AI is never out of the news these days. Artificial intelligence tech has come leaps and bounds in the last few years, and the topic is taking up a healthy portion of the daily news.
People are rightly very excited about how we can use AI in business — to achieve business goals, boost productivity, and get the edge over our competitors.
But this is truly just the beginning. As AI continues to grow and become more powerful, its benefits to businesses will also continue to grow.
In this article, we’re going to look at some of the benefits of AI in business, along with some examples of how companies are currently using AI.
6 Benefits of AI in Business
Wondering what AI could do for your business? Then here’s what you need to know. AI offers all of the following advantages.
It Frees Up Time
AI solutions can perform tasks at an astounding speed — hundreds or thousands of times faster than a human, depending on the task.
So what would you do with a super speedy co-worker on your team? You can use AI to perform time-consuming tasks, like sales analysis, market research, or data entry, whizzing through your company’s to-do list in the process. This gives your human staff extra time, which they can use to focus on value-adding tasks that AI can’t do yet.
It Saves Money
By automating routine tasks and offering exceptional insight into business processes, AI can help businesses save money. That may come in the form of reduced labor costs or improved productivity.
Either way, AI helps you do more with less, which means more flexibility in the business budget and better growth opportunities.
It Reduces The Risk Of Human Error
Let’s start with a disclaimer here. AI solutions aren’t infallible. They sometimes make mistakes. But, on the whole, AI helps to reduce the risk posed by human error.
AI doesn’t get tired and less attentive at the end of a busy day. It doesn’t let emotion cloud its judgment. And when used to automate repetitive tasks, detect errors, and provide decision support, it can actually make your operations and your personnel much more effective and less prone to mistakes.
It Can Analyze Tons Of Data
These days, a business has a ton of data at its disposal, but making sense of that data isn’t always quick or easy.
This is another thing AI can help with. In a matter of seconds, it can analyze reams of data, mining it for actionable insight.
You can then use this insight to mitigate risk, identify opportunities and make better decisions, all of which benefit your business.
It Improves Customer Experience
AI can analyze customer data in an instant. It can then use this data to provide the personalized experiences that customers crave.
The added benefits of a good customer experience? Better levels of engagement and loyalty, which means more sales and better customer retention.
It Helps You Scale
Want to grow your business but don’t have the budget to hire additional team members or outsource tasks to an external agency?
AI can fill the gap. Able to complete a wide range of business tasks, AI is a cost-effective solution that helps drive business growth.
Common Examples Of Artificial Intelligence In Business
Wondering how to use AI in business? Here are some excellent examples of artificial intelligence in business to inspire you.
Text-to-speed (TTS) AI solutions can help with a range of business tasks, including:
- Advertising and marketing
- Social media
- Customer service
- Corporate training
- Content creation
So, how does it work? You simply enter text, choose a voice, and TTS AIs like LOVO AI’s Genny will quickly generate a high-quality, human-sounding voiceover, which you can put to work for your business.
AI can create voiceovers quickly and easily and at a much lower cost when compared to traditional recording studio voiceovers.
The benefits of AI in business can be applied to customer service too.
AI chatbots are providing round-the-clock customer care and helping companies respond to customer queries more quickly. AI solutions are conducting sentiment analysis, so businesses can identify and address any common customer problems before they damage the brand. AI is even helping organizations personalize the customer experience.
Of course, you always need a human touch. But by streamlining and automating the simpler parts of a customer conversation, businesses are using their customer service agents better and making more impact within their communications.
For a business, the impact of a cyberattack can be catastrophic.
That’s why some companies are using AI as a first defense. It can prepare for and even prevent cyberattacks by monitoring data patterns or analyzing past data to pinpoint a breach.
It can also detect vulnerabilities in your business systems, helping you address issues before they become serious cybersecurity problems.
Digital Personal Assistants
An AI solution, like ChatGPT, can act as a digital personal assistant. And for a busy CEO (or any other staff member, for that matter), that can mean managing your time and tasks more effectively without hiring someone new.
AI can organize and prioritize your emails. It can manage your to-do lists, put tasks in order of importance, and provide reminders when deadlines are due. It can help you plan your business travel and compile in-depth research reports.
This means every staff member has the potential to increase their productivity and, perhaps, enjoy a better work-life balance too.
Lots of companies are already experiencing the benefits of AI in their business. Want to join them? Then check out LOVO AI’s text-to-speech and image-generation services with a 14-day free trial.