AI Technology Set To Transform The Business Sector In 2024

Looking back at 2023, it’s safe to say that AI (Artificial Intelligence) technology has dominated most highlights.

In March 2023, OpenAI released GPT-4, which can handle more nuanced commands and instructions. This ignited the AI race, with Google being the latest tech company to join the competition after recently launching Gemini. 

But while the future of AI technology is still unclear, there is no denying that machine learning will significantly impact the business sector. Many companies already use this technology to increase productivity and solve complex problems. In this post, we’ll explore some key AI benefits to small and established businesses. 

Improved Efficiency and Productivity

Efficiency and productivity are necessary for an organization to cut it in this fast-paced and highly competitive digital era. With the advent of advanced AI technology, firms can now handle high-volume tasks that were almost impossible for human labour to match. 

In short, AI technology can help lift time-consuming manual tasks around the workplace and let workers perform high-level duties. For example, an IT business can use AI to test data codes and let developers handle more complex responsibilities. 

Make Data-Driven Decisions

Consider this: you are a seller on Amazon, eBay, Walmart, or any other competitive online marketplace. To stay ahead of the competition, you must research essential data like customer reviews, price comparisons, keywords, and more. In a typical scenario, this would be time-consuming and costly. 

The good news is that you can leverage AI technology to monitor, analyze, and collect vital data insights. You should easily know what customers like or don’t like and make smarter data-driven decisions to boost sales by providing what your customers need or in-demand products that most competitors don’t have. 

Virtual Assistance and Customer Support

2024 will see more companies use AI technology as virtual assistants. These systems are extensively trained using NLP (Natural Language Processing) to understand and respond to written or verbal human inquiries. From a business point of view, they can answer customer questions, provide general information, and even schedule appointments. 

Note that AI virtual assistants differ from standard chatbots that often provide shallow answers before referring customers to an agent. We strongly believe that AI virtual assistants will become more widespread in customer service departments in the next few years. 

Personalized Customer Experience

Most businesses are embracing the idea of personalized customer experience as competition becomes more cutthroat. AI technology can help these enterprises collect essential customer insights and provide a more customized experience. 

For example, in the iGaming industry, the best online casinos use AI technology to create game categories like “For You” or “Favorites.” Here, players can find a collection of games the casino selects based on their past gaming preferences, reducing the time it takes to browse the library and find their preferred games. 

Delivering Error-Free Results

Human errors can sometimes lead to millions of dollars in losses or expose the company to security risks. For instance, a recent study by Verizon revealed that 74% of data breaches result from human elements like errors and misuse. Although this is slightly lower than the 83% which external actors instigate, the number is still worrying.

By incorporating AI technology in their daily activities, organizations can expect a significant reduction in costly errors. Robotic process automation can be trained to handle a bulk of repetitive tasks and possibly improve upon itself to complete more complex processes. 

Better Talent/Employee Management

Companies constantly seek to scout and hire new talents and promote the hardworking/diligent lot. Doing this manually can strain the company’s HR department resources. As a result, some forward-thinking companies have already automated their employee management and hiring processes. 

With AI technology, companies can streamline their hiring process, minimizing any selection bias by gender, religion, race, and so on. This technology can also save the cost of scouting and identifying talented candidates. And, of course, an organization can use AI to track performances and retain the best employees. 

Boost Innovation

Most workers have already embraced working with AI technology because it can help them become more innovative and creative. It’s on record that some restaurants use technology to allow customers to craft their food choices and cocktails based on their moods. In the entertainment industry, AI can analyze vast datasets to generate unique concepts that only need a slight human touch to create the next masterpiece. There is no limit to what modern AI can do.

Conclusion

It’s evident that the benefits of AI technology in the business sector are endless. But it’s also vital to note that companies must find ways to mitigate potential AI dangers. Some of the concerns include bias and unclear government regulations. So, always let your workforce guide the AI through every process to reduce costly errors. 

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