How will AI impact my business in the future?

AI (Artificial Intelligence) is already revolutionising many industries, from mainstream sectors such as engineering and manufacturing, through to specialist and niche areas including training, media production and design. From construction to agriculture, AI applications are transforming traditional industries and revolutionising their potential for better efficiency, lower costs, improved management, enhanced safety and higher productivity.

Let’s take a closer look at what AI means for businesses, their employees, and how this evolving technology may affect businesses in the future.

What does AI look like?

Artificial Intelligence can take many forms, and it will depend on your encounter with technology as to what it may look like. Examples of AI in action include:

The potential scope and application of AI are immense, depending on individual industries and their needs. In all cases, AI uses the latest technological advances and incorporates software with specialist functions. For example, feature recognition or machine learning, to deliver increasing levels of machine-led intelligence, combined with vast volumes of business data. In the last few years alone, the applications have become far more sophisticated and are offering businesses of all kinds a host of benefits.

AI can either be bespoke and highly expensive for a business, or affordable and delivered at scale, such as software packages that offer marketing retargeting for e-commerce businesses, or even autonomous store robots. 

What are the benefits of AI?

When correctly deployed, AI can:

1. Automate processes and tasks to avoid waste and save money and time

2. Boost operational efficiencies and drive productivity

3. Use cognitive technologies to make faster business decisions

4. Support health and safety initiatives that build safer businesses

5. Reduce the risks of human error

6. Mine data and predict customer needs and preferences to offer better experiences

7. Mine data for better customer leads and sales opportunities

8. Offer support and advice that grows expertise through analysis. 

What are the key AI business trends?

There are plenty of emerging AI trends to look out for, these include:

How can AI help small businesses in particular?

There are various off-the-shelf and customisable AI solutions available to small businesses. These tools can help to reduce business risk, save costs, improve efficiency and productivity and improve flexibility. For example, CRM systems interlinked with AI technology can be used to improve sales and marketing efforts, with in-depth data collection to build better campaigns. 

Customer communications can be automated and delivered for low cost around the clock response handling by online chatbots. AI can be used to improve the workflow of HR and streamline its tasks, such as handling job applications and applicant sifting. Various new tools also exist to help automate competitor analysis and intelligence gathering for better business decisions. 

So how is AI likely to help your business in the future?

Whatever your industry, there is no doubt that AI applications will change how it operates. From discrete apps on smartphones through to intelligent CRM systems, AI technology is creating a paradigm shift and enabling the modern business goal of digital transformation. In future, AI is likely to help all businesses to:

Whether you have a bank account for an online business or deal with suppliers on the other side of the world, AI could potentially have an impact on the way your company operates in the future. Wherever your business currently stands in awareness of AI and its adoption within your industry, now is the time to explore the potential of this rapidly evolving technological enabler.

AI is the future, and those businesses which are ready to adopt AI solutions strategically will see their competitive advantage increase as a result.

Ready to take control?

Sign up today, and discover just how simple your expense management could be.

Sign up