Artificial Intelligence is making a profound impact on human capabilities. It is the digital equivalent of the Industrial Revolution when machines replicated the work of humans, often doing it faster and with greater efficiency than a human ever could.
In a similar way, businesses are using AI to automate human processes like those dull, time-consuming, menial tasks that are prone to human error. Not only can AI perform these tasks at speed, but it can also support customers journeys, product development, and enhance service delivery, and ultimately reduce costs.
Machine Leaning, Speech & Voice Recognition, and Virtual Assistants, are just some of the top features of AI software. According to Government statistics, 68% of large UK companies, 34% of medium sized companies, and 15% of small companies have adopted at least one AI technology. If predictions are true, usability is only going to increase as our annual expenditure on AI technology could rise to more than £35 billion by 2025.
However, sceptics believe AI will replace humans in the workforce and put people out of jobs, while others lack confidence in its ability to protect important data from cyber criminals. One thing for certain is that AI is here to stay, and the likelihood is that it has already impacted your business.
Is your business unknowingly using AI?
AI is all around us. If you carry an Android device, if you’ve searched the internet, or posted on social media, you will have used AI. It has a major impact on your life, and on your business.
Meanwhile, company sectors including business management, e-commerce, and marketing are also supported by AI in numerous ways, whether a business is aware of it or not.
If your business offers any of the services below, the chances are the software you use features Artificial Intelligence. AI is a key factor in:
- Spam filters.
- Smart personal assistants (Alexa, Cortana, Google Now, etc).
- Smart devices that track behaviour.
- Sales forecasting.
- Product recommendations and predictions.
- Fraud detection.
- Personalised news feeds.
- Content creation.
These examples scratch the surface of AI’s use in business, and there are multiple software applications with AI at the core such as Microsoft Dynamics 365. The sheer scale of predicted AI use across the global business landscape suggests most companies and organisations in the future will rely on some form of software that utilises AI capabilities. Research suggests:
- The global AI market will reach $267 billion by 2027 and will contribute $15.7 trillion to the global economy by 2030.
- AI will eliminate 85 million jobs and create 97 million new roles by 2025.
- Eight billion voice assistants will be active by 2025.
4 common AI-based software
Multiple software applications that utilise AI are changing the way businesses work and how they interact with customers. Examples of common AI software in business are:
1. Microsoft Power Platform – a next generation, integrated, cloud-based CRM solution that includes AI Builder which allows businesses to use AI to automate processes and leverage data. Microsoft Dynamics 365 experts can help businesses create AI models that are specifically tailored to their needs.
2. Jasper – a market-leading AI writing assistant capable of producing a 1,500-word article in less than 15 minutes in a specified tone of voice from just a handful of seed words. It has 50 content generation templates from blog posts to emails and supports more than 25 languages.
3. Reply.io – a comprehensive sales engagement platform that includes Jason AI, a personal assistant powered by ChatGPT that can handle prospect responses, book meetings, and more. It helps businesses target those customers most likely to buy a product or service.
4. Tidio – provides a simple solution for businesses to add a chatbot to their website so customer queries and problems can be solved in real time. It also allows businesses to offer discounts and perks based on customer browsing history or make product recommendations based on behaviour.
Whatever businesses do with AI regarding the collection and use of data, building algorithms, advertising, or creating products and services, a transparent approach is necessary to develop strong governance for now and in the future.