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How are AI assistants Impacting the Business?

By Vishnu M S

Many users are aware of AI assistants, some use them regularly, but many use them very briefly like mostly for playing songs on the devices. Apple's Siri, Google Assistant Devices, Microsoft Cortana and Amazon Alexa are the most commonly known AI assistants and their utilization is being pushed competitively into every household device. However, we are yet to create something like a Jarvis from Iron Man kind AI assistant.

Many organizations depend on the services of AI assistants such as Fireflies, Fyle, DataBot, Hound, etc. An AI Assistant is a device that is built on dynamic programming that is capable of performing tasks upon receiving appropriate voice commands.

According to PricewaterhouseCoopers (PwC), there is a potential subsidy of $15.7 trillion and a 26% boost in GDP for local economies from AI by 2030. China (26% boost) and North America (14.5% boost) will obtain the highest economic profits from AI which is over 70% of the global economic impact.

Any time a customer interacts via live chat, they can connect with an AI assistant that can take queries from thousands of customers while also offering them relevant data such as order tracking details, the current status of the ticket and if needed can forward to an actual person if that requires human intervention.

Here is how AI can be implemented in businesses and assist them to grow exponentially.  

1. Automated processes  

AI can read data from various departments and involve functions like collecting data, updating sheets and extract information through Natural Language Processing automatically. It can rapidly upgrade the speed at which we operate daily.  

Sending an email to the AI Assistant can perform every task related to that data automatically, allowing the user to move to the other tasks. This will remarkably improve the current workflow of businesses and keep the data centralized and organized as well.  

2. Point of contact where users interact with the business, can be enhanced  

Any time a customer interacts via live chat, they can connect with an AI assistant that can take queries from thousands of customers while also offering them relevant data such as order tracking details, the current status of the ticket and if needed can forward to an actual person if that requires human intervention.  

3. AI can be used in enhancing the digital marketing of a business.  

AI can constantly keep track of the business's social media channels and assist with relevant topics that can resonate with the audience. It can also help in enhancing the connection or interaction with the audience.  

4. Transcribing meetings through AI  

To ensure that the key points are not overshadowed by other things during meetings, hence several companies these days are seeking the aid of AI assistants. All one has to do is invite them to the meeting calendar and it will record and transcribe the meetings for the user. The user can revisit meeting notes and seek relevant information anytime.  

5. E-commerce soon to be replaced by Voice commerce  

Amazon has profited hugely from its AI Assistant Alexa, as customers are using it to search for products and buy those products by giving voice commands. By 2022, it is expected that voice commerce will hit $40 billion + across the US and UK. The ease of ordering securely through AI assistants has made the users put their trust in voice commerce.  

However, the products being bought via AI devices are generally low-value items and are bought as one-time purchases. But as more people will start using voice-enabled devices for purchasing products online, more e-commerce companies will group over to this option of online purchases.  

Examples: Domino's, Starbucks, and Dunkin' Donuts allow people to place orders vocally.  

6. AI can assist organization while making complex decisions  

The decisions where AI assistants can be involved are warehouse automation, deciding the fastest route for supply chain or logistics, supply chain optimization, etc. Even delivering goods through Drones is possible because of AI that can help in the optimization.  

7. Data analysis using AI  

People at different levels in the institution might not be data wizards but they can simply ask AI assistants the data they require. The sales team can access all the historical data and analyze it to clarify the strategy. The social media team can access the data to view and understand the level of the social impact.  

As per research by 2023 there are going to be around 8 billion AI assistants which implies that the AI assistant is far ahead of the first hurdle. It has users across all fields, demographics, and nationalities. Around 50% of the users make online purchases using voice assistant, the businesses need to invest in making AI Assistants a core part of their operations as several companies still rely on the methods which they have been following for years. For them to be moving on to complete utilization of AI assistants up to their full potential is going to take more than just being aware of their existence.

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