Although AI technology has been around for some time, it’s still being developed and its uses are fairly limited. A lot of companies around the world have rushed to adopt this technology as soon as possible.
The main reason is that AI technology has a lot of potential to revolutionize business operations. That being said, humanity is still far away from creating true artificial intelligence that can think on its own. What we’ve created so far has helped out immensely throughout various industries.
That’s why everyone is looking forward to future AI developments and how they’ll affect our everyday operations and tasks. From a business point of view, AI technology can assist companies in more ways than one.
Even though AI technology is still in its early development stages, there are various business operations that can be greatly improved with the help of AI technology. This can make a significant difference, especially when operating in a highly competitive environment, such as the online market today.
Potential AI implementations are not vast yet but there are business operations that can really benefit from the help of AI technology. With that in mind, here are a few opportunities for AI implementation.
Many businesses have decided to utilize AI technology to improve their customer service and support. That’s why so many companies have developed AI-powered chatbots. Chatbots are computer programs that exist in messaging apps and similar features.
They utilize AI’s machine learning, deep learning, and natural language recognition to mimic human behavior. They can pull data about consumers and create unique offers that they will recommend to potential or existing customers.
Chatbot’s ability to interact with consumers efficiently is not their only advantage. As a matter of fact, chatbots can have simultaneous conversations with multiple customers at once. Moreover, they operate 24/7 and have no need for sick days or vacation time.
This allows companies to reduce the number of human operators and thus reduce the number of potential human errors. In addition, this also helps companies reduce both overhead and operating costs.
What’s great about AI-powered chatbots is that they can be developed in-house and in accordance with the company’s needs. If you don’t have the resources or the know-how to do so, there are plenty of third-party solutions you can utilize for your business.
When automation technology was first introduced it became invaluable to various businesses. Automation’s ability to take care of repetitive and mundane tasks was a great benefit to companies because human interaction was no longer needed.
Employees who were tasked with these repetitive tasks could now focus their attention elsewhere. Nowadays, automation is powered by robotics and AI and its capabilities are far greater. Companies can now automate entire workflows and orchestrate multiple workflows to significantly improve production speed, performance, and accuracy.
The best example of AI-powered automation can be seen in manufacturing plants where automated robotics do most of the work and having manufacturing software, while human interaction is minimal and usually revolves around maintenance and observation of systems. However, such orchestration can also be scaled down to suit the needs of modern businesses.
With AI and automation, companies today can produce more quality products at higher rates and drastically reduce their time to market. Email automation or automating social media posts will look quite insignificant in comparison to automated workflows and business operations.
Big data analysis
Every company today, regardless of its size, is after big data. Sets of data that are generated by online activities are simply too large for humans alone to gather and analyze. That’s where AI comes into play. Numerous companies, both large and small, have already employed some big data analysis tools that are powered by AI.
The key is to not just gather large quantities of data but also extract useful and insightful information from it. Companies use this information to predict upcoming trends, examine consumer behavior, track competitors, and so on.
This information allows them to make more strategic and more informed decisions when it comes to future business operations and developments. AI can make big data analysis seem simple and seamless. As you may already know, the online market is highly competitive and oversaturated.
Using relevant information to stand out and gain a competitive advantage is now more important than ever. That’s why one of the very first implementations of AI technology was to gather and analyze big data.
AI in digital marketing
As mentioned before, many companies use AI to extract valuable information from big data so that they can use that information to make better business decisions. It’s only natural that companies would want to use that information to improve their digital marketing efforts.
This led to the emergence of AI-powered solutions designed to help businesses with their marketing strategies and campaigns. AI is designed to predict viable outcomes based on relevant variables it gathers from the data we provide it with.
That said, AI marketing solutions are able to track analytics, metrics, and other KPIs to produce the best course of action businesses can take so that they can have the best results. This greatly helps in optimizing marketing efforts. Businesses no longer have to overspend on marketing until they’re able to produce desired results.
AI will do all the testing for them and recommend the best approach. Moreover, AI is able to transform customer experience due to its ability to learn and adapt. That’s why many businesses use AI in CRM (Customer Relationship Management) solutions. The information AI can gather and process about consumers can significantly improve strategies companies use to generate leads and nurture them until they’re ready to convert.
AI across other industries
As far as opportunities for AI implementation go, this technology managed to find its way into various other industries, aside from the business world. It has been proven that AI can become a significant benefit when its potential is properly utilized to the fullest.
As AI technology continues to be implemented, industries are undergoing a disruptive transformation. Healthcare is one of the industries that have been utilizing AI to the fullest and AI is considered to be the single greatest disruptor in the healthcare industry.
AI-powered software is capable of assisting in surgeries, administration of anesthesia, as well as patient diagnosis and recovery. Moreover, AI is more efficient at processing data that involves analyzing medical history, DNA analysis, and analyzing patient conditions. Other industries are also making progress in the implementation of AI technology. Here are a few examples.
- Education industry – AI has been very helpful in minimizing administrative tasks, development of student learning metrics, and development of personalized learning material.
- Legal and justice system -AI is currently assisting legal firms with task automation and predictive analysis.
- Manufacturing industry – AI-powered automation is being utilized across the manufacturing industry ranging from production to logistics.
Artificial intelligence has a great potential to reshape business operations as we know it. The fact of the matter is that AI development isn’t as simple as people may think, which is why there’s slow but, nonetheless, constant progress in the AI field. Potential AI implications are quite adequate so far but each year there are more and more opportunities for AI to step in and make things better. Time will tell just how far this technology will go.
AI technology is becoming widely popular. Here you’ll discover some of the best opportunities for AI implementation for businesses and various other industries.
Travis Dillard is a business consultant and an organizational psychologist based in Arlington, Texas. Passionate about marketing, social networks, and business in general. In his spare time, he writes a lot about new business strategies and digital marketing for Finddigitalagency.