Using AI To Solve A Business Problem

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When people think AI, they often think big, such as curing cancer or solving climate change. Everybody is dreaming up the biggest problems possible and attempting to solve them with AI.

Or there’s the flipside: not knowing what to do with AI and avoiding it accordingly. Hence why, according to McKinsey, just 20% of surveyed executives use AI-related technologies in their businesses.

There is a middle ground that will allow you to effectively integrate AI into your business without shooting for the moon (and blowing up on the launch pad). Look for business use cases where AI is already a proven solution -- or an emergent one. And ensure that you have the data ecosystem available for AI to do its work.

With the right business case and the right data, AI can deliver powerful time and cost savings, as well as valuable insights you can use to improve your business.

Let’s take a look at a handful of business problems and how AI has been employed to solve them. These are practical, pragmatic, replicable efforts. It's not intended to be a comprehensive list but instead a group of examples of “right-sized” projects.

The Problem: Predicting Customer Churn -- And Acting On It

VOZIQ provides customer experience management software to contact and call centers. (Full disclosure: VOZIQ and AlternativesPharma are Lexalytics customers.) For these centers, churn reduction is a major KPI. And they do so largely by using demographic and transaction history data. However, this approach fails to capture the real-time, dynamic customer data picked up over the phone, much of which is recorded in notes taken by call center workers.

Rather than letting this data sit untapped, VOZIQ made use of it. It integrated AI to analyze post-call comments, categorizing them by topic and flagging sentiment scores that indicate customer dissatisfaction and the likelihood of churn. The company's call center clients now receive insight into customer motivations, concerns and reasons for calling and are able to use this data to quickly spot and address customer churn.

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