Entrepreneur Advice & Business Tips | TAB

Ay Yi Yi: The Fascinating World of AI

Written by The Alternative Board | Jul 12, 2023 4:35:10 PM

Artificial intelligence. What once felt wildly futuristic has suddenly become mainstream and is growing more ubiquitous by the minute. You are likely already interacting with AI, even if you are not completely aware of it. When your text message autocorrects itself or when you apply facial recognition to log into applications on your smartphone. When you enhance that selfie with a little photo editing before you post it to social media. When your music streaming service recommends a new song it thinks you might like. When you interact with a chatbot for customer service assistance. All these technologies are based in AI and are pretty impressive, although they pale in comparison to the developments that are emerging and will continue to do so far into the future. AI is poised to change the way we live our lives – and run our businesses – forever.

AI is a booming industry. Just last year, the global AI market was valued at $136.6 billion. In 2023, that number has grown to an estimated $500 billion. By 2030, we are looking at nearly $2 trillion.

The following are some of the ways AI is being applied by business owners today.

Automation for More Efficiency

Mundane tasks like data entry and inventory management are being automated with AI technologies. Time and money are no longer wasted on countless hours doing repetitive tasks, leaving your team to focus on higher-yield activities. There are numerous AI applications that are designed for increased productivity and improved efficiency in your business.

Click here to watch our free, on-demand webinar “A Deep Dive Into AI and Automation for Your Business.”

Improved Customer Experience

AI-powered chatbots have been around for a while now, but the technology is constantly improving. Imagine as a business owner even ten years ago being able to provide 24-hour customer support. These chatbots use natural language processing and machine learning to interact with your customers where they prefer to interact - online. Chatbots also take the onus off your customer service team, allowing for faster or even non-existent hold times.

Personalized Marketing

Business owners can leverage AI to identify customer preferences, segment their audience, and write targeted messaging. AI-powered systems are able to tailor campaigns and create personalized and unique experiences in reaction to customer preferences, behaviors, and actions. It simply makes for better engagement.

Data Analysis and Insights

AI algorithms allow business owners to make data-driven decisions by detecting patterns within massive datasets, then generating actionable insights from that information. The advantage here is incredibly substantial. Beyond just the time-saving aspects, AI data analysis can detect trends that may be challenging for humans to recognize. AI-generated data analysis can provide your business with better operations, a faster sales cycle, and so many other functional enhancements.

Predictive Analytics

Business owners can use AI to analyze historical customer data and predict future behavior and preferences. They can also leverage machine learning applications to assess market trends and forecast future outcomes, moments or even years into the future, with exceptional accuracy. Businesses can implement predictive analytics for a wide spectrum of uses, from sales forecasting and customer churn predictions to risk assessments and quality control.

Fraud Detection

Fraud and malfeasance cost U.S. businesses billions of dollars every year. Fraud can be particularly tough to detect as the perpetrator is doing everything they can to stay under the radar. AI-powered algorithms can identify and flag potential fraud by detecting even slight anomalies in user patterns that could indicate misconduct or illegal behavior. From online transactions to accounting manipulations, AI can help protect your business from criminal activity - and in real time.

We have touched on just a few ways AI is impacting modern businesses. As the technology continues to burgeon, it is time for business owners to start embracing AI and all the opportunities it will afford them.