Artificial intelligence (AI) is becoming a remarkable technology that has the potential to scale businesses across diverse industries and streamline their operations to heights never before seen.
Researchers report that the global market of AI is expected to jump from $184 billion in 2024 to nearly $827 billion by 2030. Those statistics strongly suggest that the business community is taking note.
How can AI benefit a business?
The AI industry can be overwhelming to many businesses because the technology has grown so rapidly. The beauty of such an expansive digital transformation is that it allows for companies to start small. It doesn’t have to be all or nothing. But if businesses don’t want to be left behind, it just has to start somewhere.
Here are five easy but effective ways any business can start leveraging the use of AI today:
1. Content Generation
At the end of 2022, OpenAI soared as one of the most notable AI companies with the release of ChatGPT, a large language model (LLM) that can be trained from data to understand and generate content. Businesses of all sizes quickly found the benefits of LLMs as millions of users latched onto ChatGPT and other similar technologies like Google’s Gemini and Microsoft’s CoPilot.
Companies can use the technology to generate anything from industry-related search-engine optimized (SEO) blog posts for increased online visibility to optimizing social media profiles to attract more consumers. And bonus: LLMs can help businesses translate content into most languages, inviting global audiences. Another use for LLMs is creating scripts for video content, especially for those businesses new to the concept of visual marketing to build their brand. There are also AI image generators for more creative projects.
LLMs have some drawbacks, however, including the inability to prepare content with a human touch. However, they are an excellent tool to get things started.
2. Employee Management
While LLMs are extremely useful for external digital marketing efforts, they can also be used to streamline internal operations. Businesses can use the technology to create company newsletters, operational guidelines, job descriptions, press releases, performance reviews and professional development outlines.
They can also help with recruitment wording and the hiring process to ensure job posts attract the best talent for the job.
3. Customer Service
“You are calling outside of business hours, but I am here to help.” That voice is better known as a Natural Language Processing (NLP) chatbot. The technology enables businesses to immediately greet customers on demand, whether by voice on the phone, by chat box on the website, or even AI models with social media.
NLPs use machine learning to predict a consumer’s need and direct or suggest solutions. They are extremely useful in improving customer service because they allow the business to be available at all hours of the day. In a world where customers have become accustomed to on-demand service, businesses can’t afford to be without the use of NLPs.
4. Marketing Analysis
A good AI analytics software to steer marketing strategies can be the difference between stalled revenues and higher returns on investment. Whether a business implements its own software programming or employs the help of an outside marketing agency, AI-assisted marketing can help analyze traffic and personalize products and services derived from data collected from the visitor.
AI can also help businesses keep an eye on market trends and examine historical financial information about the company or competitors, leading to more informed decisions about growth strategies and future investments.
5. Cybersecurity
The majority of businesses now have an online presence – but keep in mind, all cyber criminals do, too. That means cybersecurity is an absolute must to protect sensitive information for both the business and its consumers. Effective A1-powered cybersecurity measures can detect threats before they happen and reduce the damage if they do get through.
Researchers expect the cybersecurity market to reach over $273 billion globally by 2028. In other words, the business world of today can’t afford to ignore it.
The Future is Now
In many ways, the business world has only seen the beginning of what AI can do and will do in the future. Based on AI’s growth over the last 10 years, it will be exciting to see what the next decade brings.
Businesses that are on board with at least a few of these ways to implement AI will be ahead of the curve.
Top 5 AI Platforms
GPT-4 – OpenAI’s newly upgraded model, which is free to all users, can help generate content, from assisting with writing professional emails to analyzing images for marketing ideas.
Intercom – A chatbot platform that is customizable to a company’s customer support service guidelines and integrates with other software, devices and platform services.
Compado – The Berlin-based startup is making a name in the tech space as a platform that uses machine learning to deliver contextual recommendations to connect brands to customers.
Amazon Web Services (AWS) – The trusted name in online cloud platforms offers robust cybersecurity strategies for end-to-end protection.
Leonardo – The AI image generator turns word commands into visual assets for a host of projects, including logos and other marketing materials and PowerPoint presentations.
