Karo Kilfeather

By Karo Kilfeather

July 6, 2017

Follow

It’s not news that artificial intelligence is already improving workplace efficiency and productivity in many ways and its adoption is only growing. Forrester predicted a 300 percent increase in AI investments this year over last, based on the valuable business insights it delivers. A new Accenture report suggests that AI could boost average profitability rates by 38 percent and lead to an economic increase of $14 TN by 2035. While more and more companies across dozens of industries are moving in this direction, it bears taking a look at a few of the top benefits for businesses when they capitalize on the data harnessed by the technology.

Customer loyalty and retention

Innovative technologies like AI have a direct impact on customer loyalty and retention. AI-based technology—think chatbots and speech-recognition platforms—are designed to contribute to providing exceptional customer experience, today’s baseline value prop, no matter the industry. Specifically, the “self-service economy” is taking shape due to the fact that 70 percent of consumers expect a self-service option for handling commercial questions and complaints.

Aside from the consumer-level value technology enables, it also acts as a data aggregator for the business, collecting various customer-specific insights that are leveraged to design more personalized experiences for customer, further ensuring happy customers.

Talent management

Artificial intelligence drives business value in so many areas, but one often overlooked area is human resources. For one, data that is harnessed through AI-based technology gives businesses the ability to predict when a customer may leave for another competitor (Sprint actually did this via predictive analytics to help improve retention), helping reduce customer churn rates. In addition, AI-based technology can quickly sort through thousands of job applications in a fraction of the time it would take a person, narrowing down a giant pool of applicants to a few dozen. While AI alone can’t determine the best person for the job, it does extend the career recruiter’s bandwidth who would otherwise be bogged down with tedious and time-consuming tasks and enable them to focus on getting the right people in the door and in jobs that are beneficial for both parties.

Competitive advantage

A recent Infosys survey of 1,600 business and IT executives found that AI is a long-term priority for innovation, with 76 percent of respondents agreeing AI is “fundamental to the success of their organization’s strategy.” Sixty-four percent stated the future growth of their business depends on AI adoption. These beliefs can be tied directly back to increasing competitive advantage but the secret is in how companies use AI to reap the rewards. Earlier this year, Ford motors announced a plan to invest $1 billion over the next five years in Argo AI, an artificial intelligence startup that is focused on developing autonomous vehicle technology. Bosch is placing AI at the forefront of their business as well. The company’s “thinking factory,” currently rolled out in one of Bosch’s German automotive plants, enables AI-powered machines to self-diagnose technical failures, automatically trigger the ordering of replacement parts and anticipate maintenance needs. Bosch predicts more than $2 billion of added revenues and savings from the widespread use of intelligent systems and machines by 2020. Bottom line: AI technology fuels decision management, enables enterprises to efficiently make intelligent conclusions based on automation. The savings refers not just to money, but to the time and energy savings not inconsequential within today’s corporate landscape.

But we’re not there yet. Ninety percent of businesses say their organizations’ continue to face challenges or employee concerns such as fear of change, cultural acceptance and a lack of in-house skills to manage AI—impeding the implementation of artificial intelligence. Only ten percent of those surveyed whose company have adopted AI technologies think that their organization is fully maximizing its capabilities.

Looking ahead, what can be done to fully harness data through the power of AI? Adapting the current workforce to these inevitable changes is important as we move to a more hybrid model (humans + AI). Business leaders have a responsibility to explain the risks and opportunities that the next-gen workforce brings.They can even introduce AI-driven workplace technologies that can detect emotional stress and worker burnout through natural language processing, allowing businesses to use AI for HR value too. After all, it’s the perfect mix that contributes to the bottom line, including our most valuable asset—valued employees.

For more on artificial intelligence and field service, subscribe to Field Service Matters.

Karo Kilfeather
By Karo Kilfeather

Karo is a seasoned content marketer with a deep passion for the power of language to build connections between people and ideas. Born in Poland, she learned to speak English by watching “Saved by the Bell” reruns and commercials. She has applied her language skills and editorial drive to launching successful magazines, websites, and books. Besides her lifelong interest in technology and all things geeky, she also enjoys learning about behavioral economics and organizational development, trying out new songs at karaoke, and making the most of Boston’s brief summers.

Share on
Engage Your Employees Part 4: Technology to Foster Engagement

It’s not news that artificial intelligence is already improving workplace efficiency and productivity in many ways and its adoption is only growing. Forrester predicted a 300 percent increase in AI investments this year over last, based on the valu...

Learn more

Join Our Newsletter

You may also like...

Visibility: The Key to Managing Your Mobile Third-Party Workforce

Businesses are always looking for ways to grow revenue while shrinking costs. An increasing number o...

Learn more
2020 Field Service Technology Predictions: Drones, Robots, and Self-Driving Cars

If only we could look into a crystal ball to see what the future holds. While that’s not possible,...

Learn more
ClickSoftware Named a Leader in Gartner Magic Quadrant for Field Service Management For Sixth Consecutive Year

ClickSoftware recognized by key industry analysts for completeness of vision and ability to execute ...

Learn more
How the Coming Army of Robots Will Reshape Field Service

In 1984, Arnold Schwarzenegger famously said, “I’ll be back” while playing the lead role in th...

Learn more
Field Service Engagement: Human Interaction is Today’s Digital Differentiator

For the past several decades, service organizations and enterprises have looked to software and tech...

Learn more
Zero-touch Dispatch with Artificial Intelligence

As early as 1968, we’ve been warned of the potential dangers of intelligent computers and artifici...

Learn more
Adventures in Artificial Intelligence Part 5: Personalization on The Horizon

If Moore’s Law holds true, artificial intelligence technology should be on an 18-month cycle of co...

Learn more
IT Security Implications of IoT, Augmented Reality, and Wearables in Field Service

Wearables, the Internet of Things (IoT) and augmented reality (AR) are already modernizing field ser...

Learn more
ClickSoftware Announces Global Reseller Agreement with SAP, Providing Cloud-Based Field Service Management

SAP to Resell ClickSoftware Field Service Edge as SAP Scheduling and Resource Management by ClickSof...

Learn more
Down, Set, Hike! Predictive Playbook for Scheduling, Travel & Dispatch

Undoubtedly, predictive maintenance can be a secret weapon for smart field service teams. But new to...

Learn more

Stay In The Loop

Receive industry updates of news, advice and analysis

Subscribe to our Newsletter