ARTIFICIAL INTELLIGENCE

3 Ways Artificial Intelligence
Has Begun to Change Businesses

By February 25, 2019 No Comments
3 Ways Artificial Intelligence Has Begun to Change Businesses

Artificial Intelligence (AI) is no longer a futuristic concept; it’s here and, for all its imperfections and shortcomings, has already begun to change the way some businesses operate. For starters, just the sheer number of businesses adopting some sort of AI application has risen significantly in recent years. According to a recent report by Narrative Science, 38% of executive respondents said that in 2016 they used AI in some manner in their business. Twelve months later, 61% of respondents were harnessing AI applications in their day-to-day, and that number is only predicated to grow in the coming years, across virtually all industries.

But how are AI and machine learning being used in early 2019? Currently, the most common uses for both are in improving efficiencies or worker productivity, informing future business decisions, and streamlining processes, at 51%, 41%, and 39%, respectively—and both small and large businesses alike are steadily implementing AI as part of their short- and long-term objectives.

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Improving Efficiencies, Worker Productivity through Artificial Intelligence 

Near-apocalyptic predictions abound about how AI will strip workers of their roles and usher in a new, machine-led era where humans face unprecedented hardships—but these are just speculations; no one knows the scope AI’s reach decades into the future. But one thing is certain: AI is already proving profitable for many companies. Microsoft (through commissioned studies from Forbes Insights and Gartner Consulting) found that AI is boosting knowledge worker productivity, as well as:

  • Improving inter-team collaboration across geographies
  • Offering a better quality of life at work, with increased employee satisfaction
  • Increasing time for value-added work
  • More frequent and effective intra-organizational communication for both data and insights

Making Well-Informed Decisions through AI-Generated Data

Uncertainty in both life and business is an inescapable reality. But what if decision makers could peer into a clearer future, one influenced by data on demand? Data mining allows businesses to use predictive analytics (the use statistical data and advanced analytics to make predictions) to make better-informed business decisions.

Not only does this lead to data-based decision making, but it helps alleviate decision fatigue, a condition that affects workers in many positions, but particularly those in leadership roles; after making roughly 35,000 decisions per day, the brain eventually runs low on energy and making clear-headed decisions becomes more difficult. AI algorithms do not suffer from decision fatigue, and can continue to make accurate decisions as the day progresses. This frees up executives and decision-makers to refocus their energy elsewhere.

Chatbots Are Streamlining Customer Engagement and Information Processing

It’s virtually impossible for most businesses to grow without an easily navigable, information-rich website. But visitors often have questions after spending some time on the site—and they want immediate answers. One way companies are providing visitors immediate support is through chatbots. Chatbots are becoming common fixtures on many businesses’ websites, helping identify customers’ needs, guiding them to pertinent content, and passing that and other information along to those tasked with following up on engagement with the chatbot.

At the end of 2018, more than 100,000 businesses were using chatbots to improve customer experience, and to learn more about their site’s visitors. But it is not just businesses that benefit; 77% of customers walked away with better perceptions of business post-chatbot chat. Additionally, chatbots provide a customer experience outside of normal business hours—a major benefit for businesses with operations and customers across the globe.

Is Artificial Intelligence Implementation Part of Your Global Expansion Strategy?

Artificial Intelligence will continue to influence both day-to-day and long-term decision making, as well as provide potential customers with a better online—and ultimately offline—experience. But for decision makers, having access to clear, reliable data can (and should) influence when, where, and how their global expansion takes place—an invaluable asset for businesses that are ready to go global.

If you’re considering a global expansion and aren’t sure where or how to begin, reach out to Velocity Global to learn more about how our International PEO (Professional Employer Organization) solution can help you establish your presence overseas on your terms and timeline—no need for an entity.

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