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Can AI Help My Business?

Science fiction often makes AI, or artificial intelligence, sound like its lightyears ahead in our future. But the reality is that AI is available right now for everyday use. Businesses, average people, and advanced technology all take advantage of this sophisticated programming.

While you may think that AI technology is only for the rich and famous, there are common technologies regularly available that use AI, and it can drastically change how your business works.

What is AI Exactly?

In terms of AI for business, artificial intelligence is a type of smart algorithm and code. It has been designed to shift everyday tasks into automated, digital tasks.

One of the most prominent types of AI used online is natural language processing (NLP), which can read text and spit out text in return. NLP is used in Google’s search algorithm to better read and categorize web pages, so if you have an online presence, you are already interacting with AI. Other NLP software like text writers and optimizers use AI to simplify things like writing and SEO.

According to the Harvard Business Review, these three types of AI that businesses use. These findings emerged in a study conducted of 152 project types and are referred to as robotics and cognitive automation, cognitive insight, and cognitive engagement.

Can AI Help My Business?

The types of AI technology out there range in capabilities. But there are three things that AI can do for your business right now. Chances are you have interacted with these types of AI before, and acquiring them for your use is possible.

These are:

  • Business automation
  • Data analytics
  • Customer engagement

Business Automation

The most used type of AI refers to simple administrative automation (business automation). The improved version of this technology, also known as RPA, acts like a robot or code on the server with human-like input, making the automation of these tasks more intuitive and flexible.

Of course, implementing them into your company will depend on your needs. Business automation includes setting automated bots to improve workflows, project management purposes, and handle administrative tasks.

Scheduling emails through Gmail and auto-assigning tasks in a project management tool like ClickUp might be something that people commonly use. More advanced tasks include transferring email data into call center systems, automatically replacing lost credit cards or operating transactions on behalf of human resources (HR).

Data Analytics

The use of algorithms in analytics can be widespread. AI analytics is like analytics on steroids. These processes can recommend a product based on previous purchases, identify credit fraud, analyze warranty information, automate personalized ad targeting, and provide accurate modeling for program purchasers.

Think of this type of AI as having the ability to recommend, provide insight, or give examples on how a scenario will play out. Analytical AI can process more data than general data analytics and provide more details based on the scenario or outcomes. They can begin to make predictions based on the data and then improve those predictions over time!

Machine learning is used in this type of AI to mimic certain types of human activity. While this might seem like a type of technology that would put humans out of work, think again! These processes are aimed at standardizing processes that humans do but also reducing human errors. One project implemented by GE was able to integrate supplier data. In the process, it negotiated contracts and eliminated redundancies within the data, saving the company $80 million in its first year of use.

Naturally, this type of AI is harder to get your hands on and is sometimes not as relatable as business automation; however, it should not be overlooked.

Customer Engagement

Chatbots, intelligent agents and machine learning might be useful for customer engagement. With customer engaging AI, businesses can offer online customer service 24/7 through an AI bot. These bots are commonly provided through eCommerce websites and other plugins.

Sometimes AI can be integrated for internal support, such as providing IT support, HR support, and connecting employees to help desk articles. You might also find that AI can be useful for your customers too. If you run a retailer app, you could use AI recommendations based on the customer’s past purchases, visited webpages, etc.

AI is also useful in the health realm, which can provide treatment plans or health care plans depending on the area of health. You can think of this automation as a type of admin replacement for customer or client-facing items. This will allow customers to either have their needs addressed without requiring in-person contact or getting to the heart of the issue faster through AI questions and answers. That way, when they come to you, they better understand your processes, language, and how your business can help.

How to Integrate AI Into My Business

The most obvious answer is that AI can help your business. Of course, the range in which AI can help will depend on how your business is structured. If you operate an eCommerce website, you will want to use all the aspects of AI mentioned above to propel your business forward. A brick-and-mortar might find that they have less of a need for any of the three types of AI but could implement something like an AI-bot onto their business website.

You must also consider the level of advanced technology that you could come by. If you can’t access much high-level AI technology, then you’ll likely focus on business automation services. Although, you don’t need high-level code to integrate customer engagement, for example. No matter what you are looking for, a custom software developer would be able to integrate AI into your eCommerce, computer-based, or web application code.

If you need in-depth analytics, though, you might find that integrating this aspect of AI might be limited, and you might need to a lot for a bigger budget. This is especially the case if you need to integrate the AI into an already existing piece of software, as this will require that the code be updated for design and functionality.

In deciding to use AI for business needs, identify if necessary, the estimated cost savings or level of improved sales, depending on your goals, that implementing this AI could do. If the benefits outweigh the downsides, then you should strongly consider implementing AI into your operations.

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