4 Ways Artificial Intelligence Is Making Companies More Efficient

Artificial Intelligence (AI) is a tangible, potent tool that is transforming operations in companies across industries. Over 35% of companies are using AI currently, and another 42% are considering using it in the future, according to research from IBM. Of workers using AI, 92% say it has a positive impact on their individual and organizational performance, according to a study from Adobe.

AI’s integration into various sectors is revolutionizing efficiency, reducing operational costs, and opening new avenues for innovation. The impact of AI on business efficiency is profound and multifaceted, extending beyond the automation of routine tasks into sophisticated realms like data analytics, customer engagement, operational optimization, and strategic decision-making. AI’s ability to process and analyze vast quantities of data at lightning speed enables businesses to glean previously unattainable insights. This data-driven approach to business is revolutionizing how decisions are made, ensuring they are more informed, strategic, and timely.

Using AI To Streamline Decision-Making

“One of AI’s most significant impacts across business sectors is its ability to process vast amounts of data swiftly and accurately,” says Kshitij Jaggi, Founder and CEO of RISA Health, a prior authorization solution for healthcare organizations. “Companies are inundated with data from various sources – customer interactions, market trends, internal processes. AI’s capability to analyze this data and provide actionable insights is invaluable. It assists in making informed decisions quickly, reducing the time and potential for human error. Moreover, predictive analytics, a subset of AI, can forecast trends and outcomes, aiding in proactive decision-making.”

How AI Can Enhance The Customer Experience

AI has dramatically altered the landscape of customer service to improve customer satisfaction and reduce the workload on human staff, allowing them to focus on more complex tasks.

While many immediately think of AI for customer service in terms of chatbots and virtual assistants, there are many more exciting use cases. For example, RISA Health uses AI to condense the prior authorization (PA) process, simplifying the complicated and expensive workflow for patients and providers alike. “After getting insights from hundreds of healthcare professionals, my co-founder Rishabh Sahu and I identified PA pain points as opportunities for automation and implemented a workflow that cuts down on administrative costs while improving outcomes for patients and providers,” explains Jaggi. “The result is an AI-powered automated workflow that significantly increases efficiency and allows providers to focus more of their time on their patients instead of being bogged down with administrative work. On the patient side, our automation makes the process less frustrating and decreases waiting room delays.”

Driving Innovation Through AI

AI is not just an operational tool; it’s a catalyst for innovation. “AI empowers businesses to experiment with new ideas at a lower risk. For instance, AI can simulate the outcome of a strategic change in the business model, providing a safe space to test hypotheses before implementation. This encourages a culture of innovation, which is essential for businesses across industries to stay competitive,” says Jaggi.

This innovation may begin at the top, but it can be driven by employees at all levels of the organizational hierarchy. “By automating mundane tasks, AI frees employees to focus their efforts on the more strategic and creative aspects of their work,” says Jaggi. “This increases productivity and job satisfaction, as employees are engaged in more meaningful tasks. Furthermore, AI-driven analytics can identify skill gaps and recommend tailored employee training programs, contributing to their professional development.”

AI And Energy Efficiency

In addition to making processes and systems more efficient, AI contributes to sustainability by optimizing energy use in businesses. “When we think about AI and efficiency, it’s important to consider all areas of efficiency,” explains Jaggi. “Smart AI systems can control lighting, heating, and cooling in office buildings more efficiently, significantly reducing energy consumption and costs. In addition to being environmentally responsible, being energy efficient aligns with the growing trend we’re seeing of consumers preferring to work with eco-friendly companies.”

Integrating AI into business practices is not a fad. Instead, it is an opportunity to fundamentally shift how companies operate. Its ability to enhance efficiency is evident across various domains – from decision-making and customer service to operations and energy management. As AI technology continues to evolve, its potential to drive efficiency and innovation in businesses is boundless. Companies that embrace AI are streamlining their operations and positioning themselves as forward-thinking leaders in the digital age.