Artificial Intelligence (AI) is not merely a fad; rather, it is a disruptive force that is changing industries and enterprises. Continue reading to learn more if you’re still unclear about its use in real life. We’ll talk about how AI systems can increase corporate efficiency in this blog.
With the release of ChatGPT in 2023, generative AI saw a significant surge in popularity. As of right now, the AI market is projected to be worth USD 67.18 billion by 2024. It is anticipated that ChatGPT alone will be worth $1 billion.
These figures demonstrate that AI is the direction of technology.
These data demonstrate the potential of generative AI, transforming it from a trendy term into a disruptive technology that companies should use.
As more AI-powered apps are developed, conventional approaches will become antiquated. In particular, generative AI is anticipated to take the lead in a number of fields, including fraud detection, customer service, and the production of interesting and personalised content.
The influence of artificial intelligence (AI) on enterprises has already started. In this post, we’ll look at how AI is influencing business and how organisations are using generative AI-powered productivity solutions to increase efficiency and gain a competitive edge.
AI is a potent weapon that can revolutionise companies of all sizes; it’s not just for the big tech companies. Here are five real-world applications of AI for your business:
Automate Routine Tasks
Data input, scheduling, and customer service are examples of routine tasks that might take a lot of time and resources. AI-powered automation solutions can effectively manage these responsibilities, freeing up your staff to concentrate on more important work.
Example: To respond to consumer inquiries, a small e-commerce company used an AI-powered chatbot. Customer support representatives’ workload was cut in half thanks to the chatbot’s resolution of frequent queries and problems.
Benefit: Higher output and lower rates of human error result in more efficient operations and happier staff.
Enhance Decision Making
Large volumes of data may be accurately and swiftly analysed by AI, yielding insightful information that supports decision-making for enterprises. For example, predictive analytics can be used to forecast sales performance, consumer behaviour, and market trends.
Example: A retail business employed AI to examine consumer purchasing trends and enhance inventory control. Their ability to forecast demand allowed them to cut back on surplus inventory and increase sales.
Benefit: Enhanced decision-making through data-driven insights, resulting in higher productivity and profitability.
Improve Customer Experience
Providing individualised customer service is essential for drawing in new business. AI can assist companies in offering frictionless online purchasing, personalised recommendations, and round-the-clock customer service.
Example: Based on client preferences and previous purchases, an online clothes retailer used AI to provide tailored outfit recommendations. Conversion rates rose by 20% as a result, and customer satisfaction went up.
Benefit: Enhanced customer loyalty and engagement that boosts sales and favourable word-of-mouth.
Optimise Operations
AI is capable of streamlining a number of operational procedures, including quality control, logistics, and supply chain management. Businesses may run more smoothly and effectively by anticipating possible disruptions and allocating resources optimally.
Example: A manufacturing corporation started using AI-powered predictive maintenance for its equipment. They saved 30% on repair expenses and decreased downtime by anticipating possible equipment breakdowns.
Benefit: A more resilient company as a result of increased operational effectiveness, lower expenses, and fewer disruptions.
Drive Innovation
AI encourages innovation by giving companies the opportunity to investigate novel concepts, goods, and markets. It can speed up the development of new products, recognise trends in the field, and automate tasks related to research and development.
Example: A pharmaceutical business accelerated medication discovery with AI. AI cuts the amount of time needed for research by 50% by identifying possible molecules for new drugs by analysing enormous datasets.
Benefit: New products and services can reach the market more quickly, providing firms with a competitive advantage and new sources of income.
