How is AI used in businesses?

Does it really have an impact on the way companies operate?

Artificial intelligence, a concept that emerged in the late 1950s, has since then revolutionised the way individuals and businesses function. From the early days of ELIZA, the first chatterbot developed by Joseph Weizenbaum in 1966, to the recent advancements of OpenAI by DALL-E in 2021, AI has come a long way. It’s projected that by 2035, AI technologies could boost productivity by 40% and create an additional $14 trillion in economic value.

So, with this potential, how exactly is AI being used in business today? Let’s explore some of the ways AI is being utilised and the benefits it brings.

Ways AI Is Used In Businesses

Below are a few ways AI is being used in businesses today:

1. Automation and Streamlining Processes

One of the most significant impacts AI has had on businesses is its ability to automate and streamline processes.

This means that tasks that humans traditionally perform can now be completed by AI-powered systems. With the decrease in human error, businesses can improve their efficiency and productivity, saving both time and money.

For example, UiPath (a leading Robotic Process Automation platform) uses AI robots to automate repetitive tasks such as data entry or document understanding. 

2. Personalisation & Customer Service

With the vast amount of data available, AI can analyse customer behaviour and preferences to provide personalised recommendations and experiences. This includes chatbots for customer service, targeted marketing campaigns, and recommendation engines for e-commerce platforms.

For instance, Netflix uses AI algorithms to suggest movies and shows based on a user’s viewing history, personalising their streaming experience.

3. Decision Making and Predictive Analytics

One of the biggest and probably hardest challenges businesses face is making informed decisions. The wrong decision can be costly and detrimental to a business’s success.

In order to make informed decisions, business owners and managers need to rely on data and insights. This is where AI comes in, with its ability to analyse, integrate, visualise, and recommend insights from large amounts of data.

One popular AI-powered business intelligence tool is Qlik Sense. This tool is an excellent example of how AI can empower business owners and managers. It enables data-driven decision-making by offering predictive analytics, real-time data visualisation, and strategic insights.

4. Fraud Detection and Cybersecurity

With the increase in online transactions and digital banking, there is a higher risk of fraudulent activities.

According to ITWeb, Surfshark’s report shows that approximately 800,000 individuals worldwide fell victim to cybercrime in 2022. In South Africa, 56 out of every one million internet users were affected, totalling around 2,000 victims.

Artificial intelligence can help businesses protect themselves and their customers by detecting and preventing fraud in real time. AI algorithms can analyse patterns and anomalies to identify potential threats and take preventive measures.

This is especially important for financial institutions, as they handle sensitive customer information and transactions. With the use of AI-powered cybersecurity tools like Darktrace, businesses can stay one step ahead of cybercriminals.

5. Inventory Management

For businesses that deal with physical products, inventory management is crucial to their success. It involves balancing supply and demand, keeping track of stock levels, and avoiding overstocking or stockouts.

AI-powered inventory management systems can use predictive analytics to forecast demand, optimise ordering and delivery processes, and reduce the risk of human errors.

This results in better inventory control, reduced costs, improved customer satisfaction, and increased sales.

The Benefits Of AI In Business

The use of AI technology in business offers numerous benefits, including:

• Increased efficiency and productivity: With the automation of repetitive tasks and decision-making processes, employees can focus on higher-value work.
• Improved accuracy and reduced errors: AI algorithms are less prone to human error, leading to more accurate results.
• Cost savings: By streamlining processes, reducing errors, and optimising operations, businesses can save money and resources.
• Better customer experiences: With personalised recommendations and efficient customer service using chatbots, businesses can enhance their customers’ experience.

As you can see, in just a few ways, AI used in business settings can have a positive impact on overall operations. From cybersecurity to inventory management, various industries apply AI to improve their operations and move toward greater success.

With the benefits accompanied by AI technology, businesses should embrace and leverage it to stay competitive in today’s ever-evolving digital landscape. Although there are challenges presented with AI, there are also opportunities for growth and development. 

How To Implement AI In Your Business

Implementing AI in your business requires careful planning and consideration. Depending on the type of business and its goals, the implementation process may vary. 

However, here are some general steps to follow when incorporating AI into your business:

1. Identify the areas that will benefit from AI: Assess your current processes and determine which areas can be automated or improved with AI technology.
2. Define your objectives: Set clear goals for implementing AI in your business, such as reducing costs, improving customer experiences, or increasing efficiency.
3. Choose the right AI tools: Research and select the most suitable AI technologies based on your objectives and budget.

It is best to consult with professionals who specialise in AI-driven software to ensure that the selected tools align with your business goals and needs.

At B2IT, we can help your business with process automation and active intelligence solutions tailored to your specific needs. We offer Business Intelligence, Robotic Process Automation, Business Process Management and  Data Integration solutions to help you make smarter, data-driven decisions and improve your business outcomes.

Contact us today and experience how AI can be used in your business!