The capabilities of Artificial Intelligence (AI) have grown beyond what anyone expected. From chatbots such as ChatGPT and Bard, to a whole barrage of AI visual, analytical, content and coding tools, the buzz over AI has many business owners scrambling to figure out the best ways to implement this big business revolution.
Fears over the growth of AI even led over 1,000 tech luminaries to call for a six-month moratorium on the development of Artificial Intelligence tools — a first of its kind in the industry.
How Is AI the Future Business Revolution?
According to Statista, the revenue in the AI market will hit $500 billion in 2023. As more businesses invest in new programs to ramp up their productivity and customer service, expect the number to grow even more.
Some have even dubbed AI as the next industrial revolution — equivalent to the Gutenberg Press and the Internet!
Here are the advantages to using AI in business and why it will be the next big business revolution.
1. Enhance Productivity
AI is quickly becoming the next business revolution because of how it can help to boost productivity across various industries.
Whether utilizing a program such as ChatGPT-4 to create code or content, or tapping into the analytics that computers generate, AI tools help companies to save time and energy.
Their sheer speed and scale allows individuals to conduct lightning fast research. Tapping into AI’s fast and powerful electronic brain helps employees work faster and more effectively.
2. Anticipate Future Needs
Business futurist Sheryl Connelly advised readers to anticipate the evolving needs of employees and customers.
AI taps into future-thinking company culture by looking at past data and predicting what might happen next. Whether coming up with a new product or analyzing marketing methods, AI can complete the analysis in a matter of seconds.
3. Reduce Costs
The only way to make more profit is to either gain new customers or make more on each item sold. Short of raising prices on consumers, companies can reduce costs to keep more of the revenue they earn.
The AI business revolution taps into powerful machines capable of analyzing human language patterns and coming up with reports that are easy to understand and absorb. They can quickly identify areas of inefficiency where a company might be wasting money.
Once leadership understands where such weaknesses exists, they can take the right actions to address them, reducing overall business costs, while ramping up profits.
4. Faster Idea Generation
Today’s AI bots are capable of generating lists, ideas and even writing basic copy. In a side-by-side comparison of ChatGPT and Bard, staff writers found the two were very similar in their responses.
AI programs are excellent for brainstorming sessions and completing research quickly without having to jump back and forth between browser tabs.
Amid labour shortages and tough competition, companies need to streamline processes and boost outcomes to aid brand growth. Employing AI for idea generation is just one aspect of this upcoming business revolution that is significantly boosting results.
5. Limit Errors
AI can also help prevent errors. When programmers type in parameters data entry specialists must work within, the system avoids errors because it offers prompts if something seems off.
Machines excel at mathematical calculations compared to humans, who may misplace digits or overlook carrying over a value. As computers perform these equations, they yield results with greater speed and accuracy than an employee manually computing them.
6. Reduce Tedious Work
AI has the potential to significantly reduce tedious tasks in various industries. By automating repetitive and monotonous work, AI enables employees to focus on more complex, creative, and strategic tasks that require human intuition and expertise.
This not only increases overall productivity — it also contributes to a more engaged and motivated workforce. Additionally, AI systems can learn and adapt over time, which allows them to become increasingly efficient at handling mundane tasks. Consequently, organisations can enjoy enhanced operational efficiency, reduced human error, and the ability to allocate resources more effectively.
7. Transform Business Models
AI is transforming many industries, such as marketing, human resources and communications. Some are worried about their jobs, but there are still limitations to the software, so it’s unlikely a robot will ever be able to complete tasks as well as humans can.
However, as with many tools through the decades, the software can come alongside staff and help them do their work more efficiently.
What Happens If You Ignore AI-ification?
Changing over to the new machine-led business revolution has been dubbed AI-ification. If a company either ignores the trending technology changes or can’t afford to implement them, they risk falling behind competitors and losing traction in their industry.
Instead, embrace AI whenever possible and learn how to implement the tools as they become popular. Doing so will improve results and keep brands ahead of competitors.
Eleanor Hecks is editor-in-chief at Designerly Magazine. She was the creative director at a digital marketing agency before becoming a full-time freelance designer. Eleanor lives in Philly with her husband and pup, Bear.