Is there a place for AI in Business?
Truthfully, I don't have ALL the answers. But I do have a list of pros and cons that will help you come to your own conclusion.
We humans generally have a bit of a love/hate relationship with AI. Not entirely unfounded I might add, based on a fear of loss of autonomy, job losses or spurious concerns that ‘the computers will take over’.
However, it’s not possible to avoid AI in the workplace (or indeed in daily life) as it is so carefully integrated into many applications that you and I commonly use. Often, we are using it without realising it.
Such integrations include:
- Virtual Assistants – Various systems such as Siri, Google Assistant, and Alexa. They all use AI to understand language commands, to answer questions, set reminders and to perform the numerous tasks asked by the users.
- Autocorrect and Autocomplete – As annoying as autocorrect can be such systems wouldn’t be possible without AI. Which makes corrections and suggestions based on context as well as user behaviour patterns.
- Financial Services – Even your banking apps (personal or business)! AI algorithms are used for fraud detection, risk assessment, credit scoring and customer service automation.
- Customer Service Chatbots – Whether you engage them within your own business or not it is likely that you have used a Customer Service Chatbot. (Even if you didn’t realise it was a bot at first.) These AI generated chatbots are used to provide automated customer support, answer frequently asked questions, and assist users with enquiries.
- Search Engines – We all use search engines... Daily for most of us (be it personal or business purposes). Search engines all use AI algorithms to improve results by predicting user intent, providing relevant suggestions, and optimising ranking algorithms.
If you can’t beat them…
With AI so integrated into everyday life in the workplace and home, it would be almost impossible to avoid using AI. Therefore, why not be proactive in choosing what AI systems you use. This way you can ensure that AI works for you and makes your life easier and more convenient. AI, when used well can offer many workplace-based benefits including:
Increased Efficiency – AI can automate repetitive tasks. This will free up employees to focus on more complex and creative work which could utilise their skills better. And even lead to increased productivity and efficiency.
Improved Decision Making – AI algorithms are able to analyse large amounts of data and provide insights that humans may overlook. This can be done in a fraction of the time and can help businesses make more informed decisions and optimise their operations.
Cost Savings – By automating tasks and streamlining processes, AI can help businesses reduce costs associated with labour and operational inefficiencies. It can also help with team collaboration, which can make for greater productivity, and less wasted time.
Improved Customer Service – AI-powered chatbots and virtual assistants can provide immediate support to customers, improving satisfaction and reducing response times which can make for happier customers. AI can also help streamline in-house systems making for better collaboration and a more integrated customer service experience.
One the flipside...
However, when using AI-enhanced software some caution is needed as there are a few issues that it raises.
Bias and Fairness – Anything produced by AI cannot be taken as ‘fact’. AI algorithms can inherit biases from the data they are trained on. This can lead to unfair or discriminatory outcomes, especially in areas like hiring or lending decisions.
Privacy Concerns – AI systems often rely on large amounts of data, raising concerns about privacy and data security. Businesses must ensure that they handle and protect sensitive data responsibly. So you don't risk trust with customers and still comply with regulations.
Dependence on Technology – Relying too heavily on AI systems can make businesses vulnerable to disruptions caused by technical failures, cyberattacks, or errors in algorithmic decision-making.
Using AI in business is an inevitable aspect of progress. Whether it is being used in the background of our favourite apps or we are actively choosing apps which can make our lives easier and our businesses more streamlined.
If you would like to find out more about how AI can be introduced into your business practices, and how it can make your business more cost effective and efficient then speak to a member of the SupportWise team today.