Artificial intelligence and machine learning are two areas that are often thrown around without much of an explanation on how they actually work. The terms tend to be used interchangeably, but there’s more to these technologies than meets the eye. 

To break down what exactly AI and ML are, we’ll go over their differences and explain how each can be used to make dispute management at OTC more effective, efficient, and secure.

1) Improve efficiency

Disputes slow business down as a result. By integrating machine learning algorithms with AI, OTC will be able to seamlessly resolve disputes, freeing up time for users to focus on other tasks. Not only will it speed up dispute resolution, but the decreased labor costs can offset any investment in AI-ML technology.

2) Reduce costs

Traditionally, disputes were manually resolved by phone with a customer service representative, which generated frustration for the company and time for the customer. Now with AI-powered dispute management tools, these transactions can be managed more efficiently because they are happening on the ruby on rails development company in india. This leads to reduced costs associated with resolving claims as well as increased satisfaction rates among consumers. In fact, studies show that up to 85% of users who interact with companies online feel like they're treated better than if they had spoken to a customer service agent.

3) Reduce headcount

As you know, things are getting better but we'll need to reduce headcount to make our business stronger. This is a difficult decision but it's the right thing for our future. We will have lots of opportunity over the next year with changes in our executive team and AI/ML-powered dispute management that reduces cases by 90%. We're so proud to be able to keep jobs in America as we work through this restructuring! 

4) Get more data, quickly

This is done by leveraging the power of machine learning to compare photos, videos, chat transcripts and more from customers who have disputes. Rightfully so. It can take an enormous amount of time for moderators to sift through evidence for each claim that comes in -- some with as many as 400 images per claim. But using AI will allow this process to be done much quicker, saving time and money while making the customer experience a better one.

5) Focus on peak productivity hours

Creative workers who aren't working at peak hours would benefit from remote work. With remote work, the employer is able to hire more people since there are no geographical limitations. Flexible working hours has been proven to boost productivity because it allows the employees to take a break from their tasks in order to relieve any stress or boredom that comes from focusing on one task for too long.

6) Get more control over data quality (for example - duplicate product searches)

Duplicate searches may result in OTCs being charged twice, or even three times. Even if you take measures to avoid it, duplicate searches are still a risk. For example, when an ID is put into the database twice by two different operators because they keyed it in wrong or scanned the wrong item's barcode.

7) Improve accuracy in estimating disputes

AI can help make better decisions faster by processing data more quickly than humans. This has led to dramatic improvements in forecasting. When it comes to disputes, AI will be able to process large amounts of data much quicker than a human counterpart would be able to. With these improvements, they will also be able to better pinpoint fraudulence and the reason for inaccurate feedback faster than humans, leading to much higher quality estimations over time.

8) Streamline business processes (identify repeatable steps, use machine learning to identify patterns, automate processes based on those patterns, etc.)

Streamlining your business processes can make a huge difference in reducing the time it takes to complete these tasks, as well as freeing up employees' time to work on other important tasks. Use machine learning to create patterns or insights, then use those patterns or insights to automate the related business process. For example, identify products that are overstocked due to lack of demand and find a way to liquidate them automatically.

Conclusion

AI can be the answer to prevent vendors from committing fraud against OTC, which would save money, time, and frustration. The benefits of artificial intelligence and machine learning are tremendous in any industry that could use some moderation. If you want to transform your company's over-the-counter medication dispute management with AI and ML powered dispute management, get in touch with us today. We're a best website design in india that offers consultation for companies who need help transitioning their business practices to incorporate artificial intelligence!