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Artificial intelligence has been making waves in the tech world for years. As AI programs have become more refined, the business world has been largely affected by these technological changes. With generative AI applications like ChatGPT becoming widely accessible, AI has started changing how businesses operate in all sectors.
“As AI continues to advance, we can expect to see it play an increasingly large role, not just in business, but in our daily lives,” says Datha Santomieri, Co-Founder and Vice-President of Steadily, a company that specializes in landlord insurance.
In the automation age, businesses embracing AI are becoming formidable forces in their industries. In fact, there are many ways AI can have a positive impact on business operations. Keep reading to learn more about the ways businesses utilize this innovative technology.
What Is AI?
Artificial intelligence can be defined as a machine’s ability to perform the cognitive functions we associate with human minds, such as perceiving, reasoning, and learning. In particular, generative AI can create something entirely new through its ability to analyze intricate patterns of existing data.
“AI holds the potential for some of the biggest advances we are going to see. You know, whenever I see the news of a young person dying of cancer, you realize AI is going to play a role in solving that in the future, so I think we owe it to make progress,” says Google CEO Sundar Pichai.
Because of the features generative AI has, it’s particularly useful to businesses. These programs are highly accessible and simple to use, making them easy to implement in the workplace. They can generate text or images based on a simple prompt from a human user.
AI’s Impact on Business
Businesses from all industries are turning to AI to help improve and perfect their operations. AI is having effects on many different areas of business, but one of the most popular applications is in customer service. It is reported that around 56 percent of businesses are already using AI for this purpose.
“AI is changing the way every facet of the business world operates. If you haven’t felt those changes in your industry yet, it’s only a matter of time,” points out Travis Mydock, DUI and Criminal Defense Attorney at Mydock Law.
Cybersecurity and fraud management are also popular ways for businesses to use AI. Customer relationship management, digital personal assistants, inventory management, and content production are just a few more of the ways businesses are implementing AI in the workplace.
AI is becoming an indispensable ally in the process of finding holes in a network’s defenses. AI systems can not only recognize a cyberattack, but they can also comb through your data to find the source of the threat. This, in turn, allows it to prevent future attacks.
“Although AI is becoming a powerful tool in preventing cyberattacks, it’s only a matter of time before cybercriminals start using it to their advantage,” mentions Agatha Relota Luczo, Founder and Chief Creative Officer of Furtuna Skin.
Cybersecurity is incredibly important to the longevity of your business. You never want to be responsible for a major data leak. Having AI work as your extra set of eyes is an invaluable way to keep your data secure.
2. Task Automation
Above all else, task automation is the number one reason why businesses look to AI. Let’s face it — there are things that humans cannot compete with AI on. AI systems are able to process vast amounts of data quickly and accurately and can perform these tasks more efficiently than humans.
“The amount of time and money AI can save a business through task automation is startling. If you haven’t started implementing AI tools for automation, let this be your sign to do so,” suggests Asker A Ahmed, Director of iProcess Global Research.
Traditional types of automation typically follow a set of rules and predetermined instructions. Because AI has the ability to learn from data and make decisions based on that data, it has become a superior form of task automation overall.
3. Data Analysis
AI has access to a vast amount of data. This is why businesses are employing the use of AI to cut down on research time and data analytics. AI technology identifies patterns in search behavior and provides relevant information surrounding their circumstances, allowing leaders to make better-informed decisions.
“AI’s potential to analyze vast datasets will pave the way for insights that weren’t previously possible,” mentions Natalia Morozova, Partner at Cohen, Tucker & Ades Immigration Law Firm.
The data collected through AI is accurate and in real-time. This ensures that businesses have easy access to historical metrics during the decision-making process. This not only cuts down on research time but also allows business owners to make major decisions with confidence.
4. Customer Experience
AI has been able to enhance customer service experiences across multiple touchpoints. Many businesses have already started using chatbots for instant messaging. This allows for a more timely and efficient customer service experience.
“Good customer service needs to be quick and efficient, and AI is quick and efficient by nature. It’s a match made in heaven,” points out Kirkland Gee, Co-Founder of Perfect Extraction.
Businesses also utilize AI tools for email optimization and product recommendations. In fact, the AI behind Netflix’s recommendation system is said to be worth over one billion dollars. It’s safe to say that AI will be an integral part of improving the customer experience for businesses of all industries.
Around 54 percent of executives say their AI technology has already increased productivity in their businesses. If you can come up with a problem in your business, AI most likely has a solution. Whether it is tax and finance, human resources, or data analytics, AI can streamline your operations.
“The cornerstone of success is productivity. If you want to be successful, you need to figure out a way to increase productivity. This is where automation comes in,” says Maggie Brown, Founder and CEO of Recess Pickleball.
Thousands of companies have started saving time and money by automating and optimizing routine processes and tasks with AI. The reduction of human error can also lead to better productivity in business. In short, there’s not much AI can’t do in terms of productivity.
6. Employee Focus
The prevalence of AI in the workplace has allowed for more employee-focused initiatives. AI has the ability to take over clerical tasks that take up extra time. With your employees’ time being freed up by AI, they are able to focus on more fulfilling and creative pursuits.
“Happy employees lead to happy customers. Happy employees are typically found in jobs that are fulfilling and driven by creativity, not jobs that are monotonous and time-consuming,” says Maria Shriver, CEO of MOSH.
Encourage your team to explore the AI programs you plan to implement. Teach them how to use the AI to make their jobs easier and help expand their current skill sets. Let them know that AI isn’t here to take their jobs but to improve them.
Generative AI has become a major force in marketing. From data collection to content creation, AI has been able to improve the marketing efforts of all sorts of companies. Its ability to personalize content based on customer browsing behavior, demographics, and preferences has proved to be highly valuable.
“AI is the future of marketing. Right now, it simply guides marketing efforts, but we expect to see it do far more than that in the future,” mentions Jim Mitchell, Chief Growth Officer of Awesome CX by Transcom.
Businesses are wise to use AI to help personalize content, offers, and ads. This helps improve the user experience, allowing companies to create more targeted and effective marketing campaigns.
AI has become a powerful recruitment tool for many HR departments. It is estimated that the adoption of AI in recruitment has resulted in a cost reduction of up to 75 percent for every resume screened. This comes in addition to a four percent increase in revenue per employee with a 35 percent reduction in employee turnover.
“AI is turning talent acquisition into a streamlined process that helps companies find the best fit for their roles, saving on both time and money,” explains Adam Greenberg, Co-Founder of One Bone, a company known for their stylish line of big and tall clothes.
Using AI in recruitment is especially helpful if you receive a higher volume of applications. Or, if you are regularly expanding and hiring more employees, implementing recruitment AI tools can be of great benefit to improving your bottom line.
AI in Business
It’s reported that most business owners think that AI will be able to benefit their business in some way. Furthermore, a substantial number of businesses believe AI will improve customer relationships while increasing productivity. Additionally, they also believe that AI will be at the forefront of their ability to drive sales growth.
“What I hope is that we successively develop more and more powerful systems that we can all use in different ways that integrate [AI] into our daily lives, into the economy, and become an amplifier of human will,” says Sam Altman, CEO of OpenAI.
The main takeaway is that AI is having a positive impact on businesses from all industries and has no signs of slowing down. If you’re a business owner looking to improve the flow of work, consider using AI to streamline your operations.