Home Business NewsTech News How businesses can use AI tools for legal compliance, recruitment, and more

How businesses can use AI tools for legal compliance, recruitment, and more

by LLB Reporter
7th Jun 24 12:15 pm

As the business landscape expands at a rapid pace, companies and organisations must adapt to the latest technologies to maintain a competitive advantage. To start, a previous post entitled ‘Leveraging AI for Business Success’ highlights how the emergence of artificial intelligence (AI) has opened up countless opportunities for businesses to revolutionise their operations and achieve sustainable growth. By gathering insights from business leaders among firms like Maxwell Richards, it was established that a strategic AI implementation is key to automating routine tasks and ultimately boosting productivity and efficiency.

Despite these huge promises of AI, many UK businesses, especially start-ups and small to medium-sized enterprises (SMEs), may be wondering how to integrate AI into their day-to-day operations. In this light, we identify how AI tools can be adopted for essential business processes, namely legal compliance, talent acquisition, marketing, and customer relationship management.

Streamlining legal processes

Regardless of the size and scale of their operations, businesses must prioritise legal aspects, such as registering trademarks, applying for licences, and drafting confidentiality and non-disclosure agreements. Complying with such regulatory standards can be costly and time-consuming, but leveraging AI can streamline such processes so that business owners can better focus on more complex functions like leadership and management.

Case in point, Definely’s AI-powered legal software is packed with features that assist businesses at every stage of the contract lifecycle, from the creation and drafting of documents to proofreading and finalisation. Whether businesses outsource their legal representatives or work with in-house teams, Definely can be used to seamlessly draft, edit, and access documents from the firm’s internal legal repository, as well as automate proofreading checks for accuracy and compliance.

Enhancing recruitment strategies

A survey by talent acquisition software provider Eploy reveals that 61% of employers currently struggle with finding qualified candidates, while 34% find it challenging to build a diverse and inclusive talent pool. But besides optimising routine legal work, AI tools also lend themselves relevant to enhancing an organisation’s recruitment strategy and overall talent pipeline.

For instance, Outmatch is an all-in-one recruitment platform that deploys AI to enable recruiters to connect with more candidates through virtual interviews, automate reference checks for smarter hiring decisions, and qualify candidates in real time with little to no follow-ups. Besides improving quality hire and reducing turnover rates by 3x, recruitment teams can also save costs by up to 40% and better allocate their time and money for talent management and retention.

Boosting marketing and promotions

As digital transformation takes over numerous industries, it is no longer optional but instead imperative for businesses to engage in digital marketing on top of traditional campaigns and promotions. Yet again, AI-driven software can be utilised to better understand target audiences and tailor marketing strategies to their needs, preferences, and behaviours.

When it comes to audience research, Google Trends uses AI and data analytics to determine what type of content resonates with audiences in the short and long term. Meanwhile, Kissmetrics analyses customer data and creates profiles based on their purchasing patterns and brand interactions. Ultimately, incorporating AI into the marketing journey helps businesses create relevant content and make data-driven decisions.

Developing customer relationships

While AI-based marketing attracts new customers through more targeted and personalised campaigns, businesses must still consider how to build and maintain customer relationships for long-term business value. The good news is that AI is also beneficial in customer retention and loyalty, as observed in how UK firms rely on Salesforce’s customer relationship management features for increasing retention rates and customer lifecycle value.

Specifically, Salesforce’s Einstein GPT, which is an AI solution for CRM, can consolidate customer databases and generate insights from sales calls and conversations. This way, businesses can be guided through closing deals and building stronger, more meaningful relationships. Salesforce has also launched Einstein Copilot to equip customer representatives with the ability to summarise case resolutions, ultimately providing faster support and boosting customer satisfaction.

Given these wide-ranging applications of AI in business operations, firms must still be aware that deploying AI solutions is costly, thus entailing rigorous planning and consultation before incorporating AI into their workflows. Continue reading the LondonlovesBusiness website for more business insights and advice.

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