Marc Emmer is president of Optimize Inc. and an author, speaker and consultant specializing in strategy and strategic planning.
As artificial intelligence (AI) continues to advance rapidly, businesses are beginning to recognize the potential of harnessing it for practical applications. From improving customer service and streamlining processes to creating more efficient ways of managing data, AI is revolutionizing how we do business. What I hear from clients is fear, fascination and curiosity about how they can apply AI.
Interested to know how businesses use AI aside from digital marketing? Let’s unpack the details.
Practical Uses Of AI In Businesses
Did you know that digital marketing isn’t the biggest use of AI? A Forbes Advisor survey points to cybersecurity, accounting, supply chain operations and recruitment sourcing as some of the top areas where AI is being deployed most readily.
1. Cybersecurity
As the frontline of defense against cyberattacks, AI-powered cybersecurity solutions can detect and prevent malicious activity in real time. AI algorithms are used to scan networks for anomalies and potential threats as well as analyze data logs to identify patterns that could indicate a security breach.
This includes fraud management, malware detection and data loss prevention. Businesses can protect their data and systems from malicious actors while also ensuring compliance with industry regulations.
2. Accounting
AI-powered accounting solutions can help automate mundane tasks like bookkeeping, invoicing, payroll processing and financial forecasting. This allows businesses to streamline their operations while also reducing the risk of human error.
The use of AI in accounting gives businesses access to real-time insights into their finances, which enables them to make more informed decisions about where they allocate resources and investments. It automates reporting processes so businesses can quickly and efficiently generate accurate reports for regulatory compliance or internal audits.
3. Supply Chain Management
Logistical and supply chain operations are complex, with many moving parts. AI-powered solutions can help automate order processing, inventory management and transportation planning to streamline the entire process.
AI algorithms can also be used to optimize routes for delivery trucks or other vehicles to reduce costs while maximizing efficiency. In turn, businesses can save time and money while ensuring their customers receive orders on schedule.
As one of the latest innovations in AI-supported supply chain management, AI-powered drones are being used for deliveries in various industries. Leveraging AI algorithms, drones can be programmed to fly autonomously and deliver goods more quickly than traditional methods.
4. Recruitment Sourcing
AI-driven recruiting is hot. Companies are leveraging AI to automate sourcing and screening job applicants, which can reduce hiring costs and increase efficiency.
AI solutions can be used to evaluate resumes, conduct interviews, and even identify potential candidates from large databases of online profiles. With such solutions, companies can quickly select qualified candidates who meet their requirements while also ensuring they remain compliant with labor laws.
5. Customer Service
As the top purpose for using AI, according to the Forbes survey, customer service is an area in which AI can have a profound impact. AI-powered solutions are being used to automate mundane tasks such as responding to basic inquiries and providing product recommendations.
AI chatbots are being deployed to provide personalized experiences for customers by gathering data about their preferences and offering tailored advice or suggestions. This not only improves the customer experience but also reduces overhead costs associated with manual customer support operations.
The survey also found that 97% of respondents believe that ChatGPT would enable them to increase profits and save costs.
What’s in for digital marketing?
Marketing is enjoying dynamic shifts as a result of predictive analytics from AI-driven technologies. AI helps marketers better understand consumer behavior, optimize campaigns for better ROI and target the right audience with relevant content.
AI-based algorithms can automate customer segmentation tasks and personalize marketing messages/advertisements to individual users in order to increase conversions. This is especially important in a world where consumers expect personalized experiences.
Furthermore, AI can automate tedious tasks such as competitor analysis or keyword research, which would otherwise take a lot of time and effort manually. By leveraging these powerful tools, businesses can improve their efficiency while also saving costs associated with manual labor.
Of course, applying any new technology will come with challenges from the need for new skills, higher costs, the need to comply with privacy laws and technology debt. But AI can also help a provider anticipate and overcome such problems. The time is now to find experts that can help you build out AI-enabled technologies and navigate terrain that will only become more complex with time.
Why It’s Worth Investing In
In the end, I believe it would be difficult to compete with the latest AI innovations without investing in them. Investing in AI technology provides businesses with access to powerful tools that can automate manual tasks, improve customer service and reduce overhead costs.
Some facets that may be overlooked in this area are the ones that benefit from AI-driven insights, such as data protection, accounting and even recruitment. AI can be used to monitor and protect data, automate financial processes and find the best people for a job with minimal human intervention.
Businesses that invest in AI now are setting themselves up for a combination of improved efficiency and enhanced customer satisfaction. In the long run, I predict that such investments will pay off by significantly, increasing profits and giving companies a competitive edge in their respective industries.
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