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How Artificial Intelligence is Changing Business (2021)
In 2021, Artificial intelligence (AI) is no longer merely a genre of cult Sci-Fi movies.
Without many of us even noticing, AI has become an integral part of our everyday lives. From self-driving cars, to machine learning, to product chatbots (e.g. Alexa, Siri, Cortana), we are surrounded by AI, even if we don’t always realize it.
In today’s blog, let's review some of the most important examples of AI in business.
What is AI, Anyway?
Artificial intelligence is the “simulation of human intelligence,” usually using some form of machine processing and learning designed to emulate the human brain. Countless industries —, ranging from medicine, manufacturing, and even children’s toy companies — are now adopting AI. Artificial intelligence in business has been used to automate processes, provide business insights, and generate new income streams.
Let’s take a look at some more detailed examples of the ways in which AI is changing business.
1. Automation of repetitive tasks
AI can run large numbers and complete complex tasks much faster than humans. Some examples include:
● Integrating business intelligence from multiple teams, software programs, and platforms
● Data analysis and modeling of large data sets
● Collecting insights into how to improve business operations
One of the primary fears surrounding AI is whether its integration will eventually replace employees. While it’s difficult to predict how advanced AI will become, there is certainly historical precedent for technology replacing human labor. In the best case, however, AI will support rather than replace human effort. When companies use it correctly, AI can free up employee time, giving them the ability to focus on more dynamic responsibilities.
2. Administrative duties
Generally speaking, administrative professionals don’t have enough hours in the workday to keep up with all the requests and paperwork required of them. Companies can now use AI to automate administrative tasks such as email follow ups, timesheet reporting, and answering general HR questions. On an individual basis, many of these tasks only take a few clicks of a mouse. But in totality, they require substantial time and effort.
3. Text analysis
In the past, processing large volumes of resumes and matching candidates to their ideal roles created significant strain on HR departments and hiring teams. Indeed, many job postings receive hundreds of resumes and cover letters. By providing specific criteria and parameters, AI can filter out the best candidates in less time, allowing recruiters to focus on qualitative aspects of candidate searches — like cover letters and interviews.
4. Customer relation management (CRM)
In an effort to analyze and integrate user feedback, many companies deal with large customer volumes. While most companies prefer some form of human contact with customers, it’s not always possible in today’s global environment. Time zones, geography, and languages are all barriers that must be accounted for when operating in the world marketplace. In response, many companies integrate AI features into their CRM tools, in lieu of a physical person. Afterall, AI chatbots are available 24/7 and can “speak” multiple languages.
5. Reducing overall business costs
Cost savings are a natural byproduct of automating time-intensive and repetitive tasks. Replacing costly human effort with AI products and tools saves business money, and these savings are expected to grow as AI continues to develop.
Conclusion: How Artificial Intelligence is Changing Business
While AI hasn’t replaced human intelligence and ingenuity, it is certainly a useful tool for automating tasks, analyzing documents, and streamlining business operations. By combining AI support with human intelligence, employees can be freed from repetitive, menial tasks to focus on more interesting and productive projects. For more information on key business technology trends click here.
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