How Businesses Can Get Started With AI
The book Unfair Advantage by Ash Ali and Hasan Kubba explores the idea that for businesses to thrive, they’ll need some sort of competitive edge over other businesses, which could be Money, Intelligence, Location, Expertise, or Status. However, leveraging Artificial Intelligence (AI) in a business can yield the most efficient results.
Tools increase our productivity and development in the world today. Imagine we still have to find food with our bare hands? We would still have to plant our vegetables and pull them with our hands or track game for beef in the jungle with some sticks and stones (good luck, babe!). AI is a tool that we can deploy to increase productivity in the workspace.
Artificial Intelligence (AI)
Today, when many people hear AI the think of ChatGPT, that’s true. OpenAI can be credited to making the use of Generative AI mainstream, but the technology has been in existence and was mainly accessible to the big tech giants. When you turn on your Netflix and have a personalized recommendation of movies that suit your interest or have your playlist so specially curated on Spotify that you wonder how it was specially made for you, that’s AI.
AI is an adaptive system that schemes through a large set of data and can autonomously make an informed decision or recommendation as output. AI still follows the age-old computer analogy of Input – Process – Output
However, AI has 3 core foundation that differentiates it from regular computer processing which are: Data Science, Machine Learning and Deep Learning
In summary, Data Science, it the access to Big Data, powered by cloud computing, Machine learning is the ability for the AI system to learn, information and build on existing knowledge while Deep learning is the ability for computers to think like humans do, that’s why we can now have self-driving cars because this vehicles have been trained with large sets of data, but can take it a step further with the ability to access a situation and make decisions. So, the core question in this article remains, how can AI improve my business?
Application of AI in Business
As mentioned earlier, AI is a tool that can help get work done faster and efficiently. Here are some examples of how AI can be applied to businesses
Customer Relationship Management (CRM)
Businesses can access a fast and responsive chatbot or automated call system available 24/7 for customers, with the flexibility of being hosted on multiple platforms such as websites, apps, or social media. Also, customers can reach your organization anytime to make requests or inquiries. In some cases, AI can place orders, resolve issues, or escalate matters that require human intervention. Efficiently deploying AI in a company's CRM will help save time and resources, and an instant response will position the company as more customer-centric.
Invoicing and Payments
AI can effectively create invoices and track payments for businesses. AI can update transactions in real time, identify errors, and setup automated reminders and follow up.
Accounting and Cash Flow Management
Cash flow is the lifeblood of any business, and AI systems can be set up to forecast and monitor cash flow, regulate financial transactions, synchronize multiple accounting systems from different departments in an organization, draw up budgets, and present to stakeholders.
Writing and Presentation
Businesses are driven by documents, from business plans to company policies. Most business communication is written in documents, and AI systems have become excellent at writing. So, businesses can now effectively deploy their customized generative AI system that will produce written documents in the company’s tone and style. In addition, the text produced can be converted to beautiful presentations with the help of AI.
Website Building and Management
Beyond real estate space, most businesses exist on a domain on the internet and chances are, if a company has no presence on the internet, no one will find you! Businesses need a website, and AI can accelerate the website design process and further help prevent the site from hackers and theft.
Social Media and Email Marketing
Similar to having a domain on the internet, businesses need social media presence to connect with customers. Businesses need to have an active social media presence and be able to build a mail list for direct marketing to audience. Sounds cumbersome right? AI can help simplify this process making it easier to connect with prospective and existing customers on social media and ultimately build an audience.
Streamlining Processes
The most effective businesses run on a streamlined process, whereby A needs to happen for B to progress. If not, then revert to C. AI systems are built on this process and are super effective in supervising such processes in an organization. These automated checks can help limit or prevent common mistakes, improving a business's efficiency and saving time, money, and effort.
There are many more examples of how AI can be applied in a business, but imagine your business's advantage if you could successfully implement the above examples.
At Zeta-AI, we offer a customized solution for your business to gain that competitive edge in deploying AI in your production system or business processes.
References
https://microsoft.github.io/AI-For-Beginners/
https://www.coursera.org/learn/ai-for-everyone
https://app.grammarly.com/ (AI writing support)
https://www.perplexity.ai/ (AI writing support)
https://www.meta.ai/ (AI writing support)
https://www.napkin.ai/ (Image generation)