How can AI help your business?

How can AI help your business?

It’s important to be aware of new technology that could help your efficiency in any business. We’re used to companies using cloud systems, integrated apps and online solutions to maximise efficiency and data integration. But what can artificial intelligence could add to the mix?

How does artificial intelligence work in a business context?

Artificial intelligence (AI) uses complex software algorithms and machine learning to create smart AI assistants and digital workers. And with a mix of different AI assistants on your team, you open up the potential to scale and grow your business in new and innovative ways.

AI has had a bad rep in recent years, being wrongly labelled as ‘soulless robots coming to steal our jobs’. But this is a misconception of how AI works and the goals of any AI tool.

AI assistants are not coming to take your job – they’re coming to take on the monotonous, repetitive tasks that most of us dislike. With the repetitive jobs taken care of, your human team has more time to think, innovate and collaborate. They also have more business hours available to get stuck in with higher-value customer-facing work and business development etc.

5 ways AI can help lighten the workload

So, how could an AI assistant help your business? And what are the main operational areas where AI can reduce the workload and make your team’s life easier?

Here are five areas where AI can take on some of the heavy lifting:

1. Finance and accounting – cloud accounting platforms, like Xero, already have smart coding that uses machine learning to automatically match and reconcile your transactions. But that’s just the tip of the iceberg. Fintech-focused AI tools can be used to process incoming invoices, chase up late-paying customers or process complicated rule-based transactions in your finance system. It’s efficient, cheap and error-free.
2. Reporting and analytics – AI can process data at a speed that would be impossible for any human. Using complex data-processing and machine learning tools, AI can devour your data and spit out variances, deep insights and long-term analysis of your business. If you’re looking for great insights, AI delivers amazing automated analysis.
3. Customer support – having an AI taking care of your customer experience can make a huge difference. A voice AI assistant can make or take phone calls, and can do it at a volume that transforms the effectiveness of your contact centre. Customers get answers to FAQs and any complex queries can be seamlessly passed to a human agent. It speeds up your customer support and turns customers into long-term advocates.
4. Operational logistics – AI excels at tasks that need logic and intense data-processing. Sorting out delivery schedules or picking goods from your warehouse in a logical order are ways to streamline your operations and make the most of this AI power. For example, AI has been used extensively in shipping to drive the loading and unloading of container ships, adding speed, efficiency and a reduction in human error.
5. Project management – keeping on top the management of a busy project can be a nightmare. But with a project management AI solution in the mix, you can quickly sort through schedules, staff availability and project requirements to manage and resource each job in the most effective way. Let the AI do the planning, and leave the creative innovation and human skills to your team.

Start thinking about the benefits of AI

Managing a business can be tough. But by embracing the benefits of AI in your company, you reduce the admin workload, improve your data analytics and deliver a more streamlined, connected and efficient business.

About the author

Tony Nguyen is a natural-born leader, with a strategic, perceptive and methodical approach to providing effective accounting and tax solutions. Whether they be small, medium or large businesses, Tony supports his clients with services ranging from the highest level tax and business advice, to payroll and bookkeeping, and helping develop business across Australia and beyond.

Tony became a Director of DFK Laurence Varnay in 2017 and is a valuable addition to the team. With his high attention to detail, strong business sense and people-oriented nature, Tony builds trust with clients to become their trusted adviser through all stages of their business and financial journey.