67% of business executives believe that AI will help humans and machines work together to be more productive using both artificial and human technology, according to a PwC consumer intelligence report.
With the concept of using machines to solve business problems fast becoming a reality, there’s no doubt that organizations need to quickly adapt to new technological changes in the world of business.
Whether you want to launch a new startup, grow your tech business, or expand your operations, understanding how AI is shaping today’s modern businesses is critical. Here’s what you should know as a business owner.
3 Ways AI is shaping Modern Business
AI Helps Solve Problems
Artificial intelligence is as good or better than humans when it comes to making simple decisions. For instance, look at the latest AI update to Google Assistant that makes restaurant reservations and calls.
AI simply helps businesses solve day-to-day problems so they can focus on determining the main problems worth solving. But for many executives, the challenge lies in finding business opportunities or customer pain-points in which AI can be applied.
Global brands are continuously seeing an opportunity to pivot AI technology within their enterprise to help solve problems, enhancing their operations and reducing overall costs in the process.
AI is Improving Productivity Levels
SalesForce, a global leader in CRM software and cloud computing solutions, realized it’s human resources department was largely engaged in repetitive processes when handling customer service data, which ended up wasting hours, impacting staff retention and demotivating talent.
According to Erik Gordon, CEO of ErGo Ventures LLC, investing in AI helps companies improve productivity so businesses can focus on people and purpose.
With the right AI tech applications across business operations, decision-makers can be free to focus on their core business, helping them make strategic decisions that are more long term.
AI Helps Build Customer Trust
Today’s modern businesses need to understand that having the right response in customer service is as important as one that’s timely, actionable and predictable. These are the key elements in building trust with customers over time. By using AI technology like chatbots, businesses can easily make responses faster and more efficiently, enhancing customer trust in the process.
In fact, businesses that invest in chatbots get to see a 30% increase in revenue directly from the bot during the first month of launch. AI is set to have a huge impact on building more fulfilling, purpose-driven organizations.
AI startups worldwide, established hardware companies like NVIDIA and every-day businesses are building on their self-learning capabilities and adopting AI in service critical applications like retail apps, trading apps, drone navigation interfaces among others.
Its potential in increasing profits or decreasing operational costs while building a highly motivated workforce is a reality for both small and medium business and even global brands.
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