In 2023, artificial intelligence (AI) has many forms, and you may be interacting with this technology more often than you think without ever realizing it’s actually AI! Companies and organizations all over the world are taking advantage of this technology to streamline operations, increase efficiency, and improve profits. Is it time you took advantage of it too?
In this article, we discuss the various benefits of using this evolving technology as well as some of the limitations. We’ll also suggest seven ways to start implementing AI in your business today!
What Are the Benefits of Using AI?
One of the biggest benefits of using AI is its potential for improving efficiency, productivity, and overall operations of a business. Instead of needing an employee to do repetitive tasks, AI can sort and read data and generate instant reports which:
- Allows employees to be available for more engaging portions of the project.
- Elevates and increases the amount of work your company can complete quickly.
- Facilitates effective decision making
- Fosters innovation.
Fewer Human Errors
One of the biggest problems with data entry and similar tasks is the potential for human error. AI can help reduce errors and increase the accuracy of your data, which can have big impacts on your overall operations.
AI also doesn’t work an 8-hour day; it’s available 24/7. Whether you need it to send welcome emails, process data, or perform as a chatbot to help your customers, AI is always around to provide assistance.
Identifying patterns in data can be difficult as well as time consuming. However, AI can read vast amounts of data and recognize patterns based on your inputs and requests. This allows companies to make more informed decisions while also gaining more insight into market trends, customer expectations, and customer behavior.
What Are the Limitations of Using AI?
They Can Be Limited In Their Capabilities
One of the biggest downsides of AI is its limited capabilities. For example, ChatGPT only has information stored in its database from before September 2021. If you need data past that date, ChatGPT cannot give you a reliable answer. AI also is incapable of thinking outside the box. While you can use it for brainstorming, you will not receive the same level of creativity you would receive from a human.
And while AI can absolutely improve efficiency, as mentioned, it does require correct inputs from the beginning. Human errors here can be costly. It’s like a lengthy math equation – if you make an error early on, the answer you arrive at will be wrong! Incorrect or faulty inputs can result in faulty data, which means wasted time. It can also result in poor business decisions if decisions were made based on this bad data. AI’s output is not 100% trustworthy.
AI can also be limited by the people using it. To go back to ChatGPT – every output from the program requires a prompt. If your prompt is lacking, doesn’t explain the issue properly, or isn’t worded just right, you may not receive an answer that is helpful or accurate.
To get the most out of AI, it is extremely important that employees are trained on the best practices for AI usage.
May Come with Higher Costs
AI can absolutely help you cut costs and increase efficiency, but many AI resources have high price tags. There are free or less expensive options out there, but if you need a customized tool for your data or industry, it’s going to cost you. Businesses need to weigh the pros and cons of the purchase.
7 Examples of How Businesses Can Use AI
AI chatbots have been around for a while – and you’re probably familiar with them. When you reach out to a company with a question using their live chat box, it’s very likely that a chatbot greets you!
Chatbots can answer basic and common questions that your customers may have. As a result, your human customer service agents are not bogged down by repetitive questions and instead can focus on the tasks a chatbot is incapable of completing.
AI chatbots can provide after hour assistance, for example, helping with shipping information, ensuring the customer is directed to the correct agent or department, in preparation for the next business day.
Recently, chatbots have also been used in HR to help employees better understand employee benefits, company policies, onboarding processes, and evaluations. This ensures your employees are getting the information they need while your HR department can also focus more on their tasks and projects.
- Automation for Repetitive and Time-Consuming Tasks
Another common form of AI in business is automation. When you sign up for a newsletter, for example, the welcome email you receive as a result is a form of automation. The company doesn’t have to individually send out emails to everyone who signs up and can also use automation to personalize communications.
AI and automation can also be used for:
- Recording, entering, and correlating data.
- Categorizing financial transactions.
- Evaluating reports.
- Complex processes such as payroll.
- Inventory management.
- Marketing campaigns.
- Repetitive tasks.
- Customer and employee onboarding.
- Price optimization.
- Competitor Analysis and Market Research
Analysis of your competitors as well as your market can take hours upon hours. There’s a lot of information to sift through, especially if you’re wanting to analyze your competitors’ social media programs or categorize customer feedback within your industry.
AI can assist you in both sorting through the data and gaining a clearer understanding of it simultaneously. With initial input from your business, the technology can identify the most important data points and relay that information to you in more readable formats. Instead of spending time sifting through data, you’ll only see the data that’s relevant to your project. And if the perimeters of your project change, you can always change the input on the AI tool to better reflect what you need.
- Job Candidate Profile Analysis
When searching for a new employee, businesses can receive hundreds of resumes and cover letters. It’s impossible for HR departments to read through each one, in most cases. AI and automation tools, however, allow you to input certain keywords and phrases to look for in these resumes and cover letters. The resource will then only return with the candidates that match what you’re looking for, helping to ensure you have the best person for the job.
- Fraud Identification
Although often seen in the financial industry, AI can be used to help identify fraud in just about any business, as any company can be the victim of embezzlement, theft, cyber-attacks, and fraud. In this case, AI and machine learning algorithms can swiftly detect suspicious transactions and transfers, preventing their successful completion.
- Data-Driven Solutions for Operations
AI can deliver the information needed to create data driven solutions that aid with general operations and management. For example, companies can gain more insight into the supply chain such as:
- When materials will be delivered
- The cost of materials
- How fast the products can be moved after delivery
The use of this data enables businesses to proactively strategize for shortages, giving a notable competitive edge over competitors who aren’t using AI.
- Content Generation and Brainstorming
With the introduction of ChatGPT in late 2022, many companies and organizations are also embracing AI for content generation, coding, and brainstorming. These AI chatbots can pull knowledge, data, and content on the internet to deliver answers, articles, program code, and other pieces of work. They’re also excellent tools for planning your schedule, clarifying complex ideas and concepts, and outlining content. While they do have their shortcomings (ChatGPT can sometimes give incorrect information and currently only has data up until September 2021), they can be invaluable to streamlining operations, cutting costs, and improving productivity.
AI tools are still evolving, and they’ve come a long way even in just the past few years. It’s entirely possible this technology will be able to help with much more in the coming years, but, in the meantime, how will you be using AI in your organization?
If you’re implementing AI resources or similar tools in your organization, you’re going to need documentation to go along with the programs. This will help ensure your team members are using the resource properly and making the most of the benefits. We work with companies like yours to develop manuals, procedures, and more. Learn about our services here.