How can AI be used in my business?

With AI adoption rates getting higher, it is time to ask yourself a very important question, how can AI be used to manage my business and most importantly will it cost a lot to implement? 

While the main objective of putting machines to work is to improve efficiency, improved decision-making and streamlined customer interactions are also key benefits to take note off.

Smoother customer experience

Machines are able to operate far longer hours and with less overhead costs involved. By adopting tools such as chatbots for your business, customers can engage with the brand at any time.

The cost of implementing a basic chatbot might be expensive, which according to Topflight starts from USD 5,000 to USD 15,000 and the advanced one costs USD 100,000. 

However, the ability to process large volumes of current and historical data through the implementation of AI cannot be understated. By understanding trends and the asking patterns of customers, promotions and advertising becomes more targeted and efficient.

Modernizing business marketing

Speaking of which, most marketing efforts nowadays are dominated by AI tools powered by generative AI. These AI tools are capable of creating copy, unique visuals and most importantly, personalizing customer interactions.

These smoothen out the process of executing campaigns and drive customer acquisitions to your business. On top of that, AI can be used to automate routine tasks such as sending out weekly newsletters and emails. 

A few AI tools to note for marketing efforts are as follows:

Midjourney for creating visual based content as per the prompts that you provide. Create artwork for campaigns, blog posts and even social media posting quicker with this AI tool.

Copy.ai utilizes AI to assist with all kinds of processes, from creating marketing copy, to providing creative suggestions and drafts. The service aims to improve your marketing operations allowing creatives to focus on more important matters.

AI makes up your mind

According to Harvard Business Review, AI enables snappier decision making through three methods. Real-time tracking of current business developments, virtual role-play to simulate life-like business scenarios, and act as advisors for key decision makers. But how exactly does all this help?

Much like marketing, the AI utilizes generative functions conduct predictive analytics. This function uses techniques such as decision trees and neural networks to identify patterns based on historical data. Future events could then be forecasted allowing for a more informed decision to be made.

A real world scenario where AI would help thoroughly is in the retail sector like Walmart. Here, Walmart uses predictive analytics to further optimize its inventory levels by anticipating customer purchasing patterns. These are forecasted using historical sales data and seasonal trends.

AI truly has come a long way, we ourselves have had experiences using AI during its earlier stages. Suffice to say the experience was eye opening, it showed that there are a few ways that AI can assist in businesses and create value through its utilization.

While adopting AI for businesses may prove to be beneficial overall, it will still create a skill gap for your human employees that will need to be monitored closely. Through shortcuts provided by the AI, work output may end up seeming hasty and not up to organizational standards.

To ensure a favourable adoption, businesses should augment current efforts and work with AI rather than intentionally replacing human workers with them. Business will need to make sure that the human part of the business function still requires critical thinking and most importantly still be human at the end of the day!