For entrepreneurs and companies large and small, AI is not the gate we fear, but a strategic cornerstone of professional relationships that can ultimately improve a company's professional network, finances, and operational structure.
Here's how AI can improve working relationships with four different business groups:
Employee Relations
Facial recognition tools in AI video conferencing software are already helping to facilitate teamwork, making it easier for entrepreneurs to discuss and collaborate on projects. However, it can also help them interact and manage with their employees.
In fact, AI can be an HR advocate in many ways. Machine learning allows businesses to analyze employee data analytics to help incorporate inclusive representation policies in the workplace. Companies are even implementing AI tools to make their work environments safer and more comfortable workplaces.
For example, Botler.ai uses natural language processing to scan online conversations for specific phrases or sentence structures, flagging any inappropriate content to curb workplace sexual harassment. When implemented, these tools can help maintain egalitarian structures, performance and personal development for all workers. According to Harvard Business Review, the same natural-processing language algorithms can also mine customer behavior and socio-emotional data to identify employees (or even customers) at risk of leaving. While privacy concerns need to be addressed, profitable data can optimize employee satisfaction and training.
Etch is an AI-enabled contact manager that helps facilitate business relationships by transforming a professional network into a unified database that can be searched and filtered through a user-friendly interface. The system intelligently provides information about contacts, including their biographies, skills, interests and achievements. Searchable interfaces can even build timelines of past interactions between users and their contacts. Through artificial intelligence and big data insights, entrepreneurs can better understand their employees and even include them in important decisions or ask their opinions on sensitive data.
In fact, researchers at MIT's Computer Science and Artificial Intelligence Laboratory ( CSAIL) determined that AI automation can improve employee morale, reduce operational errors and improve employee productivity and transparency between employees and managers. A recent report from Deloitte University also showed that robotic process automation (RPA) can benefit employee satisfaction and loyalty. With streamlined functionality, businesses can truly foster the creativity, productivity, and well-being of their employees.
Supplier relationship
AI can also improve the relationship between businesses and suppliers. Since many AI devices are programmed as personal assistants and communication tools, they can provide shared insights, guidance and strategic planning to create consensus and trust between the two partnerships. Whether the third-party company hires professionals or skilled labor, both teams need to understand clear internal marketing goals and analytics.
One way to facilitate smooth and efficient relationships is to provide automated and predictive analytics to research, monitor, report and structure media content that third parties can leverage or edit based on their expertise. Regular inspections and support are critical to nurturing these supplier-to-business relationships. A report in the MIT Sloan Management Review mentions that companies like Airbus now use artificial intelligence to combine datasets from past production projects, but this information is constantly updated from other interconnected projects that Can improve the quality of products under development. These AI programs can use computer-aided translation and self-learning algorithms to identify problems and positive patterns in assembly-line production. Airbus' system can match 70% of factory disruptions to past successful solutions - in real time! This allows teams in different locations to learn quickly and meet production demands.
As owners of datasets, recruiting companies can deliver curated information to suppliers while creating tangible results and reliable relationships. Additionally, things like automated video editing can drastically reduce time, save both companies money, and create a strong creative dynamic between external business teams.
customer relations
For businesses and entrepreneurs, one of the most important relationships AI can foster is the one shared with customers. Marketing customer relationship management (CRM) systems can now build more personalized, data-centric hubs driven by predictive models and customer focus. In particular, Chatbots are personalizing customer service. Customers can now ask questions and expect high-quality answers. In fact, 44% of consumers in the U.S. prefer to use chatbots, according to a Harvard Business Review survey.
Machine learning uses customer service data such as customer response, action and social sentiment data to evaluate hidden insights even without programming. Drawing on past customer experiences and interactions, machine algorithms can now create more relevant personal experiences that directly address customer needs in a convenient way. A prime example of this is Amazon and Netflix recommending recommendations based on your viewing history.
Industry giants like Salesforce are incentivizing businesses to quickly build AI infrastructure. The company's AI toolkit, Einstein, allows businesses to deliver intelligent, personalized customer experiences through predictive analytics and accumulated insights gained from data.
Personalized offerings are especially important for small businesses, but often have an impact on larger businesses. Now, even small entrepreneurs can invest in user-friendly (and affordable) in-house machine learning technology. Third-party tools and software like Acquisio help optimize customer acquisition with AI-based marketing tools aimed specifically at small businesses.
Investor Relations
Building relationships with investors can be quite difficult for a business, especially a new company trying to prove its capabilities. However, AI allows investors to better understand the performance of new businesses and current investments. Startups like Alphasense and Kensho let investors analyze market information on emerging markets and broad market practices.
Databases implementing machine learning algorithms and natural language processing models can browse online news and social media posts to understand the latest trading sentiment in a particular market or to determine a company's output value. This allows investors to analyze the market or business model of a potential company with confidence.
Since communication is key in any working relationship, investors need to assess the necessary background information about a new startup. However, information on startups is often limited. However, McKinsey & Company reports that firms like Hone Capital are launching AI metrics and computer vision models that allow investors to do research beforehand to become more familiar and confident about their potential acquisitions.
AI software can now identify key contextual information such as current funding, founders’ backgrounds, previous funding rounds and intellectual property information. As investors use artificial intelligence, they can develop strategic plans to enhance a business's revenue and operating system. As such, these predictive analytics can facilitate deeper and more nuanced relationships between investors and their companies.
Now is the time for entrepreneurs to get creative and high-tech through communication skills. In the future, what will differentiate successful leaders from their competitors will be how they engage, emotionally engage and respond to a wide range of industry players from employees and investors.
The interconnectedness of the age of AI is not something to hide. Instead, it can help businesses strengthen their service and creative capabilities, allowing them to thrive in a more emotionally aware world. Professional relationships are the backbone of success - even in the business world - and soon our relationship with AI could propel us all to another level of innovation.
Parts of this article are compiled from Jake Croman 's article on the Entrepreneur website .