AI, or artificial intelligence, is a branch of computer science that allows machines to complete problem-solving and decision-making tasks typically done by humans. It’s a rapidly developing field that could have endless uses – especially in automation.

David Grunwald, our Director of Innovation and Partnerships, says it helps to think of AI as an assistant for many routine tasks. However, although it can be useful, and will likely be depended on by many in the near future, it’s not quite there yet.

People are mostly using AI in business to make operations more efficient. One of its most common uses is in collecting and handling data or information.

Artificial intelligence is often used in business for:

• Recommending products to their customers based on previous behaviour
• Providing customer support with digital assistants – such as Cora
• Automating financial tasks and accounting
• Streamlining supply chain operations
• Sourcing talent and employees

There are many benefits to using AI in business. Especially when it comes to future-proofing your brand and streamlining workflows.

Neil Bellamy, our head of Technology, Media, Telecoms (TMT) and Services, states that: “For companies to be Future Fit, the use of AI, automation and data science will be transformational in terms of improved systems, processes, customer experiences and more productive ways of working.”.

But what are the real-life benefits of AI in business? And how could you implement it in yours? 

Enhancing decision-making through AI in business intelligence

Companies invest countless amounts of time, energy, and money into their decision-making processes. Many require the experience and critical thinking only possible with humans. But for data-based processes, artificial intelligence can help you make the right decisions, faster.

AI can harness customer analytics to learn what people like and make decisions based on these preferences. It takes easily automated tasks out of the hands of people, so employees can spend more time connecting to customers, and completing more worthwhile, rewarding tasks. 

Streamlining operations and reduce costs 

Streamlining operations, and therefore reducing costs, is one of the key business benefits of AI. According to a recent McKinsey study, AI has the potential to drastically reduce employee workloads.

The study states that AI could potentially automate more than half the time people spend working, which can help reduce costs. It also enables businesses to direct their efforts to developing employees in other more effective areas.

Improving customer experiences and relationships

According to a Forbes Advisor study, the top way in which businesses use (or plan to use) AI is to improve the customer experience (CX). In fact, 56% of surveyed business owners said they utilise the software in their customer service processes.

The McKinsey study also shows that AI has the potential to boost productivity within customer care by 30% to 45%. The faster you can present your customers with solutions and suggestions, the easier and more beneficial the relationship becomes.

Artificial intelligence doesn’t aim to replace the person-centric priorities of CX. People will always power connection. But AI works alongside living professionals. It helps to speed up repetitive processes and streamline workflows.

All businesses want to cut unnecessary costs and reduce wasted time. Now, AI gives you the power to automate data-heavy and easily replicated processes.

Here are a few ways you could implement artificial intelligence in your business:

• Chatbots. These are AI-powered customer service agents. They help you to efficiently deal with customer queries and complaints.
• Customer analytics. There are many user-friendly CRM platforms that utilise AI to gather customer data. They analyse behaviours and preferences to provide the best experience.
• Surveys. These can help you gain insight and feedback on the services you provide. Automated surveys can gather and organise this information, so you can identify gaps and make improvements.
• Finance management and revenue prediction. Specialised artificial intelligence software can help you to keep track of your books. It can complete complex sums and diarise invoices in seconds. AI can also consider budgets and projections, and plan accordingly.

What to keep in mind when integrating AI

Of course, people are at the heart of any business. This is why there could be a concern that using AI, especially in small businesses, could make some roles redundant. However, it’s about striking the right balance between machine and human-powered work. Artificial intelligence should be used alongside your employees to enhance productivity. But what this looks like will differ depending on how you operate.

Human experience and relationships are valuable, and software shouldn’t aim to replace them. If you jump in without a clear strategy, your customers may turn to brands that offer a more genuine, human experience.

• High initial costs. Implementing AI across your business can be costly. Depending on your industry, the services you provide and how your employees work, this could all start to add up. Third-party platforms usually require costly subscriptions. They also often lock superior features behind a pricey paywall.
• Data privacy. AI platforms can be excellent in allowing you to gain customer insights. They can also help to analyse behaviours and improve performance. However, they rely on a lot of personal data to do this. Customers may be concerned about how this data is collected and stored, and how easily it can be accessed.
• Lack of creativity. Creative AI software does not have the ability, or experience needed, to have original thoughts. There is no substitute for human creativity. Plus, it’s likely that your customers will be able to tell the difference between automated copy and that of a real person.
• Job displacement. According to a recent Goldman Sachs report, 300 million jobs could be lost due to the rise in automation. Of course, AI can save a lot of money and time, but it does this by automating once-manual jobs. It’s important to find the right balance between machine and human effort within your company and invest in your people.

These disadvantages should not discourage you from using AI in your business. But it’s important to first assess where you stand and make the software work for you. AI is not a one-click fix and should be constantly monitored so that any issues can be addressed and future problems mitigated.

By 2023, the AI market is expected to reach over $1.3 billion according to Markets and Markets.

This is obviously a profit-focussed forward trajectory. But the benefits of AI in both business and for the everyday worker are evident. As humans, we may soon be able to say goodbye to repetitive, data-laden and low-value tasks that weigh down our productivity. By replacing human effort on administration, reporting and research, it unlocks precious time. This can then be spent on more engaging, strategic work.

Here are some of the current and upcoming trends across industries:

• Perfecting CX in eCommerce and customer service. Done by using insights to provide personalised experiences. Chatbots can also offer instant and accurate support.
• Ethical AI experts. AI is a new and fast-moving development. This means we’re uncovering new issues every day – such as concerns around data usage and lack of transparency. With this in mind, we could start to see more of a focus on ethics, and a subsequent drive for ethical AI experts.
• Fully augmented roles. We’re quickly learning to harness AI’s ability to automate low-value tasks. So, it soon may be the case that once-human duties – such as accounting and data compilation – become the responsibility of machines.

AI has the potential to help cut costs and reduce otherwise wasted time on tasks that decrease productivity. If utilised and regulated properly, AI can provide a competitive edge among your competitors. However, it’s important to recognise a balance is needed if you want to avoid job displacement and customer dissatisfaction. 

With this in mind, there are a few things to consider before you look at how to implement AI in your business. 

1 . Assess the risk 

• Think carefully about the relationship between your customers and how they interact with your brand. 
• Ensure you fully understand the security and privacy risks attached to AI. 
• Understand how AI platforms use data. If you submit things to platforms like ChatGPT, they’re going to end up in the public realm – or in someone else’s database. 

2 . Understand your customers’ needs 

• Think about how and where you can integrate artificial intelligence to best benefit customers. 
• Keep an eye out for improvements. Application Programming Interface (API) layers used by most platforms are not yet fully developed. But staying close to their evolution could prove instrumental in your AI journey. 

3 . Prioritise culture 

• Consider the holistic impact of job displacement. Is replacing a human with a computer safe or actually beneficial to your business? 
• Think about how automation can be best utilised to work alongside your employees. Rather than overtaking their existing efforts. 

Want to know more about business innovation? We have a range of guides available to support you.  

Explore our Business Banking Support Centre if you have any questions. Or, talk to our team of experts. 

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