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Best ways to adopt Artificial Intelligence in business

7 April 2023
BDB Network

Todаy, Artificial Intelligence is increasingly used by the vаst mаjority of people, аnd despite its widespread lack of familiarity, AI is a technology that is transforming every walk of life. In the modern world the асhievements of Аrtificial Intelligence саn be seen in every industry. It is pretty сleаr thаt the mаjority of business exeсutives, viсe-presidents of сompаnies, mаnаgers аnd investors аre willing to get more knowledge аbout it. By 2030, it is expeсted thаt аpproximаtely 70% of аll сompаnies will use аt leаst one type of АI teсhnology, аnd prасtiсаlly hаlf of аll сompаnies will fully аbsorb the five саtegories of АI. So how the companies can effectively adopt AI in their existing business structure and are there any rules for the best implementation of it?

Management of companies should understand the technology of Artificial Intelligence, its capabilities, as well as its limitations. First step is to analyze which types of AI can be applied for the company’s needs. Starting with a small project can be a great idea to test the technology and gain experience before scaling up. Currently the most common AI application is the chatbot. The utilization of chatbots is playing a significant role in the expansion of digital businesses and is one of the most encouraging developments in enhancing customer engagement and user experience. That is likely the reason behind the projected 1.25 billion USD global chatbot market by the year 2025.
In today’s digital age, marketers are increasingly turning to Artificial Intelligence (AI) to gain a competitive edge and deliver more personalized and effective marketing campaigns. Incorporating AI into marketing strategies can lead to improved customer satisfaction, increased sales, and cost savings. The most popular marketing tools, that can be applied for companies include:

  • ChatGPT for creating copies, generating ideas and emails;
  • Midjourney, Playground AI and DALL-E for AI images generation, based on text prompts;
  • – for video creation;
  • Notion AI – writing assistant

The crucial will be the synthesis between these applications and qualified marketers, who are ready to learn how to use these tools for the marketing efficiency improvement.

For businesses it is principal to develop the right AI strategy. For example, for the sales department the AI implementation strategy can start with defining the business goals, such as increasing sales revenue, improving customer satisfaction, or streamlining sales processes. After this step the right AI technology needs to be chosen: machine learning algorithms for lead scoring or natural language processing for chatbots. It is crucial to build a pilot project to gain experience and to train the employees how to use the AI tools for the further incorporation of them into the workflow.

In the book “Prediction Machines” written by Ajay Agrawal, Joshua Gans, the authors discuss how the increasing use of AI will create “winners” and “losers” among companies in each industry. The main points of their analysis are the following:

Companies that can effectively use AI to make predictions will have a competitive advantage over their rivals.Workers who perform routine tasks such as data entry and customer service may lose their jobs to automation.
Consumers will benefit from more personalized and efficient products and services.Companies that fail to effectively use AI may fall behind their competitors.
Workers with complementary skills such as creativity, critical thinking, and emotional intelligence will become more valuable in the job market.Workers who lack complementary skills may struggle to find employment in an increasingly automated workforce.
Society as a whole may benefit from increased productivity and economic growth.Society may face ethical and social challenges such as privacy concerns, bias, and the potential impact on social inequality.
Overall, the winners and losers of AI will depend on how effectively companies and individuals can adapt to the changing nature of work and society. While AI has the potential to bring about significant benefits, it also poses challenges that must be addressed.

In conclusion, the adoption of AI in businesses can provide a range of benefits, including increased efficiency, improved customer engagement, and competitive advantage. However, it is essential to understand the technology and its limitations, choose the right AI tools for specific business needs, and integrate them effectively into the existing workflow. The development of an AI strategy and pilot projects can help gain experience and train employees to use the technology effectively. While the increasing use of AI has the potential to create “winners” and “losers” in each industry, it also poses ethical and social challenges that need to be addressed. Ultimately, companies that can effectively harness the power of AI while mitigating these challenges are likely to thrive in the changing landscape of the modern business world.