Machine learning, which mimics the development of artificial intelligence or computer systems and human intelligence problem-solving and decision-making abilities, affects a variety of business processes. Organizations use Artificial Intelligence (AI) to enhance data analytics and decision-making, improve customer experience, generate content, optimize IT operations, sales, marketing, cybersecurity practices, and more. As AI technology improves and evolves, new business applications will emerge.
Artificial intelligence is used as a tool to support the human workforce to optimize workflows and make business operations more efficient. These benefits can be done in a variety of ways, including using AI to automate repetitive tasks, generating information based on machine learning algorithms, processing huge amounts of data sets quickly, extracting meaningful insights, and predicting future outcomes based on data analysis. AI Systems enhances several types of business automation, such as enterprise automation and process automation, reduces human error and frees up the human workforce for high levels of work.
According to McKinsey & Company, the use of artificial intelligence in business operations has doubled since 2017.1 This is because AI technology can be customized to meet the unique needs of an organization. 63% of McKinsey respondents expect investment in AI technology to increase over the next three years.2 To use AI in an effective business strategy, an organization needs to have a clear understanding of its business functions, how AI works, and which aspects of the business can improve through AI implementation.
While using AI tools to automate repetitive tasks and increase employee productivity remains popular, companies are beyond these use cases to support high-level strategic initiatives using AI to promote broader business value.
