In recent years, artificial intelligence has experienced an unprecedented resurgence of interest thanks to significant technological advances, particularly in machine learning, which is expanding the capabilities of computers and making them more efficient in many areas. These advances open up tremendous prospects for technological innovation and automation at work. As a result, artificial intelligence has the potential to shake up the way we do business. We can already see that this modern technology affects firms. So, let’s find out how AI is changing today’s business world.
Artificial intelligence (AI) raises many promises and concerns, some of which are based on very speculative or distant visions of the machines’ capabilities. However, there is no doubt that AI solutions have developed extremely rapidly in recent years, thanks to which more and more economic sectors have started to use intelligent technologies, in particular: industry, health, agriculture, finance, banking, insurance, and transportation. Thus, artificial intelligence is increasing in organizations and production systems. Moreover, the application areas of AI in these various industries are constantly expanding, supporting modern businesses’ growth and sales performance. In the following article, we will look at examples of the prospects that AI opens up for business. First, however, let’s define the term “artificial intelligence.”
What is AI, and what are the trends?
Artificial intelligence is the broad field of science that enables a machine to perform tasks that require reasoning from representations, inference, learning, and remembering: for example, recognizing images, translating language, analyzing, or making decisions. In other words, artificial intelligence should do what humans with intelligence do. It is about using machines, computer programs, or software to perform tasks intelligently. And the most significant advantage that AI has is overcoming human limitations, such as data processing.
AI can process large amounts of data (known as Big Data ) to track trends and insights and predict behavior. However, AI remains a complex discipline that requires specialized knowledge, delicate and often precise adjustments, and every application of AI focuses on a well-defined goal. Without a defined purpose, you cannot reap the business benefits of implementing AI solutions. However, when properly implemented, artificial intelligence can provide multiple values to companies. We will look at a few of them.
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Artificial intelligence is a productivity booster
One of the main benefits of artificial intelligence is increased productivity, as tedious and repetitive tasks can be transferred to artificial intelligence, allowing employees to spend more time on quality work. According to a PwC study 54% of business leaders, as early as four years ago (in 2018), indicated that adopting artificial intelligence in their company has increased productivity. And a study by Accenture shows that by 2035, artificial intelligence could help boost global productivity by up to 40%!
Many companies need to communicate internally in different languages: the official working language is supplemented by local languages, allowing each language community to contribute in their native language. With AI, solutions can be developed that enable instant or batch machine translation. That is perfect for creating a multilingual repository and facilitating internal communication.
AI at the forefront of cybersecurity
The security of customer data and data about customers, or classified information, should be paramount to companies. When data is businesses’ most valuable asset, the potential threat of cyber-attack is also increasing. In this regard, artificial intelligence has been helping for many years to prevent attacks and identify the relationship between different threats: malicious files, suspicious IP addresses, insider threats, etc. This analysis takes only a few seconds and allows security reviewers to respond to threats up to 60 times faster. Data security guarantees growth and the possibility of analysis, which is why more and more companies decide to implement intelligent solutions in this area.
In the retail sector and e-commerce in general, artificial intelligence can become an indispensable strategic partner. Predictive artificial intelligence is particularly impressive in the retail industry. It is now possible to predict the return on investment (ROI), the best price optimization strategy, or the effectiveness of online and offline communication campaigns. Similarly, organizations can apply artificial intelligence in commerce to customer relationships. With the AI field of next-generation natural language processing (NLP), companies can create solutions that give customers near-instant answers. The quality of service through AI technologies can provide a level of response to general inquiries similar to that of a customer service operator, thereby providing consumers with the quick resolution they expect.
In addition to productivity gains, 44% of companies using artificial intelligence have seen cost reductions in departments where AI is implemented, according to a McKinsey study. The most significant savings are in manufacturing: 37% of companies reported a decrease in production costs by up to 10% after implementing AI. That shows the potential of artificial intelligence to identify improvements and automate low-value-added tasks. But AI is also driving revenue growth, mainly through marketing and sales optimization. 4 out of 10 companies say their revenue increased by up to 5% after adopting AI.
Artificial intelligence is the technology of the future
More and more companies see artificial intelligence as a critical driver of global growth. AI technologies have long ceased to be the domain of only large organizations. Increasingly, small companies are deciding to implement modern solutions. Small businesses have the most courage and determination to implement revolutionary tools. The interest of organizations in artificial intelligence also determines that AI tools are becoming more and more affordable, and thanks to this, in the coming years, they will occupy an increasing place. Entrepreneurs who allocate the necessary resources will gain a significant competitive advantage.
As we mentioned at the beginning of this article, implementing AI into your business structures is not easy and requires knowledge and experience. Start by conducting simple online research to understand how artificial intelligence can support your business and what solutions are already available in your industry. You can also enlist the help of an AI partner to analyze your business needs and suggest the best solutions available.