How is AI working out for the world of business?

Artificial intelligence (AI) is rapidly changing the world and everything in it. Our lives of work, play and even relationships are now open to more and more influence from machines and computer programmes using this still relatively new but incredible technology. 

The world of work is perhaps the most obvious and widespread adopter of AI technology. But how is AI being used to make our working lives easier?

  • Improve customer service: AI can be used to automate customer service tasks, such as answering questions from callers or online submissions and resolving issues. This can therefore free up human customer service representatives to focus on more complex tasks, and it can also improve the customer experience by providing 24/7 support outside of people’s typical working hours.
  • Increase efficiency: AI can be used to automate many tasks that are currently done manually, such as data entry, scheduling, and inventory management. This frees up employees to focus on more strategic tasks, and it can also help businesses to save money on the costs of labour
  • Make better decisions: Human error is still a very real factor for a lot of businesses. And, while the technology grows and learns, it will also make mi-stakes. But AI can be used to analyse large amounts of data much more efficiently than humans to identify patterns and trends. This information can then be used to make better decisions about everything from product development to marketing campaigns.
  • Develop new products and services: AI can be used to develop new products and services that meet the needs of customers. For example, AI can be used to create personalised recommendations, develop new features for existing products, and even create entirely new products.

As the proliferation of the technology grows, it is expanding across industries at a rapid pace. Some industries are embracing AI and using it to their advantage, while others are struggling to keep up. Here some examples of industries that have embraced the technology and what benefits they are currently reaping as a result.

  • Financial services: The global financial services industry is one of the industries that is most heavily investing in AI. It is being used to automate tasks, improve customer service, and make better investment decisions and more specifically, AI is being used to detect fraud, provide personalised financial advice, and manage risk.
  • Gambling: The gambling industry has been a rapid adopter of AI technology. Both for customer and non-customer-facing aspects of the business. For example, fast payout options at casino sites in Canada are protected by AI security systems and help bots are able to answer nuanced customer support questions on a variety of gaming/financial questions.
  • Healthcare: The healthcare industry is also heavily investing in AI. AI is being used to diagnose diseases, develop new treatments, and improve patient care. For example, AI is being used to develop new cancer treatments, personalise drug regimens, and provide remote patient monitoring.
  • Retail: The retail industry is using AI to improve customer experience, personalise marketing campaigns, and optimise supply chains. These practises can range from recommending products to customers, personalising price options, and predicting future demand.
  • Manufacturing: Perhaps the most obvious industry to benefit from the AI proliferation is the manufacturing industry, where AI is being used to automate tasks, improve quality control, and reduce costs. For example, AI is being used to operate robots, inspect products, and optimise production schedules.

These are just a few of the industries that have already adopted Artificial Intelligence into their current processes. Many are yet to take the leap and need to make changes to their current organisations/work systems to integrate AI effectively.

There are a number of ways that different industries are future-proofing themselves against AI. Some of these methods include:

  • Investing in AI research and development. Many industries are investing in AI research and development in order to get and stay ahead of the curve. This includes funding research projects, hiring AI experts, and developing their own AI capabilities.
  • Upskilling and reskilling their workforce. As AI becomes more sophisticated, it is becoming increasingly important for workers to have the skills necessary to work with AI. Many industries are investing in upskilling and reskilling programs to help their workers learn the skills they need to succeed in the age of AI.
  • Rethinking their business models. Some industries are rethinking their business models in order to adapt to the changing landscape. This may include moving to a more service-based model, or focusing on areas where AI cannot easily compete.

By taking these steps, industries can future-proof themselves against AI and ensure that they remain competitive in the years to come.

Here are some tips for companies that are looking to use AI to benefit them:

  • Start small: Don’t try to do too much too soon. Start by automating a few simple tasks and then gradually expand your use of AI as the business becomes more comfortable with it.
  • Focus on the problems that AI can solve: Don’t just use AI for the sake of it because it’s the latest technology. Make sure that you’re using it to solve a real problem that your business is facing.
  • Get the right people involved: AI is a complex technology and will likely only continue to evolve in its intricacies, so it’s important to get the right people involved in its implementation. This includes data scientists, engineers, and business leaders.
  • Be patient: AI is a long-term investment so don’t expect to see results overnight. It takes time to develop and implement AI solutions, and it takes even longer to see the full benefits.

These are just a few of the ways that companies are using AI to benefit them and what all companies across the business world should be considering when it comes to adopting the technology. 

As AI continues to develop, it is likely that we will see even more innovative ways to use it to improve our personal and professional lives.

Christopher Stern

Christopher Stern is a Washington-based reporter. Chris spent many years covering tech policy as a business reporter for renowned publications. He has extensive experience covering Congress, the Federal Communications Commission, and the Federal Trade Commissions. He is a graduate of Middlebury College. Email:[email protected]

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