AI has arrived. According to data from research firm McKinsey, 79% of C-suite executives say they’ve had at least some exposure to tools such as generative AI, and 40% say their company plans to increase overall AI investment.
The scope and scale of artificial intelligence tools, however, means there’s no single path to success. Here’s what companies need to know about leveraging smart solutions to build the business landscape of tomorrow.
The Future Is Friendly
For many managers and staff, the idea of AI is inherently dystopian. Concerns cover the spectrum, from common worries such as AI tools taking jobs to smart systems deciding humans are more harmful than help to the planet.
AI is already here, and most people interact with intelligent tools daily. Simple examples include predictive text and content recommendations. When staff are sending a message or typing an email and are given options about what word might come next, AI is hard at work. When employees sit down after a long day at work to watch their favourite streaming service, suggestions for what to watch next are also in the domain of AI.
Or consider website chatbots that are built to understand, interpret and respond to user questions. Accomplishing this goal relies on AI tools capable of understanding what users are asking and finding the right data to respond.
The newest player in the game is generative AI. Think of it like a calculator for words — users input queries or prompts, and generative AI produces human-like text responses. These responses are made possible because these tools are trained on massive data sets, and these responses improve over time because each new query adds to the available data.
Business Breakout: What’s Next for AI?
AI offers a way to break business boxes and challenge the status quo. While there’s no “right” way to use artificial intelligence, three emerging applications include:
- Improved decision-making
AI tools excel at handling large data volumes and drawing conclusions based on this data. By combining data from disparate sources, AI can deliver accurate and timely outputs that help C-suite members make better decisions.
For example, if companies are aiming to improve inventory forecasting and product orders, they could leverage AI to analyze current sales volumes, historic trends, average supplier lead teams and other relevant data to help pinpoint the ideal stock-to-sales ratio.
- Reduced costs
Intelligent solutions can also reduce costs associated with data analysis and manual errors. Given the sheer amount of data now available to even small and midsize businesses (SMBs), even highly skilled teams simply can’t keep pace with data volumes. Despite their best efforts, humans simply can’t compete with AI tools when it comes to data accuracy. The result? Faster analysis with fewer errors, which leads to reduced costs.
- Increased personalization
Personalized experiences are now a priority for customers. Using a combination of publicly available demographic data, audience targeting information from marketing teams and data provided by users, generative AI tools can help create custom-built content for current and prospective buyers. With the right AI approach, businesses can both boost initial sales volumes and drive increased customer loyalty.
Capturing the Competitive Edge
Artificial intelligence is moving into the mainstream, and organizations can’t ignore its impact. Consider the exponential growth of business data. With more data comes more opportunities to capture a competitive edge — if companies can effectively collect, analyze and interpret this data. Without AI, this opportunity is overwhelming. Backed by intelligent applications, however, companies can stay ahead of the curve.
Put simply? AI is here to stay, from chatbots to data analysis to generative solutions. The use of intelligent tools and IT infrastructure support services can help companies craft the business landscape of tomorrow.
Author bio: Jody Jankovsky is the founder and CEO of Black Line IT, serving over 500 clients in 30 years and earning spots on Inc. 5,000’s Fastest Growing Companies list twice. Recognized in the Chicago Tribune, renowned brands rely on his tech expertise. Jankovsky is also a key speaker on technology, cybersecurity and business software.