Author: Surya Narayan Dev
Fri May 29 2020 00:00:00 GMT+0000 (Coordinated Universal Time)
Within a few weeks, the Coronavirus pandemic has spread panic across the world and shaken the confidence of enterprises. In this scenario, businesses are struggling the most due to market uncertainty, which will go along way. Enterprises are facing a number of challenges including operations, sales, customer management, and long-distance collaboration.
The consequences of the pandemic made a shift in the current business operations and strategies, and that has resulted in a dire need for better technologies and digital transformation. Exposing your business to the AI tools of this new era is the need of the hour.
Here are some basic present challenges faced by enterprises and ways to tackle them.
Tapping on Man-Hours & Optimizing Production
Through video surveillance and image recognition, error-free face recognition, person and object detection can be done. Another advantage is that the deep learning system behind these techniques can be trained and improved continuously, also contemplating the social distancing norms placed, which can be taken into account while formulating these solutions at this time.
AI-based image recognition can be employed throughout the manufacturing process to control quality and identify faulty products. This can be a step in reducing waste and increasing production efficiency.
Process management and improvement, and lack of connection between business processes are two of the most troublesome problems that companies are facing now. To confirm the investments towards improvements, understanding the current process is crucial. That's where process mining enters. Process mining enhances efficiency and understanding of processes. The software will help to collect data from enterprise transaction systems and provides information about the performance of key processes. Companies can discover the reasons for the time lag between the "lead to order" process and take measures to lessen sales process time through this.
Process mining will also help in understanding the explanations behind late deliveries and correct them and run deliveries smoothly.
It can help in accurately measuring the improvement after the company has made a change.
Lack of Digital Record-Keeping
During this period of isolation and remote working, there is an inevitable need of making the company records available to every stakeholder. Maintaining a digital filing system will help in easier retrieval of information, saving the cost of storage space through cloud storage solutions, and securing records of customer dealings. It’ll also enable long-distance collaboration and decrease the chances of losing data and human errors.
Optical Character Recognition(OCR) is a method used to identify text inscribed in images, scanned documents, etc. OCR can be utilized to convert paper documents into machine-readable texts, virtually and store them. It is also used to scan vouchers and promotional codes.
Interaction with Legacy Systems
Managing queries, maintenance of records and transactions, calculation of sales, quality reporting, etc. can be get done through Robotic Process Automation (RPA). The software robots will automate repetitive tasks and manual processes through their AI and ML abilities, saving your employees from mundane work. This can save man-hours, and that work can be well utilized in productive tasks. They’ll ensure the implementation of regularities and standards and streamline your business process. This is a proven way of reducing time for basic tasks in the most affordable way.
Effective Communication and Decision-making
Enterprise Resource Planning(ERP) can be used to track and manage business processes with integrated systems. It’ll eliminate unnecessary operations and data, and provide reliable information. Facilitating sharing information between all units of the enterprise is another advantage. Users can also analyze real-time data and measure performances.
During this period of remote working, ERP will ensure better inter-department communications. ERP is also used in controlling sales orders, tracking shipments, and integrating tax rules.
Creation of Channels of E-commerce Transactions
LiveWhatsAppp chatbots can offer a personalized experience for your e-commerce customers and ultimately influence their order taking and payment cycle. This will inspire small stores to rely more on technology by providing a complete ecosystem of transactions. Chatbots can also collect data from email marketing campaigns and measure their effectiveness.
Project42 Labs focuses on assisting enterprises to expand through business intelligence technologies we offer. With the help of our professionals, we guarantee you time-bound delivery of services, flexibility in operations, and swift services on data. Through our actively updated tools, custom scripts, and error-free data collection, we’ll ensure your business never get behind in the technology game.
About the Author:
Surya is the Founder & CTO of Project42 Labs. A King’s College London alumnus, he has over 9 years of experience in Data Science & Machine Learning and building end-to-end solutions to meet business goals.
He’s usually found playing sports, reading and listening to music when not working.