AI Application In Business Explained! (+Top 5 AI Tools)

AI is nothing short of revolutionary, as demonstrated by Dall-E image creation and now Chat-GPT – 2022. Can businesses use AI superpowers in their day-to-day operations, though?
They most certainly can!
AI has advanced in more ways than one. It has also grown more approachable to non-tech people. AI is altering the way we conduct business in addition to helping individuals become more efficient. 86% of CEOs say AI is a mainstay in their offices, and it’s not in the form of robots and intricate technology, but rather a software to run their day-to-day operations. AI in business is becoming indispensable in ways never seen, from predicting customer behavior to minimizing manual data entry.
AI enables you to make decisions far more quickly and correctly than ever before.
In this essay, we will discuss seven business applications of AI.

AI Definition

Before studying how AI technologies are affecting the business world, the term must first be defined. The term “artificial intelligence” refers to any type of computer software that performs human-like functions such as learning, planning, and problem-solving.

What is Artificial Intelligence (AI) in Business?

Artificial intelligence in business simply refers to the use of intelligent computer software with human-like characteristics to raise revenue, improve customer experience, increase productivity and efficiency, and drive business growth and change.

Why Should Companies Consider Using AI?

Business processes in the twenty-first century are characterized by a high level of complexity, involving demanding and inefficient activities for humans to perform. The data era has taken over the business in today’s globe. Businesses can gain useful insights from data on initiatives that can significantly boost growth with AI.

As a result, in today’s business world, organizations must understand their consumers’ wants and preferences to grow and remain relevant in the face of tough competition. Companies can now use artificial intelligence in business to better understand and engage customers, automate business operations, and increase productivity and revenue while lowering operating costs.

Examples of AI In Business

The contemporary data era has fueled the emergence of several artificial intelligence applications in business, such as data analytics, personalized business services, and automation.
Following are a few examples of artificial intelligence in business:

AI Customer Service

Another contentious application of artificial intelligence in business is the substitution of AI for people in customer service. With the introduction of chatbots, customers may now communicate with businesses in real-time to address concerns, place orders, acquire information, and do nearly everything they would require from a conversation with a human customer-care professional.

According to Gartner, by 2020, 85% of customer contacts will be managed without the involvement of a human. This disruptive innovation in artificial intelligence in business will eliminate the need for humans in customer interactions, cutting business costs and vastly boosting customer care accessibility and conversational experience.

Business Information

Finding insights from the data can be difficult with the increasing volume of available AI business data. This has resulted in the widespread use of AI in business intelligence to extract important insights from data.

These insights assist businesses in improving marketing effectiveness, better understanding customers, segmenting to provide personalized experiences, developing business strategies to enhance corporate decision-making, and leveraging AI in business management.

There are many tools available now that apply artificial intelligence to business intelligence. Prominent tools include Microsoft Power BI, which assists businesses in obtaining crucial statistics to determine which strategies and decisions have the greatest impact on business metrics. Furthermore, integrating machine learning capabilities within Power BI may assist firms in creating machine learning models to make valuable forecasts and predictions from data and automate business operations.

Personalized and Targeted Marketing

The key to increasing corporate revenue is understanding a consumer’s wants and knowing what to promote to each consumer. Customers have incredibly limited time in a world of rising digital engagement, and there are far too many companies attempting to market their products to them. This explains the growing necessity to sell only what appeals to each client and to know who to promote each of a company’s products.

Companies can now use AI to anticipate and target who to sell a certain product to boost the possibilities of sales and the efficacy of marketing operations while lowering overall marketing costs. This is done by using data gathered from customers’ online activity.

Product Recommendation and Predictive Analysis

To boost the success of marketing efforts and customer engagement with a company’s product, companies must be able to recommend products that will keep their customers’ interest and satisfy their desires. Businesses such as Netflix, Spotify, and Amazon are now using AI to learn user habits/behaviors to select which product to recommend.

Spotify, for example, monitors and understands users’ listening habits and song preferences, and then uses AI to recommend songs that each user may enjoy. Some companies, such as Netflix, use AI recommendation systems to keep consumers amused and addicted to their products by delivering movie recommendations that are tailored to each user’s individual experiences.

Roughly 75% of Netflix subscribers watch through these recommendations, and the company’s AI recommendation saves about $1 billion every year. Before processing loan requests, banks and Fintech companies employ AI for predictive analytics, fraud detection, and assessing which consumers are likely to repay loans.

Natural Language Processing

If you’re wondering when machines will be able to read, write, and comprehend languages like humans, you’re not alone.
“Well, the answer is RIGHT NOW! Companies now provide smart digital assistant devices to aid customers in ordinary chores thanks to developments in natural language processing.
Businesses are now using AI to generate automated business reports without human supervision, as well as sentiment analysis to analyze people’s perceptions of their brand from various online comments, tweets, and so on.
Companies can continually understand how customers perceive their products and services by using sentiment analysis. This contributes to higher service quality and more personalized product offerings.

Benefits of AI In Business

The advantages that organizations stand to gain from the deployment of AI are numerous and include:

Process automation
Increased income and more successful marketing initiatives
Improved understanding of clients and improved service experience
Fraud Detection
improved and more dependable customer service

Challenges of AI In Business

Artificial intelligence is being used in business more and more frequently. However, this growth is threatened by some critical factors that limit the use of AI technologies in business.

#1. Data Scarcity

Even with the wealth of data available to companies today, the adoption of artificial intelligence in some areas remains problematic. For Machine learning, which powers most of the applications of artificial intelligence in business, to work, enormous volumes of data are required to train the model.

This limits the application of AI in fresh sectors in a business where there isn’t data accessible. The huge amount of data we have are most times largely unstructured and unlabeled and with most AI applications including supervised training on labeled data, this poses a measure of challenge to the use of artificial intelligence in business.

#2. Algorithm Bias

Recently, Microsoft and Amazon suspended the sale of their AI face recognition software to law enforcement agencies because of the ethnic, racial, and gender biases of the software. This exemplifies a major AI challenge by demonstrating how poorly the algorithm can perform when trained on biased data. Such biases will be addressed appropriately by AI systems in the future, but for the time being, they pose a significant threat to the adoption of AI in specific application areas.
Other difficulties include:

Current computing capability limitations
Threats to data security and privacy (since the use of AI involves the collection of sensitive information of people).

Businesses Utilizing AI

The majority of the world’s leading corporations have embraced AI in a big way. Here are some of the top companies that are utilizing AI to its fullest.

Alibaba: By incorporating AI into its business processes, Alibaba uses AI to forecast products that customers may wish to purchase as well as to automatically produce product descriptions.
Uber: The ride-hailing behemoth Uber is another prominent corporation that is using AI to revolutionize the world of business. Uber uses AI to predict demand, minimizing predicted arrival time and efficiently connecting riders and drivers to reduce the church rate. Drivers may engage with riders with a single click using Uber’s AI one-click chat tool, which offers automatic answer recommendations to the rider’s communications.

AI has also been used by some great firms to transform their business operations, including:

Amazon’s AI recommendations, automated factories.
Alexa digital assistant
Tesla’s self-driving cars
Microsoft’s Power BI and Azure machine learning platforms

Future Business AI Trends

Looking ahead to the exciting future trends of AI, we should expect the following in the near future:

Entertainment companies use AI to create songs and movies.
Fully automated factories that do not require human supervision
The use of AI to generate quality training data for itself, to address the issue of bias and data scarcity, and many more.

For the first time, the future potentials of AI will give us the actual capacity to construct the future exactly how we want it to be.

Top Artificial Intelligence Tools for Small Business

Whether you are a freelancer with a one-person business or in charge of several personnel, various tools can improve your operations.
Let’s look at the top 12 AI business tools:

#1. Pictory

Pictory is an artificial intelligence movie generator that allows you to easily generate and edit high-quality videos. One of the best features of the program is that no prior experience in video editing or design is required.

You begin by supplying a script or article that will act as the foundation for your video material. Pictory, for example, may convert your blog post into an interesting video for social media or your website. This is a fantastic feature for personal bloggers and businesses trying to boost engagement and quality. Any computer can use it because it is hosted in the cloud.

Pictory also enables you to effortlessly edit videos with text, which is ideal for editing webinars, podcasts, Zoom recordings, and other media. It’s easy to use and just takes a few minutes to produce professional results that can help you develop your audience and improve your business.
Another fantastic feature of Pictory is the ability to make shareable video highlight reels, which is useful for people wishing to produce trailers or post short clips on social media. Aside from these fantastic capabilities, you can also automatically caption and summarize long films. Pictory Complete Demo

#2. Jasper

Jasper is widely regarded as the best overall AI writing assistant, with its remarkable features and quality leading the market. You give it seed words, which Jasper evaluates before generating phrases, paragraphs, or pages based on the subject matter and tone of speech. It can write a 1,500-word piece in less than 15 minutes.

More than 50 AI content production templates are available on the platform, including blog posts, emails, marketing text, Facebook ads, Google ads, meta titles and descriptions, press releases, and much more.

#3. Murf

The text speech generator Murf, one of the most well-liked and outstanding AI voice generators on the market, tops our list of the finest AI tools for business. Murf is used by a wide spectrum of professions, including product developers, podcasters, educators, and business executives, to convert text to speech, voice-overs, and dictations.

Murf provides a plethora of modification tools to assist you in creating the most natural-sounding voices possible. It includes a wide range of voices and accents to choose from, as well as a simple interface.

The text-to-speech generator features a comprehensive AI voice-over studio with a built-in video editor to make a video with voiceover. There are over 100 AI voices available in 15 languages, with options such as Speaker, Accents/Voice Styles, Tone, or Purpose.

Another great feature of Murf is the voice changer, which allows you to record without utilizing your voice as a voiceover. Murf’s voiceovers can also be modified in terms of pitch, tempo, and volume. You can alter the pronunciation or add pauses and emphasis.

#4. HitPaw Picture Enhancer

HitPaw is the top AI picture & upscale tool, according to our list. The greatest AI image enhancer for reducing blur and enlarging images without compromising quality.
This Pro-level picture improvement program perfectly resolves blurred photos, and its AI models are accessible to improve photo quality in any situation. The site also gives technologies to restore old photos to life, such as the AI face enhancer, which provides a face model to make your face faultless and colorizes black-and-white images to bring old photos back to life with a single click.

With its sophisticated AI noise reduction technology, the denoise model can automatically reduce noise from high-ISO and low-light photographs while also making cartoon images appear crisper.
The simplest method is to apply the generic model to photographs of real-world scenes, such as landscapes and buildings. To make animals or flowers more visible, this AI sharpener can help improve image quality.

#5. Fireflies

Fireflies is an AI meeting assistant that employs natural language processing (NLP) to reduce the need for note-taking during meetings. Using an easy-to-use platform, you can easily record, transcribe, and search your voice conversations.

Record meetings instantly on any web-conferencing platform. It’s simple to invite Fireflies to your meetings so that they can record and share talks.
Fireflies can transcribe live meetings or audio files you supply. Listen to the audio after reading the transcripts.

Working with teams becomes a smooth process; make comments or mark specific parts of calls to rapidly interact with teammates on critical points from your talks.
The biggest feature, however, is the search functionality, which allows you to replay an hour-long call in less than 5 minutes.

Conclusion

As previously said, AI and Machine Learning have and will continue to disrupt business. Using AI in business environments reduces time spent on repetitive processes, increases employee productivity, and improves the overall customer experience. It also aids in the prevention of errors and the detection of impending crises.
It’s no surprise that corporations are leveraging it across all operations, and you should as well.