- March 23, 2023
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Before we look into benefits AI offers to business, let’s look at what AI really is.
AI or Artificial Intelligence refers to the science and engineering of making intelligent machines which engage in humanlike activities.
Despite the rumours spread mainly by sci-fi films, AI cannot completely replace humans, but can make our lives and the ways we do business much easier, allowing us to find better solutions and supporting us in our discoveries.
Currently, the global AI market is valued at over $136 billion and is expected to increase by over 13x in the next eight years, reaching an incredible number of $1.81 trillion by 2030. That alone speaks of the importance of Artificial Intelligence and its incredible potential.
The statistics are impressive, but how do businesses actually use Artificial Intelligence? Here are some of the most popular applications of AI used by companies all over the world:
People at work deal with repetitive tasks, which often don’t require much creativity. They can be anything from processing huge amounts of data to preparing financial reports used to make important decisions.
Automation takes those boring, tiresome tasks from employees’ shoulders, allowing them to focus on more important and urgent issues. As it is done by machines, it can be happening 24 hours a day; at the same time, it minimises the possibilities of errors, making the processes more accurate and quicker.
The world revolves around data. Every day we produce 2.5 quintillion bytes of data: most of it is useless, but some is extremely precious. Sorting and analysing it is an enormous task, which cannot be undertaken by any human (it could, but it would require a huge number of people, working 24 hours a day). Computers on the other hand deal with it efficiently, arming us with insights and reports which influence the most important business decisions.
Natural language processing is all about interactions between computers and human languages. Its development allows computer programmes to process and analyse large amount of language data. It is already being successfully used by chatbots and search engines, revolutionising customer service.
The combination of analytics and automation allows businesses to improve personalisation of their offer, making it more customer centred. By knowing customers’ preferences, companies can suggest them products based on their previous searches, choices, and other data.
No matter the type of business or the industry, Artificial Intelligence can have a great impact on how companies operate and what results they have. No wonder as much as 83% of companies claim using AI in their business strategies is a top priority.
Here are some examples of how AI is used in different industries:
Artificial Intelligence revolutionised customer service to an unprecedented extend, allowing to improve the customer journey from its very beginning to its end. Data analysis allows companies to come up with better products and services that address clients’ needs more accurately. Personalisation on the other hand allows businesses to offer right products to right people, while chatbots help clients find answers to questions and get support 24 hours a day.
Improved ways of data analysis revolutionised cybersecurity. With so many cyberattacks happening every day, it became impossible for humans to manually analyse all information regarding the new threats. Automations allowed cybersecurity companies to come up with products that significantly improved the safety of data; it also allowed cybersecurity specialists to offer their customers protection 24 hours a day, making businesses safer and more threat proof.
Data processing allowed marketers to come up with better propositions for their clients. The result is that today, finding the right audience is not as difficult as it was. The same is true when it comes to identifying right platforms to advertise – when you have enough information about your clients, you know which magazines they read, what influences their decisions and which social media platforms they prefer.
Automation allowed for analysing huge amount of customer data, providing marketers with information they need to streamline their promotion and make it more efficient than ever.
One of the sectors that benefits most from AI is healthcare. Automation and data analysis allows to make better and more thorough research when it comes to both drug development and patients’ care, revolutionising the whole sector. Another huge development are chatbots – in many countries they allow patients to get immediate medical advice, without the need of seeing a practitioner.
Two of the most pressing issues in financial services, especially in fintech, are safety of data and accessibility. Thanks to improved cybersecurity products, financial services are becoming safer, while chatbots used by many banks give customers opportunity to deal with some basic financial problems, such as opening an account or transferring money, in no time.
The main benefits of using AI in business include:
Keen to boost your business by introducing some AI applications? Interested to know what benefits may it bring both short- and long-term? Ready to speak about the ways AI may improve your organisation’s work and how to go about implementing it? Get in touch with our experienced team – we will be delighted to help your company grow!
