The business landscape is constantly evolving, but no technology has ever had as much of an effect on practically every aspect of how we work and innovate as artificial intelligence. It’s impossible to overstate the impact of AI on business, and the tools are only in their infancy.
As companies begin to move beyond Proof of Concept and begin implementing AI at scale, there are several key areas where it’s particularly transformative.
Where Is AI the Most Disruptive? Look to These Three Areas
Practically no element of modern business is immune to the effects of machine learning. Still, AI's impact on business most influences the following areas.
- Process Optimization and Efficiency
One of the most common implementations of AI is in automation and process optimization. Companies are moving low-risk, repetitive tasks to AI tools, allowing teams time to focus on higher-value strategic activities. For example, AI can quickly manage simple customer service inquiries, improving the customer experience while still involving humans in complex situations.
Although some experts have concerns about this workforce augmentation and its effect on the job market, AI tools that allow workers to be more productive and provide efficient support increase innovation and creativity. For instance, marketing departments can use AI to create the first draft of sales materials and then spend more time applying their talents to finesse them for maximum effectiveness.
- Improved Decision Making
Another massive impact of AI on business is its ability to quickly make sense of massive amounts of data. Research suggests that each person creates an average of 1.7 MB of data per second, representing a treasure trove of information for businesses to use to guide everything from internal processes to product development.
Not only does the ability to process and analyze reams of data quickly support more accurate, data-driven decision-making, but it’s also disrupting traditional business models. Adopting AI solutions for predictive analytics allows companies to be more agile and customer-centric, turning massive amounts of data into actionable insights.
- Increased Growth and Innovation
The ability to process massive amounts of data supports small businesses and startups competing against larger, well-established enterprises. Artificial intelligence allows smaller companies to analyze data that levels the playing field in terms of efficiency, productivity, and innovation so they can grow and compete in a competitive environment.
The impact of AI on business isn’t limited to small businesses, though. The technology also has the potential to push larger companies toward constant improvement and development. Increased competition forces businesses to adapt or risk being left behind, ultimately spurring improvements in products and services for everyone.
With AI's large-scale impact on business now on our doorstep, companies need to focus their attention on finding ways to implement the technology effectively while considering ethical considerations, technological requirements, and costs. As the tools continue to develop, how we do business will change, providing new opportunities.
