No matter how small your company or what industry you are in, Artificial Intelligence (AI) is a powerful force that can make impactful changes right away. While the potential for AI seems limitless, as a business owner, it’s important to know how to use it effectively and responsibly.
Understanding the basics of AI will allow you to make strategic decisions about how best to use it in your operations.
AI is the simulation of human intelligence in machines designed to think and learn like humans. This can include various technologies and approaches, including machine learning, natural language processing, robotics, and computer vision.
Simply put, AI is having computers perform tasks that only historically only humans could.
Here are the top five things every business owner should know about AI.
1. AI is not going away.
While some digital products and technology come and go, AI is here to stay. It is not only transforming our world with unprecedented speed and scope, but it’s created a fundamental shift in how we interact with technology. From automating mundane tasks to solving complex problems, AI boosts efficiency and opens new frontiers across various industries.
According to a recent survey by McKinsey, AI can improve business efficiency by up to 40% and reduce operational costs by up to 30%.
With the efficiency and innovation of AI, businesses must start integrating it into its operations. Failure to do so will put companies that don’t want to adapt at a serious disadvantage in comparison to those that are evolving with this expanding technology.
2. AI Enhances Customer Experience
One of the most impactful applications of AI is in enhancing the customer experience. From AI-powered chatbots and virtual assistants that can immediately handle routine customer inquiries 24/7 to personalization algorithms that can deliver tailored recommendations, offers, and experiences, business owners can leverage AI tools to create a more responsive customer experience, leading to higher satisfaction and retention rates.
According to a recent Forbes Advisor survey, of the companies surveyed, 73% of businesses use or plan to use AI-powered chatbots for instant messaging.
AI also allows for more personalized, efficient, and engaging interactions to happen with customers no matter where or when. And, the beauty of AI is that it not only creates a more intuitive and enjoyable user experience, but it makes it easier for companies to know how to engage with them.
Failure to embrace this technology may impact your company’s response rate and overall customer service, therefore putting you at a great disadvantage.
3. AI Can Be Trained
One of the most valuable things about AI is that it can be trained to help us do the things we need it to. Training AI is like teaching a person, but instead of books, training manuals, or webinars, AI uses data and algorithms.
Here’s how it works:
- Data is collected: This data can be anything relevant to what the AI is supposed to do, like pictures, text, or numbers
- Data is prepared: Almost like organizing notes to study, the data needs to be clean and organized
- A Data Model is Chosen: A model in AI is like a specific type of learning method or strategy. Different models are better at different tasks and the model should be chosen according to the users goals.
For example Machine Learning (ML) is one key subset that involves training algorithms to make predictions or decisions based on data. The more data an algorithm is given to process, the better it becomes at performing its task. Machine Learning can be used by business owners in creating things like chatbots, which gives computers the ability to learn without explicitly being programmed.
- The Model is Trained: This is when the AI really learns. We feed the prepared data into the model, and the model tries to learn patterns from the data
- The Model is Tested for Improvement: After training, we test the AI with new data it hasn’t seen before. This is to make sure it has actually learned the process and isn’t just memorizing the data. This process happens on repeat for constant learning and adjustment.
The ultimate goal of training AI is to enable the AI to make accurate predictions or decisions when faced with new, unseen situations. Essentially, we are training the technology to think and act as humanly possible! Continuous training and refinement help boost the AI’s performance, making it a crucial aspect of effective AU systems.
4. AI Drives Operational Efficiency
Training AI can be used to improve operational efficiency for your business. Because AI is capable of handling many small tasks, it can free up your and your team’s time to focus on more meaningful things, thus boosting productivity.
A study by the Nielsen Group found that using AI for various tasks improved employee productivity by 66%, averages across 3 case studies. This study cited the following:
- Support agents who used AI could handle 13.8% more customer inquiries per hour.
- Business professionals who used AI could write 59% more business documents per hour.
- Programmers who used AI could code 126% more projects per week.
Imagine being able to get help with all the little tasks that take up so much time on a daily basis?
With AI, it’s possible!
5. AI Can Support Your Marketing & Sales Efforts
Knowing that AI boosts productivity, it can also be used to enhance your business’s sales and marketing efforts. While AI helps free us some time from more mundane tasks, your sales and marketing teams will be able to focus on more strategic, creative, and sales-driven tasks.
According to a study by Dresner Advisory Services, “40% of marketing and sales teams say data science encompassing AI and machine learning is critical to their success as a department.”
Here are some examples of how AI can support your marketing & sales efforts:
- Optimizing marketing campaigns and channels by helping companies reach their target audiences
- Sourcing leads and pipeline opportunities
- Creating content calendars, with ideas for blog posts, social media content, etc.
- Providing personalized marketing messages and services, such as product recommendations
- Optimizing emails
- Assisting with copy for your website, collateral material, and paid advertising
- Assessing performance of marketing tactics such as email campaigns and social media ads.
Need Some Guidance to Navigate AI? We have your back!
Here at Aspire Digital Solutions, we’ve been working with our clients to create strategic roadmaps for AI implementation. Every business will have different needs and it’s important to remember that while AI is a powerful tool that can drive growth, efficiency, and innovation, it’s only effective when used properly and responsibly.
AI offers very exciting opportunities for business owners to grow and improve, but it’s crucial to understand the basics so its power can be used effectively. With the ever-changing landscape of AI, it’s recommended to start with smaller pilot projects, which allow for testing and learning.
Here’s an important thing to remember:
AI Cannot Replace the Human Connection!
While AI is revolutionizing the way we run business, it does not replace what human beings offer each other. Robots can’t create relationships beyond the algorithm, failing to provide the same judgment, creativity, and emotional intelligence as humans.
Business owners must understand that AI is an assistive technology, not a substitute for human effort entirely. Personalized interactions will always be foundational for a successful business , as emotional connections create long lasting relationships, build trust, and drive customer loyalty.
Reach out to us today and let’s brainstorm how AI can better your business.
**And, it’s important to note that while AI was used to create the structure for this blog post, it was NOT used to write the content. The thoughts are all ours!**
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