The phrase, “time is money,” is commonly attributed to Benjamin Franklin, who first used it in his essay “Advice to a Young Tradesman,” published in 1748. Franklin was addressing the economic value of time, a concept increasingly relevant when discussing AI’s impact on business today. AI is adept at processing and analyzing troves of data much faster than a human brain—enabling quicker, more informed decision-making. Leaders who embrace AI now and take action to understand it, experiment with it, and envision how it can solve hard problems are going to run companies that thrive in an AI world.1 From automating routine tasks to providing deep insights through data analysis, AI technologies are enabling businesses to make quicker, more informed decisions, driving growth and competitive advantage.
10 ways AI can turbocharge business efficiency
- Automating repetitive tasks: AI can handle mundane and repetitive tasks such as data entry, scheduling, and email sorting.
- Real-time data analysis: AI algorithms can analyze vast amounts of data in real-time, providing immediate insights and allowing businesses to make faster, data-driven decisions.
- Predictive analytics: AI can forecast trends and behaviors based on historical data, enabling companies to anticipate market changes and customer needs more rapidly.
- Customer support chatbots: AI-powered chatbots provide instant customer service, addressing inquiries and resolving issues without human intervention.
- Supply chain optimization: AI can predict demand, optimize inventory levels, and streamline logistics.
- Fraud detection: AI systems can quickly detect and respond to fraudulent activities by analyzing transaction patterns and identifying anomalies in real-time.
- Personalized marketing: AI can tailor marketing campaigns to individual preferences and behaviors, increasing engagement and conversion rates more swiftly.
- Enhanced recruitment processes: AI can screen resumes, conduct initial interviews, and identify the best candidates faster than traditional methods.
- Process automation: Robotic Process Automation (RPA) driven by AI can execute business processes faster and with fewer errors, from financial transactions to regulatory compliance.
- Product development: AI accelerates product development cycles by simulating different design scenarios, optimizing prototypes, and predicting performance outcomes.
Below, we look at three Microsoft customers who used Azure OpenAI Service to accelerate the speed at which they do business.
- Akbank empowers staff to search through 10,000 records in seconds with Azure OpenAI Service
Akbank, one of Türkiye’s largest banks, has significantly improved its customer support operations by integrating Azure OpenAI Service. Whereas their customer representatives previously had to search through a hefty 10,000-article knowledge base in hopes of finding correct responses, they now interact with an AI chatbot that generates correct answers 90% of the time. This integration saves three minutes per interaction, thus enhancing both the quality and accuracy of the support provided. Akbank has also incorporated proactive suggestions into the chatbot, enabling staff to get faster responses and continually improve customer support. - Serving customers 78% faster: VOCALLS’ voicebots supercharge call handing with Azure OpenAI
VOCALLS, a Prague and London-based telecommunications company, leverages Microsoft Azure AI technologies to support its customer service with AI-powered voicebots. Specializing in conversational AI solutions, VOCALLS automates over 50 million interactions annually, improving customer experiences for companies like Estafeta. Estafeta, a logistics pioneer in Latin America, saw a 78% reduction in average handling time and a 120% increase in answered calls after deploying VOCALLS’ voicebot, Beatriz. This voicebot provides immediate support, eliminating wait times and boosting customer satisfaction scores. - RepsMate empowers businesses to create super agents by leveraging Azure’s AI superpowers
As a member of the Microsoft for Startups program, RepsMate has leveraged Microsoft’s networks, support, and the Azure Marketplace to gain traction in Eastern Europe. RepsMate’s solution, driven by AI and data analysis, has led to significant efficiency gains, reducing average handling times by 12%, decreasing chat durations by 20 to 30%, and increasing first-call resolution rates by 5 to 10%. Additionally, RepsMate has automated up to 25% of interactions with predefined answers, enhancing both speed and accuracy. Additionally, their strategic use of Microsoft’s full suite of technologies, has allowed RepsMate to train large datasets faster and avoid unnecessary costs, further enhancing efficiency.
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A faster more efficient future
Examples like those of Akbank, VOCALLS, and RepsMate demonstrate the impact of AI on business speed and productivity. By integrating AI solutions like Microsoft Azure OpenAI Service, companies can achieve faster decision-making, optimize their processes, and better support customer experiences. As businesses continue to adopt and innovate with AI, they’re in a better position to meet the demands of a rapidly evolving market.
Our commitment to responsible AI
Organizations across industries are leveraging Microsoft Azure OpenAI Service and Copilot services and capabilities to drive growth, increase productivity, and create value-added experiences. From advancing medical breakthroughs to streamlining manufacturing operations, our customers trust that their data is protected by robust privacy protections and data governance practices. As our customers continue to expand their use of our AI solutions, they can be confident that their valuable data is safeguarded by industry-leading data governance and privacy practices in the most trusted cloud on the market today.
At Microsoft, we have a long-standing practice of protecting our customers’ information. Our approach to responsible AI is built on a foundation of privacy, and we remain dedicated to upholding core values of privacy, security, and safety in all our generative AI products and solutions.
Get started with Azure OpenAI Service
- Apply for access to Azure OpenAI Service by completing this form.
- Learn about Azure OpenAI Service and the latest enhancements.
- Get started with GPT-4 in Azure OpenAI Service in Microsoft Learn.
- Read our partner announcement blog, empowering partners to develop AI-powered apps and experiences with ChatGPT in Azure OpenAI Service.
- Learn how to use the new Chat Completions API (in preview) and model versions for ChatGPT and GPT-4 models in Azure OpenAI Service.
- Learn more about Azure AI Content Safety.
1 Harvard Business Review, Build a Winning AI Strategy For Your Business, July 14, 2023.
The post 10 ways to impact business velocity through Azure OpenAI Service appeared first on Microsoft Azure Blog.
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