With the advances in artificial intelligence, you can use this technology to boost your business in various ways. This technology can help you develop new ideas, allocating the capital for your business to grow.
However, to efficiently use artificial intelligence in business, you need to understand how it works and how you can use it in your daily operations. Then, you’ll need to integrate this technology carefully to ensure you avoid misusing it.
In this article, we’ll explore this technology, its application, and the strategies you can use to ensure your business integrates it efficiently.
What Is Artificial Intelligence in Business?
Before you can discover what artificial intelligence (AI) is in business, you need to comprehend the abilities of this technology. This technology attempts to mirror human intelligence. In doing so, it gains the ability to analyze data, recognize patterns, solve problems, make suggestions, and draw conclusions.
Since this technology can optimize or even take over various tasks, your business can benefit from it. Artificial intelligence in business comes in the form of tools you can use to categorize data, find mistakes, have conversations, and identify insights.
Businesses use this technology because it has many applications, from chatbots to cyber security. Plus, it can increase the efficiency of your operations, grow your sales, and reduce the cost of operation.
How Can AI Be Used in Business?
You can use this technology from the time your business inception to facilitate your operations. It can either take over tasks, streamline them, or simply supplement your staff. More specifically, you can use it for the following purposes:
Task Automation
Automating tasks with artificial intelligence can help your business reduce wasted time on simple, repetitive tasks. This will allow your staff to focus on the work requiring human interaction and expertise.
For example, it’ll help you with the following tasks:
Inventory Management
Medical Diagnosis
Transcribing Oral Notes
Balancing Ledgers
Creating Schedules
Proof of Concept
You can use this technology to create an example of your product or service, otherwise known as a proof of concept. You can also use it to quickly generate ideas by asking it for suggestions based on data from your target market or using its generative abilities to write code.
Large Language Model
Your business can use this technology to analyze texts and audio. After this analysis, your system can understand human speech and respond to inquiries.
If you use this type of model, you’ll be able to do the following tasks efficiently:
Instant Messaging (Chatbots)
Creating Emails
Summarizing/Lengthening Texts
Creating Written Content
Minimum Viable Product
Another use of this technology is in the development of minimum-viable products. With artificial intelligence, you can create code for a simplified product and generate your product's appearance. Alternatively, you can use it to select the most pertinent features by analyzing data on your target audience and your competitor’s products.
Pattern Recognition
Lastly, you can use this technology to analyze data and find patterns. The patterns you’ll find could give you insights into customer preferences, abnormal transactions, or even facial recognition.
According to studies, over 50% of businesses use AI to manage the risk of fraud. So, you can use pattern recognition in the following ways:
Fraud Detection
Spam Detection
Product Recommendation
Personalized Advertising
Demand/Price Forecasting
Audience Segmentation
The Strategies for Effective AI Integration in Business
Though this technology offers many uses, you’ll need to integrate it efficiently into your business to receive its benefits. To properly integrate it, you’ll need to use the following strategies:
Map your AI Technology Roadmap
The first strategy you should employ is a technology roadmap. This map outlines how your business will implement this technology and the estimated end of its use. It also describes why you need to implement it and the expected impact of its use. This map explains the situation to your staff and customers so they understand why you’re using this technology.
Using this strategy ensures:
Addition Features | Feature Explanation |
|---|---|
Effective Operations | This strategy lets end-users know how to use this technology effectively. |
Positive Attitude to Technology Adoptions | Knowing why and how you’ll use this technology will assuage end-users fears about privacy, intellectual rights, and job retention. |
Reduced Cost | Since this strategy helps you plan out the timeline of the technology you use, you won’t waste funds on subscriptions to the software you’re no longer using. |
Discover All Applications of Your AI
You can also explore this technology as a strategy to integrate it. Though you may have purchased or created artificial intelligence software to help with a specific task, this technology is adaptable.
Therefore, you should explore this technology and discover its different uses. For example, McDonald's is currently building software that will improve its automated order-taking and decrease wait times. Yet they didn’t stop there. They also plan to use artificial intelligence in their business to offer more languages and dialect options.
Support Your Existing Business Goals with AI
Rather than using this technology for its own sake, you should use it to specifically complement your goals, mission, and vision. Therefore, you should purchase or create software that will complement your operations and the other business strategies you have in place.
For instance, Netflix uses this technology to create recommendations for films and series that align with their customers’ past viewing experiences. This aligns with their goal to provide their customers access to content they want.
Grow with AI
While you might perceive this technology as a quick solution to reduce labour costs and production time, you should instead use it to grow. As this technology frees your staff to focus on other tasks and shortens operation schedules, you can keep your current staff levels and use this free time to increase output. Then, rather than cutting costs, you’ll be increasing your revenue. Plus, it will help you retain the human interaction your customers may desire.
Invest in AI Talent
Another strategy you can use is to hire talent related to this technology. For example, DevOps strategists can help you optimize the use of this technology. In addition, you should have the talent to ensure your use of this technology remains compliant with laws and regulations.
As some job positions become redundant with the integration of this technology, you’ll be able to refocus your capital on hiring other staff who better understand operating it.
Improve Your Digital Foundation
To integrate this type of technology into your business, you should invest in your data and digital assets. This technology relies on large amounts of high-quality data. Moreover, it requires space to store this information and the processing power to use this type of software efficiently. Companies that have a strong digital foundation benefit more from this technology. Therefore, you should improve your digital assets.
Nurture the Development of AI
Finally, you should create an environment where this technology can develop for you to integrate it efficiently. As you create this environment, you create more talent with the skills to use this technology, which helps your business integrate it. Plus, this environment is more likely to create more efficient technology, making it easier to integrate.
To nurture this technology, you should use the following paths:
Ways to Develop AI | Description |
|---|---|
Research | You should dedicate part of your capital to research and development in this technology. For instance, according to reports, Ford plans to invest $7 billion to develop self-driving cars. Plus, this research will provide you with technology your competitors don’t have access to. |
Training | To nurture the development of this technology, you should train your staff to use new software. This will increase their use and indirectly promote new technologies. |
Lobbying | An external way to help develop this technology is to lobby for investment in the development, research, and education related to this technology. This will help your staff and customers see your dedication to this technology. Plus, if you’re successful, in the future, you’ll have access to more skilled talent and improved artificial intelligence. |
How Divelement Can Help You Use & Integrate AI in Your Business
You'll need expert knowledge to know how to use AI in business. However, this can be an expensive endeavour with the current shortage of software developers and competitive rates in the USA. In this scenario, Divelement, a nearshore company, can help you reach the talent to create the artificial intelligence your business requires.
With Divelement, you can access artificial intelligence consultancy and products such as machine learning. They also have the expertise to create this type of software at different stages, from proof of concept to fully-fledged products. Thus, you’ll have access to comprehensive and effective integration services.
Artificial intelligence in business can help you enhance operational efficiency, cut costs, and increase revenue. This technology is an umbrella term that includes a variety of applications, such as creating proof of concert and minimal-value products. You can also use this innovative technology to gain a competitive edge regardless of your specific sector, such as creating product recommendations in retail, diagnostics in healthcare, and autonomous driving features in car manufacturing.
Every business is unique and needs an approach that will suit it. Therefore, you’ll need to implement this technology according to your goals and use the above strategies to integrate it into your business. For further guidance, you can contact artificial and machine learning experts such as Divelement to help you create and integrate this technology.