The Impact Of AI On Businesses

Syed Balkhi
Photo byOwen Beard/Unsplash

How businesses operate is changing. And it's all thanks to the rise of artificial intelligence (AI).

AI is the future and is already transforming every industry today.

Whether banking, medical, or tech, AI is everywhere. It's making its presence felt in the business world.

54% of executives around the globe state that incorporating AI in their businesses has increased the overall productivity of the organization.

Starting from how you interact with customers, make decisions, and run your day-to-day operations, AI is transforming it all. And in this blog post, we'll explore specific ways how.

So let's dive in and see how AI is poised to change the business landscape as we know it.

1. Automate repetitive workflows

Managing business operations manually requires a lot of hard work and time. More or less, we all go through the daily hustle of managing the company's operations manually, right?

Well, with AI, all of that has changed now. AI has brought in the concept of automation. This helps you reduce your operational costs and increase your efficiency levels.

For example, HR activities related to recruiting, like sorting out resumes and scheduling interviews, are now being done by AI. So that humans can focus on things like cultural fit, communication, and other important factors during hiring.

In this way, AI helps businesses to carry out mundane tasks in no time, freeing up your time to focus on more important ones.

2. Improve Businesses' Customer Support System

Nowadays, if you visit a website, you'll be welcomed by a virtual assistant.

These virtual assistants are AI-driven and can help you answer any query that you might have about a particular product or service.

These chatbots give off a human-like personality. And are used to answer general queries and provide customers with the right information they need.

This conveniently reduces customer waiting times and improves customer satisfaction.

So this is how AI is making customer support easier and more effective - with human-like chatbots.

3. Better Decision-Making

The key advantage that AI has is that it can 'read' vast quantities of data and process it. And as you know, data is critical for decision-making.

Thanks to AI tools and the application of data science in business, you can mine data, analyze it, and use a predictive model to support better decision-making. For example, did you know that drones fitted with cameras and the information provided by them, together with computer vision technology, can be used to prevent crop diseases and manage farming better?

Similarly, it's possible to use AI tools to make better decisions in your business by finding areas to grow. Let's take a situation; for example, if you want to introduce a new product, you can use AI-driven data analytics to figure out how the customers will respond to this product.

AI can be used to evaluate customer trends, consumer behavior, and more. All these insights help you to gain a better understanding of what's to be done and not done.

And to uncover such insights, you can use AI analytics tools like IBM Watson Discovery or Microsoft Azure.

4. Better Security

AI has certainly revolutionized the way businesses ensure security.

AI-driven technologies like biometrics, facial recognition, and more are now being used as an additional layer of security.

The AI-driven algorithms can detect any unusual activity and alert you in real-time.

Let's say you're running an e-commerce website; then AI can be used to detect and prevent fraud by detecting any suspicious activities.

For instance, if there's a sudden spike in orders or the billing address doesn't match the delivery address, AI will alert you and protect your business from any security threats or malicious activities.

5. Improved Marketing

Now, this is one of the most significant changes brought in by AI.

We already know that AI analyzes various business data points and provides you with insights.

And these insights can be used to create better marketing campaigns. It comes up with marketing campaign ideas, target audiences, and more.

AI-driven technologies like Natural Language Processing (NLP) can be used for natural language understanding and sentiment analysis.

For your info, Natural Language Processing is a form of AI that helps you understand the natural language used by people. For example, if someone sends in a query on your website via chatbot, NLP will help you understand the question and answer it accordingly.

So this is how AI gets into the mind of customers and understands them. And then, depending on such understandings, it provides you with effective marketing campaign ideas.

And you can also create content at scale thanks to AI writing tools. This will help you strategize better without worrying about generating enough content.

Bottom Line

AI is the beginning of a new era. It is changing the way I and you used to work.

And some of the changes that AI has brought are already there above. But know that we have seen and used only the tip of the iceberg.

The possibilities with AI are endless. So it's time to embrace AI and make use of it to get the best out of this technology.

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Syed Balkhi is on a mission to level the playing field for small businesses. 19+ million websites use his software to grow and compete with the big guys. 100+ million people read his blogs every year to grow their website traffic, sales, & conversion

West Palm Beach, FL

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