Artificial Intelligence (AI) is not just a fad. Rather, it is a disruptive force that is changing industries and businesses. If you are still not sure how AI can be used in real life, keep reading to find out more. In this blog, we will discuss how AI systems can help your business become more efficient.
With the release of ChatGPT in 2023, generative AI has skyrocketed in popularity. Currently, the AI market is predicted to reach $67.18 billion by 2024. ChatGPT alone is expected to be worth $1 billion.
These figures show that AI is the direction technology is heading.
These data points to the potential of generative AI, transforming it from a buzzword into a disruptive technology that businesses should leverage.
As AI-powered apps are developed, traditional approaches will become obsolete. In particular, generative AI is expected to take the lead in many areas, including fraud detection, customer service, and creating interesting, personalized content.
Artificial Intelligence (AI) is already making an impact on enterprises. Read this article to learn how AI is impacting business and how organizations are using AI-powered productivity solutions to increase efficiency and gain a competitive advantage.
AI is a powerful weapon that can revolutionize companies of all sizes — it's not just for big tech companies. Here are five real-world applications of AI in business.
Automate routine tasks
Data entry, scheduling, and customer service are examples of mundane tasks that take up a lot of time and resources. AI-powered automation solutions can effectively manage these responsibilities, freeing up staff to focus on more important work.
example: A small e-commerce company used an AI-powered chatbot to handle customer queries, reducing the workload of its customer support agents by half as the chatbot resolved common queries and issues.
advantage: Increased productivity and reduced human error rates lead to more efficient operations and happier staff.
Enhanced decision making
AI can analyze large amounts of data quickly and accurately to derive valuable insights that support business decision-making. For example, predictive analytics can be used to forecast sales performance, consumer behavior, and market trends.
example: A retail company adopted AI to study consumer buying trends and improve inventory management. The ability to predict demand helped them reduce excess inventory and increase sales.
advantage: Data-driven insights enhance decision-making, improving productivity and profitability.
Improved customer experience
Providing personalized customer service is essential to attracting new business, and AI can help companies deliver frictionless online purchasing, personalized recommendations, and around-the-clock customer service.
example: An online clothing retailer used AI to provide customized outfit recommendations based on customer preferences and past purchases, resulting in a 20% increase in conversion rates and improved customer satisfaction.
advantage: This strengthens customer loyalty and engagement, leading to increased sales and positive word of mouth.
Optimize operations
AI can streamline various operational procedures like quality control, logistics, supply chain management, etc. It can help businesses run smoother and more efficiently by predicting possible disruptions and optimally allocating resources.
example: A manufacturing company deployed AI-powered predictive maintenance on its equipment, reducing repair costs by 30% and downtime by predicting equipment failures.
advantage: Improved operational efficiency, reduced expenses and fewer disruptions make your business more resilient.
Driving innovation
AI fosters innovation by providing companies with the opportunity to explore new concepts, products, and markets. AI can accelerate the development of new products, recognize trends in fields, and automate tasks related to research and development.
example: A pharmaceutical company is using AI to accelerate drug discovery by analyzing huge data sets to identify potential drug molecules, reducing research time by 50%.
advantage: New products and services can be brought to market faster, providing companies with a competitive advantage and new revenue streams.
