Developments in artificial intelligence — computer systems and machine learning that mimic the problem-solving and decision-making capabilities of human intelligence — will impact a variety of business processes. Organizations use artificial intelligence (AI) to enhance data analysis and decision-making, improve customer experiences, generate content, optimize IT operations, sales, marketing, cybersecurity practices, and more. As AI technologies improve and evolve, new business applications will emerge.
Artificial intelligence is being used as a tool to support the human workforce in optimizing workflows and making business operations more efficient. These benefits can be achieved in many ways, including using AI to automate repetitive tasks, generate information based on machine learning algorithms, quickly process huge data sets to extract meaningful insights, and predict future outcomes based on data analytics. AI systems drive various types of business automation, including enterprise automation and process automation, helping to reduce human errors and freeing up the human workforce for more advanced tasks.
According to McKinsey & Company, the use of artificial intelligence in business operations has doubled since 2017.1 This is primarily because AI technologies can be customized to fit an organization's unique needs: 63% of McKinsey respondents expect to increase investment in AI technologies over the next three years.2 To leverage AI for an effective business strategy, organizations need to have a clear understanding of their business functions, how AI works, and what aspects of their business can be improved through the implementation of AI.
While the use of AI tools to automate repetitive tasks and improve employee productivity remains popular, companies are moving beyond these use cases to use AI to support higher-level strategic initiatives that help drive broader business value.
