Leveraging AI to Add Value to Your Business

Artificial intelligence (AI) has evolved over the years with increasing importance in business optimization. The use of this technology has assisted in streamlining processes, allowing organizational leaders to focus on what they do best. ChatGPT is just the tip of the iceberg, as several other AI solutions exist that can help improve operational efficiencies.

“AI is no longer a luxury; it's a necessity. Businesses that fail to embrace AI will find themselves struggling to keep pace with the competition." - Ginni Rometty, Former CEO of IBM

The term “AI” has lately been applied to nearly any technology enabling computers to perform advanced functions that used to require a human. While not always accurate, this does reflect a shift in our perspective on how we use technology tools in our work today. It all begins with good data and an AI governance framework to ensure AI is used ethically, fairly, and legally. Here are some examples of leveraging AI to improve your business:

AI technologies like Machine Learning can help process large volumes of data with higher speed and accuracy than a human can achieve. These tools can help digitize documents and facilitate workflows through your business and even translate documents between languages on the fly. AI also excels at handling repetitive tasks that free up time to allow business leaders to focus on strategic work. Examples include data entry, data validation and cleaning, scheduling appointments, invoice processing, and report generation.

AI can be used to process data that may be too large or complex for humans to analyze usefully. Examples include tallying survey responses from large groups and sifting through historical data to support decisions. The financial industry even uses AI to identify potentially fraudulent transactions. It can also be used for account reconciliation, approval workflows, and compliance reporting.

Leveraging AI-powered chatbots allows businesses to use software that imitates human conversation to respond to calls and website questions in a customer-friendly fashion 24/7. Sentiment analysis can help organizations understand customer feedback and improve satisfaction, and with today’s tools, chatbots are relatively easy to deploy and update.

Leveraging AI for preventative maintenance in factories allows for the identification of potential equipment failures before they occur. Additionally, AI can analyze traffic patterns to optimize logistics and delivery routes.

AI can detect anomalies in network traffic and user behavior, helping to prevent cyberattacks and fraudulent activity. It can also automate security tasks like password management and access control.

AI may be used to help with supply-chain issues. It can help predict the prices of materials and shipping, as well as identify efficient delivery routes or shipping approaches. It can even be used to find faster routes for drivers.

How Businesses Are Using Artificial Intelligence In 2024. _Forbes Advisor_, [The Positive Impact Business Owners Expect from AI]

AI continues to be a major disruptive technology influencing several industries such as manufacturing, healthcare, financial services, and e-commerce. Although AI could replace some jobs and processes, it’s a tool that becomes more powerful when driven by humans to create efficiencies; eliminates certain types of repetitive, menial work; and helps businesses become more innovative. How these tools are used — by human beings — will be what drives innovation.

Our team of experts can help you navigate these groundbreaking technologies to find the best solution for your business. Contact us today to learn more about how leveraging AI can propel your business forward.

Updated June 2024.