AI can also help if you're one of many businesses grappling with huge amounts of data. For example, a leading consumer packaged goods (CPG) company had ongoing contracts with retailers for trade promotions. After a promotion ended, retailers invoiced savings back to the CPG company. The transaction volume was extremely high because the company had thousands of items for sale across hundreds of retailers. Manually, it was impossible to address all the invoices. As a result, the company was leaving around $8.5 million in invoices unaccounted for.
Now, AI bots help the CPG company manage invoices at scale – after all, when you train AI to deal with a handful of transactions, you can increase the volume relatively easily. As a result, this prevents revenue leakage and improves cash flow.
In a similar case, a contact center at a major bank was struggling with its volume of customer calls and could manually classify only 25% into the right handling queue. But thanks to an AI algorithm based on speech analytics, the bank can now reliably direct 100% of its calls. This is because AI has the power to manage volume in a way that's simply not humanly possible.
Ultimately, the value of AI is limitless when it's applied in the right way. And let's not forget the positive impact AI can have on your overall employee and customer experience – thanks to AI, they'll become advocates that help your business thrive.