Artificial intelligence (AI) is slowly but surely affecting our personal and professional lives. Besides making humans more efficient, it’s also revolutionizing the way we do business. At this point, AI role in business productivity can no longer be ignored.
According to a recent study, now 86% of CEOs consider AI a key component in their offices. Whether predicting customer behavior or analyzing data, AI is becoming essential in many ways.
But, what is artificial intelligence in business, and how does it help businesses? Let’s have a look at it.
What Is Artificial Intelligence (AI) In Business?
The term artificial intelligence refers to any computer program that can learn, plan, and solve problems as humans do. Basically, artificial intelligence (AI) in business is to make use of programs with human-like capabilities to bring more profitability to the business.
Even without human involvement, machines can repeat the same task for 24 hours without losing focus or energy. Additionally, they can complete difficult and time-consuming tasks without human interaction. Now with AI, employees can have a more productive workday by letting machines handle their tedious routine tasks.
According to AI enthusiast and tech scholar Melvin Kranzberg,
“As technology advances and more responsibilities are dealt with. AI will create new lines of productivity, new and better jobs, new professions, and untold wealth.”
An Overview of Current AI Role in Business Productivity
Automating actions, analyzing data, and analyzing natural language. These are some of the most popular roles of AI in business productivity.
1. Automation eliminates the need for people to undertake repetitive tasks. It allows employees to spend more time on higher-value tasks by completing time-consuming or labor-intensive tasks.
2. With data analytics, organizations can uncover patterns and correlations in data. It was before unattainable.
3. By using Natural Language Processing, search engines can become smarter. Chatbots can be more helpful. And people with disabilities can have better access to information.
In addition to this, the businesses are also using artificial intelligence in the following ways:
- Providing product recommendations and predicting consumer behavior.
- Personalized advertising and marketing messages.
- For anti-fraud measures.
- Transferring data, cross-referencing, and updating files.
- For Chatbots or telephone support.
The Accenture study found that artificial intelligence can increase productivity by at least 40% and profitability by at least 38%. Through utilizing AI’s role in business, employees can save valuable time.
Bottom Line
Artificial intelligence has a lot to offer in the business world. There are many benefits to adopting this technology, ranging from increased employee satisfaction to improved customer service.
However, Artificial Intelligence may seem like a new addition to the business world. But it has already transformed how businesses are selling B2B goods and services. If you’re thinking of implementing AI in your business, likely it’s the right time to do so.
