The AI Advantage: How Artificial Intelligence Can Drive Business Growth

The late 90s and early 2000s were intriguing times to live through. It was an era punctuated by irreversible change, including the budding of the age of the Internet of Things and the beginning of the 3^rd millennium. These shifts unnerved many as societies across the globe anticipated tech-related advancements that would forever change how humans interact with their surroundings. The fear of the unknown caused computer anxiety, defined as the apprehension and fear an individual experiences when using a computer or thinking about using one.

The same panic-ridden pattern can be observed today, with the world on the brink of another major technological revolution characterised by the rising popularity of artificial intelligence (AI). AI anxiety has replaced computer anxiety, especially as reliance on AI increases within the business sector. Like in the late 90s and early 2000s, AI technology is NOT on the verge of replacing all humans in the workforce. Instead, it is a game changer that can give your business a competitive advantage that maximises output and optimises returns.

What is Artificial Intelligence?

Artificial intelligence (AI) is a technology that allows machines and computers to simulate human intelligence, making them capable of problem-solving, creativity, comprehension, and decision-making. AI technology has been used since the late 1960s when a computer scientist invented ELIZA, a chatbot that simulated human conversations. Thus, global industries have used AI for decades before 2024. The only difference is that interest in AI is booming because the technology has become more consumer-friendly following advancements in machine and deep learning, natural language processing, robotics and automation. Today, AI is altering the business landscape by allowing access to high-performance tools that increase productivity, reduce input costs and maximise revenue growth. Hence, business owners interested in growing their enterprises must incorporate AI into their operations.  

8 Ways You Can Use Artificial Intelligence to Grow Your Business

Data Analysis

Artificial intelligence tools process large amounts of data efficiently and quickly. They facilitate data analysis, allowing easy correlation and pattern identification. As a result, AI tools can identify consumer trends, enabling small businesses to implement strategic plans. Studies show that companies that leverage AI data analysis report higher returns on investment (ROI) by 15-20%. Therefore, business owners seeking to grow their enterprises should consider using AI data analysis tools like Tableau, Akkio, and Salesforce to increase efficiency, improve decision-making, and create a competitive advantage.

Streamlining Administrative Tasks

Administrative tasks like scheduling, data entry and report generation are repetitive and tedious. They consume a lot of human resources and time, necessitating that businesses incorporate AI tools to automate them. Business owners interested in enterprise growth can use AI tools like UiPath, Zapier, and AutomationEdge to streamline administrative tasks and improve operation efficiency. Such technologies employ machine learning algorithms that enable the AI to extract information from data patterns and use it to increase a business’s efficiency and accuracy. For example, a company can use AI tools to manage its supply chain processes to minimise disruptions and improve customer experience. On the other hand, businesses can use scheduling AI tools like Reclaim, Clockwise, and Trevor to manage internal meeting calendars, facilitating collaboration and improving productivity.

Customer Service

A PricewaterhouseCoopers (PwC) survey revealed that 70% of CEOs believe that generative AI will alter how businesses capture, create, and deliver value in the next few years. This shift will respond to changing consumer trends, highlighting an increased demand for 24/7 user support, personalised experiences, and multilingual services. Customer service AI tools like Zendesk, Intercom, Zoho Zia, Reply.Io, Namogoo and Warmer.Ai can help your business grow by improving customer experience. Applying these technologies will allow your company to offer customers personalised shopping advice and query resolution, increasing customer satisfaction that fosters brand loyalty.

Marketing

Marketing is critical to business growth because it increases brand awareness and maximises sales. AI tools like Midjourney, Jasper, Copy.ai, Canva and Content Studio can improve your business’s marketing efforts by creating unique visuals, generating engaging content, and personalising customer experiences. For instance, they can help your marketing team better understand consumer behaviours, facilitating the tailoring of highly effective campaigns that optimise ROI. Moreover, AI marketing technologies can automate digital marketing tasks like online advertisements, social media posts, and email personalisation, allowing the marketing team to focus on more strategic and creative aspects of their role. Furthermore, AI technologies like AlliAi, Semrush and Surfer can help your business enhance its SEO strategies, which improve website ranking and boost sales, facilitating business growth.

Cyber Security

Cyberattacks are a critical challenge for businesses operating in the dynamic digital landscape. Business owners interested in safeguarding their enterprises against cyberattacks should use AI tools like Darktrace, CrowdStrike, and Splunk AI Ops. Such technologies employ machine learning to predict security breaches, detect anomalies, and respond to threats. Their ability to analyse large data volumes at a time allows them to offer quick and effective cyber security solutions, which protect your business from threats that could stifle its growth.

Financial Management

Effective financial management is crucial to business growth. Companies seeking to optimise their financial resources and lay a sustainable foundation for growth should incorporate AI-powered financial management tools like Domo, Trullion and Booke AI. These AI resources allow fast data extraction that maximises the value your business gains from leveraging its full data scope. The tools also reduce human error incidences and help your business implement cost-effective strategies supporting growth. Moreover, business owners can use AI’s predictive analysis for forecasting and budgeting to improve strategic planning and foster sustainable development.

Human Resource Management

Artificial intelligence is changing how businesses recruit, hire, and retain employees. Human resource management (HRM) AI tools like Elevolt,  HireVue, Pymetrics, Workday, and Textio can streamline your business’s talent acquisition and management. These technologies automate HRM tasks like interviewing, behavioural analysis, performance management, payroll, and job listing generation, increasing the cost-effectiveness of HRM processes. Additionally, using AI to generate job listings boosts a company’s visibility to top talent on job boards, heightening the likelihood of attracting and hiring the most qualified candidates. 

Email Management

Businesses interested in optimising client management and increasing efficiency can integrate email management AI tools to boost their growth potential. For instance, incorporating an AI technology like Drag can help your team collaboratively manage client inboxes on Gmail, enhancing customer experience. On the other hand, a tool like Sanebox increases email management efficiency by prioritising emails the business responds to and tracks. Leveraging these tech-forward technologies can give your business the boost it needs to thrive in the ever-changing business sector.

Key Considerations Before Using AI

While the AI advantage is enticing because it promises business growth, companies interested in using AI should account for the challenges they might face when using the technology. They include:

Workforce Training and Adaptation

Since AI is still in the early stages of mass adoption and acceptance, your employees might resist AI technology for fear it might displace them. The latter is why workforce training is important before integrating AI into your business. Training ensures that your employees understand the role of AI in business and equips them with the right skills to optimise the technology’s benefits to facilitate growth.

Legal and Ethical Concerns

AI systems, especially those that use machine learning, can unintentionally perpetuate biases picked up from the technology’s training data. Leaving such anomalies unchecked can cause the business to operate on discriminatory practices that elicit legal concerns. Second, using AI in decision-making can increase accountability and privacy concerns, especially if the company is in the finance or healthcare sector. Hence, businesses using AI to improve operation efficiency and maximise growth must develop ethical guidelines that govern AI use and prevent legal breaches.   

AI Hallucinations

A critical AI drawback that business owners should be cautious about is AI hallucinations, characterised by the technology’s generation of incorrect information. Businesses adopting AI must understand that AI’s output is the product of data training. As such, AI tools may occasionally disseminate false information, an outcome that can be controlled by ensuring that an employee verifies AI-generated data before use. Failure to control AI hallucinations can mitigate business growth.  

Parting Shot

Artificial intelligence is here to stay. As the saying goes, “If you can’t beat them, join them!” Business owners interested in sustaining and scaling their enterprises should integrate AI into their operations. Nonetheless, before assimilating the technology, you must identify your business needs to determine what AI solutions best suit them. Remember, embracing the AI advantage is the key to growing your business in today’s highly digitised market.

Ready to leverage AI for your business? Streamline hiring, payroll, and performance management with Elevolt’s intelligent automation https://www.elevolt.co.ke/