AI is everywhere, and you may even be interacting with it on a daily basis completely unaware. Although using AI in business has become more mainstream recently, the first AI is over 60 years old, but it has grown fast in recent years.

Artificial intelligence (AI) has been changing every type of business worldwide. The phrase derives from computer-based operating systems being able to imitate or replicate exact human-like activities. There are also many different types of artificial intelligence, but let’s go over some of the types relating to a business environment.

How AI Can Improve Business Processes

There is a wide range of applications for AI in business. For example, retailers can use AI-powered tools to analyze customer purchase data and identify which products are most popular by running ads and gathering purchaser information. This can help inform inventory and marketing decisions. Banks, governments, financial institutions and more are already using AI to reduce the risk of individuals getting money stolen and to reduce fraud. Even big companies like Nike are using these kinds of AI strategies to help better manage their large-scale businesses.

AI can also be used to improve customer experiences and business dealings. For example, chatbots can act as customer support to answer basic questions before an operator can help and to provide assistance in a personalized and efficient manner. Amazon uses chatbots on its website daily as a faster way for customers to have their basic questions and complaints served without having to wait longer for human staff, who can, in turn, focus on more complex requests.

Another area where AI is having a significant impact is in the realm of automation. AI-powered tools and software can perform tasks that have to be done every day on a specific schedule. This can free up employees to focus on more complex and creative work that needs a human’s attention. For example, there are certain types of data in Microsoft Excel or similar chart programs that are nearly impossible to use without formulas. AI tools applied to a charting program can use formulas to quickly show when numbers go below or above a certain amount instead of employees having to manually look through thousands of columns.

Challenges To Consider

There are also potential challenges and concerns associated with AI adoption that businesses should be aware of. For example, there are many concerns about people being replaced and specific types of work being completely taken over by AI. But I believe that although AI tools serve well as a way to be more productive and get certain jobs done swiftly, they cannot completely remove humans from the equation.

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