A few days ago, Microsoft planned to invest $10 billion in OpenAI, the creator of the trending AI tool ChatGPT. Now, it offers general availability of the Azure OpenAI service to businesses.
Consequently, more companies will adopt artificial intelligence in their strategies. Thus, big and small business owners must adapt to the upcoming changes.
This article will discuss AI for business by covering artificial intelligence tools, their benefits, and their risks. More importantly, it will explain how you can apply AI today.
What are the types of AI for businesses?
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Artificial intelligence refers to machines that work with seemingly human intelligence. In other words, they perform tasks that only humans could do years ago.
These include translating languages, recognizing faces, and making decisions. The concept may sound futuristic, but we already use AI daily.
For example, most websites have chatbots that answer frequently asked questions or FAQs. As a result, customer service representatives can focus on more complicated issues.
Chatbots are an example of task automation, one of the two types of AI for business. It performs repetitive, structured tasks requiring little to no thinking.
The other one is machine learning. It follows rules or algorithms and trains on large quantities of data to make complex decisions.
If you have launched or watched an online ad, you have seen this in action. Google Search AI recommends ads based on the websites you have visited.
If you keep looking at cute dog pictures online, the AI may think you love pets. Then, it would likely show ads for dog food and pet accessories.
Nowadays, machine learning has taken the world by storm due to ChatGPT. It has amazed people due to its ability to generate text seemingly made by humans.
These include short essays to entire academic abstracts, attracting both awe and fear. More importantly, huge tech firms like Microsoft have been expanding into AI.
Microsoft recently planned to invest $10 billion into ChatGPT founder OpenAI. A few days later, the former invites businesses to create tools with Azure OpenAI.
As a result, we should expect industries to incorporate artificial intelligence in their strategies, from management to marketing.
What are the uses of AI in business?
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You can apply artificial intelligence to every facet of your business. For example, machine learning enables demand forecasting for your sales department.
Instead of researching the trends online, your tools could use recent data sets to predict demand for your products and services.
Leads are signs that a customer shows interest in your company’s offerings. However, it has been difficult to measure that factor.
Fortunately, AI can rank the opportunities in your sales funnel based on historical data. As a result, it could make your sales strategy more efficient.
AI marketing supercharges how you promote your products and services. Ad services from Google and social media help small businesses gain a global customer base.
Artificial intelligence could also streamline your accounting department with automation. For example, small business tools like BambooHR automatically compute and distribute payroll.
Moreover, it could provide your HR personnel with a helping hand. It could analyze numerous candidate profiles based on your HR department’s criteria.
Thus, your HR offers would not need to sift through most profiles. The AI could narrow their choices so that they could perform their work faster.
What are the pros and cons of AI business tools?
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It is easy to assume that AI for business costs a significant amount of money. Contrary to popular belief, it could reduce costs at your company.
For example, AI can ensure your online adverts reach your target audience. Unlike traditional marketing, you do not need to hope that someone will view your billboard or TV commercial.
Also, online ad services from social media offer great control over how much you spend on campaigns.
Meanwhile, your call center might spend too much time and money answering simple queries. AI could answer them so that your agents could focus on more serious concerns.
On the other hand, using AI for business has some drawbacks. For example, let us say your AI tools malfunction.
It can be difficult to explain to customers why one of your departments is not working due to artificial intelligence.
You should also be careful about integrating too much AI into your business. For example, fully automated customer service may frustrate customers who prefer talking to a real person.
How can I apply AI to my business?
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Businesses should try and adapt to the changing times, but you must start with your company’s needs. Ask how artificial intelligence could improve your business before integrating it.
See if it could improve efficiency in a specific department, such as marketing or accounting. Find out if it can provide a competitive advantage against other companies.
For example, you may launch an AI marketing campaign to promote your products and services to more people.
You may also invest in an IT department or improve your existing one. Hire AI experts so that you can properly implement and maintain your AI tools.
They could also recommend software that would benefit your business. Alternatively, you may coordinate with other tech firms for help.
For example, you may apply for Microsoft’s Azure OpenAI program or request other companies like IBM for their services.
The recent tech boom gave rise to more cyberattacks on small businesses. Thus, you should invest in cyber insurance to safeguard your investment.
Also, you and your employees must follow basic internet safety rules. For example, assign strong passwords for your devices and be careful when opening emails.
Conclusion
Microsoft recently expanded access to its Azure OpenAI services. Thus, we should expect using AI for business to become more prevalent worldwide.
As a result, business owners must adapt to these changes by incorporating AI into their strategies.
If you are a worker, you must adapt by learning how to use AI tools for your career. Also, keep yourself updated with the latest digital trends by following Inquirer Tech.