How Artificial Intelligence Will Transform Businesses? Here are the 10 Ways!
As the use of AI tools advanced, conversations about the impacts of Artificial Intelligence for business have also increased. Starting from how it can automate routine tasks to the bigger picture on how it will affect today’s workforce and economy.
To be able to use AI in the best way possible for businesses, we need to understand what exactly is Artificial Intelligence and how it works.
Let’s dive in to understand AI works and how we can use its potential to leverage businesses!
What is AI (Artificial Intelligence)?
Have you ever used chatbots while you are buying a product on a website? Or have you ever used the speech recognition function in your phone to make it easier to type? If you have, then you have experienced a few examples of how AI is used in our daily life.
But what exactly is AI? Artificial Intelligence (AI) is technology or computer systems that are made to simulate human intelligence and problem-solving capabilities. AI processes massive amounts of data and reads the pattern to be able to perform tasks such as interpreting speech or even playing games.
Artificial Intelligence (AI) has the ability to learn and think on its own based on the data that is fed into the algorithm. In general, AI systems will process large amounts of labeled training data, analyze the patterns, then use these patterns to make predictions or decisions. For example, to make chatbots responses more lifelike and less robotic, it needs to be fed with examples of text.
Because of its ability to learn and gradually improve its decisions, it is now common to use Artificial Intelligence for business. The use of it in business varies from increasing efficiency for repetitive tasks, data analysis for informed decisions, and even assistance in medical diagnosis.
Machine Learning, The Foundation of AI in Today’s Business
One of the types of AI that is commonly used in business today is machine learning. Machine learning focuses on using data and algorithms to imitate the way that humans learn and gradually improving its accuracy. It is also used to process large amounts of data and leverage efficiencies and productivity in businesses.
Machine learning can identify patterns and trends in large and complex data. However, machine learning still needs humans to give it the dataset that it uses to learn and refine its algorithm. As more data is fed into machine learning, customers and users can enjoy more personalized experiences.
Today’s businesses use machine learning in various ways. One of the examples of machine learning that you might encounter every day is online chatbots. These chatbots minimize repetitive tasks in the customer service industry by answering frequently asked questions (FAQs) around topics such as shipping, cross-selling products, or suggesting sizes for users.
Not only minimizing repetitive tasks, machine learning can also enhance customer or user journey. For example, nowadays streaming services use machine learning algorithms to create personalized recommendations based on their previous viewing history.
10 Common Ways AI Leverage Business’ Impact
The rapid use of Artificial Intelligence for business has created vast potential on how it makes business intelligence much more efficient. These are common ways Artificial Intelligence is used in today’s businesses:
- Analyze Customers’ Data
One of the uses of Artificial Intelligence for business is how it is used in improving marketing strategy results by identifying customer trends and patterns, optimizing marketing campaigns and strategies, and enhancing customer experience in marketing.
In marketing, AI tools are used to process large amounts of data around important market or competitor insights that can be missed by the team. AI can also simplify the task of understanding and predicting customer behavior.
Moreover, AI tools can create data visualization of customer profiles that are segmented based on their behaviors, preferences, and demographic indicators. The saved time thus can be used by the marketing team to create personalized communications for these customers.
- Sales Forecasting
The use of Artificial Intelligence for business also includes helping the sales team with automating manual tasks that take a significant amount of time outside selling. By using AI tools, the sales team can save up time doing data entry and analyzing the customer data.
To optimize sales, AI tools can be used to analyze past performance and current economic indicators to forecast future demand. AI algorithms can also be used in optimizing the sales process by identifying leads and prioritizing prospects.
- Improve Customer Service Journey
By using AI, businesses now can improve their customer relationship management. One of the ways AI helps in improving businesses’ customer relationship management is by using chatbots for a better customer journey.
These chatbots use machine learning to communicate with customers in real time to quickly answer frequently asked questions and provide support. It also gives customers the assistance they need without waiting for the available customer service which can improve their journey.
- Content Generation
To save time and improve content production, generative AI tools are used nowadays by content creators. These tools can help content creators in generating written content such as outlines, emails, or blog posts that later can be personalized and edited.
Other than that, AI powered tools can also spark creative inspiration that content creators need by using it to brainstorm and come up with new ideas for content development. In visual creation, AI tools can also be used to generate ideas, experiment with styles, and adopt the compositions.
- Internet and Data Research
Since AI uses big data analytics to identify patterns, AI can also help in big data research by analyzing people’s search behavior and providing them with more relevant information regarding the topic. This can help businesses reach their target audience easier whenever a user searches for keywords that are related to the business.
- Cybersecurity and Fraud Management
AI tools can also be used to keep businesses safe from digital fraud and cyber attacks. In cybersecurity and fraud management, AI algorithms are used to detect anomalies, predict breaches, and quickly respond to threats.
The large amounts of data can be analyzed to identify patterns in user behavior and help in detecting real time threats based on anomalies. In this case, AI also helps automate tasks related to incident response and address threats before they cause further damage.
- Digital Personal Assistant
One of the ways AI can leverage business is by automating administrative tasks that can save up so much time. In this case, AI tools can be used as a digital personal assistant that helps with data entry, scheduling, and generating reports.
With AI assistants, businesses can increase their workers’ efficiency and productivity. Businesses can also program these AI assistants to help with managing emails so that their workers can focus on creating strategies and growing the business.
- Automatic Candidate Screening in Human Resources
One of the many use cases for AI in business includes using AI technology in Automatic Candidate Screening (ATS). This tool is able to automatically screen candidates based on specific criteria and qualifications.
Other than saving screening time for recruitments, AI can also be used for sending automatic emails to candidates that were not a fit in. Thus, recruiters are able to focus on processing the qualified candidates.
- Legal Document Automation
One of the benefits of using AI in businesses is that it can simplify legal tasks such as reviewing documents that can take up much time. AI tools with machine learning can review and analyze contract language to flag potential issues that are sometimes overlooked. Other than that, AI can also help in generating drafts for standard legal documents such as nondisclosure agreements (NDAs) and contracts.
- Financial Forecasting and Budgeting
In accounting, AI can also be used to analyze large volumes of financial data from historical performance data, market trends, and economic indicators. This data then can be used to make predictions about future trends or outcomes. Furthermore, AI helps in improving budgeting and deciding where to allocate resources while minimizing potential financial risks.
How AI Impact Today’s Workforce?
The progressive use of Artificial Intelligence for business nowadays raises topics on the ways AI can impact the next generation of workers. The impact of AI ranged from creating new types of jobs and also increasing productivity by automating tasks that usually require human attention.
The use of AI tools in the workplace continuously transforming the job market. While several jobs are replaced with AI due to automation, there are a lot of job roles that evolve as the use of AI increases. For example, workers in manufacturing companies need to have the skill to operate and maintain machines that are used to automate tasks.
Other than that, using AI tools also changes the way employees work. Now that administrative tasks can be automated by AI, workers can focus more on developing business strategies, developing their skills, and creating new innovation that can increase efficiency.
Unlock the Power of AI with IBM!
Instead of seeing AI as a replacement for human intelligence, AI can be seen as a supporting tool that can shorten the time that is used to process large data and do repetitive tasks. This is beneficial for businesses as it increases the amount of time their workers can use to focus more on both strategic and creative work.
Start increasing your business’ efficiency and productivity by unlocking the power of AI with IBM WatsonX AI and Optus. By partner with us, you can gain access to cognitive computing, machine learning, and natural language processing capabilities with IBM WatsonX.
With this, you create an innovative ecosystem of data integration that improves your business’ productivity. From automating administrative tasks to predicting future trends and customer behavior, IBM WatsonX can help you in unlocking the power of AI to leverage your business.