When it comes to AI-transforming business, this prospect is no longer relegated to the future.
There are myriad ways AI is transforming business right now, from the use of artificial
intelligence to enhance workflows and efficiency to the use of machine learning (ML) to obtain
high-quality data sets for improved accessibility and convenience.
Using ML and AI for business transformation has become par for the course for businesses around the
world. These technologies are, without a doubt, the future of the digital landscape and business
operations. Experts now warn that companies that haven’t yet integrated with AI could fall behind
their rivals, and the AI market is expected to reach a value exceeding $500 billion in 2024.
Read on to learn about the role of artificial intelligence in business transformation, how it will
change the future of business, and how it will bring about a global digital transformation.
Understanding AI
Before delving into how artificial intelligence is transforming business, it’s important to have a
clear understanding of this technology and what it can achieve. Artificial intelligence—AI for
short—is a term referring to a wide range of computer software programs capable of engaging in
‘human-like’ tasks and activities. These activities include planning and learning, solving
complex problems, and even displaying rudimentary creativity.
However, AI in the context of modern-day business operations needs to be defined in a more specific
way. AI can include tools like machine learning. This is one of the most commonly used types of AI
for businesses, and it processes vast amounts of data quickly using algorithms capable of
‘learning’ as they work.
Machine learning programs use data to consistently enhance their algorithms and improve the quality
of their modelling over time. They are most often used to structure large sums of data obtained
through the Internet of Things and connected devices and extract usable insights that humans can
easily consult and gain value from. ML programs are also adept at identifying trends, patterns, and
anomalies in data. This assists businesses of all types in optimising operations, capitalising on
emerging trends, and keeping their workflows running smoothly.
Deep learning is another facet of AI for business use that relies on neural networks—groups of
interconnected AI ‘nodes’—to achieve non-linear reasoning. Deep learning is essential for more
complex applications. Its ability to analyse a vast range of factors at the same time makes it
suitable for uses such as fraud detection, supporting the functioning of self-driving vehicles, and
more.
Deep learning offers great potential in business contexts. While ML algorithms often experience a
plateau in their abilities once they have captured certain amounts of data, deep learning
models can exponentially improve their performance and capabilities over time as they receive and
process more data. This essentially means that deep learning models have a higher degree of
scalability while providing more detailed and nuanced insights and uses for human users.
Artificial intelligence for business transformation: How AI transforms business in 2024
AI’s capabilities are rapidly improving, giving this technology a broad range of applications in
the business world. There are many potential uses for AI, ML, and deep learning. For starters,
retailers may use AI-powered tools to analyse the purchase data of their customers, identify their
most popular products using online ads, and combine this data to streamline their
offerings and maximise sales.
Other organisations, such as financial and government institutions, are beginning to use AI to
minimise the risk of their consumers experiencing financial theft, data theft, and fraud. They’re
using deep learning to identify and alert consumers to suspicious trends in user activity. AI will
also increasingly be used to enhance the customer experience, both on land and online, through AI
chatbot development and other new technologies. Chatbots are already widely employed to provide
instant customer support and answer frequently asked questions.
Concurrently, they gain information about each customer’s needs to enable human operators to
provide efficient and personalised assistance.
There are current concerns that AI’s capabilities may force many human workers out of their
positions. However, most experts disagree with this sentiment. AI’s implications for human workers
are more nuanced. Many believe that instead of replacing jobs, this technology will facilitate the
creation of a knowledge-based economy, assisting workers in streamlining their workflows and
amplifying productivity in their current roles.
How AI is transforming business intelligence
AI is changing the way that businesses gather intelligence. AI-based cloud platforms can manage
vast databases of intelligence and replicate and analyse structured data, such as customer
information and sales data, from a variety of apps, websites, and relational databases. This
information can be gathered across numerous points in a business’s operations, from computers and
mobile devices to financial transactions, production equipment, and sensors. From there, it is
analysed by AI to identify key trends, patterns, and irregularities. The latter of which can be
rectified to enhance operations and long-term profitability.
Additionally, artificial intelligence can flag unexpected differences in a business’s operations,
notifying relevant parties of important variances that could negatively impact production and
sales.
For example, if a factory manager uses AI to monitor their assembly line equipment, the technology
can identify slowdowns in production. It can then notify the manager and potentially recommend
specific actions and solutions to address these slowdowns, from equipment
servicing to part replacements. Many of these platforms store replicated data on the cloud or RAM,
allowing them to access it in real time to provide rapid decision-making capabilities.
Some AI-based tools also enable businesses to connect multiple native software connectors, allowing
them to extract data from third-party apps for business intelligence.
Using the example of a retailer, certain platforms can extract data from Shopify, Facebook,
Salesforce, and other sales-related applications to provide insights into sales trends, customers,
product inventories, and product performances. This data can then be used to generate comprehensive
reports and identify sales trends in real-time, enabling retailers to make informed decisions around marketing, inventory management, and customer relationship
management.
Businesses can even use AI to gain the ability to automate their merchandising processes using
extracted business intelligence. Certain tools provide recommendations for actions that
organisations can take to boost their sales based on customers’ intentions to buy and each
organisation’s realisation of revenues.
Based on a predictive understanding of a company’s customers, AI tools can combine machine learning
and big data to predict which products may appeal to specific customers as they search online.
Tools that predict and display related products based on search terms, customer data, or past
purchasing histories may enhance sales and allow for the automation of merchandising tasks
according to consumer demand and current sales trends.
AI strategies for business transformation: AI to grow your business model
An artificial intelligence strategy for business can be used to enhance and grow many different
areas of an organisation, streamlining tasks like predictive sales forecasting, administration,
customer service, marketing, and cybersecurity. AI-based tools can process large sums of sales data
to provide informed insights into future sales forecasts, future sales trends, and marketing
efforts. These capabilities enable the making of more strategic decisions regarding marketing and
sales, the more effective and efficient use of resources, and planning preemptively for future
challenges.
A recent Salesforce study notes that businesses using data for their sales and marketing efforts
are more likely to see a return on investment increase of up to 15-20%.
Increase productivity
1. Businesses can use artificial intelligence strategies for leading business transformation to
reduce administrative burdens and automate tasks like scheduling, report creation, and data entry
to boost productivity.
2. AI system tools use ML algorithms to learn from data sets and improve the accuracy of their
task automation over time while also offering real-time monitoring and alerts for administrative
tasks, ensuring that they are completed on time.
Improve customer relationships.
1. Integrating AI into your business has great potential for enhancing customer relationship
management and even boosting lifetime customer values. A report from Insider Intelligence notes
that almost 50% of marketers in the US increased their AI investments in 2022 related to their
customer relationship management strategies.
2. AI offers personalised customer interactions, sentiment analysis tools, and predictive
analytics. All of these tools transform customer service and create an optimal customer journey,
which in turn can benefit sales and lead conversion rates.
Enhance security
1. When it comes to transforming your business with AI, cybersecurity and customer data security
are other essential considerations for modern businesses. And AI management consulting can help.
2. Cyberattacks and online fraud are becoming more common occurrences in our increasingly
interconnected world. Fortunately, certain AI tools can help minimise these risks by using machine
learning algorithms to detect fraud and breaches and rapidly respond to potential threats. These
platforms analyse vast volumes of data to identify patterns and typical activities, allowing them
to spot suspicious activity quickly and notify relevant parties of prospective dangers.
3. This, in turn, may enable your business to protect its data and the data of its customers while
helping to preserve its reputation in its industry or niche.
AI business transformation: in summary
Artificial intelligence, AI consulting, machine learning, and deep learning are rapidly changing
the nature of business operations in 2024. Artificial intelligence tools streamline a myriad of
different tasks and processes, from customer interactions and marketing to administrative
responsibilities, transportation, forecasting, and even cybersecurity.
When it comes to predicting how AI will transform business in the future, it’s important to note
that artificial intelligence (AI) technologies are still in the early phases of AI development.
Their capabilities are expected to expand significantly in the future. It’s difficult to say
exactly how this technology will develop, but experts are convinced that it will become
exponentially more useful in our everyday lives and business operations.
Graphic processing units are also becoming increasingly faster and more advanced. This is set to
enhance the applications of AI software across every industry and sector by providing even larger
sums of clean data and more rapid processing abilities.
Some predictions on how artificial intelligence will transform business say that AI will transport
digital technology from its current on-screen format into the real world. Essentially, this will
turn our physical environments into their primary user interfaces. This could enable businesses to
design experiences around their customers and workers and allow these target groups to interact
with digital overlays in their immediate environments—a feature that could make for even more
immersive experiences while still providing a wealth of data for companies across
key global and regional sectors.
