As part of a new series, Taurus will discuss a new key cost reduction strategy monthly. This month, we’ll discuss what is currently the biggest opportunity for cutting costs across your business: artificial intelligence.
We realize that artificial intelligence is starting to sound like another corporate buzzword. In fact, there’s a chance that you might be getting a bit tired of hearing about it. But, despite all the hype surrounding the topic, just 35% of global companies reported using AI in their business, according to data from Exploding Topics. Approximately 50% of companies plan to incorporate AI in their business. But, both figures are still surprisingly low, considering how easy it is to implement AI to cut costs.
With this in mind, let’s examine a few ways that you can use AI to reduce your company’s costs.
There are dozens of AI tools that you can use to automate simple tasks like invoicing or data entry. It would be well worth your time to complete a deep dive into all your company’s processes, looking for tasks you can automate with AI (assuming you haven’t already done this).
Additionally, it’s also worth freshening up on the best AI tools used for business every few months. AI tech changes rapidly. So, there’s a good chance there are new tools you haven’t heard about. Or, there could also be tools that have been updated since the last time you read about them. Implementing AI to make your company more efficient can trim costs in many ways:
Now, the goal here isn’t to replace your employees with AI. In fact, let’s talk more about that.
Another fundamental way to use AI to reduce costs is to empower employees to leverage this technology. Artificial intelligence is not a perfect tool nor a replacement for many roles and functions within your company. But, it is definitely a valuable tool that your employees should learn to use.
Helping your employees learn how to use tools like ChatGPT, Adobe FireFly, or Frase.io can empower them to take on more responsibilities and grow their skill sets. For growing companies, leveraging AI is a great way to help your existing team achieve more without the need to hire new employees rapidly.
Perhaps the most critical way to cut costs using AI is to incorporate this tech into your customer service department. Customer service is often one of the most vital yet overlooked departments. It’s a rather thankless job that few people want to do. But it’s also incredibly essential. In other words, it’s the perfect job for AI.
Incorporating AI into your customer service process can be as simple as looking into an AI chatbot that can help answer customer questions. These chatbots can help your company provide seamless 24/7 customer support, answer questions quickly, and even close more website leads. At the same time, you’ll be able to redirect employees who previously focused on customer service.