AI applications are improving business efficiency and decision-making across various industries. Let's investigate how AI is being applied in offices.
Artificial Intelligence (AI) can speed up decision-making by streamlining tasks and analyzing data in business sectors ranging from marketing to HR. According to IBM’s 2021 Global AI Adoption Index, 74% of global enterprises are adopting AI or thinking about adopting AI.
Previously, we’ve touched upon various ideas for starting AI businesses. Today, we’ll continue this train of thought and see how AI is transforming already established businesses across different industries.
Many tasks in office spaces involve repetitive, manual functions like checking emails, data entry, and generating reports. These tasks take time away from more important work. Research shows that 67% of people feel they are constantly repeating the same tasks and waste an average of 4.5 hours a week on tasks that could be automated. AI can take over the vast majority of these tasks.
A direct result of AI taking over some tasks, is that humans become more available to focus on more strategic work. But, even strategic work can be supported by AI. AI predictive analytics tools can identify new opportunities, flag issues, and personalize offerings based on historical customer data.
AI can process and analyze vast amounts of data faster than humans. By drawing out information from the data, AI helps humans make more informed decisions.
For example, AI can help make decisions related to supply chain management. Analyzing data on past sales and market trends can provide insights into predicting product demand. Accurate predictions lead to constantly having the right amount of products in stock. Similarly, AI systems can also find the best delivery routes, considering factors like traffic and weather, saving money and improving efficiency.
AI does more than just speed up office work. It's also transforming how companies handle crises and keep operations running smoothly. Ninety-five percent of business leaders feel that their crisis management skills could be better. The answer to this could be AI. AI systems use data analysis and predictions to spot potential problems before they happen, helping businesses prepare better and react quickly when needed. This reduces the impact of disruptions.
AI can also automate communications during a crisis so that everyone involved gets accurate updates quickly. After a crisis, AI can be used to analyze what happened to improve future responses. By learning from previous mistakes businesses become stronger and better prepared for what may come next.
The HR department of any business can use AI to sift through mountains of information to see patterns that humans might miss. This comes in handy when you need to sort thousands of resumes to find the perfect candidates for a position.
Companies like Unilever are already seeing the benefits of using such AI systems. They are saving over a million pounds a year by using AI tools like HireVue to review resumes to find the best people for specific job positions quickly and without bias.
We are moving toward a world where humans don’t need to conduct job interviews. AI-generated panel members can handle the interview and provide feedback to the human HR team. A 2020 survey showed that 55% of companies were ramping up their investments in automation for recruitment processes.
Does this mean AI will replace humans in HR? While the fear of AI-driven job displacement is understandable, the future is more likely to be defined by human-AI collaboration. AI is amazing at handling data and finding patterns, but nothing beats a human’s ability to think out of the box, be creative, and understand other people.
ESG, which stands for Environmental, Social, and Governance criteria, are standards investors use to evaluate a company's ethical and sustainability practices. These criteria look beyond financial performance to understand how a company manages its environmental impacts, treats its employees, and governs itself. As society focuses on going green, ESG measures are becoming more and more important for companies all over the world.
AI techniques like machine learning and natural language processing (NLP) can be used to understand if businesses are meeting their ESG criteria and how to improve their sustainability practices. Machine learning algorithms can analyze large datasets to identify patterns related to environmental impact, employee treatment, and corporate governance. Insights from this analysis can help reduce environmental footprints. Similarly, NLP techniques can be used to dig into text data from places like social media and surveys to get a feel for how people are reacting to sustainability efforts.
That’s just the tip of the iceberg. There are many applications of AI in ESG including:
AI can also help companies avoid revenue losses from write-offs and reduce revenue leakage. By using AI to improve their workflows and processes, law firms can become more efficient and profitable.
Companies like LawGeex use AI to analyze legal documents quickly. Their AI systems spot potential problems, point out the important parts, and make sure the papers follow the rules. This makes the whole legal process much more efficient.
One of the world's largest air passenger rights companies, AirHelp, is using AI bots as compensation claims agents. These bots process customer claims and assess their eligibility for compensation from airlines. They currently assess 30% of claims with 95% accuracy.
AI has several useful applications in threat intelligence. One is automated threat detection, AI can find anomalies and patterns that indicate potential threats. These AI systems can identify suspicious behavior in real time. This allows for swift response and elimination of threats.
Another application is assisting human cybersecurity analysts. Human analysts can use AI as a force multiplier when it comes to hunting for threats. AI algorithms can process huge datasets to uncover hidden threats.
Companies like Darktrace are offering AI systems to monitor network use. Their systems can spot unusual activity and catch cyberattacks as they happen. As cyber criminals find new ways to commit crimes online, AI is a must-have tool to detect and eliminate such threats.
The influence of AI in the sales sector has been undeniably significant in the past year. About 14% of professionals are now using generative AI tools in sales. Generative AI makes it possible to craft messages that resonate with individual customer preferences, interests, and even purchasing history. By doing so, sales teams can increase the chances of conversion.
Also, AI sales tools can automate repetitive tasks, such as follow-up emails and lead qualification. It can free up human sales representatives to focus on more complex aspects of the sales process. Meanwhile, AI-driven chatbots and virtual assistants can provide instant responses to customer inquiries. By avoiding lags in responding, companies can maintain engagement and interest throughout the sales funnel.
Sales teams generally work very closely with marketing teams, and AI initiatives can be carried over as well. By applying AI across both domains, companies can create a coherent and efficient customer journey from initial engagement to sale and beyond. Data shows that 72% of marketers use AI for personalization, enhancing the alignment between marketing messages and sales efforts. The synergy between AI, marketing, and sales ultimately leads to improved customer satisfaction and increased sales.
While AI is an incredibly powerful tool that businesses can capitalize on, it's important to use it carefully. Let’s take a look at some challenges that can be expected when implementing AI in business workflows.
Businesses are evolving to include AI in their toolkit. From taking care of boring tasks to improving decision-making, customer service, and keeping costs down, AI's impact on the business world is huge and steadily growing. As new AI technologies develop, businesses will find even more ways to create content, use data better, and find new innovative solutions to problems.
Dive into the future with us! 🚀 Explore our GitHub repository to see our contributions to AI. Learn how we are redefining industries like manufacturing and agriculture with AI. Let’s discover the possibilities together!
Begin your journey with the future of machine learning
