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AI is everywhere, and you may even be interacting with it on a daily basis completely unaware. Although using AI in business has become more mainstream recently, the first AI is over 60 years old, but it has grown fast in recent years.
Artificial intelligence (AI) has been changing every type of business worldwide. The phrase derives from computer-based operating systems being able to imitate or replicate exact human-like activities. There are also many different types of artificial intelligence, but let’s go over some of the types relating to a business environment.
How AI Can Improve Business Processes
There is a wide range of applications for AI in business. For example, retailers can use AI-powered tools to analyze customer purchase data and identify which products are most popular by running ads and gathering purchaser information. This can help inform inventory and marketing decisions. Banks, governments, financial institutions and more are already using AI to reduce the risk of individuals getting money stolen and to reduce fraud. Even big companies like Nike are using these kinds of AI strategies to help better manage their large-scale businesses.
AI can also be used to improve customer experiences and business dealings. For example, chatbots can act as customer support to answer basic questions before an operator can help and to provide assistance in a personalized and efficient manner. Amazon uses chatbots on its website daily as a faster way for customers to have their basic questions and complaints served without having to wait longer for human staff, who can, in turn, focus on more complex requests.
Another area where AI is having a significant impact is in the realm of automation. AI-powered tools and software can perform tasks that have to be done every day on a specific schedule. This can free up employees to focus on more complex and creative work that needs a human’s attention. For example, there are certain types of data in Microsoft Excel or similar chart programs that are nearly impossible to use without formulas. AI tools applied to a charting program can use formulas to quickly show when numbers go below or above a certain amount instead of employees having to manually look through thousands of columns.
Challenges To Consider
There are also potential challenges and concerns associated with AI adoption that businesses should be aware of. For example, there are many concerns about people being replaced and specific types of work being completely taken over by AI. But I believe that although AI tools serve well as a way to be more productive and get certain jobs done swiftly, they cannot completely remove humans from the equation.
Take the above example of chatbots: While they can helpfully and organically answer many common or basic questions, more complicated requests are often beyond their capacity. The system may start to take the customer in circles, unable to understand a more nuanced request, and this can become frustrating and lower customer satisfaction. This is just one example of how AI should be used as a complement to human employees, not as a replacement.
Plagiarism from AI models can be a big problem, as well. Research has found numerous cases where AI-generated text has plagiarized content, whether verbatim, through paraphrasing, or through using ideas without proper citation. This is one reason why it is important not to over-rely on AI-generated content. A number of programs have been created to check if an article or other piece of written work was written by a human or AI, and many companies won’t accept AI-generated submissions. If you are using AI tools like ChatGPT to generate content, I recommend using it more for idea generation and inspiration for your own work to ensure your unique voice isn’t lost.
In conclusion, artificial intelligence is transforming businesses and the way they operate on a day-to-day basis. All industries are looking for ways to save time and make the most of their job. As technology continues to evolve, it will be necessary for businesses to carefully consider the potential risks and challenges associated with AI adaptation, and also to explore ways to maximize its potential to grow and succeed in your niche.
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