Overcoming Business Challenges with AI

Artificial Intelligence (AI) has rapidly evolved from science fiction to business reality. Today, it’s not just a buzzword but a powerful tool transforming industries. From small startups to multinational corporations, businesses across the globe are harnessing the potential of AI to overcome challenges that once seemed insurmountable.

In today’s competitive times, companies face a myriad of obstacles, including customer acquisition, retention, and operational inefficiencies. The good news is that AI offers innovative solutions to these problems and more. Let’s explore how.

Common Business Challenges

The modern business landscape is fraught with complexities. Companies of all sizes grapple with a myriad of issues that can hinder growth and profitability. Let’s delve into some of the most prevalent challenges:

· Customer Acquisition

Securing new customers is a perennial challenge. With saturated markets and increasing competition, businesses struggle to differentiate themselves and attract a loyal customer base. Traditional marketing tactics often yield diminishing returns, necessitating innovative approaches to reach and convert potential customers.

· Customer Retention

Retaining existing customers is equally, if not more, important than acquiring new ones. Building strong customer relationships and fostering loyalty is crucial for long-term business success. However, factors such as changing customer preferences, competitive pressures, and economic downturns can erode customer loyalty.

· Operational Efficiency

Optimizing internal processes and reducing costs are essential for business sustainability. Inefficiencies can lead to wasted resources, decreased productivity, and missed opportunities. Streamlining operations, automating tasks, and eliminating bottlenecks are key to improving overall efficiency.

· Decision Making

In today’s fast-paced business world, timely and accurate decision-making is critical. However, the abundance of data and the increasing complexity of business operations can make it challenging to extract valuable insights and make informed choices.

· Economic Uncertainty

Economic fluctuations, geopolitical tensions, and supply chain disruptions create a volatile business environment. Companies must be agile and adaptable to navigate these challenges and mitigate risks.

These are just a few of the many business challenges that organizations face. In the following sections, we will explore how AI can be leveraged to address these issues and drive business growth.

AI Solutions to Business Challenges

AI is revolutionizing the way businesses operate, offering innovative solutions to age-old problems. Let’s explore how AI can be a game-changer across various business functions.

Customer Acquisition

• Hyper-Personalized Marketing: AI can analyze vast amounts of customer data to identify patterns and preferences, enabling highly targeted marketing campaigns. This leads to increased conversion rates and improved customer acquisition.
• Chatbots and Virtual Assistants: AI-powered chatbots can engage with potential customers 24/7, answering queries, providing product information, and guiding them through the sales funnel. These virtual assistants can also capture valuable customer data for future analysis.
• Predictive Analytics: By analyzing customer behavior and market trends, AI can help businesses identify potential customers and predict their needs. This allows for proactive outreach and tailored offers.

Customer Retention

• Sentiment Analysis: AI can analyze customer feedback from various channels (social media, reviews, surveys) to gauge customer sentiment. This information can be used to identify areas for improvement and enhance customer satisfaction.
• Customer Lifetime Value (CLTV) Prediction: AI can predict the potential lifetime value of customers, enabling businesses to prioritize high-value customers and tailor retention strategies accordingly.
• Personalized Customer Experiences: Leveraging AI, businesses can deliver highly personalized experiences, such as product recommendations, loyalty programs, and targeted promotions, to foster customer loyalty.

Operational Efficiency

• Automation: AI can automate repetitive tasks, freeing up human resources to focus on strategic initiatives. This can significantly improve operational efficiency and reduce costs.
• Supply Chain Optimization: AI can optimize supply chain operations by predicting demand, managing inventory, and improving logistics. This leads to cost savings and enhanced customer satisfaction.
• Fraud Detection: AI algorithms can identify fraudulent activities in real-time, protecting businesses from financial losses and reputational damage.

Decision Making

• Data Analysis: AI can process and analyze vast amounts of data to uncover hidden patterns and insights. This information can be used to make data-driven decisions and optimize business strategies.
• Predictive Modeling: AI can predict future trends and outcomes based on historical data, enabling businesses to anticipate challenges and opportunities.
• Risk Assessment: AI can evaluate various factors to assess risks associated with different decisions, helping businesses make informed choices.

Harnessing the power of AI, businesses can overcome these challenges and achieve sustainable growth. But unfortunately AI implementation may not be a breeze. In the next section, we will discuss potential hurdles in AI implementation and provide strategies to overcome them.

Overcoming AI Implementation Challenges

While AI offers immense potential, implementing it successfully can be challenging. Several obstacles often hinder AI adoption.

Common AI Challenges

• Data Quality and Availability: High-quality data is the cornerstone of AI, but many organizations struggle with data inconsistencies, missing information, and privacy concerns.
• Talent Shortage: Finding AI experts with the necessary skills to develop, implement, and maintain AI systems can be difficult and costly.
• Cost: AI initiatives can require significant investments in technology, infrastructure, and talent.
• Resistance to Change: Employees may resist AI implementation due to fear of job loss or uncertainty about the new technology.
• Ethical Considerations: AI raises ethical concerns, such as bias, privacy, and transparency, which must be addressed carefully.

Overcoming Challenges

• Data Management: Invest in data cleaning, integration, and governance to ensure data quality and accessibility.
• Talent Development: Build internal AI capabilities through training and development programs or partner with external AI experts.
• Phased Implementation: Start with small, focused AI projects to demonstrate value and build momentum.
• Change Management: Communicate openly about the benefits of AI and involve employees in the implementation process.
• Ethical Framework: Develop clear guidelines and ethical standards for AI development and use.

By addressing these challenges proactively, businesses can increase their chances of successful AI implementation and reap the rewards.

Ready to unlock your business’s full potential? Let’s talk.

Conclusion

AI is no longer a futuristic concept but a tangible tool that can propel businesses forward. By effectively addressing common business challenges such as customer acquisition, retention, operational efficiency, and decision-making, AI can drive significant growth and profitability.

While implementing AI may present obstacles, a strategic approach focused on data quality, talent development, and change management can pave the way for success. Remember, AI is not a magic solution but a powerful tool that should be integrated into a broader business strategy.

To realize the full potential of AI, businesses must embrace a culture of experimentation, learning, and adaptation. It is only by investing in AI, that organizations can gain a competitive advantage and thrive in the digital age.

To discover the full potential of AI, consider partnering with Charter Global. Our AI Institute is dedicated to helping businesses like yours harness the power of artificial intelligence and machine learning. We collaborate closely to build the necessary infrastructure, cultivate AI expertise, and implement robust governance frameworks. Together, we can drive innovation, optimize operations, and achieve sustainable growth.

Contact us today to explore how Charter Global can be your partner in the AI journey.

Get your consultation now! Or mail us at info@charterglobal.com or call +1 770.326.9933.

3 Technology Trends Moving into 2021 | Charter Global

1. Artificial Intelligence (AI):

Artificial Intelligence has made a lot of hype over the last decade. Still, it remains one of the leading emerging technology developments because its significant impacts on how we live, work, and play are still in their inception.

AI is now well-known for its presence in image and speech recognition, ride-sharing apps, mobile personal assistants, navigation apps, and various other applications.

Besides that, Artificial Intelligence is to investigate interactions to discover previously undetected connections and assess facility demand in real-time to allocate resources and identify dynamic patterns among consumers.

Machine Learning, a subset of AI, is used in a wide range of industries, resulting in a surge in the market for skilled workers.

Read More: How to prepare your business for the impact of Artificial Intelligence

2. Robotic Process Automation:

Robotic Process Automation is not just about robots. it’s tons more about the automation of processes than anything. Before computers, most processes involved some human intervention. Humans ran even manufacturing machines, and large-scale manufacturing employs thousands of individuals.

However, since computers have appropriated most processes, manufacturing hasn’t been left untouched either. All domains, be it manufacturing or information technology, now involve some automation in their processes. the quantity of human intervention in these processes is merely reducing, and this trend is probably going to continue for the foreseeable future.

Jobs in robotic process automation typically involve a big amount of coding knowledge. you’d typically got to write code that might enable computerized or non-computerized processes to be done automatically without human intervention. These processes could mean anything from automatic email replies to automated data analysis and automatic processing and financial transactions approval.

Robotic Process Automation makes tasks considerably faster for the common consumer by making such approvals automatic supported certain conditions entered by the programmer.

In sectors like financial services, robotic process automation can reduce the lean time to approve financial transactions online. It improves the productivity of the corporate as an entire, also as that of its clients.

Read More: How to Get Started with RPA?

3. Edge Computing:

During the early part of the 21st century, cloud computing was considered the next big thing. In cloud computing, data is uploaded to a centralized repository that may access it regardless of location. Cloud Computing began to be used in commercial devices only close to 2010. By the time it was 2020, cloud computing had become a prevalent technology.

In just a few decades, cloud computing had turned from an esoteric term to a neighborhood of a couple of devices in almost everybody’s house. In 2021, cloud computing is not any longer among the highest technology trends but rather a thing of the past.

The next step after cloud computing is edge computing. It is another rising new technology in 2021 that is very similar to cloud computing, except that data is not stored in a centralized repository. Cloud computing is challenging in areas where network access might be difficult or impossible since you can no longer access the repository where your data is stored. What edge computing does is transfer data closer to the location where it needs to be used.

Edge computing has excellent applications within the Internet of Things devices. As far as IoT devices, a physical device you would like to regulate together with your smartphone shouldn’t be got to access data from a centralized repository which may be thousands of kilometers away. Instead, data should stay as on the brink of the device as possible.

Edge computing allows the info to stay at the ‘edge’ of the cloud and therefore the device for processing in order that commands are often followed through during a smaller amount of your time.

Edge computing jobs have only begun to grow with IoT devices’ proliferation over the past few years. because the number of those devices increases, edge computing roles are likely to become more prevalent and lucrative, placing it firmly among the highest technology trends of 2021.

Read more: What Is Usability Testing And How It Can Define Your Company’s Success

Final Thoughts:

Even though innovations are continually changing and emerging worldwide, these top 3 technology trends offer exciting job prospects now and in the future. And since most of these trending innovations are looking for qualified practitioners, now is the time to pick one, get prepared, and jump on board while they’re still in the early stages, putting you in a position to succeed now and in the future.

Check out: Top 3 Software Development Trends We Can’t Ignore

Automate Your Business Process — Quick, Easy, User-Friendly

 

No matter what industry your business or company is in, automation improves processes, eliminates a lot of paper, errors, and wasted time.

Don’t make the simple mistake of thinking that business process automation is only for large enterprises! Smaller businesses can definitely benefit from countless types of business automation. Whether you already run a business, want to start one, or work for a large corporation, automation is something everyone should be thinking about.

It could be something that revolutionizes your business! Here are 10 quick reasons why you should automate your business processes:

1. Stay Competitive

2. Reduce Error

3. Increase Speed

4. Increase Productivity

5. Build Volume

6. Eliminate Steps

7. Format Compliance

8. Reduce Waste

9. Save Money

10. Expand Capabilities

And to top it off, here are 6 different ways automation can help improve your business:

1. Improve Process Efficiency:

Every business is consistently looking for a way to effectively improve efficiency. If you truly want to become efficient, automation is something you will have to consider. There are so many different ways you can utilize automation to improve processes. It’s all about trying to make sure you don’t waste time on unnecessary process steps. These are the kinds of things that humans are worse at than machines.

Machines can do things over and over again and not make an error or tire. Humans tend to slow down and work at different speeds throughout the day. With that being said, some processes can be made much more efficient by using automation. For example, creating a workflow process using mobile forms or creating an automatic marketing campaign.

2. Reduce Costs:

Saving time and most importantly money is at the top of every business owner’s mind. Manual tasks are performed one at a time and are by nature slower than automated tasks and processes. Sure, there are some tasks that cannot be automated, but a surprising number of them can be. Automated tasks eliminate time-intensive steps like manually filling out customer orders and in turn mailing them, and they reduce paper and ink usage as well because they’re done electronically. Savings in terms of time and resources add up significantly over the course of a year. Think about how much money you spend on paper, ink, and envelopes, and an employee’s time spent on this particular activity in a given year.

3. Ensure Quality and Consistency:

Business process automation ensures processes are carried out with consistency and accuracy because users are stepped through it in a prescribed way every time. That means no steps are inadvertently omitted or forgotten, nobody can cut corners, and you can expect the results of a process to meet standards every single time. This can be valuable in heavily regulated industries where processes must be tracked and audit trails are required since business process automation software can automatically generate audit trails and record real-time analytics.

4. Speed up Processes:

It only makes sense that automated processes are faster than standard manual processes! Think about a process like business purchase orders. When done manually, the result is a pile of paperwork that could potentially be lost from passing around, and time spent writing down line items and information. With business process automation, however, purchase orders can be submitted electronically, and employees can create more in less time. You can even make the process mobile-friendly so travelers can submit purchase orders on the go.

5. Greater Accuracy/Reduce Errors:

In any business, it’s a good idea to ensure that things are accurate. The best way to deal with errors is to prevent the first. When accuracy becomes a problem, your products will become variable and inconsistent. That’s not what any business wants. There are all kinds of examples of machinery that can help you to automate processes and improve accuracy and consistency. Business process automation eliminates paper forms and can make it so blanks must be completed with the right type of information before a form is submitted. Fewer errors mean less time spent tracking down and correcting them. When you do this, it will be much easier to keep your customers satisfied because you can be confident that they are getting top products and services. That could help you to retain customers, as well as generate word-of-mouth sales. Don’t underestimate how important that could be to the long-term success of your company.

6. Easier to Track Data:

With business process automation, data can be collected every time a process happens. That means you are able to analyze your data in real-time. That data can be made into reports that track the metrics that are important to your business. How many employees completed safety training? What percentage of fleet vehicles was reserved on a given day? How many customer services calls come in on Mondays compared to Thursdays? The right business process automation software lets you track the metrics that matter for continual business improvement.

In Conclusion:

Business process automation is for organizations of all types and sizes. It doesn’t require custom programming or a big IT investment. In fact, you can create automated forms and workflows even if you know nothing about programming. Charter Global makes it easy, with an intuitive drag-and-drop form designer. Your electronic business forms can look exactly like your paper forms for a quick learning curve. And forms can easily be connected into workflows that are efficient, less error-prone, and easier to track.

reference :

https://www.charterglobal.com/3-ways-to-automate-your-business-to-increase-efficiency/

https://www.charterglobal.com/reaching-your-q4-goals-with-automation/

https://www.charterglobal.com/giving-the-green-light-with-qa-automation-testing/    

RPA: How Easy Is It To Get Started?

 In the previous blog, I have discussed the basic principles of Robotic Process Automation (RPA) and explored why the technology provides a tremendous opportunity for insurers. In this post, I’ll discuss how to get started implementing an RPA solution in your company.

The first thing to understand is that unlike traditional technology investments, the best way to get started in RPA is by jumping in with both feet. At Charter Global, we recommend starting with an affordable pilot program that can deliver real-world results in about four weeks.

The pilot begins by choosing a process to automate and identifying the underlying systems and platforms used to complete the task. The business owners then work with us to capture the entire process from start to finish, with each input, review, decision, and output identified and documented.

While this is taking place, we look at the hardware and software tools available and select the one that is the best fit for your organization. Because configuration does not require that the underlying systems and applications be modified, the configuration is relatively straightforward and efficient. The process documentation already captured above is entered into the software to replicate the previous manual workflow’s touchpoints and decisions.

Once the software is configured, new processes can be easily added and modified by business users, without the assistance of IT resources.

After the usual testing and output checks, the outcome of the four-week pilot is a working process automation system that can be explored and modified as you go, responding to identified goals and opportunities and providing real-world metrics and outcomes.

As this series of blog posts has outlined, RPA offers insurers a tremendous opportunity to reduce costs and improve service levels without a huge investment of either time or money. Maybe it’s time for your company to implement a pilot and see how it works for you.

Ready to get started with RPAs in your business? Set up a free consultation with the Charter Global automation team today!

Top Mobile App Trends for 2020 - Charter Global

It's essential to stay aware of patterns, particularly as you keep on improving your interior business applications. Clients of your applications will in general change their preferences so rapidly that organizations battle to keep up when they're not on the bend of up and coming patterns. This is the reason we suggest much of the time studying and assembling input from your clients to guarantee they are in accordance with your administrations. Despite the fact that this year has had a ton of good and bad times, 2020 is the same.

As of late, COVID-19 has helped the requirement for refreshed innovation and quicker (and more significant) applications in the market. While different businesses have been contrarily influenced, the tech business has taken off. Inside this tornado of a year, we've seen many distinctive significant patterns grab hold. In particular:

Location tracking has been progressively utilized. Despite the fact that now we're totally used to applications having the option to follow our areas when the setting is empowered, an ever-increasing number of organizations are making applications to utilize this element to make their clients carry on with simpler. For many mobile apps, they require your area to work by any means.

Applications matching up with numerous external innovations including vehicles, watches, home security frameworks, and even fridges. As "smart technology" innovation keeps on overrunning our tech shopping baskets, we won't quit seeing this expansion in matching up capacities of versatile applications any time soon.

More individuals are utilizing versatile applications to make installments. With fewer individuals utilizing physical checks and the ever-expanding utilization of the web, it just bodes well that increasingly more applications considering installments across stages would become possibly the most important factor in 2020.

Artificial Intelligence Applications and application highlights keep on overwhelming the online world. Artificial Intelligence regularly makes certain assignments simpler on clients (just as their shopping and client care encounters) and will keep on being used in future applications as they have been.

Let’s discuss in detail how 2020 looks like for mobile app development:

https://www.charterglobal.com/top-trends-for-mobile-apps-in-2020/

What can machine learning do for your business right now?

Machine learning is a way for businesses to use artificial intelligence (AI) in their processes and systems to constantly improve and learn without any extra programming. As a business leader, you are always looking for the newest thing to take your business to the next level and right now, that is AI.

With that being said, a lot of people are afraid to make the jump to utilize machine learning because they believe that the cost isn’t worth the benefit. For some businesses that already know exactly what they need and utilize data analysts, that may be true. However, AI can help many businesses:

1. Draw more efficient conclusions

AI can analyze your data in large sets at a time to cut down on waste while predicting customer behavior and discovering hidden patterns. Machine learning can take an otherwise complex assignment and turn it into an easy task.

2. Gain more happy customers

Having great customer service is key to retaining customers. Machine learning services can be integrated into your website to help your customers get their questions answered faster and easier without your employees at their every beck and call.

3. Save employees’ time

You want your employees working on the things they need to be working on not wasting time passing customers back and forth on the phone. With AI, your phone system can have a system that predict what your customer needs based on their buying methods which means employees can focus their time and efforts on selling/supporting your service or product.

4. Make new hires transition smoothly in their new roles

Working a new job is not easy, especially when the training and resources are outdated. Machine learning can help organize and recommend the correct resources your new employee will need to succeed all based off of your past data. Because it’s continuously learning, the system can adapt to what your new hire uses the most to help them reach their goals in no time.

As more and more machine learning applications are being introduced into our everyday lives, it’s only natural that they become engrained in our businesses and workforces. AI can save us time and money while enhancing our customer service, data predictions, and overall efficiency.

Whether you need a small integrative system or a large, complex machine learning program, Charter Global can help you determine what AI is best for your business. To better predict future events or smartly monitor over business systems, machine learning just might be valuable solution you need.

E-Commerce Trends on the Rise | Charter Global

Trends in eCommerce technology include mobility, digitization, customization, speed optimization, chat-bots, and more

According to research conducted by Big Commerce, 80% of people in the U.S. make purchases online at least once a month. While the majority of people shop on large marketplace websites like Amazon, roughly 30 to 40% also purchase from online retailers like web stores, independent boutiques, and category-specific e-retailers. This year we’ll see several e-commerce trends emerge with the potential to transform how we shop and communicate with online stores. 

1) Mobile first

In 2016, mobile eCommerce services accounted for over $25 billion in sales, an increase of more than 25%. This figure is predicted to continue to increase, reaching over $30 billion in 2017, and $42 billion by 2020. Mobile traffic has overtaken the desktop. Google is working on a new, mobile-first web index and marketing strategy. According to these trends, it’s critical to business to put mobile first, rather than simply optimizing for mobile.

2) Digital payments

Mobile payments are on the rise as smartphone users adjust to the convenience of contactless payments. Starbucks was an innovator in mobile payments, becoming one of the first to offer products based on an online payment model. In 2016, an increasing number of customers adopted digital payment methods, using their phones, cards and even watches to complete contactless payments. PureNet predicts that every customer will expect to be able to complete their transaction using a digital wallet in real-time.

3) Personalization and Customization

The amount of data available increasingly allows content, ads, and products to be shown to the right people at the right time, across the web and social networks. The continuing sophistication of personalized recommendations will be trending for eCommerce this year. Retailers will embrace personalized experiences – even using e-mail marketing to cater personalized emails to consumers, rendering unique customer experiences. and Artificial Intelligence by starting to collect behavioral data like browsing history, geo-location, and social media from website visitors and developing highly targeted campaigns based on customer segments and previous online experiences.

4) Fast delivery

Ecommerce delivery timescales have reduced drastically and become much faster, boosting customer relationships with eCommerce sites. Delivery and returns have always been one of the pain points of the online shopping experience, but improvements in eCommerce technology have improved delivery significantly. PureNet predicts same-day delivery will continue to rise in 2017, and more eCommerce integration with drop-off point providers such as Doddle.

5) Competitive Platforms 

eCommerce Technology will continue to play a greater role in automating the retail experience. With the help of the latest technology, salespeople will be able to focus on building relationships with customers to increase sales. In order to stay competitive, businesses must invest in high-performing eCommerce solutions. Providers such as Charter Global, apply leading technology tools to deliver customized eCommerce solutions to mid-size and Fortune 1000 companies. Experienced providers offer expertise across multiple, proven Cloud-based eCommerce platforms such as SAP HANA, SAP Business One, Magento, PCI DSS, Spring MVC (Framework ), Magnolia CMS/ Blossom module, HTML5, CSS3, JQuery, and Struts.

6) Chatbots

Chat-bots are AI-led automated messenger services that allow your customers to engage with your brand via instant messenger via machine learning. Over the last few years messaging apps have exploded in popularity, and thanks to eCommerce personalization, artificial intelligence technology has been adopted by many large retailers. This year will see these two trends combine to deliver a new way of shopping and communicating.