Artificial intelligence (AI) is the new big word in the world of business because of the immense impact it has had in recent years over business processes. The interesting thing is that it is not only the big multinationals benefitting from AI anymore. Even the small and medium sized businesses now have access to most, if not all, the benefits of artificial intelligence for saving costs, improving efficiencies, reaching out to more and more customers, and experimenting with new marketing strategies and product properties. One of the most productive ways businesses are taking advantage of AI is through outsourcing. Today we will talk about how artificial intelligence has influenced BPO and what it may means for your business.
Let’s define artificial intelligence first. An art of science, dealing with computers, that makes machines operate more efficiently and in a more advanced manner than humans. AI is designed to perform the tasks traditionally performed by human resources, and therefore requires certain human mind like abilities such as problem solving, learning, recognition of patterns, detection of speech, and so on. There can be ‘narrow AI’ – which is targeted to perform a specific task, or ‘strong AI’ which is formulated to perform a wide range of intelligence based operations.
Now coming to the impact that AI has had on BPO processes, we know for sure that technology has become all-encompassing when it comes to running modern day business operations. When we specifically talk about AI, the first thing that has drastically changed is data entry. While it may seem a task for those interested in monotony, there is a lot that can go wrong with the entry of even a single unit. While there is always a chance of human error, especially when it comes to repetitive tasks, the computers make no mistakes. Same goes for accounting operations and financial statements. Pretty much anything related to numbers or requiring detailed data can best be left to automated procedures with a code governing the entry instead of human effort.
Artificial intelligence also means faster and safer execution of your projects. There is a much higher consistency in computerized programming as well. This not only means that your data is more useful and effective but it also means that they are more preserved and can be used for more than record keeping, for instance to project trends in the market, devise operational strategies and so on.
Coming to what it may mean for your business, the first point to note is that irrespective of the advancements that AI has made, it is still quite expensive. Unless you are a huge business with spare funds to be invested in automating all your auxiliary business segments, you will be left with two options. You can continue to keep your operations manual, or you can try to engage an outsourcing company that can provide you with the advantages yet at a much lower cost.
Business Process Outsourcing companies indulge in activities like accounting, finance, and other forms of data entry as their core business activities. Furthermore, they operate with several companies in various industries providing them with both incentive and returns necessary to invest in AI. They also have qualified professionals to operate such computing equipment to its maximum efficiency thereby guaranteeing optimized results for your business as well.
Another factor to consider here is the impact that AI has had on employment levels. Where on one hand the advent of technology has rendered thousands jobless, on the other hand the outsourcing companies have come as the solution for that unemployment. Therefore by engaging with BPO companies you are not only getting the benefits for your company, rather you are also contributing to the economy of your country as well.
As final note, by gaining access to AI and letting BPO partners handle the auxiliary tasks of your company, you will not only save on costs while considerably improving your performance and efficiency, but you will also be able to expand your core operations. With more money and time on your hands you can focus on your growth and activities that directly generate revenues for you. Instead of being hesitant of including AI into your operations, you should be open to the changing trends in the global industry and try to capitalize on as many opportunities as you can get.