The Benefits of AI for Business

The AI revolution is here and everyone is talking about it. It’s already driving significant growth in the global market through advancements in machine learning, natural language processing, and computer vision. While 83% of businesses are prioritising AI adoption in 2024, many still struggle to harness its potential and take the first steps. 

At Razor, we are on a mission to demystify AI and help businesses see its practical applications.

This article highlights three key use cases demonstrating how AI can deliver tangible benefits, including significant cost savings and efficiency improvements, without requiring massive investments. By starting small, businesses can achieve substantial results. 

Generating quotes for projects can take anywhere from 30 minutes to several weeks, depending on the scale of the work. Consider a construction company that spends 30 minutes generating quotes for minor construction projects and receives an average of 150 proposals a month. This amounts to 75 hours per month dedicated solely to quote generation. Could this time be better spent?

By leveraging AI, the quotation process can be significantly streamlined. AI applications trained on historical quotation documents and templates can automatically generate new quotes, eliminating the need for manual effort.

An AI model can reduce the quotation time to just a few minutes per quote, freeing up a significant amount of time for teams to spend elsewhere on the things that matter. This increased efficiency allows the company to produce more quotes in the same timeframe, with the same number of employees, boosting order intake and potential revenue returns. Research shows that AI adoption in operations can improve productivity by up to 25%, leading to bottom-line improvements. 

Generative AI Voice Agents are an advanced solution aimed at improving customer service by automatically managing incoming calls. Using state-of-the-art AI, a voice agent can comprehend and respond to customer inquiries naturally and conversationally.

Let’s take a taxi service as an example. Taxi companies experience fluctuations in the volume of calls annually due to seasonality. Some see monthly call volumes spike by 60-200%. This presents a huge cost to the business, as they either have to hire temporary staff, outsource their services, or lose out on potential revenue from missed calls. 

Imagine replicating the skills and tone of the best call handler in a taxi company, all without the need to hire and train new staff. Companies that adopt AI voice agents can expect to see a 40-60% reduction in seasonal hiring, resulting in huge cost savings and operational efficiencies. Most significantly, AI voice agents are available 24/7, meaning calls and revenue opportunities are always picked up. Staff attrition is also reduced since live agents are prioritised for the more complex calls rather than the repetitive customer service inquiries. 

This technology extends beyond taxi services, making it applicable to any industry seeking to enhance its customer service capabilities. 

Writing tender proposals is notoriously complex and time-consuming. Most businesses report taking 11-20 business days to submit a bid. Larger organisations with dedicated proposal teams tend to win more bids compared to smaller teams. These smaller teams often face the choice between targeting larger, resource-intensive proposals with higher potential returns or smaller, less demanding ones with lower value.

Adopting AI to solve this specific challenge can transform this dynamic. By automating substantial portions of the proposal writing process, companies can drastically reduce submission times and expand the range of tenders they can pursue. This enables teams to bid on both high-value, resource-intensive proposals and smaller ones that they would typically bypass, significantly increasing their chances of winning more work. 

One of Razor's clients saw a 50% reduction in content writing time after implementing the generative AI solution we developed for them. These efficiencies make AI an essential tool for gaining a competitive edge in proposal management. By leveraging AI, businesses can stay ahead of the competition, win more contracts, and ultimately drive business growth.

The above examples are indicative of how taking that first small step with AI can transform businesses - they are the tip of the iceberg. By leveraging AI, businesses can drive efficiency, cut costs, and boost revenue. 

Don’t get left behind. Embrace the AI revolution now!