Application of AI in business

Iza Sykut

Published: 19.12.2023

9 minute

To gain an edge in business, you need to stay on top of the latest technologies and know how to use them. Recent breakthroughs in the field of artificial intelligence are so important that they cannot be ignored..

So why use AI? Where and how to implement AI to gain a competitive advantage? That’s what you’ll find out in this article..

Applying AI in business – main benefits

At the outset, let’s just point out that artificial intelligence has been used to a greater or lesser extent in many companies for years. Recently, however, there has been a breakthrough when it comes to so-called generative artificial intelligence (Chat GPT is one example).

Tools of AI of this caliber enable interactions that until recently seemed the domain of science fiction. Generative artificial intelligence (as the name implies), in response to simple questions, can produce answers in a variety of formats – text, graphics and even code.

In this article, therefore, we will discuss standard applications of AI in business processes, but we will also devote a lot of attention precisely to generative artificial intelligence..

So why is it worth using AI in business? Here are the main reasons:.

1. Increase productivity

Algorithms based on artificial intelligence can quickly process large data sets, analyze patterns and generate useful information. This makes them very helpful in tasks that require creative thinking and difficult decisions.

2. Improve innovation

The above-discussed capabilities from data analytics allow artificial intelligence to suggest innovative approaches, identify gaps in the market and improve R&D processes. .

3. Cost savings

Algorithms of AI can perform repetitive tasks, minimizing the need for interference from employees. In this way, the risk of errors can also be reduced. Moreover, AI-based predictive analytics can optimize inventory management, logistics operations and resource allocation.

For example, UPS uses an artificial intelligence-based tool called ORION (On-Road Integrated Optimization and Navigation) to develop the most efficient delivery routes for drivers..

4. Customizable

One of the cornerstones of generative artificial intelligence is machine learning. This means that algorithms are able to train themselves based on their experiences and the data they collect. For example,Jasper AI can understand your brand’s style and take it into account when creating content..

5. Risk management support

Artificial intelligence can analyze historical data, identify patterns, and predict potential risks or threats to your business (IBM Watson Analytics can help with something like this). Conversational AI, on the other hand, can evaluate the ideas given from a neutral point of view and provide very detailed feedback..

1. How can AI improve employee productivity?

So let’s take a closer look at how AI is able to help with various tasks in a practical way..

Let’s start with productivity in the broadest sense. The organization Nielsen Norman Grouphas conducted several studies to determine the impact of tools like Chat GPT on productivity.

Tests were completed in 3 groups:.

1. Customer service agents responding to tickets.

Experienced business professionals preparing routine business documents.
Programmers coding a small project.

Additional comments:.

- Half of the respondents performed the tasks traditionally, while the other half used GPT Chat.

Participants worked on an older version of GPT Chat, namely 3.5 (I’ll just add that the jump in quality with the latest 4.0 is huge).
Effectiveness of employees was monitored for several months.

The support of artificial intelligence significantly improved productivity:.

1. Agents handled 13.8%more inquiries per hour.

Business professionals were able to write 59%more documents per hour.
Programmers completed 126%more projects per week.

How to interpret such productivity gains? The study cited other interesting statistics:.

Average overall labor productivity growth in the European Union is 0.8% per year (2007-2019).

Average overall labor productivity growth in the United States is 1.4% per year (2007-2019).

Generative artificial intelligence tools increased productivity by 66% on average.

This means that AI enables improvements equal to decades of natural productivity growth.

The following are additional conclusions drawn from the study:

- - Artificial intelligence is most helpful in tasks that are mentally demanding. However, it is also useful in simpler applications.
  - Generative artificial intelligence allows you to unburden your mind, which is very helpful in complex tasks that require creativity.

In business, optimizing certain KPIs by even a few percent can make a huge difference. As the cited study proves, the potential of AI is therefore enormous..

2. How AI can help improve marketing efforts?

In the context of marketing applications, AI is able to help in 3 main ways:.

a) General SEO optimization

Different AI-assisted tools are very useful in optimizing pages on Google. You can find AI tools for SEO and their detailed discussion in another text on our blog.

b) Generating written content

Generative artificial intelligence can create pretty good content on cue. Of course, it won’t always have the right quality. Nonetheless, it can often provide a good starting point/inspiration and provide a helping hand to break through a lack of inspiration or ideas..

c) Generating graphical content

Internet marketing activities usually require a lot of graphic content – templates for social media posts, infographics, title images for articles, etc. Generating images using AI is also possible.

3. How AI can help with data analysis?

Data analysis has been one of AI’s specialties for years. Generative artificial intelligence, however, opens up even more possibilities in this area. Today, everyone has access to the services of a skilled analyst/programmer, who needs only a few sentences to get started.<//b>

What tool allows you to do something like this? I’m referring, of course, to Chat GPT 4.0 Code Interpreter.This is a version of the standard Chat GPT enhanced with the ability to program in Python. Here is a sample of its skills:.

One of the prepared charts:.

How to interpret the results? AI can help with that, too:.

Impressive, no? A more experienced data analysis person is able to construct his queries more efficiently and get even better results..

Of course, there have also been more powerful AI-assisted data analysis tools for years. Tableau, for example, allows integrations with machine learning models. Also recently introduced are GPT functionalities..

4. How can AI help improve customer service?

Artificial intelligence has a wide range of applications when it comes to customer service in the broadest sense:.

- 1. Direct service –AI chatbots can chat with users, recording their needs and providing personalized responses (example – Intercom).
  2. Automating voice message analysis – Artificial intelligence is capable of preparing voice message transcriptions and performing sentiment analysis (example – Google Speech-to-Text).
  3. Assisting Employees – AI tools can suggest correct answers, predict next questions and categorize conversations accordingly (example – Zendesk).
  4. Personalized help – chatbots can analyze user behavior on the site and then suggest helpful content (example – Inbenta).
  5. Service in multiple languages – AI-based chatbots are able to communicate in multiple languages (example – Dialogflow).

The key to success for any business is customer satisfaction. Artificial intelligence can help achieve it. .

5. How can AI help find answers to non-standard questions?

Although the Internet is an ocean of information, it is often difficult to find satisfactory answers in it. This is especially the case with complex questions that relate to a very specific scenario..

It is in such situations that it is best to use conversational artificial intelligence:.

The main advantage of such tools is not simply the ability to obtain information (the above question is relatively simple). The great added value, however, is that the simple answer and detailed instructions appear immediately in one place in a condensed form.

Although GPT Chat is a very good assistant, don’t expect it to read your mind.If you want the AI to answer questions satisfactorily, stick to the following tips:.

- 1. Be specific – narrow down your questions to something specific. Many people who are skeptical of GPT Chat point out that the answers it generates are no different from the first better Google search result. However, it often turns out that such users entered very simple queries. As a result, the generated answers were also generic.

- 1. Describe the context -describe the context of your question. What software are you currently using? What have you just done? Are you an expert on a particular topic, or more of a beginner?

- 1. Avoid ambiguity – try to phrase your queries in a way that leaves little room for misinterpretation. Keep this in mind especially if you have a longer conversation with Chat that touches on multiple threads within a single conversation.

- 1. Describe the desired format – let them know if the response should be formatted as a bulleted list, a detailed table, a brief summary, etc. You can even ask Chat to suggest other related questions at the end.

- 1. Provide feedback -when the answer doesn’t meet your expectations, just say so. For example, if the Chat focused on something you’re not interested in, ask that it be given less attention in the next response.

Conversational AI offers tremendous opportunities in business. Everyone, regardless of position, should use such tools to increase their productivity. .

Summary

Let’s briefly recap the main points discussed in the article:.

What are the main benefits of using AI in business?

The most important benefits are:.

- 1. increased productivity,

- 1. improve innovation,

- 1. cost savings,

- 1. personalization features,

- 1. risk management support.

How AI can improve employee productivity?

According to the cited study, by as much as 60%.

How can AI help in marketing efforts?

Main applications are:.

- - general SEO optimization,

- - written content generation,

- - generating graphical content.

How can AI help with data analysis?

.
Chat GPT Code Interpreter is eager to become your personal assistant-analyst-programmer. In addition, there are more powerful AI-assisted analytics platforms..