Artificial intelligence in business
The use of artificial Intelligence (AI) in the business sector has become commonplace. Artificial intelligence describes the development of computer systems that can perform human tasks, such as reasoning and problem-solving, more quickly and efficiently. Although unaware, many people use AI almost daily through simple applications like Siri, Alexa, Cortana and Google. Artificial intelligence has truly surged worldwide, especially after the release of the information generator ChatGPT. While the average person may simply use AI to help with cover letters and resumes for jobs, businesses see the potential in profitability and productivity. Acknowledging this potential, companies like Microsoft are also hiring people who can manipulate AI systems to enhance their businesses.
For many companies today, when the customer has an issue, the first round of interaction is with virtual assistants, AI-generated chatbots, that interact with the customer to help solve the problem or direct them to relevant departments and people if the customer requires more assistance. This reduces the time customers have to wait for assistance as well as the frustration that often leads customers to refrain from using certain services in the future.
Businesses also utilise AI in customised marketing and advertisements. In this case, AI studies the customer’s viewing and shopping behaviour to recommend similar products that the customer will want, therefore customers are likely to spend more money. Also, businesses like Starship delivery robots use AI-installed robots to make deliveries in America. Others use AI to prevent fraud and so much more. According to a 2019 McKinsey and Company study, “AI is perceived as a long-term strategic priority for innovation, with 76 per cent of the respondents citing AI as fundamental to the success of their organization’s strategy, and 64 per cent believing that their organization’s future growth is dependent on large-scale AI adoption”.
On the other hand, AI poses challenges for the business world. First, employees may feel at risk of losing their jobs due to AI assistance. For example, generative AI produces text and images and can deliver information like a human and some even better than a human. This reduces number of customer service workers needed. It also poses a financial challenge to businesses as they need to hire specialised individuals to programme these AI applications for those unique businesses. Additionally, it may be necessary for companies that can’t afford permanent AI engineers to outsource the search for these knowledgeable workers, which is equally costly. Therefore, these heavily AI-run businesses are often large companies that can afford qualified individuals, which can increase inequality between startups and established companies. Essentially, in the corporate sector, artificial intelligence is becoming the standard, but not all organisations can afford AI. Nonetheless, we cannot deny that it has changed the business sphere and has become a heavy hitter in elevating business successes.
