Stephen Hawking once said artificial intelligence (AI) was the biggest innovation in human history. However, it can lead us to our doom if we don’t understand how to avoid the risks. Thankfully, after multiple trials and errors, we have finally managed to leverage AI’s true power.
This technology is now challenging the way organizations perform external and internal tasks. According to IBM, 35% of businesses now use AI in their daily operations. Industries like banking, healthcare, engineering, and transport have noticed the impact of AI the most.
With this technology, companies of all sizes and scopes can develop new opportunities and grow. In this blog post, we’ll discuss four ways AI has changed how businesses capitalize on operations.
#1. Increased Automation
Automation has changed how businesses operate and market their services. Let’s take AI website builders as an example. This tool is much cheaper than collaborating with professional website developers, as it only costs USD 150 a year. With this subscription, businesses can access unlimited image uploads, custom email, free web hosting, etc.
According to Hocoos, such tools have helped small brands create business-ready, professional websites within minutes. All they had to do was answer eight or more company-related questions. With this tool, businesses can generate unique website designs, images, and engaging content tailored to their requirements.
Other than that, automation has helped businesses grow and become more productive. For instance, AI-based customer service offers 24/7 support and enhances satisfaction. Similarly, automated data analysis gives business owners insight into generating new ideas and aiding operational decisions.
Now, AI-powered humanoid robots can possibly serve food and stack dishes in restaurants. AI has also helped people automate redundant maintenance, transportation, and manufacturing tasks.
Automation also enables precise, faster outputs during production processes. Businesses are slowly upskilling their employees’ roles to complement AI system usage. With this, they can eventually streamline efficiency and reduce human errors in operations.
#2. Improved Cybersecurity
Reports suggest there were 2,365 cyberattacks in 2023. Almost 729 of these breaches occurred due to human and technical errors. Last year saw a whopping 72% increase in such attacks since 2021. This magnitude of cybersecurity threats proves it’s no longer a human-scale problem.
Thankfully, AI tools can help reduce risk and effectively improve a business’s security. Of course, it might seem ‘weird’ to rely on computer programs to improve computer security. However, AI has various use cases for maintaining cybersecurity.
Some of them include the following:
- AI can filter spam, phishing emails, and malicious links.
- The algorithms can analyze potential threats and respond to them with accuracy.
- AI-driven tools can monitor network traffic and identify suspicious anomalies.
- AI uses machine learning to enhance a business network’s defense mechanisms.
- This technology uses pattern recognition and prediction to detect fraud and safeguard digital assets.
Moreover, authentication systems that use AI can minimize cyberattacks by reducing access control to ensure that only authorized users have control over sensitive data.
#3. Better Personalization
According to McKinsey & Company, personalization uses data to tailor messages to specific user preferences. Doing this manually for each demographic can become time-consuming and redundant. That’s where AI comes in.
This technology allows marketers and businesses to offer personalized products and services to a wide range of customers. For example, Alexa gathers information about consumers for Amazon to offer product suggestions. With such technology, AI in business can revolutionize customer experiences.
Companies can now foster connections and interactions based on preferences and behaviors using AI. They can do this for the following reasons:
- AI algorithms can analyze past purchases and browsing history data to create customer profiles.
- This technology can also anticipate the customer’s needs based on the available demographic information.
- After that, it recommends tailored offerings that foster customer satisfaction and enhance loyalty.
AI can also analyze the consumer market to help businesses create a demand-based, dynamic pricing model. Moreover, AI chatbots can offer support by resolving queries. All in all, AI in personalization can enhance competitiveness and customer engagement for any company.
#4. Understanding Big Data
The big data analytics market is expected to reach USD 924.39 billion by 2032, proving its global demand. Hence, businesses have started to exploit the benefits of big data using AI analysis. With this, industry leaders can:
- Develop better and more innovative business strategies.
- Explore the industry and analyze new market trends.
- Reach a wide range of customers and demographics.
- Optimize operational workflow at a lower cost.
- Promote products and services to the right audience.
All in all, understanding big data helps with the processing and analysis of the collected data to increase a company’s profitability. This AI technology can unlock insights from diverse data sets. For example, AI can analyze large data volumes in seconds to uncover market trends and patterns. Based on this, businesses can make strategic decisions by leveraging predictive analytics.
Big data analysis can also help companies understand potential risks in the industry and anticipate future market trends. This way, businesses can create targeted marketing tactics and ensure customer engagement.
In summary, AI technologies have added value to businesses across various sectors. With this, founders can personalize their services and products while promoting them. With the automation features, they can also create content and websites within a few seconds. Moreover, AI helps them identify security breaches and leverage big data to build better business strategies.
The presence of AI doesn’t stop at these benefits. New updates and changes to the functionality are being developed. These innovative ways can further help businesses perform their duties accurately.
