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Artificial intelligence (AI) is rapidly changing the business landscape. AI-powered tools and applications are making companies smarter, more efficient, and more productive across various functions. It has already influenced healthcare and education immensely. According to a recent IDC survey, over 50% of companies have implemented or plan to implement AI solutions within the next two years.
In this blog, we will explore the 15 most transformational AI applications that will empower businesses in 2024. These applications span critical areas like customer service, marketing, sales, HR, finance, operations, and security. Let's dive in.
Customer Service AI Chatbot Apps
AI-powered chatbots are revolutionizing customer service through conversational interfaces. Chatbots can automate repetitive inquiries, provide 24/7 support, and quickly resolve customer issues. Leading chatbot platforms like Intercom, ManyChat, and Ada support advanced features like sentiment analysis, multi-language capabilities, and integration with business systems. According to Juniper Research, chatbots will save over $8 billion per year by 2022.
Customer Service AI Analytics
Applications like Clarabridge and Cogito use natural language processing to analyze customer conversations. They provide insights to improve customer satisfaction like identifying pain points, upsell opportunities, agent training needs, and more. With emotions analytics, these tools can even detect customer sentiment and frustration levels. This data empowers companies to take targeted actions that enhance the customer experience.
Marketing AI Personalization Apps
AI is enabling highly personalized digital marketing. Applications like Optimove and Evergage craft tailored recommendations and offers for each customer based on their preferences and behaviors. Retailers have seen revenue growth up to 15% using such personalization engines. With in-depth customer analytics, these tools will become even smarter at predicting purchase intent and driving conversions.
AI Product Recommendations
Recommendation engines analyze buyer habits and suggest relevant products. Applications like Sentient highlight the most likely products for each customer, optimizing product discovery. Product recommendations drive 10-30% of e-commerce revenues by nudging customers to purchase more. As AI gets better at modeling customer needs and interests, product recommendations will become more relevant and persuasive.
Sales AI Apps: Forecasting Sales
AI sales forecasting tools like Anaplan and DataRobot analyze historical pipelines and client data to predict future revenue. This provides sales teams with clearer visibility for goal setting. It also helps other business units align plans and budgets. With predictive analytics, sales forecasting AI will become 30% more accurate by 2025.
Sales Enablement AI Apps
Applications in this category, such as Gong and Chorus, leverage AI to analyze sales calls and interactions. They can identify optimal sales pitches, guides for better questioning, and tweaks to build rapport. This provides a scalable way to enhance selling skills across the sales team. With voice analytics advancements, these tools will unlock deeper insights from sales calls.
HR AI Apps For Recruiting
AI recruiting platforms help companies find and engage talent faster. Tools like Ideal screen incoming resumes and highlight the most qualified applicants for a role. HireVue uses AI to analyze video interviews, assessing skills and culture fit. Such applications save recruiters over 20 hours per week, per recruiter. With improvements in NLP and predictive analytics, recruiting AI will keep improving candidate matching and assessment.
HR AI Automation
AI HR apps like Cognii and Ada handle high-volume, repetitive tasks like benefits enrollment, payroll, employee onboarding and exits. By digitizing HR workflows, they free up HR staff to focus on more strategic priorities. As these AI assistants gain domain knowledge of HR processes, they will automate a wider range of workflows.
Talent Management AI Apps
Applications like Eightfold and Talview apply AI and people analytics to develop talent. They analyze employee skills, project roles best suited to each employee, map career progression paths and recommend training. This transforms talent management from gut-based to data-driven. With multi-dimensional employee data, these tools will unlock deeper insights on performance, retention risk and development opportunities.
Finance AI Apps
AI finance applications automate tedious, manual accounting and bookkeeping processes. BlackLine's AI handles account reconciliations, journal entries, approvals and audits. AppZen uses AI to automate expense reports, invoices and other finance workflows. By mimicking human activities, these intelligent process automation tools reduce finance costs by up to 80%.
Fraud Detection
AI fraud prevention platforms use anomaly detection and pattern recognition to identify suspicious transactions, claims and behavior. Applications like Feedzai and SAS analyze millions of data points to detect fraud in real-time. They outperform rules- and heuristics-based systems. According to McKinsey, AI fraud systems can deliver up to a 30% uplift in savings.
Operations AI Apps: Supply Chain Optimization
AI supply chain applications enhance demand forecasting, inventory optimization, and logistics. RELEX uses machine learning to predict customer demand. Logility assesses billions of supply chain variables to identify the most efficient fulfilment paths. Such tools will continue to unlock big data insights to enhance planning, traceability and agility across global supply chains.
IT Operations Apps
AIOps platforms like Moogsoft and BigPanda incorporate AI to automate IT systems management. They analyze correlations between millions of signals to quickly detect and resolve IT incidents. This reduces outages and improves service reliability. Gartner predicts AI will be used in 80% of IT operations by 2025, delivering up to 25% cost savings.
Business Intelligence
AI business intelligence tools like ThoughtSpot and Qlik automate data analysis to uncover insights for strategic decisions. They use NLP to understand business questions posed in plain language. Augmented analytics capabilities like auto-visualization make insights more consumable across the business. Such self-service analytics will make BI faster, easier and more impactful.
Cybersecurity AI Applications
AI is transforming cybersecurity through machine learning techniques that detect emerging threats. Darktrace trains enterprise "immune systems" to distinguish normal and abnormal patterns. Vectra uses AI to continuously monitor networks and stop hidden attacks. According to Juniper Research, applying AI to cybersecurity will save $8 billion annually by 2023.
Ending Comment
The rise of artificial intelligence is driving automation, enhanced decision making and unprecedented productivity across business functions. AI business applications will keep maturing, becoming faster, smarter and more intuitive. To stay ahead in 2024, companies need to actively explore where AI can give them strategic and operational advantages over competitors. The applications covered in this blog showcase some of the biggest opportunities for leveraging AI's strengths like predictive analytics, personalization, and accelerated information processing. Businesses that make the right AI applications part of their tech stack will be best positioned for continued innovation and growth.
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