Currently Browsing: Artificial Intelligence
Posted by Managementguru in Artificial Intelligence, Chat GPT, Decision Making, E Commerce, Marketing
on Jun 16th, 2023 | 0 comments
Artificial Intelligence (AI) and Chat GPT (Generation Pre-trained Transformer) are rapidly gaining traction in industries around the world, including business and marketing. These technologies have the potential to revolutionize customer experiences by enabling businesses to provide personalized, efficient, and engaging services to their customers. In today’s digital age, businesses are constantly looking for new and innovative ways to reach their target audience and stay ahead of the competition. One such innovation that has been gaining momentum in recent years is Artificial Intelligence (AI) and its applications in marketing and communication. Specifically, chatbots powered by AI have revolutionized the way businesses interact with their customers, providing personalized and efficient communication on a large scale. We will explore the scope of AI and Chat GPT in business and marketing, their benefits, and how they are transforming customer experiences. We will also discuss the challenges and ethical considerations surrounding these technologies, giving you a comprehensive understanding of the topic. So, buckle up and get ready to dive into the exciting world of AI and chat GPT in business and marketing. What is Chat GPT? Chat GPT (Generative Pre-trained Transformer) is a revolutionary AI language model that has taken the world by storm. It has the potential to change the landscape of natural language processing by generating human-like responses to natural language inputs. Chat GPT offers many advantages in a variety of applications, from customer service chatbots to virtual assistants. Today, more businesses are realizing the potential of Chat GPT in making their customer service more efficient and effective. We will provide insights on how Chat GPT can help you in your work, the benefits of using it, and how to implement it in your organization to promote workplace productivity and provide great customer service. Scope of AI & Chat GPT in Business and Marketing The scope of AI and chat GPT in business and marketing is vast. With the help of AI-powered chatbots and virtual assistants, businesses can automate their customer interactions, reducing response time and increasing customer satisfaction. Chat GPT can help businesses generate conversational responses that are tailored to individual customers, creating a more personalized experience. Benefits of AI and chat GPT 1️⃣ The benefits of AI and chat GPT in business and marketing are numerous. Firstly, these technologies can help businesses save time and money by automating repetitive tasks. Additionally, they can provide a seamless customer experience, allowing customers to engage with businesses on their preferred messaging platforms. 2️⃣ Another significant benefit of AI and chat GPT is the ability to gather valuable customer insights. Companies can use AI-powered analytics tools to track customer behavior, preferences, and feedback, helping them to improve their services and products continuously. However, there are also several challenges and ethical considerations surrounding the use of AI and chat GPT. For example, there is a risk of miscommunication or misinterpretation of customer queries by chatbots. Furthermore, there is a potential for these technologies to perpetuate biases and discrimination, as they are only as unbiased as the data they are trained on. Some of the key considerations include: 👉🏾 Bias and discrimination: AI and ML algorithms are only as unbiased as the data they are trained on. If the data is biased, the algorithms will also be biased, resulting in discriminatory outcomes. Companies must ensure that their data is representative and unbiased to avoid perpetuating existing biases. 👉🏾 Transparency and accountability: AI and ML decision-making processes can be opaque, making it difficult to understand how decisions are being made. Companies must ensure that their algorithms are transparent and accountable so that customers can understand the rationale behind the decisions made. 👉🏾 Privacy and data security: AI...
Posted by Managementguru in Artificial Intelligence, Business Management, Operations Management, Productivity, Sales, Supply Chain Management, Technology
on Mar 25th, 2022 | 0 comments
Supply chain management (SCM) is the broad range of activities needed to plan, control and execute a product’s flow, from procuring raw materials and production through distribution to the final customer, in the most streamlined and cost-effective way possible. Ensuring all supply chain components are running as smooth as possible helps businesses to provide on-time delivery of products and services, with changing consumer demands and supply chain disruptions brought about by the recent pandemic. This blog post’s focus is to throw some light on “How IoT aka Internet of Things is bringing about a big impact” in the future of supply chain activities. Let’s first understand the 7 Principles of SCM Adapt supply chain based on service needs of every customer segmentCustomize logistics network for each customer segmentAlign demand planning across the supply chainDifferentiate product closer to customer’Outsource strategicallyDevelop information technology that support multi-level decision makingAdopt both service and finance metrics Now let’s look at the Impact of IoT in the future of supply chain. Asset Tracking One of the top and fundamental function of IoT in supply chain is asset tracking. Locating containers, objects and personnel is considered way important among the organizations Through RFID and GPS sensors, real-time location of a product, truck or shipping container can be known by logistics operators. Fleet Management Fleet management is another area to improve the efficiency of logistics operations. Through IoT it is now possible to connect all fleets to each other, which allows the fleet dispatchers to collect breadth of data from their fleet operations. Data included are: 1. Weather conditions 2. Traffic situations 3. Driving pattern and 4. Average speed When thoroughly analysed, this data can help logistics operators to find more efficient routes, manage driver head counts, save on fuel cost and optimize their fleet reliability, availability and efficiency. Tracking and Monitoring Inventory Levels in Real Time IoT sensors play a great role in tracking and monitoring inventory levels in real time. Amazon is now using Wi-Fi robots to scan product codes present on the products to keep track of their inventory levels. Bluetooth tags and beacons offer tracking data in more confined areas- many retail stores are using these tracking technology software to monitor customer traffic and provide marketing messages to their customers. Vendor Management By asset tracking., organizations tend to come out with high quality output, which in turn improves their relationship with the vendors. A recent survey states that up to 65% of the value a company’s product /service is derived from its suppliers. Predictive Maintenance Being an asset intensive process, right from production machinery to warehouse equipment and delivery vehicles, these assets need to be continuously monitored to ensure their functional efficiency. Smart sensors help the logistics operators gauge if a particular asset needs to be serviced ahead of time. This reduces considerable asset down time and asset failure, thus saving cost including maintenance...
Posted by Managementguru in Artificial Intelligence, Financial Management, Technology
on Sep 8th, 2020 | 0 comments
Artificial Intelligence (AI) is transforming industries across the board, and financial companies and institutions are moving fast to keep pace. AI is changing the way we apply for loans, file insurance claims, invest our money, and interact with our banks. Here are some of the most prominent AI trends that are making inroads in the finance industry. Fraud Detection and Management As e-commerce is rising in popularity, so is online fraud. To prevent frauds, many e-commerce platforms and card issuers have been forced to decline transactions too aggressively. According to a study by Javelin Strategy, retailers lost almost $118 billion in 2015 due to false declines. Moreover, more than a third of cardholders abandoned their card because it was falsely declined. To detect fraud and prevent loss of revenue, many financial institutions have turned to AI. Machine learning algorithms can reduce false declines and improve the accuracy of real-time approvals because they can identify fraudulent activities that would go unnoticed by humans. Recently, Mastercard has launched its own AI-based fraud prevention system. Mastercard’s technology gleans patterns from the historical spending habits of shoppers. It uses this data to set a behavior baseline that allows it to score and compare new transactions. It is not limited to predetermined rules. Traditional fraud detection systems, on the other hand, use a one-size-fits-all approach when evaluating transactions. Since Mastercard processes countless interactions each year, they have plenty of quality data they can use to hone and train its AI fraud prevention system. Thanks to machine learning, AI fraud detection systems learn on their own and improve themselves over time. AI systems can also automate AML (Anti-Money Laundering) and KYC (Know Your Customer) compliance. Virtual Assistants and Chatbots Thanks to machine learning and natural language processing (NLP), chatbots and virtual assistants can deliver human-like interactions. There are more and more virtual assistants that are designed for various niches within the finance industry. Banks and other institutions use virtual assistants and chatbots to offer personalized conversational experiences to their clients. Unlike human agents, virtual assistants can juggle multiple accounts at once, and they are always available. They allow customers to get assistance outside of office hours. Banks, brokerage firms, and insurance companies can use chatbots to reduce the workload of their call centers. By offerings comprehensive self-help solutions, clients can successfully apply for loans, get personalized financial tips, or file claims much faster. For instance, the AI Insurance Claims Assistant can help and re-engage with customers throughout the complete claims process. It can gather the required information for processing and update the customers on the status of their claims. They also have digital workers that can automate the onboarding journey, help customers figure out their coverage needs, update their information, or make policy adjustments. Banking bots, on the other hand, can help customers optimize their financial plan by intelligently tracking their income, spending habits, and essential recurring expenses. They can also help customers open an account and remind them to pay their bills. Risk Assessments As mentioned, one of the strongest features of AI is its ability to learn from past data. Since records and bookkeeping are an essential part of financial services, AI and finance go hand in hand. Credit cards are a perfect example. To determine if someone is eligible for a credit card, card issuers use credit score. But, business-wise, it doesn’t always make sense to group customers into “haves” and “have-nots.” Instead, financial institutions can use each customer’s data, such as the number of credit cards they have, the number of loans currently active, and information on loan repayment habits, to customize the interest rate on the card they have issued...
Posted by Managementguru in Artificial Intelligence, Change management, How To, Human Resource, Training & Development
on Apr 15th, 2020 | 0 comments
Finding the right candidate to fill an open job position has always been a challenging task, and the fact that the monetary cost of a bad hire can reach up to 30% of the employer’s first-year earnings only adds to the pressure. During the process, you need to ensure that you attract, hire and retain the right talent, so that your company may reap the benefits of having a skilled, engaged and productive workforce, instead of suffering because of bad hiring choices. Fortunately, with all the advancements it brings, AI has also taken the world of recruitment by storm. Many HR experts now leverage AI-powered tools to help them locate and attract potential candidates, build meaningful relationships with high-profile applicants, and make smarter hire choices. Here are the four most important ways AI can assist in recruiting talent. 1. Attract Great Candidates One of the most significant challenges HR departments face is attracting skilled staff, as 87% of HR experts claim that there is a lack of qualified applicants for the positions they are trying to fill. However, the quality of your job applicants largely depends on the initial candidates you’ve attracted to your job posting. To get more applications that match your job posting, and fewer of those who are over- or under- qualified, your job description needs to represent what you’re looking for in candidates accurately. AI-powered tools, such as Textio, can help you come out with a perfect job description that is tailored to address the needs of your potential job candidates. This AI tool analyzes over 10 million job ads each month. Due to its extensive database, and NLP capabilities, Textio gives you suggestions on how to adjust your job description depending on your industry, and offers you alternatives that better match your target audience. If you sound better to your target candidates, you’ll attract more high-profile candidates from the talent pool. 2. Improve the Quality of Recruitment Even though we hate to admit it, the recruitment process is always biased. A study has found that people with no facial flaws are more likely to get a job. When certain imperfections exist, the attention of the job interviewers will mostly be focused on these facial differences, instead of on what the candidates are saying. AI can make the recruitment process unbiased, as it can help you determine objective criteria, and act on these criteria alone when narrowing down choices and making a selection. Besides, during an interview, AI can spot some other vital characteristics that the human eye can’t easily capture. For example, in an attempt to find perfect matches for their open positions, Unilever uses neuro-science based games, as well as facial expression analysis to assess their candidates’ personalities and honesty. After the interview, the algorithm comes up with a review of each candidate, making it much easier for the HR department to make a final selection. Learn the Art and Science of Resume and CV Writing – Job Search Skills, LinkedIn and Interview Skills all Included! 3. Provide Your Candidates With Better Experience The HR department can now successfully use conversational chatbots to engage with candidates during the recruitment phase, and significantly improve their experience with a potential employer. An AI chatbot can be used to answer candidates’ most common questions, to inform them about the status of their application, and update them on all the recent developments. Many companies don’t follow up with their top candidates after the interview, which severely damages their reputation and their chances of making the best hires. AI chatbots can be there to keep the communication lines with the top candidates open, showing them respect and...
Posted by Managementguru in Artificial Intelligence, Business Management, Change management, Human Resource, Productivity, Training & Development
on Feb 15th, 2020 | 0 comments
How Artificial Intelligence Can Help Increase Employee Engagement Employee engagement is crucial to the success of your business; without engaged employees, your business will have a tough time expanding. According to Gallup’s State of the Global Workplace report, 85% of employees are actively disengaged in their workplaces. Disengaged employees are less effective at their work, and can contribute to a drop in company revenue over time. Here are some ways that Artificial Intelligence (AI) can help keep your workforce engaged and working at their full potential. Robotic Process Automation Robotic Process Automation, or RPA, is a great tool to remove repetitive tasks from your employees every-day routine. RPA harnesses the power of Artificial Intelligence by using digital software robots, or “bots”, to automate existing business processes. The Artificial Intelligence aspect of the bots enables them to work with “unstructured data” without hitting snags or complications. RPA can be applied to almost every industry and can help you become more efficient and save money in the long run. RPA has the power to increase employee engagement in a number of ways, the first being an increase in their mood. An IBM study on “The Financial Impact of a Positive Employee Experience” shows that “organizations that score in the top 25 percent on employee experience report nearly three times the return on assets compared to organization in the bottom quartile.” Making sure that your employees are happy and engaged can prove helpful for your bottom line. Removing repetitive tasks can also lead to an increase in creativity for your employees as they are being tasked with more challenging and thought-provoking work. Additionally, removing the monotonous work with RPA can provide more opportunities for upward mobility for workers, as more jobs now requiring a higher level of skill and insight. Picture Courtesy: Zibtek While a business is more than the sum of its parts, the truth is that workflows can either give a business the edge or keep it from growing. Here is a resourceful guide from Quandary Consulting Group to process improvement that covers the subject in full. Read on: Process Improvement: Cut Waste and Improve Business Efficiency Professional Development & Predictive Behavior Artificial Intelligence shows great promise for being able to help in the personal development of current employees. Using AI, companies are able to create personalized training programs for employees, which can align the material with different employees’ learning patterns and behaviors. Using this, employers can then target the specific needs of employees, instead of having to create blanket training that can often be repetitive to many. If a training program is largely computer-based, then AI can actually serve as the instructor for the course, creating more time for other training. AI technology has proven useful in its predictive behavior aspect and can be used in businesses to gain detailed information on why employees leave the company, enabling them to take preventive measures in the future. Picture Courtesy: Docebo Artificial Intelligence helps human resources develop more personalized feedback on an employee’s work, and more personal responses to any issues they might be having. This helps employees feel more valued at a company and can increase their engagement. Employee training programs are crucial for keeping an employee engaged in their work. If an employee is confused about any part of their task, and feels unable to ask for assistance, they will be less engaged in their job. In addition, you can use AI to help train employees on newer aspects of the company to keep furthering their development and open up new opportunities for them. AI can help identify factors that push employees to leave a company, allowing employers to...