How Can AI Support Your Business In 2023

Dec 23 / Gemma Walton
One of the most omnipresent trends for SMBs (small-to-medium-sized businesses) in 2023 will be adoption of artificial intelligence-as-a-service.

By 2023, according to Gartner, 40% of infrastructure and operations teams will begin using AI for automation to improve IT performance.

You will see automation rates rise across different industries using robot-process automation and smart enterprise process management software.   
Companies are more efficiency-focused nowadays, meaning that they are turning towards solutions for automating their business processes to save costs. By automating business processes, companies can cut down manual labour costs, streamline operations, and better handle customer requests. Improving employee productivity in companies can be done by incorporating technology in processes that are time-consuming.   

Companies are taking advantage of this benefit of digital transformation by making their business processes more intelligent with innovative technologies. Digital transformation helps businesses to put information, products, or services at users fingertips. With innovations, retailers find it easier to serve customers, run their businesses, and understand customers buying patterns.   

Transparency, technology, and continuous improvements are sure to increase customer loyalty and help businesses to scale up a lot more quickly. The focus for customer service and support organisations, as well as enterprises, must be on the leftward move towards greater self-service and higher levels of digital automation, to increase efficiencies and improve the quality of services and satisfaction. AI is a transformative technology which only keeps getting better over time, and it helps organisations to meet their business objectives, helping in building innovative solutions for products and services.   

AI is highly adaptable to new inputs, is more accurate, allows more efficient operation, and helps in the analysis and automation of a range of business processes, providing insights and providing a more personalised service for customers. AI technology increases the speed and precision of all business processes, enhances the customer experience, helps marketers understand their customers, and allows businesses to scale more effectively. You can leverage AI to conduct deeper marketing analytics to reinvent and enhance your customer experience, and its features and capabilities are only going to increase.   

Using AI tools can help each business generate more revenues: for instance, it helps businesses to identify weakness areas and leverage accurate predictions of market trends, prospects, and competitors. Marketers are making heavy use of AI algorithms to uncover insights and aggregate data to improve the customer experience and productivity.

The fact is, companies will be using AI/ML to collect data, analyse it, and leverage insights for making business decisions.   

It is helpful for companies to view AI through a lens of business capabilities, not a technological one. Generally, companies do not deploy AI for the purpose of building businesses; rather, they deploy it for the purpose of automating processes, improving customer experience, data analytics, and improving performance. Companies who integrate AI in their business processes are those who find most success from AI, compared with those who just ride it out.    

When applied to the right problems, AI solutions can increase operational effectiveness, decision-making, and the bottom line of the business by automating specific processes and providing valuable insights on how to do the business better. Business leaders are increasingly relying on AI capabilities for interacting with customers in real-time, managing operations, and providing business continuity.

While IT leaders acknowledge the benefits AI brings with increased automation, insights, and efficiencies, AI continues to require a lot of cooperation between the business and IT, to make sure that the technology is really solving the problems and needs of the business.   
As organisations continue to look for ways to use technology to increase effectiveness, agility, and business outcomes, AI is likely to become an important area for investment.

According to research from IDC, spending by businesses and governments on AI technologies is expected to hit $500 billion in 2023. As businesses draw up their IT budgets for 2023, and with the spectre of an economic slowdown on the horizon, AI-related projects will feature heavily on the discretionary spending plans of many organisations.   

Adopting AI brings tangible benefits businesses cannot afford to pass up, whether that is day-to-day AI software or high-level AI systems. AI governance is one of my core areas of focus, and in 2023, I expect we will see AI platforms and tools becoming more of a norm for in-house, responsible AI development and deployment, providing necessary standards and oversight. The role of AI ethics will also be more and more important, as organizations grapple with eliminating biases and injustices in their automated decision-making systems.   

This goes back to governance around the design of models, the foundations of which will be increasingly provided and enabled by new AI and machine learning platforms that are now entering the marketplace.

Under practicality, companies will rethink strategically how they are using AI, a change in attitude which will trickle down into deployment, management and governance of AI and machine learning models. Routine tasks will be automated with AI and machine learning across nearly all industries.   

Hyper-automation organisations will use AI and ML technologies to automate many processes that would involve a lot of information and data. They will help in getting insights on how to manage businesses and other areas of operations. Hyper-automation means applying innovation developments to accelerate and streamline tasks while using a minimum amount of human energy and knowledge.

Companies or industries that adopt AI applications are going to be more varied, because they will be empowered by their data analytics capabilities in different functionalities, fraud detection, and top-notch customer relationship management.   

AI-driven automation will play a critical role in enabling companies to provide employees with greater flexibility, while also enabling them to work from anywhere. More AI-driven workplaces and collaboration platforms such as Upwork and Taskrabbit will be on the rise, bridging traditional workplaces to a future globalised workforce who can work from anywhere. This is especially relevant in sectors such as accounting, banking, lending, data analytics, technology development, or customer support, where the embrace of automation is already taking place.   

Companies are seeing successes due to humans involved in building, optimising, and using customer services that are powered by AI. In 2022 and in years after, AI will be used to streamline operations and improve efficiency. At the same time, the technology has the potential to help companies figure out how to create products, services, and infrastructure more efficiently, by uncovering sources of waste and inefficiency.    

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