Despite being a relatively new technology, Artificial Intelligence (AI) has already started to transform business workflows and staffing models. According to the IBM Global AI Adoption Index (2022), 77% of businesses have already started exploring the benefits of AI in their processes. Of those using AI, about 30% of companies report significant time savings from the use of AI-enabled applications. 

Here are four ways businesses can benefit from using AI.

1. Automize Everyday Operations

With AI, businesses can automate repetitive and tedious tasks, allowing them to focus on creative and strategic ventures. These can include back-office tasks such as invoice processing, account reconciliation, and inventory management. This can help business owners tap into cost-saving opportunities such as consolidating software or tools and increasing employee efficiency.

2. Streamline the Customer Experience

Some AI tools allow businesses to enhance the way they interact with customers, providing personalized solutions to their questions and directing them to relevant information. Chatbots, also known as virtual assistants, have become a popular tool online businesses use to answer routine queries. Businesses have also adopted automated email processes, which can send, write and respond to customers. While AI and chatbots may start the initial conversation, more knowledgeable employees may intervene to ensure questions or issues are resolved.

3. Improved Decision Making

AI supports businesses by providing relevant information, recognizing patterns, data analysis and insights in real-time, empowering leaders to make well-informed decisions. For instance, AI can help assess risk in different types of financial investments, so businesses can shift funds if needed. Due to the great amount of information AI can translate and analyze at once, business owners will have the ability to understand data and complex situations more quickly. With that said, independent thinking is still necessary to ensure data has been interpreted and applied correctly.

4. Create Content

Generative AI has revolutionized content creation. It can generate high-level written and graphic content, videos and even engaging social media posts and headlines. Business owners can also use the tool to analyze their audience’s engagement and preferences to create more appealing content. However, it is important to remember that while AI is a helpful tool to create content, human oversight is still vital to maintain brand consistency and accuracy. No matter how efficient AI can be, proofreading and editing will always be integral parts of the content creation process.

By taking advantage of AI, leaders can boost team productivity, gain valuable insights and ultimately take their business to new heights. For more ways to grow your business, visit the Business Success page at efirstbankblog.com.

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