Mastering AI in Business: Expert Insights on Impact, Ethics, & Strategy
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Table of contents
- What research tells us about how AI is changing the business world
- 5 ways companies are using AI in business worldwide
- AI & ethics in business — how do we use this technology ethically?
- What we can learn from Amazon's use of AI
- How to implement AI in your business
- Staying relevant with artificial intelligence
The words "artificial intelligence has taken the world by storm" do not suffice these days. Even large multinational corporations have taken to using AI to augment their businesses. Consider how these companies are making the most of it:
And you should be too!
In this article, with the help of Phil Portman and his insights gained from running Textdrip, an AI marketing solutions company:
I'll be taking you through exactly how you can grow your business today using AI.
What research tells us about how AI is changing the business world
According to research conducted by Statista:
The AI market is projected to rise from 241.8 billion US dollars to nearly 740 billion US dollars in 2030. How can this massive increase be explained? Well, Textdrip founder Portman had this to say:
"The massive rise in the AI market growth can be attributed to increased adoption across various industries for improving efficiency, automating tasks, and enhancing decision-making processes.
I've witnessed AI being used for marketing, software development, education, robotics, security, and many others. Businesses today are recognizing the potential of AI and are ready to make higher investments in research and development, which is helping the AI market to witness substantial growth year after year."
5 ways companies are using AI in business worldwide
These days, saying that you're planning on using AI systems to improve your business processes isn't enough. AI has made leaps and bounds over the past decade, so getting specific is crucial!
For a refresher, here are five ways artificial intelligence is being used globally:
(1) Machine learning (ML)
You'll quickly discover that at the heart of most artificial intelligence applications are machine learning algorithms. This type of artificial intelligence is typically used for predictive analytics.
What does this mean? It works by using algorithms or statistical models to analyze data and then make decisions.
You'll find it's often used for:
- Supplier management: Machine learning can be used to analyze market trends. It can also evaluate risk factors and performance data to choose the best suppliers.
- Demand forecasting: It can check (a) customer data, (b) customer behavior, and (c) market trends.
- Price optimization: Many businesses use ML to check customer demand and competitor pricing. This is to determine the best prices.
- Waste reduction: Through the optimization of processes in the supply chain, ML can help (a) reduce waste, (b) improve energy efficiency, and (c) promote sustainability.
Textrip CEO had this to say about how his company using ML for SMS automation:
"Machine learning is a subset of artificial intelligence that empowers systems to learn and improve from data without explicit programming. In the context of Textdrip's SMS automation services, machine learning is used to optimize communication workflows and improve user experiences.
Textdrip utilizes machine learning algorithms to analyze extensive datasets of user interactions, preferences, and historical data, allowing the platform to recognize patterns and insights. This information is then employed to develop predictive models, enabling Textdrip to anticipate user needs and automate the delivery of personalized and contextually relevant SMS messages.
Additionally, machine learning plays a crucial role in sentiment analysis, enabling Textdrip to discern the emotional tone of incoming messages and respond with appropriate and tailored content. Overall, the integration of machine learning within Textdrip's SMS automation enhances the platform's adaptability and intelligence, providing users with a more sophisticated and effective messaging solution."
(2) Natural language processing (NLP)
NLP technologies give machines the ability to interpret human language. And what's an extremely popular example of this? You probably guessed it — ChatGPT.
Did you know that ChatGPT is the most tried AI tool? It grew to an estimated 100 million monthly users in just two months!
The AI tool is proving to be valuable for businesses as well (keep reading; we'll get into that soon!).
There are many other AI tools out there that make use of NLP to:
- Automate customer service to better customer engagement
- Manage bookings
- Reduce the workload of human staff
(3) Robotic process automation (RPA)
RPA is perfect for automatic repetitive tasks. Think of RPA as a virtual robot that can do basic things on a computer, like a human can. It's programmed based on specific rules or sequences and performs those tasks precisely.
Businesses often use robotic process automation for:
- Data entry, such as updating records and processing transactions.
- Customer requests such as processing returns and refunds or updating information.
- Report generation for sales, performance, and finance.
- Email automation by sending automated responses, flagging messages for review, and sorting emails.
(4) AI tools for marketing
AI in marketing is huge — and controversial!
(Read more about the controversy of AI marketing on Medium.)
Even so, AI tools are changing marketing, and for the better.
(a) Personalized content creation
(b) Automated ad placements
(c) Customer journey optimization
These are just a few of the many uses of AI that brands can make the best use of.
By analyzing customer data, AI can tailor marketing efforts to your customers. This will lead to higher engagement and conversion rates.
(5) AI tools for data analytics
As I've briefly mentioned, AI can analyze data. Artificial intelligence can turn this raw data into actionable insights. By analyzing patterns and vast quantities of data efficiently:
AI can provide valuable information for decision-makers that can inform strategy and operations.
AI & ethics in business — how do we use this technology ethically?
UNESCO released a nearly seven-minute video on the ethics of artificial intelligence. So, if you'd like to get into more depth about it, watch the video above!
Gabriela Ramos, the Assistant Director-General for Social and Human Sciences at UNESCO, commented strikingly on AI safety:
“But we cannot blame the technologies — it's not about the technologies. It's about us developing the framework, shaping the rules that will allow these technologies to deliver what we want them to achieve.”
So, if we're to implement these technologies safely, why are there so many complaints? And why have creators had to fight back to protect their creative works? How can we ensure AI is used ethically in our businesses?
I asked AI expert Phil Portman, and these were his thoughts:
"Ensuring the ethical use of AI, especially in business, involves implementing guidelines, transparency, and responsible practices. Businesses need to establish clear frameworks that communicate openly about how AI is being used, what data it processes, and how it influences creative tasks. Also, conduct regular assessments and adjust algorithms to ensure fairness, especially when dealing with creative works."
What we can learn from Amazon's use of AI
See the above video to learn how Amazon uses robots to improve efficiency and reduce workplace accidents.
Amazon is not shy about implementing new ways to improve its business functions — and AI is at the top of the list. While Amazon has found ways to incorporate robots, they've also successfully:
- Implemented AI algorithms that help them analyze customer data to personalize product suggestions on their website.
- Used AI to forecast demand and to improve inventory management.
- Developed virtual assistants using natural language processing — "Hey Alexa, what time is it?"
- Utilized chatbots that can handle basic customer queries.
We can learn a lot from their fearless approach towards technology and implementing AI — adapt to the new, don't cling to the past. This reminds me of a quote from Spencer Johnson's "Who Moved My Cheese":
"Life moves on, and so should we."
How to implement AI in your business
Now that we've gone through AI in some detail, let's explore the important question:
How do business owners implement AI in their businesses?
AI expert Phil Portman had this to say:
"Businesses can use AI to gain a competitive advantage and automate their marketing and operational processes. AI can help automate personalized marketing campaigns and enhance customer engagement.
For instance, Textdrip helps businesses automate their SMS marketing communication by sending personalized messages. Textdrip's AI-powered automation capabilities enable businesses to schedule and send SMS messages, reducing manual effort and ensuring timely communication."
Staying relevant with artificial intelligence
Like it or not, artificial intelligence is here to stay. Understanding how to use it for your business is crucial to maintaining competitive advantage. I hope this article serves as a good gateway, helping you understand the context, ethics, and best practices for utilizing it in your business.
Want to learn more about AI? Get insights from our team here:
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Joshua J. Brouard brings a rich and varied background to his writing endeavors. With a bachelor of commerce degree and a major in law, he possesses an affinity for tackling business-related challenges. His first writing position at a startup proved instrumental in cultivating his robust business acumen, given his integral role in steering the company's expansion. Complementing this is his extensive track record of producing content across diverse domains for various digital marketing agencies.
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