Author: Giada Trombetta
Publication date: 15.09.2023
Nowadays, artificial intelligence has become a reality, not just a dream. In particular, we use the term "Artificial Intelligence" (AI) to describe activities done by machines that usually require human intelligence, like learning and problem-solving. Actually, we use AI in our daily lives, often without even realizing it.
How exactly is Artificial Intelligence applied in business?
We can find AI’s applications in various business areas, and here are some examples:
• Marketing Campaigns
AI is increasingly important in marketing because it makes marketing campaigns more efficient, personalized, and effective. What’s more, AI tools like Chat GPT can generate content such as product descriptions, blog posts, and social media updates. While they don't replace human creativity, these tools save time and assist in content creation. Thanks to them, you can produce high-quality work in less time. Additionally, using other tools like art generators, you can create custom images without spending a lot of time searching for them.
• Targeting
With the help of AI tools and analysis, you can now enter a website and find things you like with just a click. These tools analyze customer data and browsing behavior to suggest personalized items. As a result, this increases sales and enhances the customer shopping experience. What’s more, AI can focus on specific groups of people one by one; indeed targeting means creating ads and promotions that are just right for those groups.
• Market Forecast
AI models can learn from past inventory data and sales history to predict future sales. This helps companies make smarter choices about what products to keep in stock and when to do so. As a result, such an ability can lead to less waste, happier customers, and higher profits.
• Human Resources
AI plays a vital role in HR by identifying suitable talent through resume analysis and matching them with job requirements. In addition, it not only extracts information from resumes but also uses this data. Actually, it does so to compile a list of ideal candidates gathered from LinkedIn and other online sources. Lastly, this approach saves a significant amount of time and effort and ensures that no potential candidate is overlooked due to human errors or fatigue.
• Virtual Assistance
Business owners can't personally address every individual's inquiries. Thanks to AI, businesses are integrating virtual assistants and chatbots into their websites and apps. These virtual assistants can answer users' questions about the company and provide round-the-clock customer service.
• Finance and Accounting
AI is now used for automated bookkeeping and financial forecasting. Actually, manual bookkeeping methods, especially in larger companies, can be inefficient and prone to errors. Additionally, automation helps businesses achieve greater accuracy in their financial records. Indeed it helps simplify the generation of reliable reports like financial statements and tax filings, which are crucial for many businesses . Besides, AI can quickly identify previously unnoticed connections and insights within various data sources, leading to more accurate financial reporting at lower costs.
• Supply Chain Optimization
AI optimizes supply chain operations by monitoring and analyzing factors such as demand, logistics, and inventory levels. This streamlines the process, reduces costs, and provides real-time insights to identify inefficiencies. What’s more, it suggests corrective actions based on operational knowledge.
For example, it can recommend increased inventory allocation to meet growing demand. On top of that AI makes operations more efficient and cost-effective compared to manual processes. As a matter of fact it quickly identifies and addresses process gaps, resulting in improved return on investment (ROI).
AI Business Apps
Based on the above, we can understand how artificial intelligence has become an essential element in many phases of business development. But will artificial intelligence always be a useful method for the development of our businesses, or will it become too prevalent in the future?