You must have heard about ChatGPT, a newcomer in the AI industry that has smashed all the subscription records to become the fastest-growing tech platform by surpassing one million subscribers in five days. But what exactly does AI in business mean for 2023 and the future?
The trend shows how quickly artificial intelligence (AI) is transforming businesses and industries worldwide. AI has become a significant player in how companies operate and make decisions, as well as how they interact with customers. ChatGPT is only the tip of the iceberg regarding AI’s potential in business.
2023 will be the year of AI. Businesses looking to stay competitive must understand the implications of this technology. This article will explain what AI is and how businesses can leverage it. We’ll also discuss recent advances and what to expect from AI in businesses in the UAE and worldwide.
AI is a broad topic that covers the development of computer systems capable of performing tasks traditionally done by humans. This includes several technologies like facial recognition, natural language processing (NLP), robotics, and more. AI technologies use algorithms to generate insights from data and learn over time.
Today, AI has evolved into machine learning (ML) or deep learning (DL). Before we understand how AI is used in business, we must understand the differences between these technologies.
Machine Learning (ML) uses algorithms that can learn and improve themselves over time based on data input. This allows computers to identify patterns and relationships in vast amounts of data without human intervention.
Here’s an example to illustrate how ML is beneficial for businesses:
Let’s say you are looking to improve your business’s customer service. You can use ML algorithms to analyse vast amounts of data, such as customer conversations, feedback, and emotions, and detect patterns in the data.
AI engineers and data analysts can develop customised AI models to identify customer sentiment and provide tailored responses to improve customer service.
To improve the accuracy of the models, the company can use reinforcement learning, which offers human feedback to the algorithms and helps improve their accuracy over time.
On the other hand, DL is a subset of ML and uses artificial neural networks to solve complex problems like image recognition or voice recognition. The primary difference between ML and DL is that deep learning models are more accurate than traditional ML models but also require larger datasets for training.
Here’s how businesses can utilise DL.
Let’s say you are running a retail business and want to improve customer experience. You can use DL algorithms to analyse customer images or videos of customers browsing your store.
You can then use this data to detect behavioural patterns, such as their preferred products or areas of interest, and personalise offers accordingly.
Traditionally, businesses have been using AI mainly to automate routine tasks. However, AI is increasingly becoming a business’s go-to for decision-making with its significantly improved capabilities in predicting outcomes.
With the recent advances, you can utilise AI to optimise customer service, improve customer experience and engagement, increase operational efficiency by reducing costs and time, automate marketing processes, increase sales revenue through predictive analytics, and more.
Let’s now find out how you can implement AI to improve efficiency and reduce costs in various business segments.
Content generation is probably the most revolutionary application of AI in business. Companies can use machine learning algorithms to analyse existing content and generate new pieces optimised for SEO, more engaging, and more tailored to customers’ needs.
As more and more businesses globally are transitioning toward remote work, new online earning and business opportunities have emerged, hence, the need for fresh, high-quality content. Most importantly, you can quickly scale content creation with AI, significantly reducing the cost of content production.
Let’s quickly run through how you can use AI for content creation.
AI technologies like GPT-3 have revolutionised the writing industry. AI-powered writing assistants can help you create high-quality content faster than ever before. With natural language processing (NLP) and deep learning algorithms, AI-writing tools can generate content in any author, website, or publication style.
As a business owner in the UAE, you will find plenty of AI-powered writing solutions. The best AI writing tools include Jasper, Writesonic, Articleforge, Frase, and Rytr. Many of these tools let you write articles, marketing copies, or product descriptions for eCommerce listings ten times faster than human writers at a significantly lower cost.
Using the tools, you will enjoy several benefits, such as:
- Grammatical correctness
- Unique content
- High readability
Only a couple of years back, you would have to hire a professional editor or use expensive software to edit images. However, with AI-driven photo editors, you can quickly achieve the desired results with minimal effort and cost.
AI technologies like Adobe’s Sensei are already making waves in this sector. The technology allows users to modify photos automatically by suggesting changes based on the image’s content. You can even apply filters or make adjustments with just one click!
You can now create unique images and photos out of text prompt. Midjourney and similar platforms have made it possible to make custom images for your website, blog posts, and social media posts with AI technologies with almost zero graphic design skills. The tech also keeps you safe from any copyright infringement.
As a business owner, you can’t deny the importance of video production. A survey revealed that 65% of marketers use video platforms for marketing.
You can now rely on AI video generators to create a wide variety of videos, such as product demos, explainer videos, and promotional content, making them a versatile and cost-effective solution for your business.
Furthermore, AI video generators also let you create personalised videos for different target audiences, making them ideal for marketing and advertising campaigns. Some top tools include Synthesia, InVideo, Lumen5, and Wisecut.
AI-driven customer services tools such as chatbots, voice bots and virtual assistants can provide customer support in real-time. Businesses can also use AI tools to analyse customer data, predict their needs and provide proactive assistance.
Especially with the introduction of ChatGPT, an AI system capable of human-like conversation, customers can now interact with businesses more naturally. Existing and upcoming AI technologies can support your customer support in several ways, such as:
- Prompt response to FAQs: You can train an AI model with a database of frequently asked questions (FAQs) and answers. The AI system can then respond to customer queries with the most accurate answer in real time, reducing the need for a human agent to search for the correct information or answer manually.
- Follow-up questions: One of the recent developments in AI is the ability to understand natural language and respond with follow-up questions. Before forwarding a question to the human agents, AI systems can ask follow-up questions to help them better understand the customer’s enquiry.
- Prioritisations: You can serve your customers better by prioritising their questions and requests. AI tools can analyse customer data, identify urgent inquiries and automatically assign them for speedy resolution.
- Automated customer segmentation: AI-powered tools can quickly segment customers according to their preferences, purchase history and other behaviour. This way, businesses can provide targeted solutions for different customer segments more effectively.
- Sentiment analysis: Sentiment Analysis is a process that involves the use of natural language processing (NLP) techniques to detect and analyse customer sentiment. This helps businesses understand customers’ feelings about a particular product or service and take appropriate action.
Many AI-powered customer support tools also let you use their API to quickly integrate it with your business’s website or customer management portal. Examples of a few popular customer support tools are
- Amelia and ChatGPT (conversational AI),
- Zendesk and Trengo (chatbot),
- Freshdesk (ticket management and following up),
- Appcues (user experience and engagement)
AI can help you to identify and target potential customers, craft personalised messages, optimise campaigns and allocate budgets accordingly.
- Audience segmentation: You can design more targeted campaigns using AI to segment your customers and target them with the right messages. AI-powered algorithms can also help you identify audiences more likely to convert, allowing you to focus your efforts on those segments.
- Lead searching and scoring: Every day, your sales team members spend most of their time searching for new leads and assessing them based on specific criteria. Unfortunately, a lot of those leads eventually turn out to be unqualified. You can use AI-driven solutions to automate the process and only focus on qualified leads that are most likely to convert.
- Lead nurturing: AI-driven solutions can help you to create and deliver personalised emails, messages, and offers to your leads. AI-powered algorithms are more effective at understanding customer behaviour than traditional methods.
- Optimisation and automation: AI models can handle complex data sets and identify patterns to help you optimise campaigns, automate processes and measure results in real-time. You can also define rules for routine automation, such as sending out regular emails to customers.
- Demand forecasting: Over or understocking can be costly for any business. AI-driven demand forecasting solutions help you predict future customer behaviour, enabling you to make better decisions on inventory and managing cash flow.
A few of the best AI-powered sales and marketing tools are Conversica, Exceed.ai, Drift, Crayon, and Salesforce.
Apart from sales, customer, and marketing management, you can utilise AI for various other operational tasks such as logistics, accounting, invoicing, and inventory management. AI can help you optimise production processes to increase the overall efficiency of your business.
The supply chain is one of the most critical areas for your business processes, and AI can help you make the most of it. AI can optimise supply chain operations by predicting demand, minimising risk, and reducing costs. You will benefit from
- Smooth scheduling and activity planning
- End-to-end visibility
- Continuous monitoring of supply, demand, production, and inventory
- Reduced waste
- Actionable insights
- Higher operational efficiencies.
Many businesses globally also use AI for predictive maintenance by monitoring equipment performance in real time and predicting breakdowns before they happen. This helps you save on repair costs and ensures that operations are never disrupted due to equipment failure.
Finally, businesses can leverage AI to gain better insights from data and make more informed decisions. Business intelligence (BI) systems can help uncover patterns in large datasets that were previously difficult to detect.
Let’s say you gather customer data from various sources – online activities, customer surveys, social media comments, etc. Analysing and cleaning the data to generate actionable insights in traditional business analytics methods is very time-consuming.
But with AI-driven business intelligence tools, you can automate this process and gain more accurate insights in a fraction of the time. Right now, the most powerful AI-driven business analytics tools are
- SAP Analytics Cloud
- Cognos Analytics by IBM
AI is transforming how businesses operate. For example, AI-driven automation solutions have made it easier for companies to automate mundane tasks, freeing up valuable employee time so that they can focus on more challenging activities. This has implications for employees and employers alike.
Business owners must remain flexible and adaptable as AI will continue to evolve rapidly. The implementation of AI-driven technology has the potential to reduce costs and increase efficiency significantly, but only if businesses are willing to dedicate resources towards investing in these systems.
AI can also help companies make decisions faster by providing predictive analytics that can track customer behaviour and market trends more accurately than a human could. This means business owners can stay ahead of the competition by leveraging data from their customers’ preferences to create targeted campaigns or products.
At the same time, AI technologies are still evolving and require human supervision and monitoring for optimal performance. Businesses must hire people with the right skills to support and maintain their AI systems.
The introduction of AI will shift the workforce as more tasks are automated. Employees must learn how to use and apply AI technologies, while employers must invest in training their staff to remain competitive.
AI allows employees to specialise in data science, machine learning, and artificial intelligence, opening up more job opportunities. For example, companies may need specialists who understand how to develop algorithms or build natural language processing programs to improve customer service experiences.
The possibilities for AI in business are endless. As technology continues to evolve and become more widespread, businesses will be able to harness its power to create a competitive advantage. AI has revolutionised many industries, from content creation to supply chain management.
With the right implementation strategy, businesses can reap significant rewards from leveraging this technology. The future of business is AI – make sure your company doesn’t miss out!
Virtuzone specialises in versatile corporate services and setting up businesses in the UAE. We can help you with your business’s AI journey. Contact us today to find out more!