Artificial intelligence in businessis now reshaping how companies operate – from marketing to human resources departments. It improves data analytics, automates tasks, and makes smarter and quicker decisions. Even ordinary people have heard about ChatGPT, a viable example of generative AI, natural language processing AI, and deep learning. Data from Accenture states that 40% of all working hours could be affected by large language models such as ChatGPT.
However, AI is also becoming a reason for job loss in humans. So, you can use it to reduce repetitive work, maximize human potential, and drive effectiveness by assisting workers and businesses across industries to work more strategically.
Some ways AI is used in business
Artificial intelligence in business has several use cases and benefits across industries and focus areas. Research from McKinsey states that 50% to 60% of industries have started using AI resources. Some high-level applications of AI, as used in business, are given below:
- Improved information analytics
AI and machine learning (ML) tools can process and analyze huge amounts of information at the fastest speeds and scale – extending to dimensions far beyond human aptitudes. Human analysts can get limited by many factors and miss several important reactions immediately, but AI can detect behaviors, trends, and patterns in a far better manner. AI’s improved speed and work scale create more effective future outcomes centered on historical data.
Some examples where AI can work far better than human analysts are detecting worker presence trends, predicting revenues, forecasting customer blends, and identifying fraud behaviors and patterns.
- Enrichment of the decision-making process
One of the uses of artificial intelligence in businessis to assist in making critical trade decisions. Business decisions are more likely to be effective based on analyzed data, and the enhanced insights from AI tools can support important decision-making. AI can help identify new business chances, define operational ways to personalize contributions and outreach by analyzing customer data and prepare the business for possible challenges.
For example, airlines frequently use predictive AI analytics to fix their ticket prices. They utilize it to understand client behavior and analyze demand patterns, competitions, and other needed aspects in real time, which helps them make informed ticket pricing decisions.
Signing off
The cases mentioned above are small examples of the reach and extent of AI capabilities, and their use in businesses. While artificial intelligence in business can offer significant benefits, and speed up the operation processes significantly; human expertise and intelligence is still required in every step. AI is ultimately a computer program, and it cannot ensure the accuracy and credibility of the human brain in vital business processes. People can now get images by simple prompts or even create fake videos of well-known persons; however, these powers can wreak havoc in businesses if used maliciously.
Even though you are using artificial intelligence in business, keeping an informed, analytical, and empathic human presence for every vital business process handling would be better.
