How AI can enable a sustainable business future

Artificial Intelligence (“AI”) and machine learning are changing how we live, work and play - for good.

Natural language processing has developed in leaps and bounds since Apple’s Siri marked the beginning of the mainstream era of personal assistants in 2011. Nine years on, and companies like Salesforce, Intel, and Microsoft are reaping the benefits of AI innovation by automating customer service, software development, and more.

Advances in computer vision are creating new possibilities in how our cities and society function. Flagship AI companies like Boston Dynamics and Waymo are reimagining the travel industry and disaster recovery by developing autonomous robots and self-driving cars.

Organizations can also free up resources by leveraging AI on tasks like document management, creating exciting implications for business strategy.

Unfortunately, in recent months, businesses have been struggling with day-to-day operations as supply chain instabilities, labor shortages, and inflation highs hamper their growth. Moreover, consumers increasingly demand that companies contribute to society through corporate social responsibility and environmental sustainability. Therefore, businesses must find new ways to operate efficiently and meet modern consumer expectations.

AI offers a potential solution. In this article, we outline how AI can help senior leaders foster resilience and balance their growth with the environment. Read on to discover how applied AI can help you realize new efficiencies and adopt a greener business model.

What are the benefits of innovation and applied AI technologies?

Realize new efficiencies

By digitizing processes and integrating data sources, AI streamlines business operations to save you time.

Recently PwC found that even rudimentary AI solutions can reduce the number of hours spent on routine business processes by up to 40%. Although dependent on the use case, your company could save up to 2,000 hours for every 100,000 pages of paperwork processed.
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Increase profits

AI can bolster profit margins as well as save organizations’ time. IBM data shows that customer service AI solutions save up to $5.50 per customer conversation while increasing customer engagement at the same time.

The survey also reported a 6.3% in average revenue growth, meaning applied AI could grow your profits by driving turnover in addition to lowering operational costs. Aggregated savings and earnings means businesses have more available capital to play with.
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Improve working conditions

The push towards digital transformation and automation has benefits for your employees’ working conditions.

With software that’s able to take over time-consuming and error-prone tasks, workers can transition to other areas that add more value to your business with their newfound time.

Your company could also attract more talent by offering flexible working patterns or four-day working weeks, safe in the knowledge that core functions are largely automated.
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Attract more investment

Green investment is increasingly popular with shareholders. Nearly 80% of respondents in a PwC survey said sustainability was an important factor in their investment decision-making process.

Therefore, you could reduce or eliminate wastage in your organization by using AI and win over eco-minded funders, or offer higher returns from the revenue gains.

AI-powered business use cases

From online customer service to software development and health, applied AI has a seemingly infinite number of use cases.
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As a leading AI provider in the insurance sector, Tractable is at the forefront of delivering efficient insurance claims estimation and intelligent fleet management solutions.
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Below are some of the key ways our AI supports our partners in the insurance, automotive and property repair industries.
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1. Automated insurance claims estimating

• Tractable works with insurers to consolidate their claims workload and automate the claims estimating process. We calibrate our AI to your unique standards, helping you deliver a service that’s up to 10 times faster to customers, and to perform fraud checks more accurately.
• Our AI quickly determines whether your customers need repair work done or a full payout from their policy, allowing customers to manage their assets more effectively during stressful periods.
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2. Automated insurance claims review

• Tractable’s AI-powered solutions also give you total visibility into your claims. Our AI flags borderline claims for further approval, ensuring important cases get human attention and claims reviews are easier to execute.
• Moreover, fully-digitized workflows give you a new level of strategic insight. You can automatically review and check claim estimations for validation and identify new efficiencies for long-term growth.

3. Intelligent fleet management

• Tractable’s Applied AI can support intelligent fleet management initiatives. Our computer vision software puts an end to ‘sight unseen’ purchases, allowing you to assess a potential vehicle purchase by scanning it in as little as one minute.
• The algorithms appraise the quality and help identify flaws in the exterior, helping you negotiate with sellers more effectively and maintain a healthier fleet of vehicles long-term.
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4. Smart car repair software

• Tractable’s AI also helps identify salvageable parts from old cars at end-of-life. 
• Our platform integrates with car repair software in body shops around the world. In addition, our Applied AI can notify you of vehicle sales and allow you to purchase exact parts for upcoming repairs. As a result, our AI can help you save money and reduce waste.

How AI can enable a sustainable future

AI offers businesses more than just ways to enhance their profit & loss statements. Today’s automated software can enable a sustainable future by decreasing your environmental impact. 

By utilizing performance data, you can understand where your business creates waste or uses more resources than it needs to. As a result, you can identify efficiencies and lower your consumption of natural resources or energy and save money at the same time.

For example, Google has used AI software to identify trends in its energy usage in data centers and decreased electricity demand by 40%. Similarly, logistics firms like Uber Freight are leveraging AI to lower the number of miles trucks drive without a load (currently at 35%). As routes become more efficient, fuel wastage will decrease, benefiting both businesses and the environment.

Navigating the corporate social responsibility and environmental sustainability movement

Incorporating environmental concerns into your operations is good for business. Over 50% of consumers are willing to pay more for a product or service if the business prioritizes sustainability, and AI can help you meet these modern consumer demands.

The same is true for social issues, as research shows that companies with effective corporate social responsibility (“CSR”) programs are more profitable than those that aren’t. However, companies will struggle to make improvements and stand true to their commitments without the necessary background data to remain accountable.

AI-powered software can provide a new level of business intelligence that helps you track your performance on key metrics like carbon emissions, water usage, and more. As a result, you can join the increasing number of companies publishing detailed annual CSR reports and show your solidarity with consumer sentiments.