Artificial intelligence is poised to transform businesses in a number of ways. More and more companies are beginning to use AI applications to automate tasks, improve decision making, and enhance customer experiences.
One of the things managers need to understand is that AI is not some science fiction tale that it’s years from impacting their job. It’s already here today and it will only become more ubiquitous and impactful in the years ahead.
Here are some of the most important areas and company functions that artificial intelligence is transforming right now.
1. Marketing
One of the most important ways that AI is impacting businesses today is in the area of marketing. AI applications are being used to help companies automate tasks, personalize content, and target ads. But AI can be used to develop marketing strategies as well, based on data and hard evidence, maximising the success of campaigns. Some examples:
- Ad targeting: AI can be used to target ads more effectively by understanding customer behaviour and preferences.
- Automated marketing tasks: Tasks like email marketing, social media posts, and targeted ads can be automated with AI applications.
- Marketing strategy: By understanding data and customer behaviour, AI can help develop effective marketing strategies.
- In-store automation: AI can be used to automate in-store tasks like product recommendations and price comparisons.
2. Sales
Most businesses rely on some form of sales to generate revenue. This process has always been somewhat manual, relying on human interaction to close deals. However, artificial intelligence is changing the sales landscape in a number of ways. As AI is used to automate repetitive tasks such as prospecting and lead generation, salespeople are able to focus on more high-value activities such as building relationships and closing deals. Some examples:
- Automated sales tasks: Tasks like lead generation, follow-ups, and appointment scheduling can be automated with AI applications.
- Improved customer relations: By understanding customer behaviour and preferences, AI can help salespeople provide a better experience and build relationships.
- Faster deal closing: By automating tasks and improving customer relations, AI can help salespeople close deals faster.
3. Administration
Many businesses are using AI for administrative tasks such as managing employee calendars, scheduling meeting rooms, and ordering office supplies. Other examples include:
- Automated administrative tasks: Tasks like data entry, document management, and scheduling can be automated with AI applications.
- Communication: AI can be used to improve communication between different departments within a company, in order to improve efficiency and productivity.
- Cost reduction: By automating tasks and improving decision making, AI can help businesses save money on their administrative costs.
4. Accounting
AI is being used to streamline and automate the accounting process. This includes tasks like invoicing, bookkeeping, expense report management, and tax preparation. AI-powered accounting software can not only do these things faster and more accurately than humans, but can also provide insights that help businesses make better financial decisions. Examples include:
- Automated accounting tasks: Tasks like invoicing, billing, bookkeeping, expense report, payroll and tax preparation can be automated with AI applications.
- Improved financial decision making: By understanding data and financial trends, AI can help company accountants make better decisions.
- Fraud detection: AI can help identify fraudulent financial activity, such as false invoices or duplicate payments.
5. Governance
Companies are using AI applications to automate tasks and improve decision making in the area of governance. This includes areas like compliance, risk management, and auditing. Moreover, AI is being used to help automate the creation and updating of policies. This is becoming increasingly important because the number of regulations and their complexity is only increasing. Automating these processes with AI can help companies keep up with the changing landscape and ensure they are in compliance. Examples:
- Automated policy creation and management: Tasks like policy creation, updates, and compliance can be automated with AI applications. This can help reduce the burden on employees and ensure that policies are up to date.
- Improved risk management: AI applications can be used to identify risks and potential problems before they occur. This can help companies avoid costly mistakes and disruptions.
- Enhanced audit capabilities: AI can be used to improve the accuracy and efficiency of auditing processes. This can help ensure that companies are in compliance with regulations and avoid potential penalties.
6. Human Resources
Despite being met with scepticism by some stakeholders, who fear that AI bias will add to the already existing human bias, artificial intelligence applications are being used to automate tasks and improve decision making in the area of human resources. This includes areas like recruiting, performance management, and training. Automating these processes with AI can help companies save time and money, while also improving the quality of their workforce. Some examples:
- Automated HR tasks: Tasks like applicant screening, resume shortlisting, and performance evaluation can be automated with AI applications.
- Improved recruiting: By understanding data and customer behaviour, AI can help companies identify the best candidates for open positions.
- Enhanced training capabilities: AI can be used to provide employees with personalized training that is tailored to their needs and abilities.
7. Customer Service
Customer service is another area where AI is beginning to have a significant impact. Automating tasks like customer support, problem resolution, and product recommendations can help companies improve the quality of their customer service while also reducing costs. Some examples:
- Automated customer service tasks: Tasks like customer support, issue resolution, and live chat can be automated with AI applications.
- Enhanced self-service capabilities: AI can be used to provide customers with self-service options that are tailored to their needs. This can reduce the burden on customer service representatives.
- Improved customer relations: A better understanding of customer needs and preferences can help companies improve their relationships with customers.
8. IT & Security
As two areas where AI adoption is more seamless and impactful, both IT & Security are greatly benefitting from automation and enhanced cognitive assistance. Automating tasks like system administration, security monitoring, and patch management can help companies improve the quality of their IT systems while also reducing costs. Some examples:
- Automated IT tasks: Tasks like system administration, security monitoring, and patch management can be automated with AI applications.
- Enhanced security: AI can spot intruders and network anomalies better and faster than human analysts, offering swifter countermeasures.
- Customised security training: AI can be used to provide employees with personalized training that is tailored to their needs and abilities.
These are just some examples where artificial intelligence is already making an impact in organisations worldwide. As most businesses work in competition with others, improving sales and reducing costs are allowing AI-enabled companies to be a step ahead of their competitors. It is important for managers and decision-makers to understand today where AI can provide the most value for their company, in order to make the best use of this technology.
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