How to use Artificial Intelligence in business in 2023
Artificial intelligence (AI) is a rapidly growing field of technology, that is transforming many aspects of our daily lives. It refers to the creation of intelligent machines that can perform tasks typically requiring human intelligence, such as learning, problem solving, decision making and language processing. In this article we will delve deeper into its applications for business in 2023.
What is AI?
Artificial intelligence is a broad term that refers to any type of computer software that engages in humanlike activities, including learning, planning and problem solving. Machine learning is one of the most common types of AI in development for business purposes today. Machine learning is primarily used to process large amounts of data quickly. These types of AIs are algorithms that appear to learn over time.
For example, if you manage a manufacturing plant, your machinery is likely hooked up to the network. Connected devices feed a constant stream of data about functionality, production and more to a central location. Unfortunately, it’s too much data for a human to ever sift through and even if they could, they would likely miss most of the patterns.
Applications of Artificial Intelligence for businesses in 2023
Rather than serving as a replacement for human intelligence and ingenuity, artificial intelligence is generally seen as a supporting tool, although AI currently has a difficult time completing common sense tasks in the real world.
A study by Harvard Business Review, found that companies using AI for sales can increase their leads by more than 50%, reduce call time by 60-70% and have cost reductions of 40-60%. Uses might include email campaigns, forecasting and lead scoring which can categorise customers on their likelihood to convert based on the history of the client.
Market research, competitor analysis and SEO are all areas where AI can give businesses an edge. From analysing customer feedback at volume, categorising trends from competitor content, image recognition on social media to gain insight into when, where and how products are used to optimising SEO based on competitor tactics, the applications are wide reaching.
AI is already being used extensively in operations across businesses. Machine Learning, a subset of AI, uses image recognition abilities to increase efficiency and productivity across a wide variety of processes, one example of this is inventory management. You can upload image data that can detect faults and categorise stock.
AI systems can recognize a cyberattack, as well as other cyberthreats, by monitoring patterns from data input. Once it detects a threat, it can backtrack through your data to find the source and help to prevent a future threat.
Supply chain optimisation
AI can be used to optimise supply chain operations, from demand forecasting to inventory management and logistics, helping businesses to reduce costs and improve efficiency.
What does AI mean for employees?
AI has the potential to impact on employees in different ways. On one hand, AI can enhance employee productivity, automate repetitive tasks, and provide more accurate insights and recommendations to support decision making. This can result in increased efficiency, reduced workloads and improved job satisfaction. On the other hand, AI may also lead to job displacement or changes in job requirements, as certain tasks become automated. This could create challenges for some employees who may need to adapt their skills and acquire new ones to remain relevant in the workforce.
AI and Machine Learning have revolutionised and will continue to revolutionise businesses for many years to come. From marketing to operations to sales, implementing AI into business environments cuts down on time spent on manual tasks, improves employee productivity, and enhances the overall customer experience.
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