher Production Output

In the supply chain, small inefficiencies can add up quickly and cause major output delays. As AI can determine risk tolerances and identify production disruptions, it can be highly effective at optimizing a company’s workflow.

By removing human error from the decision-making process, autonomous agents can bring production outputs in line with expectation.

As the AI boom continues, its shockwave will spread to almost all other industries. Fortunately, machine learning tools have a beneficial impact in almost all instances and will help companies reduce errors, save money, and stay ahead of the non-automated competition.