How AI Can Transform And Future-Proof Your Business In 2024
There’s been quite a lot of buzz around AI lately. While many go over the top with the AI claims, others compare the hype to the dot-com bubble. Cheap talk aside, we set ourselves to dig deep into the pending question: How can AI transform your business? In today’s competitive environment, it’s essential to future-proof your efforts; that’s where AI can do wonders if taken reasonably.
AI Adoption Trends In Businesses
Back in 2017, AI adoption was in its early stages, with just 1 in 5 companies integrating it into their products and operations. However, even then, the future held promise. A jaw-dropping 72% of those early adopters believed AI would revolutionize their businesses within just half a decade. Their foresight is proving true, with AI rapidly transforming the way companies operate.
Today? A staggering 42% of companies are already dipping their toes into the AI pool, and over half – 57% – plan to make the plunge during 2024. When you add those numbers up, it's clear: AI is no longer a futuristic fantasy, it's the future of business, with over three-quarters of companies either actively using or seriously considering it.
And while larger enterprise companies are 2 times more likely to use AI than smaller businesses, doors are not barred for local companies either, since about half of businesses plan on incorporating AI into their processes this year (2024).
According to Forbes, this is how business owners use AI the most:
Customer service: 56%
Cybersecurity / Fraud management: 51%
Digital personal assistants: 47%
Customer relationship management: 46%
Inventory management: 40%
Content production: 35%
Product recommendation: 33%
Accounting: 30%
Supply chain operations: 30%
Recruitment and talent sourcing: 26%
Audience segmentation: 24%
Let’s explore in which areas you can make the best use of AI implementation:
AI In Marketing And Content Creation
Generative AI has surged in popularity recently with the introduction of AI-powered tools like OpenAI's image generator DALL-E 2 and ChatGPT or Google’s Gemini. These innovations have profoundly impacted the marketing industry, as teams discover new methods to streamline their workloads by automating tasks in email marketing and content creation.
In recent months, a growing number of advertisers have been leveraging AI for predictive data analysis, enabling them to make more informed marketing decisions and significantly enhance their strategies.
Additionally, AI advancements are transforming how marketers position their businesses in the digital landscape. Generative AI chatbots, such as Microsoft's Bing Chat, are set to revolutionize the search and SEO industry by offering direct responses and potentially reshaping current practices.
AI In Data-Driven Roles
Marketing’s not the only data-driven segment that can take a full advantage of AI. Sales, accounting, and customer service are also going through an AI revolution.
Imagine a CRM that learns and adapts like a seasoned salesperson. Traditional CRM platforms can feel like bottomless data pits, requiring constant human effort to stay afloat. But with AI, these systems evolve into self-correcting powerhouses, automatically managing and refining your customer relationship network.
This goes beyond mere maintenance. AI unlocks the potential to predict. By analyzing sales trends, metrics, and historical data, AI-powered CRMs become crystal balls for your business. They can anticipate customer needs and forecast unique sales patterns, giving you a crucial edge.
Accounting is another field where AI takes prime. In the past, accountants spent countless hours manually entering data from invoices and receipts. AI-powered tools eliminates this tedious task. Imagine a world where AI meticulously extracts information from bills and seamlessly integrates it into your existing accounting systems. This frees up valuable time and resources, allowing you to focus on strategic analysis and financial planning.
Moreover, the AI ensures extracted data is meticulously organized and consistent, minimizing errors associated with manual entry. By automatically flagging potential discrepancies, the AI empowers you to stay on top of regulatory requirements.
That’s why we developed an AI Image and Document Reader for one of our clients.
Automation of Repetitive Tasks
AI continues breaking productivity bars by eliminating repetitive chores. Most of the few-minute tasks can now be done by AI without stealing your focus. Quick messages, emails, annotations, all can be done seamlessly with AI productivity tools.
In this regard, digital transformation has profoundly impacted manufacturing, particularly through the integration of AI technologies. These advancements enable real-time anomaly detection in production processes, preemptively notifying manufacturers of potential errors and malfunctions. As a result, operational costs are minimized, efficiency is enhanced, and time-to-market is significantly reduced.
Furthermore, AI's evolution empowers machines on assembly lines to handle increasingly repetitive tasks autonomously, diminishing the necessity for human involvement. This progression in AI and machine learning expands the scope of manufacturing applications—from predictive equipment maintenance to virtual design—facilitating the introduction of innovative, customized products into the supply chain.
Go Multinational and Eliminate Language Barriers
Sure, English can be considered universal and well-adopted across the globe. Language levels, however, may vary significantly. From online conferencing, in-person meeting to emails, communication has never been this simple before.
Recent advancements in AI, particularly in Natural Language Processing (NLP), have the potential to significantly mitigate language barriers in businesses. NLP equips machines with the capability to listen, comprehend, read, and even deduce meanings in various human languages. This technology enables companies to utilize devices that can interpret linguistic nuances in both text and speech.
Want to break any language barrier and be confident about your writing? We have you covered with our AI Reply, an email-automation tool with multilingual support right in your Gmail.
Talent Acquisition Made Simple With AI
The typical recruitment process for many companies involves posting job ads online, sifting through candidate applications, and conducting interviews. While human interaction is likely to remain a cornerstone, numerous companies are now leveraging AI-powered recruitment and talent-sourcing solutions to swiftly and efficiently filter skilled applicants. For instance, AI application screening tools analyze job descriptions and identify top candidates based on their qualifications.
Moreover, AI-driven chatbots can support recruiters by handling hiring queries and asking candidates about their skills and experience. This enables hiring managers to gather information from a vast pool of applicants with minimal effort, dramatically speeding up the recruitment process. Consequently, businesses can pinpoint the most qualified candidates more quickly, reducing the waiting period for applicants to hear back about their applications.
We created an outstanding AI Search Engine for Recruitment that reduced our client’s hiring process by 62% without compromising hiring quality.
AI In Cybersecurity
The threat landscape is astonishing. A Positive Technologies study reveals a shocking statistic: 93% of hacking attempts breach defences, accessing sensitive local network files. Faced with this reality and a global shortage of cybersecurity professionals, businesses are turning to AI for salvation.
AI-powered tools become tireless guardians, constantly scanning networks with machine and deep learning. They're like bloodhounds, sniffing out vulnerabilities that could leave a company's infrastructure exposed. But AI goes beyond detection. It automates the mundane tasks that bog down security teams, freeing them to focus on more strategic defence planning.
The real magic lies in real-time response. When an attack hits, AI doesn't hesitate. It springs into action, identifying malicious activity early enough to neutralize it before any serious damage occurs. This translates to faster response times, less downtime, and a sigh of relief for businesses everywhere. The future of cybersecurity is intelligent, and AI is leading the charge.
Moving forward
Do you also see the potential of AI in transforming your business? If you’re looking for a trusted AI transformation partner, let’s leave us a message so we can consult the best possible solution for you and your business goals. Let’s make your custom AI solutions reality.