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3 Ways to Use AI to Automate Business Operations

Trying to understand how AI can make your job easier? If you’re working with a lot of documents, you might want to start digitizing first.

Generative AI is the biggest tech story since 2023 with tools like Open AI’s Chat GPT setting a record of reaching 100 million active users in just 2 months of launching.

But does it have any real impact on B2B industries? Especially on the heavily regulated ones.

Well on the face of it a lot of companies will deny so; stating that their employees are capable of doing so themselves.

This is true, but recent studies tell that employees are now far more aware of data & analytics because of the daily usage of Gen AI tech.

> The percentage of whether a business had “ established a data analytics culture” increased from 24% to 48%. — Harvard Business Review)

Now of course it’s not chat gpt, that simplified the process but it certainly led to other gen AI tech that did so.

Take, for example, the financial sector which always had a history of having a long approval process being completely transformed with the recent developments in OCR technology.

For any financial institution that offers lending solutions to either a customer or a business, having an OCR tool is essential.

In this blog, we will discuss how AI can improve and accelerate your daily operations.

How using AI tools can supercharge your business operation

Any business operation involves a lot of documentation (either digital or physical), which invariably takes a lot of manual effort.
This is where AI tools can come in and simplify the process for you and your team. Here are some ways it does so.

1. Intelligent Data Extraction

Businesses to offer any service or product to the customers always ensure that it's the right customer. And to do so they ask for documents like bank statements, invoices etc.
This process allows the business to quickly provide its services to deserving clients.

For instance, a_ lending startup needs an OCR tool _to scan the customer’s existing bank statements and extract relevant information like name, opening and closing balance, no of recurring payments etc.

This information can be then compared to other data sources like credit and bureau reports to identify potential risks.
Gen AI-powered tools can extract specific data from customer documents, thus reducing the time it takes a credit officer or risk assessment office to make the final call.

2. Document Verification

Along with extracting the right data from a document, it is critical to ensure the authenticity of the documents provided by potential clients.
This process typically involves software that can identify forged or altered documents by comparing them to the original ones in its database.

Let’s say when a customer submits their bank statement to assess their expected loan amount, the document verification tools analyze these statements against a database of known statements from that particular bank. This way any tampered document is rejected immediately.

Gen AI tools also cross-verify the authenticity of the customer by checking the docs against government databases and other trusted sources.

3. Enhanced Customer Experience

“Customers are always right”; And as such ensuring that the “right” customer gets an amazing experience is crucial for any business, especially for fintech and other SaaS companies.

By making use of AI tools like SelfServe, an Intelligent Document Parser (IDP) by PowerCred you can reduce the time gap between a customer starting their onboarding journey to using the product/service, improving their overall experience.

In addition, having access to alternative data sources helps B2B businesses better profile their customers. This opens up a lot more opportunities; both for the business with increased loyalty and for the customer with her/him receiving better products and services.

To sum up

While AI-powered tools have everything it takes to accelerate the tech and marketing side of your business, they can do so much more. Right from the get-go, your business has to first collect documents and extract the information it needs from clients.

This presents an opportunity for you as a business to provide a positive and efficient customer experience right from the start.
By relying on IDPs you can ensure that your “actual” customers are never lost in the clutter.

Now with all that being said, it’s safe to say that Gen AI tools will continue to play an important role in the B2B landscape, ensuring that the industry remains secure and efficient.

To learn more about PowerCred’s Intelligent Document Parser, visit SelfServe.

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