Impact of Artificial Intelligence and Machine Learning on Businesses in 2022
Artificial Intelligence is the ability of a digital computer or computer-controlled robot to perform tasks commonly associated with intelligent beings i.e. at the level or more of human intelligence. The term is frequently applied to systems endowed with the intellectual processes characteristic of humans, such as the ability to reason, discover meaning, generalize, or learn from past experiences.
There are two types of artificial intelligence at work right now. One is the Reactive Machine which is the oldest type of artificial intelligence. This type of AI has no memory and lacks the capability to use previously gained experiences to achieve better results.
The other type of AI is called Limited Theory. They have memory capabilities that can use past experiences to make better future decisions. Examples of Limited Memory technology can be found in many self-driving cars. These artificial intelligence algorithms are designed in a way that they can carry out complicated tasks just like a human brain.
In this article, we will take a look at artificial intelligence and its application in different areas and how AI in business makes a positive change in the company by fitting into every domain of a business. It makes an impact across the four main business pillars – HR, finance, marketing, and operations. Artificial intelligence and the future of humans are closely intertwined, with the progress we are making in the sector and adoption of AI at both enterprise and personal level.
The Impact of Artificial Intelligence
Different domains of AI are saving crucial manpower hours by taking care of all the mundane tasks of an organization like data entry and data processing. The future of AI is very bright for businesses. It is already being used across all industries, from healthcare to security services to banks and other financial entities.
AI is now being developed to do every range of tasks that a human brain can, for example, from a simple data entry to self-driving cars. The market for AI in business is booming. It can automate a lot of tasks in a company so that the employees can focus more on important critical things like decision making and strategizing.
One of the AI techniques like NLP, which stands for Natural Language Processing, assists in lowering the workload for employees by integrating the human language of commands into computer languages to give better results swiftly. One example of this would be giving customer purchasing insights after analyzing their data and buying patterns.
In this fast-paced world of social media, the success of a brand or a business no longer depends on its product or pricing alone. It is customer experience and satisfaction that determines the success of your brand.
Artificial intelligence works directly to solve this problem by personalising everything related to the buying experience of the customer, strengthening engagement, and increasing brand loyalty. It does this by streamlining the purchasing process, providing real-time text support, and also enhancing visual and voice engagement.
Here is how different domains of AI are having a positive impact on different business functions today.
Impact of AI on Human Resources in a Business
Artificial intelligence plays a key role in automating the new talent acquisition process. The recruitment and application reviewing process is a very time-consuming one for an average human brain. However, automating these processes not only ensures good results but also attracts suitable talent for the company.
AI is now regularly used to source candidates and then screen their resumes or CVs. They are using smart chatbots to engage with candidates and analyze their responses and facial expressions to determine if they will be a good fit for the company. The AI-assisted recruitment will aid in the selection of a candidate that meets the majority of the company’s standards. As a result, the screening procedure is simple, quick, and deserving.
Artificial intelligence also helps in administration, database management, and live support, among other things, in the HR department. It helps in managing information by automating administrative tasks like data entry and all other paperwork.
The concepts of chatbots and employee self-service (ESS) portals are also gaining traction in the HR world. An HR chatbot can look up information about your benefits package for example and within seconds deliver the answer. A self-service portal, on the other hand, consolidates information into one user-friendly gateway which creates efficiencies and helps align employees with organizational objectives.
Impact of AI on Marketing and Sales in a Business
The role of AI in the field of marketing and sales is very important in today’s world. Automating marketing technology can help marketing professionals manage processes and campaigns across multiple channels automatically. This technology absorbs repetitive tasks and works behind the scene to guide the customer. In the meantime, marketers are free to tackle more complex work, such as creating interesting content or finetuning their marketing campaigns.
Similarly for sales, Artificial Intelligence can look dispassionately at large datasets from a number of sources and tell you which leads you should prioritize, based on the scores the AI has given them.
AI is helping in customer support by using chatbots to convey the necessary information to a customer without any human interaction, thus cutting back labor and saving time. AI is now being incorporated into websites and apps to get a better chance of studying customer preferences.
AI can make accurate forecasts about the market and sales projections. It also helps in improving the user experience for better customer satisfaction. There are also smart AI tools in service now, for example, Wordsmith. It is a natural language generation platform that transforms data into an insightful narrative within minutes.
Impact of AI on Business Operations in a Company
AI helps in business operations by automating all the mundane tasks that are intellectually taxing for a human brain and thus, saving both the time and energy of an employee so that they can focus more on the important stuff. For example, Gemini 2, the duplicate finder: Is an AI-based tool that helps in screening duplicate files from a folder, saving valuable time that an employee can better utilize for decision-making or building important strategies.
The human brain was never designed to take on more than 6 to 8 pieces of new information at a time. As a result, it naturally tends to procrastinate while understanding or interpreting a large set of data, and thus is very prone to errors. Meanwhile, AI in comparison can process a huge amount of data in just a fraction of time without any error.
AI also comes in handy in infrastructure scaling. The monitoring infrastructure of an AI-based tool will be able to track key metrics like memory usage and CPU utilization for this kind of scaling operations.
Impact of AI on the Finance Department of a Business
Finance is one of the most important departments for a company. A slight mistake can bring lawsuits upon lawsuits to a business. The use of AI in accounting, bookkeeping and financial management in a company not only strengthens a business, but also benefits workers by giving an error-free service to them.
AI-based accounting and invoice management systems help streamline invoice processing, data entry, bill payments and many other things. And, it does all this with the highest level of accuracy too. AI also helps in automating the tasks of supplier onboarding, procurement, and audits for a company.
Artificial intelligence does not only perform error-free bookkeeping and accounting tasks but also identifies important financial insights based on researching a huge amount of financial data available in the company. Thus, it provides business leaders access to real-time financial insights 24×7.
For every strategic decision making, AI helps by unlocking accurate, up-to-date financial data and insights at the fingertips of business leaders so that they can quickly identify important business performance indicators and make necessary adjustments as it happens in real-time.
Introducing AI in a business can help all the four valuable areas of a business, which are human resources, operations, marketing & sales, and finance. Using artificial intelligence and other modern technologies like machine learning and natural language processing can drastically change the way in which a business is run.
AI is everywhere, from offering real-time financial insights to providing better customer experience and also doing all the boring and mundane tasks in a matter of seconds and freeing up valuable time for managers and employees to make better decisions. AI technology will keep pushing the boundaries of how companies and customers interact to provide you with new and better ways to reach your audience.
Artificial intelligence and the future of humans will be driven by how businesses leverage this technology. So now is your chance to take the next step and to make your skillset future-ready. Learn artificial intelligence and its application in different areas by pursuing an artificial intelligence course today.
You can look at professional courses or online certificate courses like the Integrated Program in Data Science, Machine Learning, and Artificial Intelligence by Hero Vired. The program covers the key concepts of AI and related concepts.