Artificial intelligence: its impacts on the industry
January 17, 2023
Artificial intelligence (AI) is increasingly driving technological and business progress. It is widely used in a variety of industries, and AI can be found in almost every aspect of creativity. Large amounts of data and increased computing power facilitate the development of AI.
According to statistics, small businesses in the United States generate more than half of all jobs and account for more than 40% of GDP.
As a result, as artificial intelligence grows in popularity, developers create new solutions for businesses. This technology is popular, and there are several applications for AI in business. In this article, we’ll look at how artificial intelligence is changing the industry.
The Advantages of Artificial Intelligence in Business
- The impact of AI on your business is enormous because it aids in the resolution of a wide range of tasks:
- automate and optimise routine processes to save time and money while improving operational efficiencies
- Make business decisions using cognitive technologies.
- ‘Human error’ should be avoided.
- forecast customer preferences and expand your customer base generate high-quality leads
- increase revenue by providing knowledgeable advice and assistance
Use Artificial Intelligence to Collect and Analyze Data
Qualtrics conducted a survey in which 250 marketing executives participated. It discovered that 96% of respondents expect AI to handle routine research tasks such as data cleansing within the next five years. Furthermore, 63% believe that AI will eventually replace statistical analysis. Professor Richard Susskind, the author of “Online Courts and the Future of Justice” and the Lord Chief Justice of England and Wales’ technology adviser, emphasised that the opportunities and how AI affects business are limitless.
Hire Employees Using AI
Let’s take a look at how artificial intelligence is affecting business in this sector and how it can help personnel officers. AI can aid in recruiting by analysing data from various sources to identify candidates with the best qualities. It can use feedback from employees to determine their level of job satisfaction and even identify employees who are most likely to leave the company.
AI can help your backend organisation become more efficient.
The impact of AI on business and its potential to replace humans is a frequently debated topic. However, in most cases, AI is viewed as a technology that only performs certain tasks, primarily on the backend — for example, basic logistics operations such as accounting, planning, and so on. As a result, artificial intelligence is used to improve the efficiency of human resources.
Use AI to Enhance Service
Customers can interact with modern businesses in a variety of ways. With the rapid development of online communication channels, it is time to develop new methods for quickly resolving customer problems. According to Gartner, by 2020, a quarter of customer service operations will use a custom virtual assistant (VCA) or chatbot.
Construct an AI-powered Marketing Platform
According to one study, 93% of marketers see artificial intelligence as one of the most promising opportunities for marketing development. AI is fundamentally altering market technologies for both small businesses and corporations.
Placing advertisements online allows small businesses to reach a larger audience. And its current and future effects are transforming society. Companies can use Facebook and Google advertising platforms to find specific consumers, collect and analyse consumer data, and so on, without needing a marketing army.