In 2019, AI is part of everyday life. From personalizing online shopping with chatbots, to creating better experiences on dating apps, and even adding a myriad of benefits to modern healthcare, AI is constantly evolving, while simultaneously becoming more ingrained into our day-today tasks. It works much faster than any human, automating tasks and searches to save people valuable time and effort.
In the business sector, AI is not only giving firms a leg-up on their competition, but it’s rapidly securing its standing as a commonly-used tool and vital element for business success. In fact, a study conducted by the Boston Consulting Group and MIT Sloan Management Review revealed that 85 percent of businesses today believe AI will allow them to obtain or sustain a competitive advantage. Whether it be streamlining the manufacturing process, bolstering the sales and service experience, or making the routine jobs of professionals simpler to accomplish, AI is facilitating cross-discipline operations for businesses of all types and sizes.
Here are five of the top ways that AI is impacting today’s businesses, and some of the AI-powered tools driving firms toward business success.
Cybersecurity
Using AI for cybersecurity is proving to be an effective strategy to prevent, defend, and recover from cyber threats. AI aids in the discovery of malicious software, known as malware, The AI system plays an active role in mitigating the threats it identifies by shutting down processes, blocking IP addresses, and conducting other security-related tasks.
AI also powers automation technologies, many of which have emerged for cybersecurity use. Software giant Oracle is gaining recognition for its AI-based autonomous database, which is able to self-patch. A patch is a small piece of software that repairs security vulnerabilities, which, without proper attention, can be exploited by malicious hackers. Using a human to deploy a patch can often take companies months, leaving the system exposed in the meantime. Using AI-based technologies for cybersecurity not only detects security problems, but also provides an effective way to combat risk.
Project Management
Organizations are using AI for project management to not only improve the way they create, manage, and operate projects, but also to improve productivity and cost efficiency. According to an Accenture study, managers spend 54 percent of their time on project management-related administrative tasks. However, with AI technologies, this is expected to reduce to 25 percent, while simultaneously doubling the time spent on strategy and innovation. With AI-powered tools like Asana, Jira, and Trello popularizing the workplace, project managers can spend more time on activities requiring greater attention and less time on the menial aspects of jobs. Intelligent AI assistants are helping to reduce the workload associated with keeping track of various project management activities, while also saving time and providing valuable insights.
Sales and Marketing
In the modern marketplace, sales and marketing professionals are hyper focused on the customer experience. From enabling marketers to create relevant, personalized content, to enabling sales teams to identify ideal customer profiles with account-based strategies, to fully automating customer service interactions, AI is fuelling customer interactions. One example of these tools is Genesys, a provider of omnichannel customer experience and call center solutions, who recently integrated with Google Cloud Contact Center AI. The tool enables marketing and sales teams to proactively engage customers at the right moment through the best channel, which aids professionals in knowing when to engage customers. Technology like Genesys and other players in the website-conversions space has ushered in a new era for brands looking to communicate with their audiences.
Manufacturing
Manufacturing has been one of the most AI-embracing sectors thus far. AI has been used to significantly reduce downtime, create better-designed products, and overall improve the efficiency and safety of employees. One manufacturing activity that has benefited from AI technologies is production line machinery and equipment maintenance. Maintaining these systems represents a major expense and can have a crucial impact on the bottom line of manufacturing operations. AI has given way to predictive maintenance, which uses AI algorithms in the form of machine learning and artificial neural networks to create predictions regarding equipment malfunction. This allows for drastic reductions in costly unplanned downtime and extends the remaining useful life (RUL) of production machines and equipment.
Overall Productivity
Even some of the simplest tasks in a professional’s day-to-day work are powered by AI, like filling out a timesheet, sending emails, and communicating with coworkers through instant messaging. Incorporating more AI technologies into the workplace allows today’s professionals to spend less time and effort on basic tasks and more where it really counts — collaborating, innovating, and strategizing. When it comes to gaining and retaining a competitive edge in today’s marketplace, AI is the key to success. It’s fueling productive workflows, cutting costs, and making the work environment less arduous for employees.