Leveraging AI to Add Value to Your Business
Artificial intelligence (AI) has been around for years. In November 2022, however, the technology became more broadly used by the general public with the advent of Chat Generative Pre-Trained Transformer (ChatGPT). This conversation bot, also known as Generative AI, uses AI to immediately respond to user prompts, simulating the ability of human beings to think and learn.
“AI is our attempt at creating tech that mimics human cognition,” explains Sauvik Das, a professor at Carnegie Mellon University whose work focuses on AI and cybersecurity.
Although AI can be impressive in its ability to collate data and organize it into something resembling human thought, it can also be unreliable, at least so far. One aspect of ChatGPT and similar AI models is the tendency for it to incorrectly assign facts or to make up facts altogether if it can’t find any facts to support its assignment.
The term “AI” has lately been applied to nearly any technology allowing the computer to perform advanced functions that used to require a human. While not quite accurate, this does reflect a shift in our perspective on how we use technology tools in our work today.
Despite the risks of Generative AI, there are still many AI technologies which can be put to good use in your business. It all begins with good data, and a solid plan for deploying and using AI models in concert with the principles of your business.
Put AI to Work for Your Business
With the caveat of “let the user beware,” businesses can use AI to make their operations more efficient and potentially more cost-effective. Here are some examples of leveraging AI to improve your business:
Document processing. AI technologies like Machine Learning can help process large volumes of data with higher speed and accuracy than a human can achieve. These tools can help with digitizing documents and facilitating workflows through your business and can even translate documents between languages on-the-fly.
Decision-making. AI can be used to process data that may be too large or complex for humans to analyze usefully. Examples include tallying survey responses from large groups and sifting through historical data to support decisions. The financial industry even uses AI to identify potentially fraudulent transactions. It can also be used for account reconciliation, approval workflows and compliance reporting.
Chatbots. Leveraging AI Chatbots allows businesses to use software that imitates human conversation to respond to calls and website questions in a customer-friendly fashion. With today’s tools, chatbots are relatively easy to deploy and update.
Content marketing strategy. AI can analyze sales data to help devise marketing strategies, possibly matching customers to products and helping create strategies to reach those customers. For instance, retailers use AI to analyze selling trends in real time, allowing them to tweak advertising messages and modify prices as needed.
Supply-chain enhancement. AI may be used to help with supply-chain issues. It can help predict the prices of materials and shipping, as well as identify efficient delivery routes or shipping approaches. It can even be used to find faster routes for drivers.
Price optimization. AI can more efficiently evaluate price history, brand reputation, competition, quality, seasonal changes, operating costs, demand and numerous other factors to help identify an optimal price point for your product or services. It can help you modify prices during different times of the year or by sales channel.
AI appears to be a major disruptive technology, as computers, cellphones and the internet have been. When those technologies first emerged on the scene, they affected numerous industries, eliminating some types of jobs while creating others.
Although AI could replace some jobs and processes, it’s more likely to become a tool to drive efficiencies; eliminate certain types of repetitive, menial work; and help businesses become more innovative. How these tools are used — by human beings — will be what drives innovation.
Leveraging AI With Clark Schaefer Consulting
If you have questions about how you can leverage AI and other transformational technologies let us know! Our team is here to help you navigate the technologies that will take your business to the next level.