AI in Business: Leveraging Artificial Intelligence for Growth

Harnessing the power of AI can bring growth and progress among businesses in a tech-driven world. 

AI tech is changing industries on several levels and brings solutions for better customer experience, higher working efficiency, and smarter and easier decision-making processes. 

Despite the advantages of AI for business growth, there are some potential disadvantages that businesses should be aware of.

Keep reading to learn all about the different applications of AI in businesses and why a business AI solution could be a good choice for your business.

AI Explained

“If our era is the next Industrial Revolution, as many claim, AI is surely one of its driving forces.”-Fei-Fei Li, creator of ImageNet

Indeed, Li wasn’t far from the truth when she stated this considering the omnipresence of AI in today’s world. This tech includes machines, like computer systems, that are trained to think and act like humans. This simulation of human intelligence would be impossible without data.

The system takes up a big batch of data and then analyzes it for patterns and connections. In the future, this trained system could make predictions on the basis of the data it was given. 

Algorithms instruct the systems to transform the received data into useful information or complete tasks. AI is capable of analyzing big batches of data that can bring benefits to business owners. AI is better at repetitive processes and analysis of big data than humans.

Thanks to AI, a business can create systems for automation processes, analyze the behavior of customers and users, enhance product and service quality, etc.

A good example of AI’s efficiency in analyzing big batches of data is ResearchHut’s Health Care AI solution. 

Using the combined power of Microsoft Azure AI and ChatGPT, their software is transforming the healthcare industry. It collects data from patients and performs repetitive tasks.

Healthcare providers can use this data to improve the decision-making processes and provide better overall care for patients.

What Are the Potential Benefits of Introducing AI in Your Business?

AI has a lot of advantages to offer for businesses. Here are five major ones:

1. Makes repetitive tasks automatic 

    AI saves time, especially the one wasted on repetitive tasks such as administration, recording sales, reports for expenses, making invoices, preparing payments, etc. It also assists in managing inventories and analyzing previous history to make future predictions. Automation in businesses like healthcare, manufacturing, etc. helps doctors or manufacturers to be more focused on the tasks that are vital for prosperity. Human error will also drop when the repetitive tasks become automated. 

    2. Boosts customers’ engagement 

    AI chatbots ease the working process. Software is trained to answer customer questions about specific products, provide information about services or products, and even tackle customer issues. These chatbots can be integrated into websites and social media platforms. They also ensure a personalized experience for customers by providing accurate and friendly responses to users via natural language processing. 64% of respondents in one survey reported being appreciative of the 24-hour responsiveness of chatbots.

    3. Enhances customer experience & reduces loss in sales

    Chatbots and AI tools can do so much more than answer questions about products and services. Some AI tools adapt and learn from the customer behavior and improve the customer’s experience. Research Hut’s Stock View is a successful story of how AI helps lower loss in sales and enhances the customer experience via automatic detection of products that are out of stock on shelves. This software uses computer vision tech and automatically detects missing products that must be refilled. 

    4. Analyzes customer data 

    AI tools are great at analyzing customer data and helping a business gain advantage. The analysis is done quickly and efficiently. For example, AI tools are used by businesses to make predictions or to have a better grasp of user attitudes. In return, managers can design more effective marketing campaigns and follow up on the engagement on social media platforms.

    5. Improves marketing efforts 

    The AI tools designed to promote marketing are great for social media management, the creation of content, etc. Text generation tools like ChatGPT help content creators maximize the quality of copy for social media, websites, and scripts. AI can improve the outcome of marketing campaigns by optimizing the content for keywords or finding the most-searched terms that can be implemented in the content and attract the right audience. 

    What Are the Downsides of AI for Business?

    Despite the evident benefits of AI tools for businesses, AI isn’t perfect. Here are some potential challenges every business should take into account:

    • Insufficient transparency 

    Not all AI tools are easy to grasp. Low transparency may prevent businesses from trusting AI, especially in industries like healthcare or finance.

    • No accountability 

    Who’s to blame when an AI causes harm or a loss? Could we know for sure? Determining the responsible ones for AI’s actions remains a challenge.

    • Security issues 

    AI systems aren’t immune to hacking and cyberattacks. This could compromise vital business data and lead to losses and other negative consequences. 

    • It’s costly 

    Implementing quality business AI solutions may require major investments, particularly for small and medium-sized companies.

    Final Thoughts

    According to Statista, the size of the AI market will reach US$241.80bn in 2023. And, this number is expected to grow annually by 17.30% leading to US$738.80bn in profit by 2030. 

    Considering the growth aspect of AI and the benefits it brings when harnessed properly, hopping on the AI trend is more than understandable! 

    AI in enterprises could lead to positive growth and higher efficiency. If you’re considering implementing a business AI solution, it’s important to take into account the challenges associated with its adaptation in your niche.

    Not certain if heading in the direction of AI is the right choice for your business?-Consult our experts at ArtHaus to find out more. We provide IT solutions to businesses for a significant advantage over competitors within budget.