10 Ways Artificial Intelligence Helps Business: Uses & Examples

Now they’re using next-generation intelligence such as generative AI to handle cognitive tasks such as summarizing reports and drafting communications. Here are 15 top applications of artificial intelligence in the enterprise. Business owners expressed concern over technology dependence, with 43% of respondents worrying about becoming too reliant on AI. On top of that, 35% of entrepreneurs are anxious about the technical abilities needed to use AI efficiently.

For example, manufacturers are using AI software and computer vision to monitor workers’ behaviors to ensure they’re following safety protocols. Although the use of AI for such a purpose is widespread, Earley said companies could be more effective. “I think personalization isn’t being done well today, or not at the level it can be,” he said. Artificial intelligence is now capable of creating compositions of all kinds, including visual art, music, poetry and prose, and computer code. Even when tasks can’t be automated, experts said AI can still aid workers by offering advice and guidance that helps them level up their performance. Cole uses an AI image generator to accelerate the graphic design process for her business.

Are there risks to using AI in your business?

Others noted that generative AI brings even more aid to workers, who with little or no experience can use the tool to write software code, design a logo or craft a marketing strategy. Consider the tasks that eat up the most time and whether AI can help streamline them. If you create content, for instance, you know that research sometimes takes longer than the writing itself does. Karasin estimates that he saves 15 to 20 hours per week using ChatGPT to find citations and resources for topics he writes about for clients. However, he stresses the importance of verifying the information for accuracy.

AI can analyze your tracks, identify issues, and apply enhancements to improve sound quality. It can also help you master your tracks, ensuring they sound balanced and professional. With Framer AI, you can easily jumpstart a blog, portfolio, or online store with a simple text prompt.

What Makes a Company Successful at Using AI?

When they arrived, so did an enormous variety of conveniences and new experiences — some that became entire industries — that we never could have imagined. There are many AI tools and platforms tailored for small businesses — more enter the market every day. Conduct ample research, and select programs that align with your business needs and budget.

Accurate sales forecasts enable businesses to calculate the probability of customer purchase, predict short-term and long-term performance, and allocate resources accordingly. By leveraging artificial intelligence in your competitive intelligence efforts, you can effortlessly spy, track, and understand what your competitors are doing and what makes them successful. TripAdvisor applies sentiment analysis to make the most out of the huge amount of data it has. It allows the company to extract viable points regarding customer feedback. They are one of the most promising trends in user interface and customer experience fields. What is interesting about AI is that all these models are scripts or pieces of code humans have been training for years.

However, there are numerous aspects of strategists’ work where AI and advanced analytics tools can already bring enormous value. Yuval Atsmon is a senior partner who leads the new McKinsey Center for Strategy Innovation, which studies ways new technologies can augment the timeless principles of strategy. In this episode of the Inside the Strategy Room podcast, he explains how artificial intelligence is already transforming strategy and what’s on the horizon. For more conversations on the strategy issues that matter, follow the series on your preferred podcast platform. So many businesses take their marketing campaigns to the next level by providing quality blog posts, vigorous social media messages, engaging videos, exciting webinars, etc.

• For example, a self-driving car can problem solve on the spot without a human’s involvement.
• Figuring out how to master multiple tracks (vocals, instruments, etc.) and make them sound amazing together is no short order.
• Light bulbs are going off as entrepreneurs realize opportunities that didn’t previously exist and discover different ways to deploy AI to add value to their industries and communities.

The vacuum now comes with a room-mapping tool to offer precise spot-cleaning. Not only that, but it also features built-in cameras and machine vision to identify furniture. Based on my experience as Head of AI at my company, here are six highly-functional forms of AI. When implemented the right way, they can yield incredible results for your business. Other industries are making similar use of AI-enabled software applications to monitor safety conditions.

By explaining what data you have and what you need to do, AI can help you create the right formula for your needs. This can save you time and effort, especially if you’re not an Excel expert. AI can generate a concise summary highlighting all main points and key details. Instead of spending hours reading articles, you can use AI to generate summaries and save yourself a lot of time. You may not know this, but chatbots are common for customer service with banks.

Half of respondents believe ChatGPT will contribute to improved decision-making (50%) and enable the creation of content in different languages (44%). AI is perceived as an asset for improving decision-making (44%), decreasing response times (53%) and avoiding mistakes (48%). Businesses also expect AI to help them save costs (59%) and streamline job processes (42%).

A notable concern for businesses surrounding AI integration is the potential for providing misinformation to either the business or its customers. The data reveals that 30% of respondents are concerned about AI-generated misinformation, while 24% worry that it may negatively impact customer relationships. Additionally, privacy concerns are prevalent, with 31% of businesses expressing apprehensions about data security and privacy in the age of AI.

Lowes has the LoweBot to help customers find their way around the store. LoweBots in the store ask customers simple questions to discover what they need. The robot provides directions to products and shares knowledge with customers. The in-store AI can find when the customer had last visited the store and track the products bought in the past. Using this data, AI can suggest new suitable products and offer personalized rewards like discounts, loyalty points, etc. The leading companies use competitive intelligence as their business growth strategy and cleverly harvest the benefits of someone else’s successes or failures.

Well-written and intentional content can secure a higher ranking on Google and burn the brand into the memory of potential customers. But if you are not a writer, an empty Google doc and the gymnastics of SEO can be intimidating. AI in strategy is in very nascent stages but could be very consequential for companies and for the profession. It’s conceivable that competitive advantage will increasingly rest in having executives who know how to apply AI well. In some domains, like investment, that is already happening, and the difference in returns can be staggering.

Many credit card companies are relying on AI for helping financial institutions prevent billions of dollars in fraud annually. Artificial Intelligence software can successfully take all of these factors into account when determining optimal prices. The result is increased sales from $1 million to $20 million in only two years. An effective sales forecast software helped JusCollege manage the huge volume of contacts flowing through their sales pipeline. Sales forecasts allow you to see potential problems while you still have time to avoid them.

It is a machine pulling information from the internet using complex algorithms, like an inorganic processing system. It is just another tool that can save small business owners time and money. We also often see confirmation bias, where people focus their analysis on proving the wisdom of what they how can i use ai in my business already want to do, as opposed to looking for a fact-based reality. The future of artificial intelligence in our everyday life includes some challenges that may arise as well as some potential solutions. There are many theories about what might happen as artificial intelligence improves.

AI is a valuable tool for authors seeking to broaden their audience or educators aiming to offer accessible learning resources. Leveraging AI for audiobook creation breathes life into your text, providing a new and captivating way to connect with your audience. Producing an audiobook is long and hard, particularly without professional voice acting experience or sound engineering skills.

Even though AI pulls data from millions of sources, you should still vet that information. Based on your prompt, a website builder like Wix and Hostinger can also apply a theme to your website and include features like live chat, security, and content writing. Strong AI is the most “human-like” version, can do many jobs, and tends to be more complicated. For example, a self-driving car can problem solve on the spot without a human’s involvement. This quick explainer covers the basics and includes a few tips to help your business process become more efficient. The big challenge is finding strategists to contribute to the AI effort.