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23.11.2023 published on
3min

HOW DOES AI IMPACT BUSINESS GROWTH?

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In the fast-paced environment of modern business, the integration of artificial intelligence (AI) has become a cornerstone for success. Artificial intelligence is typically considered as a supporting tool, not as a substitute for human intelligence and inventiveness. AI can be used by humans to simulate outcomes and expedite the decision-making process. As companies across various industries seek ways to improve efficiencies, save time, and cut costs, AI has emerged as a precious resource. A recent survey conducted by Forbes Advisor, involving 600 business owners utilizing or planning to incorporate AI, sheds light on the multifaceted ways in which businesses are leveraging this technology.

HOW DOES AI IMPACT BUSINESS GROWTH?

Businesses Are Using AI To Improve the Customer Experience

Businesses adopt AI for numerous amount of reasons, one of them being customer relationship management (CRM). A commonly-used application for CRM is using digital personal assistants and chatbots. According to the Forbes Advisor survey, 73% of businesses use or plan to use AI-powered chatbots for instant messaging. Additionally, AI helps businesses to improve their customer experience, such as product recommendations. AI is also used by businesses for long-form written content, including 42% of website text and 46% of tailored advertising (Forbes Advisor Survey). AI is becoming more and more prevalent in phone handling; 36% of respondents said they use or plan to employ AI in this area, and 49% say they use AI for text message optimization. Artificial Intelligence is finding its way into more and more channels of customer connection, making the whole customer experience more streamlined and customized.

AI helps businesses preserve their Infrastructure

Cybersecurity and fraud management are the other common areas in which AI is adopted. Artificial intelligence is a valuable ally in seeking weaknesses in computer network defenses. AI systems can detect a cyberattack, as well as cyberthreats by monitoring patterns from data input. Once it detects a threat, it can backtrack through your data to find the source and help prevent a future threat. Therefore, we can confidently state that AI will benefit in maintaining your infrastructure.

It can act as a Personal Assistant

Artificial intelligence (AI) bots can function as personal assistants to aid with calendar maintenance, email management, and even process optimization suggestions. These AI assistants can also be programmed to respond to inquiries from clients who contact you via phone or online chat. These are all little chores that add up a lot since they provide you more time to concentrate on putting business growth strategies into action.

Business Processes Artificial Intelligence Is Improving

AI is being used and is planned to be used, in a number of business management domains, according to the Forbes Advisor survey. Businesses use artificial intelligence (AI) for process automation (51%), production process improvement (53%), and search engine optimization (SEO) activities like keyword research (52%). According to business owners, CahtGPT helps their business by generating responses to customers (i.e. chatbots, Summarize information, improving decision making, translating information, generating responses to colleagues (i.e. emails), creating content in different languages, fixing coding errors, and generating website copy. Business owners expect AI to improve customer relationships, increase productivity, increase sales, save costs, reduce response times, reduce the risk of errors, enhance decision-making, and streamline job processes.

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