Read this article on artificial intelligence in business to learn about the current state of AI, and how organizations are using the new tech to evolve.
In today’s ever-changing world, the realm of artificial intelligence (AI) is rapidly expanding, captivating industries such as science, technology, entertainment, Document Management Software, and more. From ChatGPT language models to AI-powered image generators, businesses are witnessing the real-world impact of AI technologies. As the potential of AI in business becomes evident, organizations are exploring its applications and benefits. Like most things, this raises questions not only on the surrounding practical implementation, but the legal aspects of generative AI as well. This comes down to AI being in its infancy and is partially why many organizational leaders acknowledge the influence AI will have in business, even if they’re a few years away from implementing it themselves.
Throughout this blog, we will delve deeper into the current state of AI in business, the exciting possibilities it holds for the future of digital document management, and the challenges that lie ahead on the journey of AI-driven transformation.
- According to a KPMG survey, “Almost two-thirds (65%) of the 225 U.S. Executives surveyed in the last two weeks of March believe generative AI will have a high or extremely high impact on their organization in the next three to five years, far above every other emerging technology. Yet nearly the same percentage, 60%, say they are still a year or two away from implementing their first generative AI solution.”
It’s also worth noting on a global scale, that, according to a 2022 IBM study on AI adoption, the United States ranks last (14th) in AI deployment and exploration compared to the other countries in the study.
Slowing it all Down
This is an important context, due to how young AI technology is. With how much is unknown and the number of gray areas still in question, taking a slow-and-steady approach to AI implementation, in areas such as Document Imaging Software, isn’t necessarily a bad thing.
- According to Statista, “Only about 200 companies are actively using ChatGPT and the vast majority of those are in the tech or education industries.”
This is to say that there’s no need to panic if your company isn’t using generative AI yet. We’re going to break down some of the most popular AI use cases in business, dig into some of the data orbiting artificial intelligence solutions in their current state, and consider some possibilities for the AI of tomorrow.
Exploring AI Use Cases in Business
While advanced AI solutions are in their beginning stages, early adopters are already testing the limits of what’s currently possible.
AI solutions may just be getting off the ground, but some of the experts predict a short runway, estimating that the global artificial intelligence market will be worth nearly $267 billion by 2027 and will be contributing a staggering $15.7 trillion to the global economy by 2030. Despite these predictions being ambitious, they aren’t entirely unfounded.
Forbes Advisor found that over half of 600 business owners are already using or planning to use AI in some fashion or another. It’s noted that most businesses are using AI in customer service, Data Entry, or cybersecurity and fraud management. This starts to demonstrate some of the different practical areas of application that business owners are finding for AI implementation.
“Other notable uses of AI are customer relationship management (46%), digital personal assistants (47%), inventory management (40%) and content production (35%). Businesses also leverage AI for product recommendations (33%), accounting (30%), supply chain operations (30%), recruitment and talent sourcing (26%) and audience segmentation (24%).” – Kathy Haan (Forbes Advisor)
Customer Service and Communication
Customer service is likely the largest space in which AI is being actively implemented and has been implemented for years already. AI-driven chatbots are revolutionizing customer service, powering businesses to efficiently answer common queries and enhance the online experience. With AI managing email inboxes, employees can focus on more critical tasks, maximizing their productivity and improving response times.
Optimizing emails and email campaigns is one of the biggest AI use-cases in business so far.
Customer Experience Customization
Another area in which AI is taking off is customer experience customization. AI is transforming consumer experiences by personalizing product suggestions on e-commerce platforms and tailoring targeted ads based on user data. Clean and accurate data remains crucial for successful AI implementation, ensuring personalized recommendations that truly resonate with customers. Clean data is the key!
Cybersecurity and Data Analysis
There are a handful of other areas that AI is being implemented in business. More specifically, in cybersecurity. In today’s digital landscape, cybersecurity is of paramount importance. AI assists cybersecurity teams in identifying, isolating, and responding to threats more effectively. Additionally, AI-driven data aggregation and visualization help streamline data analysis, empowering teams with actionable insights to make more informed decisions.
The Road Ahead for AI: Growth and Evolution
As AI continues to evolve, so will its potential and impact. Staying informed about AI advancements will help businesses determine when and how to integrate AI into their workflows to maximize its value. While challenges will always remain with cybersecurity, data privacy, and legal implications, AI’s role in revolutionizing workflows and processes is inevitable. While there are still a lot of questions around generative AI, its influence is here to stay so buckle up!
Harnessing AI for Business Success
AI is undoubtedly a hot topic right now, but its implementation and adoption is a process. To truly unveil the power of AI, businesses must overcome hurdles like proving its value through strong data and rather align it with major business cases. Embracing innovation and staying updated with the latest trends through webinars, workshops, and partnerships can keep businesses ahead of the curve and make them thought leaders in their respective industries.
In conclusion, the journey of AI has just begun, and its flames of transformation will only intensify as businesses embrace its potential. Let AI be the reason organizations embark on the path of digital transformation helping them achieve growth and success. By leveraging AI responsibly, organizations can take their industries to new heights and shape a future that blends human ingenuity with the power of artificial intelligence.
