AI for Business: 9 Ways Automation can benefit businesses in 2024

The business world has witnessed an unprecedented surge in adopting artificial intelligence (AI), particularly in the years following 2022.

Businesses that have embraced AI early on have reaped significant benefits, including enhanced performance, improved productivity, and optimized revenue models.

While AI isn’t present in every business sector, modern companies use different AI models to manage their operations. AI startups are rising, making machine learning and artificial intelligence a hot topic of discussion. 

Even before the rapid development of artificial intelligence, Forbes predicted that AI would add $15 trillion to the world economy by 2030. The best way to understand the ins and outs of AI is by understanding the application of artificial intelligence. 

As AI is already making its way to other business sectors, you need to use AI processes sooner or later. Here are 9 ways artificial intelligence can grow your business. 

How many ways AI can help companies?

In 2024, companies discovered that adopting AI can help them stand apart from the crowd. Be it boosting customer satisfaction or business processes, we can now see AI in many aspects. 

Nowadays, businesses have started focusing on the following:

This is where AI for business will play a crucial role. Let’s dig deeper to know how AI for business helps these companies reach the goals mentioned above. 

1. More effective decisions from AI Analytics Tools

Modern businesses need to deal with a gigantic amount of data. So, analyzing the data is crucial to track the analytics. Human intelligence may not analyze these large chunks of data effectively. This is where artificial intelligence software comes into the picture. 

Machine learning, artificial intelligence, and its algorithms can boost the analysis process. Many companies have started using ML to analyze large data files and create patterns. 

An example of such a company is Walmart, which uses a memory data platform named SAP HANA for its data analytics. 

SAP HANA

SAP HANA surfaces important data for Walmart employees to make data-driven decisions. It stores data in its memory, not on a disk. Thus, data processing is faster than the disk-based systems. This will create real-time and advanced analytics.

SAP HANA

• Analytics and data processing
• Application development and deployment
• Administration and IT operation
• Data access
• Data integration
• Robust security

Reasons why your business should use SAP HANA are:

SAP HANA comes with cost-effective pricing plans. Hence, you can choose the perfect one as per your business's requirements.

2. Improved content marketing channels 

Modern-day businesses cannot grow without effective content marketing campaigns. Using different content marketing strategies is imperative for businesses to generate better leads and convert them into high-paying customers. 

However, streamlining the content marketing process to a great extent may require time and solid effort. Sometimes, it will take months or even years before a business can see results. 

Trial and error is a part of marketing. What if we tell you that marketing should not be that hard? What if you could combine AI content with human emotion? Especially in the era of generative AI? 

Using AI in email marketing strategy to a whole new level. When you apply AI strategies, they can aid in the content creation process, from assisting in content writing to generating high-quality images. Many AI tools can come in handy to research the market and produce high-quality content. 

For example, ChatGPT AI can help you research and gain accurate data. 

ChatGPT

ChatGPT is one of the best AI tools in the market. This machine-learning technology can create conversational interaction. If you need help with the content creation process, using chatGPT will prove beneficial. 

ChatGPT

• Multiple languages enabled
• Remembers previous information
• Declines inappropriate requests
• Computational and technical abilities
• More effective content creation

Some great advantages of chatGPT include:

While ChatGPT basic version is free for everyone, you can unlock the true potential of ChatGPT with the paid version.

3. Optimized sales aspects

Marketing is not enough to generate revenue. You have captured attention with marketing, but what to do next? A business needs a proper sales strategy to sell its services. The problem with small businesses is that they face challenges while building a buyer persona. 

Introducing AI in sales can optimize various sales aspects for businesses. Through predictive analytics and AI-driven tools, companies can better understand their sales funnel, predict customer behavior, and identify the most promising leads. This enables sales teams to allocate their resources more efficiently and tailor their sales strategies to specific customer needs. 

Furthermore, artificial intelligence for business can assist in pricing optimization, recommending the best pricing strategies based on market conditions, competitor analysis, and historical data, ultimately leading to increased revenue and improved sales operations.

ProProfs

For instance, ProProfs Chatbot can keep customers engaged. It can grow the leads and sales. Customer interaction has become easy with this chatbot. 

ProProfs

• Build awareness about your upcoming product
• Broadcast latest deals
• Display product recommendations
• Create proactive chats
• 24/7 chatbot support
• Chat transcripts

Some key advantages of ProProfs Chatbot include:

4. Improved cybersecurity

Cybercriminals are becoming more intelligent. More often than not, cybercriminals target both small and large businesses. They steal sensitive data and sell them. Sometimes, they also blackmail a company or damage their reputation. 

Taking preventative measures against cyber criminals is important. With powerful AI and ML algorithms, you can create fraud detection strategies. Integrating financial fraud detection software enhances these strategies by automating threat detection and responding to the latest risks before it’s too late.

Artificial intelligence in business pinpoints anomalies in data or patterns. These anomalies may indicate a cyber threat. This way, cybersecurity teams can detect threats in real time. 

Additionally, AI-driven monitoring tools can adapt to evolving online threats. These detection models can adjust over time, ultimately increasing security capabilities. 

Last but not least, bot prevention is also possible with artificial intelligence. Bots can steal credentials, send illegal traffic to websites, and deliver spam emails. AI algorithms can automatically scan malicious IP addresses, large attachments, and suspicious keywords. It can also differentiate between good bots and bad bots. 

Darktrace

Businesses that want to prevent data theft should choose Darktrace. It’s an AI-dependent cybersecurity platform designed to protect businesses from threats. The self-learning approach allows Darktrace to identify security concerns. 

Darktrace

• Activity Tracking
• Data Security
• Endpoint Management
• Intrusion Detection System
• Real-Time Monitoring
• SSL Security

Some key benefits of using Darktrace for your business are:

5. Streamlined hiring process

Hiring the ideal candidates is one of the most common issues in most organizations. Searching for the right people and hiring them takes a lot of time and effort. Thanks to the recent AI facial recognition applications, interviewing and hiring the perfect candidate is less daunting. 

Henkel, Johnson & Johnson, and Unilever have already stated the benefits of using AI and ML for their recruitment process. The applicants can record a self-assessment video and quick interviews through HireVue, an AI video interviewing technology or use different tools, such as HireVue competitors.

This app will use data from audio and video and analyze it. Furthermore, it also pinpoints candidates ready for the next level of human interviews. 

Nowadays, businesses also use ATS or Application Tracking Software to screen resumes and CVs. Screening CVs manually is a time-consuming and hectic process. ATS shortlists the candidate’s CVs based on keywords, helping employees find the perfect fit for the vacant role. 

Workable

A fine example of an ATS tool is Workable. It’s a best-in-class automated recruitment tool. If you want to streamline your business's hiring process, UiPath can prove beneficial.

Apart from the ATS method, Workable comes with additional features that will help you find the perfect candidate as per the job description.

Workable

• AI-powered candidate recommendations
• LinkedIn RSC
• Convenient interview scheduling
• Department hierarchy
• Requisition and budgeting workflows
• Employee directory

Some key benefits are:

6. Reduced costs, enhanced profits, and less human error

This is an obvious result you can derive from AI for business. Automation not only addresses the problems with a repetitive routine but also helps employees free up their time. Employees can develop new skills in their free time, nurture their talents, or solve more complicated issues. 

In terms of profitability and cost-effectiveness of your business, AI and machine learning provide countless valuable opportunities. It helps businesses monitor complex processes 24*7. AI removes downtime within production lines.

Businesses can witness fewer human errors and robust fulfillment by using artificial intelligence and machine learning. By adding machine learning and AI to business tasks, it will automate repetitive tasks. AI will contribute not only to the reduction of error, but you can also train it to handle more complex tasks. 

UiPath

For example, UiPath is a popular robotic process automation (RPA) tool that uses machine learning and AI to automate repetitive, rule-based tasks. It reduces human errors and enhances profitability by improving business processes. 

UiPath

• Pre-defined Activity Sets
• Workflow Templates and Reusability
• Intelligent Scheduling of Process Automation
• Collaborative Integration
• Logical Control Level
• Analytical Capabilities

Here are a few perks of UiPath you should know:

7. Time-saving metrics 

Business owners believe that time is equal to money. In the modern world where “Time is Money”, business owners cannot afford to waste their time by handling time-consuming tasks. 

Data analysis with human intelligence would take a significant amount of time. This is the primary reason why many people prefer taking help from artificial intelligence. While human touch is still mandatory, AI reduces the time taken to complete tasks to a great extent. 

Zendesk AI Chatbot

Businesses can use the Zendesk AI chatbot. Just like other AI chatbots, Zendesk provides instant responses to customer inquiries, reducing response time and enhancing customer satisfaction. These chatbots are designed to save time for both customers and customer service representatives.

Zendesk

• Intelligence in the Context panel
• Intelligent triage
• AI-powered intents for bots
• Advanced bots
• Macro suggestions for admins

Some benefits of the Zendesk AI chatbot are:

8. Personalization 

Businesses know that every client has unique needs. Everyone has different requirements in terms of budgets and goals, and hence, will uniquely use the services. Therefore, the importance of personalization of a product or service increases. 

The main issue with this approach is the required resources. Valuable resources such as budget, time, and staff will play the most important role in treating each customer differently. Incorporating AI for business can address this challenge through machine learning. 

Let’s say we have ABC SaaS, a cloud-based project management platform that integrates AI recommendation algorithms into its software. By analyzing user data and behavior, they delivered personalized feature and tool suggestions to their customers.

This led to a 25% increase in user engagement as users explored previously undiscovered elements. Additionally, the company saw a 15% rise in premium subscription conversions, resulting in a substantial boost in revenue.

Dynamic Yield

Dynamic Yield uses AI to analyze user behavior in real time. It helps businesses create personalized product recommendations, content, and user journeys to improve engagement and conversion rates. 

Dynamic Yield

• Content analytics
• Behavioral targeting
• Experience management
• Campaign segmentation
• A/B testing

Here are some advantages of using Dynamic Yield for your business:

9. Highly refined and streamlined operations 

Before the introduction of artificial intelligence, employees used to spend too much time on time-consuming and repetitive tasks. These tasks are boring and kill employee’s productivity. 

With the help of AI-streamlined operations, employees now have more time for the tasks that need human factors. Apart from saving time and resources, automation allows businesses to focus on positive cash flows. As a consequence, more businesses are considering automation to boost their internal processes. 

Salesforce, a leading SaaS provider, has integrated AI into its Sales Cloud product with “Salesforce Einstein.” This AI-powered tool simplifies operations for sales teams by automating various tasks and processes. For example, it can automatically prioritize leads, reducing the time sales reps spend on manual lead qualification. 

IBM Watson Studio

Another great example of an AI tool is IBM Watson Studio. This AI tool gives you tools to work with data. Consequently, you can solve business problems. This tool can analyze data and deploy machine learning models. 

IBM Watson

• Advanced data refinery
• Open source notebook support
• Model risk management
• Embedded decision optimization
• Integrated visual tooling
• AutoAI for faster experimentation

Eager to know more about IBM Watson Studio? Here are some benefits:

Ready to implement AI for your business? 

These are some proven ways to leverage the benefits of artificial intelligence for your business in 2024. One thing is certain: AI is here to stay. It’s not a mere trend but a necessity to thrive in the competitive landscape. 

As the paybacks are enormous, most companies are utilizing AI to the fullest. For those who harness the power of artificial intelligence and machine learning, the sky will be their limit. 

Furthermore, as we venture into 2024, we anticipate that businesses will continue to leverage automation for better data-driven decision-making, seamless integration with other software systems, and ensuring compliance in a rapidly evolving regulatory environment.

Tell me in the comment box below which AI for business tool you liked the most.

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