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AI & Business: 6 Applications You Should Know About

Computers, and the internet in general, are arguably essential to modern life. Their use has transformed many aspects of daily life. Technology has advanced dramatically in the last few years, which has meant that computers can take on even more tasks, thanks in large part to the development and implementation of AI or artificial intelligence. AI allows machines to undertake tasks that would typically need a human, and there are a number of applications for businesses to take advantage of, let’s take a look.  

1. Recruitment

The job market is incredibly competitive these days, and sifting through applications can take up a lot of your valuable time. AI can be used to filter through the applications looking for keywords, qualifications or experience; they can then shortlist the best candidates. The AI can also find candidates for other vacancies if you have them. The shortlisted candidates do then have to be reviewed by a person, but the initial use of AI to sort through the applications can save a lot of time and manpower.

2. Cybersecurity

The use of the internet has been transformative for a lot of different aspects of running a business. However, it is a double-edged sword because through internet access; there is more of a risk of breaches. A lot of businesses rely on having access to the internet, and so cyber security becomes incredibly important. AI can be used to identify, filter out and remove unwanted content that could compromise the safety and integrity of the data stored on your business’s devices.

3. Marketing & Analytics

Marketing is integral to running a business; after all, it is what attracts your consumers and convinces them to buy your products or pay for your services. AI can be used for digital marketing in order to create targeted ads that are only shown to a specific subset of people, the people that fall into the business’s target market. The AI targets the audience by analysing their online activities and search history. It is far more efficient. After the ad has been rolled out, the AI can also explore the effectiveness of the marketing. The conclusions drawn can then be used to adjust the approach in the future. AI can be used in a number of different ways, and if you are interested in building and implementingAI in your business, it might be worth taking a course to help you learn more from professionals. It will obviously cost money, but it is a worthwhile investment.

4. Analysis

Depending on the business, analysing market trends and consumer profiles can prove instrumental in developing strategies and business practices. It allows the business to better its understanding of the market that they operate within and the consumers that they are trying to appeal to. Traditionally, this would obviously require copious amounts of research. AI can now be used to carry out these tasks. It can conduct surveys and compile research itself which is then used to come to conclusions which drive consumer engagement and facilitate sales.

5. Invoicing

All businesses will have financial responsibilities in one form or another. There are bills and employees that need to be paid, and sometimes, there are invoices which need to be sent out or exchanged with suppliers, clients or other business contacts. Handling all of these financial tasks can be time-consuming and tedious, especially for small businesses that struggle to spare the manpower or resources. There is also a certain margin for error involved when a human takes on financial management processes. Artificial Intelligence automates the process almost completely; after set up, it requires the briefest checking by a person before authorising the payments or invoices.

6. Administration & Secretarial Tasks

Often admin and secretarial tasks are seen as tedious and tiresome, and yet they are necessary to the running of your business. Depending on the size of the business, you might not have the time or resources to dedicate to these tasks. Luckily, advancements in AI mean that it can be used to function as a virtual assistant. Most of the time, an AI in this capacity is used as the first point of contact for consumer queries. Obviously, the AI will need to be programmed directly to ensure that it can provide the customer service level that your business aspires to.

The Bottom Line

As mentioned above, businesses are becoming increasingly digital, and more and more areas of operations rely on the internet or technology in one way or another. However, for the most part, they still require human oversight and intervention. Thanks to developments within AI, the need for this intervention is greatly reduced, which saves a lot of man hours and allows businesses to dedicate their resources where they really need it. In short, the use of AI can revolutionise your approach to business.

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