Artificial Intelligence (AI) is a rapidly advancing technology that has the potential to revolutionize the way we do business and the way we live our lives. However, some of the ways in which the landscape of our society will change are hard to calculate.
We will be looking at how the technology could impact your business over the next few years and how you could use the technology to assist you. For example, you could increase your business output, gain an edge over competitors or reduce your overheads.
Some Western businesses, having researched the underlying issues that cause inflation, have floated the idea that AI could help mitigate these additional costs. But, of course, establishing precisely what causes inflation is problematic.
However, it shows how highly rated this technology is becoming and how it is being touted as an effective hedge against such a huge economic issue.
Today, we will look at the various types of AI applications available to businesses and how you can use them to create a more efficient organization.
Customer service improvements
The use of an automated bot for customer service has gained momentum over the last few years. Chatbots have been around for over a decade but it has always been pretty apparent that they are bots. However, this technology has accelerated in sophistication in the past couple of years.
As this decade rolls on, chatbots are predicted to escalate in reliability and accessibility. As billions of dollars of investment begin to roll into this fascinating sector, chatbots can replicate human customer service and assist customers without a human having to oversee the interaction.
Increased productivity and cost savings
AI tools can help you increase productivity and become more efficient in the long run. Technological advances have rendered many industries more profitable and efficient. One of the key criticisms is that it replaces a human workforce. Causing human unemployment results in other societal problems.
From a purely business perspective, increasing productivity and overheads can be the springboard to expanding and creating even more jobs, so it is a delicate balancing act.
AI-powered productivity tools can delegate basic tasks, allowing employees to focus on more critical and creative tasks. One of the most prominent examples is retail banking, where the technology has been used efficiently for the last half a decade.
Call centers have automated systems where people can pay bills, order debit cards and set up regular payments using automated tools. This frees call center staff to deal with more complex queries quickly and efficiently.
Customers using AI tools
This technology is still in primitive stages and it is hard to pinpoint precisely how it will shape the next few decades. However, with companies such as Tesla successfully test-driving new cars that are fully automated, you could be looking at a world where your employees are using AI tools to make themselves more efficient.
At the moment, it seems like an issue you don’t need to worry about. However, with the technology becoming more accessible and visible in investment circles, causing people to educate themselves on the subject, AI will continue to be a hot topic of conversation.
It could threaten your business model
One of the key things a business owner needs in their arsenal is the ability to move with the times and think ahead. Using AI tools to help your business is an excellent start but the situation could become more complicated if this technology threatens your business.
For example, content creators and writers are concerned that sophisticated AI software will replace their jobs within the next few years, even though it is impossible for AI to convey the same feeling and emotion in an article written by an actual human – like me!
Still, with companies such as BuzzFeed announcing that they are using AI to write articles, the markets also seem to react favorably to the news.
It could create an opportunity
This is the final and most crucial point. Adapting and moving with technology is the key to any successful business. It doesn’t matter what sector you’re in. It could be retail, technology, customer service, hospitality or healthcare – to be successful, you need to see where technology is heading and how to use it to help you.
Instead of talking down about the technology and how it could cause a problem, focus on the multiple positives so that you can understand AI technology, where it’s heading and how your business can use it to maintain profitability and longevity.