What are the Key Benefits of Adopting AI for Business Data?
Artificial Intelligence (AI) is essentially a form of technology which allows computers and digital devices to learn, read, create, and analyse — and for the last few years there has been considerable growth in the use of AI for business, ranging from small applications to use in big data processes.
According to research presented by Forbes, an incredible 4 out of 5 companies now deem AI to be a top priority in their business strategy — but why is this? What does AI bring to a business that makes it so important?
The topic is too vast to explore in its totality, so let’s look at how AI is being used for businesses in general, what it does, how it’s evolving, and what key benefits the use of AI is expected to bring upon successful adoption.
How is AI being used for business data?
There are numerous different tools and uses for AI when it comes to business, but it essentially boils down to three main areas:
- automating processes
- data analysis
- engaging with employees and customers
The support offered by AI in these areas is immense, and only growing as the technology becomes easier to use, cheaper to operate, and more widely available for businesses of all sizes.
Some of the key figures that support this include:
- 19 in every 20 customer interactions, and 95% of online and telephone communications are expected to be AI-assisted by 2025. (AI Business)
- 48% of businesses use Machine Learning (ML), data analysis, and AI tools to maintain the accuracy of their data. (O’Reilly)
- AI being expected to improve employee productivity by 40% by 2035 (PWC)
However, despite the growth of AI adoption, there are still potential pitfalls and problems that need to be overcome in order to successfully implement the technology, and as Ardent point out in their Considering AI adoption, Do’s and Don’ts article:
“Data science and AI/ML are undoubtedly game-changers, but the current landscape remains code-heavy and largely limited to niche use cases and siloed projects. Many analysts and managers still find themselves unable to harness the full potential of data-driven insights due to a lack of accessible tools and expertise, access to data and quality data.”
As more focus is given to data-driven operations, businesses must find a way of solving these problems, and developing strategies that work with the technological architecture and structure of their companies.
How has AI usage evolved in the last few years?
The AI market, and its subsequent use in business, has seen a rapid development, with a CAGR of 38.1% between 2022 to 2030 determined.
Some key areas that have seen development with AI engagement and implementation include the use of:
- chatbots and automated assistants
- data analytics
- communications (internal within the business, and external with customers)
- evaluations and diagnosis
- customer service
- marketing and sales
What are the key benefits of using AI for data in your business?
As technology becomes more accessible and affordable, and streamlined processes that bring efficiency and real-time applications to the fore, become more common place and accepted as “the way business is done,” it is unsurprising that the use of AI will continue to grow and evolve.
Some of the key benefits that come from using AI to handle your business data include:
- Faster (automated) decision making
- Predictive analytics
- Improved customer experiences
- Wider availability
- Accurate decision making
- Cost reduction in a number of areas
- Improved operational efficiency across the business
- Reduction in issues caused by human error
Businesses who are working through digital evolution and development strategies are going to need to carefully consider their plans, the tools available now — and those that are expected to hit the market in the near future.
Technology is constantly evolving, and so to are the opportunities and issues that come with it. By having a strong proactive approach to digital applications, and a flexible strategic plan for business growth, businesses who are open to embracing new developments are likely to be well placed for growth and evolution of their own.
