AI or artificial intelligence has become the brain of the corporate sector. That doesn’t mean that AI’s impact isn’t felt in other fields like communication, education, and households, but, AI within the business realm is vitally fundamental. According to market.us, Artificial Intelligence market size is estimated to reach USD 2745 billion in 2032 growing at a CAGR of 36.8%.
Unlike decades ago when business operations largely depended on human intelligence, surveys, and personal instincts, AI is currently at the center of business globally. Almost every business today considers AI among the leading technologies that are revolutionizing the business sector. With AI, businesses are empowered and positioned for growth.
This article explores what Artificial Intelligence is and its role in business growth. Let’s take a look at the subject matter!
What is Artificial intelligence (AI)?
It refers to a machine’s ability to perform tasks or operate like humans. AI is a fascinating technology and it’s among the emerging technologies that are transforming every aspect of business operations. When some people think of AI, it’s Chatbots, self-driving cars, and voice search capabilities that come into their minds. But AI is more than that and extends to machine learning, deep learning, neural nets, robotics, and natural language processing.
These make AI perform like humans and in some cases, more than humans. AI-powered systems are used for many purposes as we shall see in a little while. The latest insights reveal that AI adoption has stabilized and it’s creating diverse talent opportunities worldwide. If you’re a business owner, you may wonder whether AI has anything to offer, but there is more.
Artificial intelligence can boost business value in many ways like these;
Overall Efficiency
Adopting AI in business operations is like venturing into new heights. It not only transforms business operations but also enhances work experiences. AI use in business comes with automation. This is the process of using machines in place of humans. Automation in a workplace or factory doesn’t mean that humans aren’t necessary, but it cuts the reliance on them. With automation, human input is minimized which improves efficiency.
Currently, the most advanced level of automation is intelligent automation. This involves the use of AI and machine learning capabilities to streamline tasks, reduce costs and improve business value. It also involves robotic process management and AI business process management.
AI automation in businesses aims at automating repetitive tasks and minimizing time wastage by using technologies among others. Here we find many activities like workflow automation, process mapping, document processing, and management. These improve efficiency, profitability, and business growth.
Data Access & Usage
AI-powered systems are advantageous in many ways and apart from automation, they are incredible for data access and utilization. Through AI automation, businesses can access data, analyze it and obtain valuable insights. With the help of data, business managers analyze current customer behavior, predict future trends, and make informed decisions.
AI analytics are highly essential in finding new patterns with company products and services that when not discovered, can hamper revenue and growth. Additionally, they help business managers build relationships in data that are essential in meeting customer needs and wants.
Generally, adopting AI also caters to enhanced decision-making whereby decisions are based on realistic events rather than bias and human instincts. It also minimizes human errors which may affect business decisions.
The use of AI on the other hand also helps businesses understand which products are profitable and which services have a huge market. When entering a new market, data is essential and it’s only possible with quality and large amounts of data.
Marketing Effectiveness
AI within the marketing field is leveraged in many ways. First and foremost AI gives a chance to marketers to automate their marketing efforts. When it comes to content creation, AI tools like ChatGPT and Jasper are used alongside copywriting tips to create more powerful copies that can convert. All that marketers have to do is give commands to tools to generate content and then give it a human touch at the end.
Additionally, AI allows marketers to run effective campaigns. Generally, marketers rely on data to attain actionable insights. For example, when running PPC campaigns, marketers can understand which keywords will fetch quality leads or convert website visitors into buyers. They then bid on more performing keywords and this optimizes their marketing efforts.
Besides that, AI paves the way for hyper-personalization. Modern customers expect their brands to understand their needs. But how can that happen without data? AI allows marketers to understand customer behaviors and purchasing power. Moreso, it caters to predictive analytics where marketers understand future trends and plan customer needs accordingly.
All in all, AI helps marketers run data-driven campaigns and this reduces marketing spend while optimizing campaign performance and business revenue.
Talent Retention
AI is known to improve customer relationships, but do you know that it can improve hiring processes and talent retention? For a long time, we’ve known AI to be a great option when it comes to collecting and centralizing customer data, but this also works in the employee aspect too.
AI-powered hiring processes can save companies money and time by identifying the best competent job seekers. AI in recruitment caters to streamlining of hiring process, creating better job postings, and resume screening. HR professionals can also rely on chatbots that engage with applicants to collect information and also offer a more enhanced hiring process.
Within an organization, AI systems help employers identify high-performing employees and reward them accordingly. Moreso, they help in the creation of more meaningful employee benefit programs and the identification of development gaps.
In this way, the organization can introduce powerful employee benefit plans that can improve employee engagement and retention. Also, they can introduce employee development programs for example mentorship and training programs to ensure employee relevancy.
Seamless Customer Service
Within the niche of customer service, AI can help organizations save money while improving customer service quality. Gone are the days when customers had to reach customer service centers to attain help in the case of product malfunctions. Currently, customers only have to sit in their homes and receive the help they need.
Generally through website service portals, chatbots, and virtual assistants, customers receive immediate assistance. AI-powered chatbots interact with humans by answering queries and providing suggestions for their problems. AI-powered chatbots are reliable since they engage with customers and provide solutions depending on past experiences or interactions.
Besides that, they help businesses identify quality leads or improve customer service. Via the data analyzed, businesses can understand where customers find difficulty while using company products or accessing services.
On the other hand, AI systems help organizations cut workforce which improves efficiency and profitability. Chatbots provide customer service 24/7 and provide automated responses which eliminates the need for a huge workforce.
Future Proofing
It is no longer reliable for businesses to focus solely on revenue generation, resource optimization, and risk elimination. Businesses need to think about sustainability, scalability, and growth in the initial phases. With AI in place, businesses can eliminate ambiguity, cater to efficiency, and maximize ROI.
Also, they identify ways to sustain business growth through relevant data. With the help of AI, businesses also identify room for innovation which helps the business advance and compete at a global level. In the same way, it offers a business a competitive edge. Organizations that fail to realize the importance of technology are bound to stagnate.
That’s because through AI and technology adoption comes benefits like streamlining tasks, increased productivity, and cost reduction, especially in production. AI in business also helps to identify future opportunities that can allow market penetration. You can identify opportunities and grab them before others realize them and this keeps a business afloat.
Bottom Line
Every business is created to utilize resources, optimize opportunities, and increase its value. However, many business owners find it difficult to grow their businesses due to the challenges involved. From the ever-growing competition, product saturation, diverse customer needs, and compliance responsibilities, business owners deal with a lot. However, it has been found that technologies like AI can offer a competitive advantage. Where necessary, adopt AI to help you streamline business processes, attain actionable data and create business value.
