Artificial Intelligence (AI) is taking the world by storm. According to Statista, the market for AI software worldwide will reach $126 billion by 2025. The number of companies and organizations adopting AI, from the most prominent tech conglomerates to small businesses, are now tasking various aspects of their companies to AI, from customer service content creation to automation of different business functions. If you are reading this, you are probably wondering how AI can help your business. This article will present how people have invested in AI and how it has impacted their businesses, careers, and personal lives, typically for the better.
AI From a Career Perspective
When first introduced, content writers had reason to fear that AI, specifically ChatGPT, would cost them their careers. In an article published on Linkedin by Soha Kapadia, a content writer, poet, podcaster, and storyteller, she outlined how AI benefited her and described its challenges.
AI tools, including ChatGPT and other language models, can provide the following advantages:
- Excellent content generation support with just a few prompts saves time and boosts productivity
- Help with grammar and style
- AI tools can help with language translation and localization
However, AI raises some challenges:
- AI is raising job security concerns
- Content writers may run the risk of compromising authenticityAI has limited capability of citing accurate statistics to support statements
AI presents opportunities and challenges for content writers. By leveraging AI’s ability to generate content, they can combine this emerging technology with their core strengths, such as creativity, storytelling, and personal connection to their audience, to create engaging work that can be produced more quickly.
AI From a Business Perspective
According to a study published by Forbes, there has been over 5,000% increase in data creation and consumption in the last twenty years. With an annual market growth rate of 40% for the next four years (Grand View Research), AI is now an essential tool for businesses. As an example, 84% of C-suite executives believe AI is critical for their business’s growth (Accenture).
How Is AI Used in Business
- Automation: AI can help boost the efficiency and speed of routine processes through automation.
- Data Analytics: AI can help discover customer insights by analyzing larger amounts of data to help businesses make data-driven decisions.
- Improving Service Speed and Consistency: AI applications throughout business operations can help reduce the time goods take to reach the market or speed up service delivery.
Examples of Artificial Intelligence in Business
- Customer Service: Though chatbots have existed for years, AI has optimized their ability to engage site visitors and address more complex concerns.
- Segmenting Audiences: Marketing departments can use AI’s ability to process and utilize data to help target specific audience segments and enhance marketing campaigns.
- Fraud Identification: AI tools can detect suspicious transactions quickly, preventing fraud attempts aimed at sectors such as finance.
- Optimizing Operations: AI tools can help predict material pricing and shipping costs and detect issues within the supply chain, helping operations managers decide on route optimization or formulate data-driven decisions quickly.
AI From a Student’s Perspective
Controversy has surrounded the use of AI among students, particularly in producing entire essays with ChatGPT, raising the question of efficacy and authorship in many works. However, some educators have noted significant constructive use of generative AI:
- Rephrasing complicated topics from textbooks: Highly technical textbooks can now be condensed and summarized to make them more discernible and teachable to more students.
- Generative AI is a more responsive search tool: It can help clarify terms by providing ready answers to more complex queries.
- An Excellent Translation Tool: Though still inferior to human translators, entire articles can now be translated in a way that is readable and more faithful to the text as initially written in a specific language.
AI From an Investor’s Perspective
Aside from its other business applications, AI can overcome many obstacles and challenges foreign investors face when entering a specific market. For instance, companies seeking to break into the U.S. market have concerns with the cost of running their business and, in the case of companies selling directly to Americans, with studying customer behavior, analyzing market trends, and determining where to dedicate resources.
AI helps investing companies address these concerns and overcome these challenges in several ways:
- Big Data Analytics: The availability of massive data has enabled investors to gain insights into critical business data, helping them make data-driven business decisions.
- AI Translation Tools: Hiring language experts won’t hinder investors not used to doing business in English, as AI translators are more advanced than ever.
Embrace AI Now: Whoever You Are
Artificial Intelligence opens up unlimited possibilities for everyone. It should be seen as a tool that will open up more opportunities to boost efficiency. It is also essential to ensure that AI is used appropriately and ethically. After all, the final decisions are still in the hands of humans. Combined with creativity and knowledge, these tools will help humans, whoever they are, make better decisions quickly.
To learn more about how Artificial Intelligence can help your business, call us at (213) 317-7184. At WebPower, our digital marketing experts are always ready to take your call and elevate your business to the next level.