The benefits offered by Artificial Intelligence are seemingly endless, and the opportunities are only increasing in number as the technology improves over time. Businesses across the globe are already adopting AI into their suite of digital workplace tools. The Harvard Business Review investigated the extent to which the technology has already infiltrated the business world, and its findings were hardly surprising.
The Harvard Business Review studied 132 business projects and identified the three most common ways in which Artificial Intelligence has been implemented into modern businesses. The use of AI to automate pre-existing processes was revealed to be the most common use of the technology. The software has become increasingly advanced over the years, with the most modern variety using ‘robots’ (sequences of coding) to filter and sort information as a human would. So, how has AI already streamlined business processes?
- Data can be transferred from emails, call centre systems with ease. Your contacts’ information logs will be automatically updated; your team will no longer have to complete the laborious task manually.
- AI can ‘read’ important legal and contractual documents and extract the most important pieces of information using natural language.
One common misconception about the use of AI in business is that it’ll put people out of work. According to the study, this is not the case. The Harvard Business Review found the opposite; AI didn’t displace any administrative staff in any of the studied businesses. This was neither the primary objective in implementing the technology, nor was it the outcome.
The Harvard Business Review found that using AI to study large quantities of data was the second most popular use of the software. Artificial Intelligence has been known to provide what has been colloquially referred to as ‘analytics on steroids.’ That is, huge quantities of data and information are grouped and analysed, providing insights into your data that would previously have been unimaginable. But how can AI help your business?
- AI can predict what a customer is likely to buy, and make relevant recommendations. Your business will be able to provide personalised support for each (prospective) customer on an individual basis.
- Digital advertisements can be personalised and targeted to individual audiences in mere moments and with great ease. AI helps you to reach your target audience.
Analysis conducted by AI differs from human analytics in three ways. Firstly, the insights produced are more detailed and nuanced than the conclusions that could be drawn by a human analyst. The software is self-improving and erudite. Previously, the process had been cumbersome and time-consuming, but now analysis can be conducted in a fraction of a second.
Customer and Employee Engagement
The use of Artificial Intelligence to communicate both internally and externally was the least common use of the technology in surveyed businesses at the time of the Harvard Business Review’s study. This branch of AI in business refers to the use of natural language processing chatbots and intelligent machines, amongst other pieces of software. Let’s have a look at what this category of AI includes:
- Intelligent agents that offer 24/7 support for your customers. When communicating externally with customers, the agent may address a broad range of issues and queries, ranging from password concerns to technical support questions. With employees, the agent may answer questions on topics such as IT, employee benefits and your company’s HR policy.
- AI may recommend products and services to your existing customers based on their previous purchases, wish list or prior engagement.
The Harvard Business Review found that of the businesses that used AI to communicate with its contacts, the majority of communications occurred between the company’s employees and the software. That said, chatbots have proven to be particularly popular over the last year, with countless businesses integrating their own outward-facing bot onto their site.
Things to Consider Before Implementing AI
Before attempting to implement Artificial Intelligence into your business, it’s important to understand the where, and the ways in which the software would be most beneficial to your business. Research what your options are, and what the possibilities and limitations of the software is.
If you’re interested in implementing AI into your business, you’ll benefit from our Jumpstart Review. We offer a free 30-minute consultation to discuss your AI ideas and priorities. We'll help you to implement Artificial Intelligence easily and seamlessly... Let us make your life easier with the latest technology.