AI in Businesses

 

Hello again!

This week we will be exploring the use of AI in business. AI can be seen as a very scary thing that will affect every industry and destroy humans in the future (joking, I hope😬).

The use of AI benefits many businesses. Let’s have a look…

·        Decision Making: AI can improve decision making by identifying business opportunities, flag obstructions in a process, recommend offerings based on customer data and prepare for challenges. For example, some businesses have AI operations that can detect when a machine is going to become faulty before it even happens! This helps the business save time by repairing machines before they become a problem.

·        Marketing: By collecting customer data and conducting competitor research, AI can help a business identify customer trends and patterns, improve marketing campaigns, and enhance customer experience. All this will help the business sell and become more profitable.

·        Customer Service: AI has been a big help in this area. Some benefits include faster response time to consumers, 24/7 availability and support and solutions offered based on specific customer needs. Everyone has encountered a helpful chatbot, for example when returning clothes, and has experienced firsthand their excellent customer service. Below we can see Layla, Boohoo’s chatbot.

·        Accounting: Accounts carry out tasks such as data entry, payroll, and approving expenses daily. AI can help accountants (or rob their jobs) by making these tasks automated. This saves time, results in less human error, and ensures data is accurate.

And that concludes this week blog. Basically, whether you see AI as a good or bad thing it is the way of the future. It can be a very scary thinking of robots essentially running whole industries, but it is kind of cool in a way. But, sadly, as a future accountant I think I might be out of a job thanks to the robots😢.

Hope you enjoyed the read!

Until next time,

Saoirse😉