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May 9, 2024
April 30, 2024
XX min read

How Can AI Help My Business? Key Uses of Artificial Intelligence

Artificial intelligence is rapidly becoming a staple in many businesses across different industries, changing the way they operate. But many still wonder, “How can AI help my business?” Find the answer in this article. 

At this moment in time, we’re all familiar with what AI is and how it’s slowly taking over mundane, repetitive tasks and making our lives more productive. It’s no surprise, then, that companies worldwide have started to adopt AI tools to help them make smarter decisions and maximize their potential.

But why is the value of the global AI market set to expand at a CAGR of 37.3% between 2023 and 2030? Why are so many companies into AI? 

This is what this article is trying to answer. Keep on reading to discover how AI can help your business, the advantages and disadvantages of AI, and how you can apply it correctly. 

How Can AI Help My Business?

You can use AI technology for sooo many things. Let it generate a quick text for a social media post. Use a prompt to create art just like you imagined. Need to analyze a large volume of data? AI can take care of it. 

It’s no wonder that 41% of large companies plan to invest in AI services now and in the future, according to Adobe. 

However, today we’ll only talk about the most important use cases. There are many others, don’t get us wrong. But we think these eight will help us paint a clear picture. 

1. Marketing

Tired of spending too much time conducting market research that yields unsatisfactory results? With machine learning (ML) and AI algorithms, your marketing teams can enhance their campaigns and boost customer experience. 

But AI does more than that. Here are some examples: 

  • Content ideas: Out of ideas for your social media posts? Well, with an AI-powered writing tool, you can generate ideas on the spot. Feed it a prompt and it’ll be able to create content based on it easily, without wasting too much time brainstorming. 
  • Competitor research: Marketing research is time-consuming. Through automation, it’s way easier to perform data analysis that yields the right results. Which enables better data-driven decision-making. 
  • Predictive analytics: Your marketing teams can quickly identify and predict patterns and trends from customer data if they use AI. This lets them create more effective marketing strategies by offering more personalized product recommendations, promotions, and messaging. 

2. Knowledge management

What is an AI knowledge base

In a nutshell, it’s a centralized hub that uses AI, ML algorithms, and natural language processing (NLP) to manage, store, and give you relevant information when you need it. 

Whenever someone asks a question or wants to search for a specific file, the AI knowledge base can provide accurate and relevant answers without human intervention. Instead, people interact with an AI-powered chatbot.

What do you get out of all this?  You optimize customer support, enhance customer experience, and improve customer relationships.

Guru is the perfect example of a great AI-powered tool that’s able to connect your existing apps and find all the answers you need, fast. It uses generative AI to deliver accurate info from different sources; plus, you can search from anywhere, without switching apps. 

See what Guru can do for you by watching this demo.  

3. Customer service

If you’ve ever wished to get inside your customers' heads and understand their thoughts and feelings, that wish just came true. AI can analyze big data and understand behaviors, which lets you improve customer interactions. 

In customer service, you usually employ an AI-powered bot that uses NLP and ML to mimic human speech and answer questions or offer personalized recommendations in real time. 

Chatbots are very helpful when it comes to handling fundamental questions about your pricing models, for example. It takes the answers from your existing sources, like FAQs or knowledge bases, without relying on a human. 

In a nutshell, you use chatbots to provide seamless support without making clients wait for the next available representative. As a result, you free your resources and your agents’ time, allowing them to focus on more important tickets. 

4. Finance and accounting

Mundane accounting tasks like invoice processing or data entry are a piece of cake for AI. In these highly regulated industries, an AI system can help teams improve their business processes by analyzing large datasets quickly and accurately.

As a result, not only does AI streamline their business operations, but it also minimizes human error, uncovering mistakes that might otherwise go undetected. So, it’s invaluable for fraud detection and maintaining reliable financial records, while saving you time and resources. 

AI tools for business also help with forecasting (making predictions), compliance (reducing the risk of penalties), and payroll management (maintaining an accurate payroll). 

5. Recruiting

The human resources department is where AI really thrives. It can automate so many everyday tasks, it’s no wonder 85% of employers surveyed by SHRM say that AI saves them time and increases efficiency. 

It’s especially useful when it comes to recruiting new employees: 

  • Sourcing for candidates — Nowadays, applicant tracking systems use AI to automatically screen candidates based on set criteria. This makes it easier to filter through unqualified applicants and some AI systems even send automated emails to those who didn’t make it.
  • Writing recruitment materials — Need to craft job descriptions on the spot? A tool like ChatGPT can help you draft the relevant content fast, based on a prompt, which spares you from writing job offer letters or interview questions from scratch. 
  • Managing employee records — An AI platform streamlines your workflow, letting you store and manage employee data in centralized HR software. These tools also help with other HR functions, such as payroll, benefits, time and attendance, etc.  
  • Driving engagement — Many companies today use chatbots to boost applicant engagement. For example, the AI bot can guide candidates through the application process and answer questions easily. 

6. Learning

There are many terms on the Internet (or the industry we work in) that we don’t quite understand at first. In this fast-paced world, going to the library and looking the term up is not an option. But then the Internet fails us; the online definition is too convoluted to make sense of it.

Plus, it’s too time-consuming to search for the definition online when you can simply use generative AI to learn new business terms or even simplify them. 

AI can do more than just that, though. You can also use it to give examples to define those terms better. As a result, people will learn new concepts and terms faster. 

7. Sales

Artificial intelligence can also be helpful to sales teams. There are plenty of AI sales tools that automate sales processes and streamline operations to enhance efficiency and productivity. 

They do so by analyzing customer behavior and interactions to automate sales tasks such as lead generation. However, they also offer valuable insights, reducing your sales team’s efforts. As a result, the team can focus more on the customer and build a relationship with them. 

So, by using AI, you can: 

  • Automate manual tasks — Manual data entry or email follow-ups are a thing of the past. With AI, you can save time and close more deals by focusing on what matters: developing relationships. 
  • Generate fresh content — AI analyzes every customer interaction and preference to create content that they’ll like. 
  • Offer valuable insights — By being aware of customer preferences, you can make more informed decisions about what products you recommend, etc. 

8. Cybersecurity

The last use case we’re gonna talk about is cybersecurity. Traditional security measures won’t cut it anymore as cybercriminals become more and more adept at hacking systems. 

That’s why you need the latest technological advancements like AI and ML to counter these attacks and reduce the risk of threats. 

For example, AI is highly beneficial in threat detection and response. Since it can analyze big data at speed, it’s able to detect anomalies that signal fraud or other threats. Through incident-response capabilities, AI-powered tools can address potential risks before they cause damage. 

But AI is also useful in security monitoring, which allows it to constantly learn and adapt to new threats. As a result, it works to proactively detect and prevent risks. 

***

Alright — now you know how useful AI is to a business. No matter how you decide to use it, though, it’s best to go through the benefits first. 

Which is exactly what we’re gonna do. 

What are the Benefits of Using AI in Your Business?

Maybe you’re not convinced yet that AI is beneficial. But know this: 83% of companies claim that using AI in their business strategies is a priority. 

So, they must be onto something. But what, exactly?

Let’s go through the benefits to see the reason why so many companies have invested in AI lately: 

1. Improved productivity 

Productivity is one of the biggest advantages of using AI. 

AI can handle huge amounts of data and tasks that humans can’t, and at a faster rate, too. So, when it comes to analyzing data for valuable insights and predicting patterns and trends, AI is unmatched. 

Moreover, AI automates boring and time-consuming tasks like checking code, allowing your employees to focus on more productive tasks, such as interacting with qualified candidates. 

In a nutshell, you focus more on your talent’s development than on tasks that yield no benefits. 

2. Personalized customer service

With artificial intelligence, you can personalize every customer interaction and make it meaningful. How? Well, since AI analyzes huge amounts of data every day, it can learn and understand what your customers want. 

As a result, it can create highly customized experiences that’ll make people want more. For instance, think of any streaming service. It uses AI to study what users watch and what they like, allowing it to offer personalized recommendations based on their interests. 

But AI also has uses in healthcare, where it can personalize treatments, or in e-commerce (it can offer suggestions of similar products).  

3. Reduced human errors

We all make mistakes; sometimes, however, a business can’t afford costly errors. 

To reduce the number of human errors, employ artificial intelligence. AI tools can easily spot anomalies in data and speed up processes. This is particularly useful in finance industries, where accuracy is key for maintaining a good reputation.

Plus, AI always works to improve itself, so it can tackle ever more complex tasks without making errors. 

4. Increased innovation

Artificial intelligence can open new ways for innovation, which means those who use AI tools can create new ways of doing things or servicing clients. In a nutshell, AI allows you to discover new opportunities that’ll give you the competitive edge you need to become successful.

For instance, it’s highly useful in the research and development (R&D) space where specialists can discover new innovative products that’ll ease people’s lives. 

5. Enhanced talent management

Our last benefit is about how artificial intelligence can simplify recruiting and talent acquisition. 

Many companies use AI-based tools to improve the hiring process, from recruiting to screening to onboarding. For example, it can send automated emails to new hires and be at their disposal if they need a certain guide or file. 

AI removes bias from the recruiting process and can identify top candidates regardless of education, gender, or race. Plus, it improves your productivity and cuts down on hiring costs, allowing you to successfully find the best candidates. 

***

It’s not all fun and games, though. AI in business comes with disadvantages, so let’s make you aware of them. 

What are the Disadvantages of Using AI in Your Business?

AI has plenty of advantages that make it a good option for your business. 

However, as with any tool or technology, it does come with headaches you have to carefully consider before making a decision. 

Here goes: 

  1. It might cost you: An AI tool comes at a price because it requires a high level of customization. As a result, it’s tougher for small businesses to invest in AI platforms and even enterprises with a budget might be reluctant to make such a substantial investment. 
  2. It can be wrong: Yes, AI tools can still make mistakes despite their increased accuracy. Nor might they be smart enough to detect such errors. AI operates using the data you feed it, which might also lead to inaccurate or even discriminatory results. That’s why it’s always a good idea to check the AI’s text or results. 
  3. It lacks empathy and creativity: It’s hard for an AI tool to be creative, even if it uses NLP to talk to people in a friendly manner and no matter how much it learns. Moreover, AI also can’t understand people’s feelings, social cues, and cultural references, which makes it harder to create relatable text. 
  4. It may have security issues: Programs, no matter how good, will always be prone to cyberattacks. Try to choose a solution that doesn’t compromise on security and employs the latest technology to ensure it catches threats in time. 
  5. It eventually runs everything: Usually, you’re gonna build your operations around the AI as you implement it. This means you’ll become dependent on it. So if malfunctions happen, it might halt those operations. 

To exemplify its limitations, let’s look at what Monica McCoy has to say about bias in criminal justice: 

AI algorithms used in criminal justice often rely on historical data, which unfortunately reflects our deeply entrenched biases. 

These biases can infiltrate the algorithms, leading to discriminatory outcomes for minorities. 

For example, algorithms used for risk assessment, which influence decisions on bail and sentencing, have been shown to disproportionately disadvantage people of color, predicting higher recidivism rates even when controlling for relevant factors that can result in unfair pretrial detention and harsher sentences, perpetuating a cycle of mass incarceration that disproportionately impacts diverse communities.

Don’t get discouraged by these disadvantages; if you have the money and the initiative, it’s still a good idea to invest in AI tools. 

But to apply AI properly, you need to know its secrets. Let’s go through them in the next section. 

How to Use AI in Business the Right Way

It’s easy to say “I want AI in my business.” It might be harder, though, to use it in the right way. 

Before you choose an AI tool, consider the following factors: 

  • Understand your needs: It all begins with understanding why you need an AI tool in the first place. What do you want to achieve with AI? Do you need to automate your screening process? Or do you want to improve your customer service and take it to the next level? Think hard about your needs; it’s the best way to find the perfect solution. 
  • Understand the technologies: We don’t mean you should have in-depth knowledge of the tools, but at least understand their capabilities and limitations. For example, generative AI is good for creating quick copy, no matter the format. But because it’s been ‘trained’ with specific data, it might be a bit biased.  
  • Understand the ethical considerations: AI is great but it comes with some ethical questions. For instance, people are concerned about data privacy and protection and ensuring it’s safe in AI models. Moreover, there’s the issue of bias when making decisions that might violate user privacy or reinforce stereotypes. 
  • Understand the limitations: AI — for all we might wish it — is not in any way perfect. It has its limitations and you must understand them for each tool before you make a decision. This way, you’ll be able to make the most of the AI tool and be aware of the areas where it fails to perform. 

Over to You

How can AI help my business?” you asked at the beginning of this article. A simple question, yet one that needed to be answered. Now that we’re at the end, did we manage to do it? 

We hope we did. And now you understand AI in business a little better.

Because we want to talk to you about something important: Guru. Guru is a tool that uses AI-powered enterprise search to connect your apps, chats, and docs in a single central location. 

Through this next-gen enterprise search, you can get accurate, relevant info right where you’re working, without switching apps. 

Sounds good? We bet it does. Sign up today to discover how Guru can help you out. 

Key takeaways 🔑🥡🍕

Is AI expensive to implement in my business?

The cost of implementing AI depends on factors such as the complexity of the solution, the size of your business, and whether you choose to develop AI in-house or use third-party services. However, many AI tools and platforms are becoming more accessible and affordable for businesses of all sizes.

How long does it take to see the results from implementing AI in my business?

The time to see results varies depending on the specific AI application and the complexity of your business processes. Some AI solutions, such as chatbots, can provide immediate benefits, while others, like predictive analytics, may require time to collect data and train models before delivering actionable insights.

How can AI improve customer experience?

AI-powered chatbots and virtual assistants can provide 24/7 customer support, answer common queries, and guide customers through the purchasing process. AI can also personalize product recommendations and content based on customer preferences and behavior.

Written by
Christine Richardson
Search everything, get answers anywhere with Guru.

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