Role of AI technology in business
The rise of artificial intelligence (AI) is one of the most significant developments since the dawn of the internet. The emerging use cases of AI, including data science, Machine Learning, NLP (natural language processing), and LLMs (large language models), shouldn’t be perceived as a threat or a replacement for people or processes. On the contrary - AI algorithms produce the best outcomes when they work in sync with human experts. Artificial intelligence supports human productivity with its unprecedented efficiency and accuracy - needed, for example, to analyze vast amounts of data.
Artificial intelligence in healthcare, finance, marketing
The significant impact of AI technologies is pervasive and not restricted to any specific industry or business unit. For example, AI applications are already being extensively used in the life sciences and healthcare industry, enabling machines to learn from large amounts of health data to analyze medical images and diagnose diseases faster and with greater accuracy than humans do. Similarly, AI algorithms have made an impact in finance, marketing, and other fields. Artificial intelligence is commonly used to automate complex tasks, identify patterns, and support better, data-driven decision-making.
Key areas of AI adoption
Artificial intelligence and automation
The use of AI enables businesses to easily automate various rules-based processes in manufacturing, HR, marketing, sales, supply chain and logistics, customer satisfaction, quality control, IT, security, and finance. An AI algorithm can streamline operations, improve the efficiency of other computer programs, and remove repetitive duties, such as administrative tasks. Additionally, task automation reduces human errors, improving the quality of performed work and decreasing the risk of financial or reputational loss.
Enhancing customer engagement
AI technology plays a crucial role in enhancing customer experience by analyzing their data and providing tailored recommendations. AI-powered chatbots, voice assistants, sentiment analysis systems, intelligent recommendations, and self-service alternatives are increasingly common across industries. From retail to entertainment to healthcare providers, integrating AI solutions provides instant and personalized customer support. These AI systems can understand and respond to customer queries, provide guidance, and resolve issues in a shortened timeline.
AI-based efficiency and productivity gains
Artificial intelligence also helps in identifying trends, patterns, and correlations within large datasets, which can be used to drive business strategies and innovation. By providing such insights, AI enables businesses to make better and faster decisions, ultimately leading to improved operational efficiency and cost savings. According to a recent study on generative AI, access to AI tools increases productivity by 14% on average, as measured by issues resolved per hour. Interestingly, the use of AI resulted in a 34% improvement for novice and low-skilled workers but had only minimal impact on experienced, trained, and skilled workers.
New capabilities and business model expansion
According to the 2022 PwC AI Survey, over 35% of business leaders are already in support of adopting new AI-powered solutions. The research highlights the widespread adoption of AI systems and discusses how it can help leaders transform business operations. It seems that many organizations in various industries can redesign their current business models to be more innovative using AI capabilities. For example, artificial intelligence can enable healthcare organizations to leverage patient data analysis to provide more accurate diagnoses and utilize predictive analytics to determine risk factors for improved patient care. Potential applications also include utilizing machine learning to identify new revenue streams and develop innovative business models, leading to business growth and diversification.
The impact of AI technology on markets
As the world slowly turns towards artificial intelligence, the AI market will be worth USD 1,811.75 billion by 2030, depicting a compound annual growth rate (CAGR) of 37.3% (2023-2030). For business leaders, this means one thing - artificial intelligence is a fast-moving train that cannot be ignored.
It would be difficult to give any specific recommendations on AI without learning about the unique situation of a given business first. However, it is safe to say that all organizations willing to undertake substantial integration projects should consider working on their new tools with an experienced technology partner.