We are fast reaching a point where AI is no longer an optional extra in business operations. Rather, it’s an essential component. A report by Datacom found that 72% of Australian organisations currently use some form of AI. While AI adoption nationwide has increased, your AI strategy must focus on more than simply adopting it. You should understand where it fits within your business to unlock new levels of efficiency and innovation.
This blog covers key AI use cases in functions such as Human Resources (HR), Sales, Finance, and the back office to demonstrate the possibilities.
Do you currently use any form of AI within your business?
Source: Datacom.
1. Human Resources
AI serves multiple use cases for HR teams, supporting them throughout hiring and someone’s journey with the business.
Scan resumes for recruitment and hiring
AI supports recruitment and hiring by automating time-consuming tasks such as candidate shortlisting and resume screening. Instead of an HR manager sifting through (virtual) piles of resumes, machine learning (ML) algorithms can analyse candidate data to identify the best matches for job openings. As such, AI can reduce hiring time and minimise biases in the process. AI-driven platforms can conduct preliminary assessments and even help hiring managers schedule interviews, further easing the workload of HR personnel and ensuring a seamless candidate experience.
Automate employee onboarding processes
AI enables an enhanced and efficient employee onboarding process. AI-powered chatbots can guide new employees through onboarding steps, answer questions, provide information, and send reminders about key documents. AI reduces the administrative burden on HR staff and ensures new hires have a smooth and informative onboarding experience. Furthermore, AI tools can customise onboarding programs based on the new employee’s role and background and help them acclimate faster to their new work environment.
Transform learning and development initiatives
AI supports learning and development by offering personalised training and development plans. AI analyses an employee’s skills, performance data, and career aspirations to recommend tailored learning modules and courses that align with their career goals. Additionally, AI identifies skill gaps within the workforce and suggests targeted training programs to address these needs. In this regard, AI helps your organisation retain top talent and prepare employees for future roles.
2. Sales
Sales is an ever-competitive and fast-paced industry. AI gives salespeople the tools to keep up.
Personalise customer interactions
AI analyses customer preferences and behaviour to tailor communications and guide salespeople on their next steps. Advanced AI algorithms can track interactions to gain a 360-degree view of each customer. As a result, the sales team can engage customers with relevant offers, send messages at the right time and drive sales growth. Generative AI capabilities also enable salespeople to draft responses to prospects and draw up contracts.
Improve forecasting accuracy
Machine learning models can predict sales trends with high accuracy by analysing historical sales data and external factors. Sales teams can use this data to support decision-making, allocate resources, and set realistic sales targets. AI-driven forecasting tools can also identify emerging market trends and potential opportunities, allowing businesses to stay ahead of the competition. By leveraging these insights, sales teams can optimise their strategies and better align with market demands.
Streamline sales operations
AI automates sales operations and reduces the time sales professionals spend on manual data entry. On average, sellers spend 68% of their time engaged in non-selling activities. AI systems integrated into Customer Relationship Management (CRM) platforms can automate tasks such as lead assignments, email follow-ups, and task creation. Thus, sales teams can focus more on navigating the sales funnel and closing deals.
3. Finance
Finance departments often have a lot of repetitive work to complete and multiple risks to navigate. AI helps them manage these heavy workloads.
Detect fraudulent activities
Detecting fraud in real time is not a feat that any one person can achieve. AI identifies unusual patterns and anomalies in financial transactions that indicate fraud. Financial organisations can leverage AI to analyse large volumes of transaction data and identify subtle patterns that traditional systems might miss.
Automate repetitive financial tasks
AI automates routine financial tasks such as invoice processing, expense management, and reconciliation. This speeds up processing times, reduces errors, and frees finance professionals to focus on tasks that require a human touch. AI-powered automation also helps teams maintain compliance with regulatory requirements by keeping accurate records and generating timely reports.
Identify and manage risks
AI supports risk management by analysing large datasets to identify potential risks and predict financial outcomes. Predictive models assess credit, market, and operational risks, enabling financial organisations to mitigate these risks proactively. AI can also provide real-time insights into market conditions, helping financial institutions adjust their strategies. By leveraging AI-driven risk management tools, your business can enhance resilience and build long-term stability.
4. Back Office
Back-office teams often have to complete numerous manual tasks to keep the business running. AI can support back-office teams in the following ways.
Streamline supply chain management
AI predicts demand, manages inventory levels, and identifies the most efficient logistics routes. It helps your business reduce costs, improve delivery times, and align inventory levels with customer demand. AI can also identify potential supply chain disruptions, such as supplier delays or changes in market conditions, allowing teams to take proactive measures to mitigate these risks.
Automate and improve data management
AI automates data management tasks such as data entry, classification, and analysis. Automation reduces errors and improves the accuracy and efficiency of data management processes.
Enhance customer support
AI-driven chatbots quickly and accurately handle routine customer inquiries, while human agents focus on complex inquiries. AI analyses customer interactions to identify common issues and provide insights that help the business refine support strategies. Additionally, AI-powered sentiment analysis can gauge customer satisfaction and deliver insights on customer preferences, which helps agents deliver a more personalised and responsive support experience.
Conclusion
AI can transform business operations by supporting numerous departments, from sales to the back office. In HR, AI streamlines recruitment, improves onboarding processes, and proactively drives employee development. Sales teams can use AI to improve forecasting and complete administrative tasks faster. Integrating AI across these functions streamlines operations and gives your business a competitive edge.
Why work with addaxis.ai on your AI strategy?
Our team leverages the latest in Google’s AI and machine learning technologies, as well as robust security and expert engineering, to deliver significant business value. We specialise in integrating advanced capabilities from proprietary models, such as OpenAI’s GPT-4 and Google’s Gemini, and open-source models, like LlaMA 2 and Vicuna, into your applications.
Our expertise spans various AI applications, from fine-tuning language models for document search to developing secure chatbots and real-time voice analysis tools. Visit our services page for more information on what we deliver.
