How Artificial Intelligence Will Transform Businesses in 2024?

ai in business

Artificial intelligence is exactly what the name suggests. It allows machines to learn and make decisions based on data that is collected and cleaned for specific purposes.

Today, AI has immense potential to change how we work and our approach to business and daily life. Many think of AI as just a tool for automating tasks, but in reality, it’s much more than that.

AI helps businesses in many ways. It can analyze data to find patterns, predict trends, and even personalize experiences for customers.

Let’s explore why AI is good for businesses, the modern AI development trends, and how it is going to transform businesses in 2024 and beyond.

Current AI Trends for Businesses

Artificial intelligence is revolutionizing modern businesses in many ways, the most common of which is related to increasing the efficiency of work and improving productivity levels (or decreasing production time) for many companies across different sectors.

According to Statista, the global AI market size in 2023 was around $207 billion, and by 2030, it is expected to be nearly $2 trillion, which is almost twentyfold growth. And most of it directly impacts most of the businesses, and the growth projected links up with the practicality of the technology.

In current times, the availability and distribution of open-source AI models is a great avenue for businesses, which has led them to explore various possibilities for inducting artificial intelligence, machine learning, business intelligence and relevant emerging technologies into their operations.

Example: AI itself is nothing; it needs to be fed data, good data. Good data being fed means good results and bad data means very bad outcomes. Let’s say you are a Chief Operations Officer of a large manufacturing company, and you need intelligent scheduling options for routine maintenance of your critical machinery. AI can do that for you using historical data, real-time input, and appropriate decision-making. Again, you feed good data, and you get good results.

How & Where Businesses Are Using Artificial Intelligence

Businesses around the globe are leveraging AI to increase their operational efficiency and productivity. A survey by Forbes Advisor shows businesses that are now using or plan to use AI across multiple use cases.

The graph below shows the most common applications. These include customer service, fraud management, modern-day security, digital/personal assistants, content production, personalized recommendations, and more. This shows the penetration of AI technology in the operations of many mainstream business functions.

ai in business

How AI is Instilling Transformative Change for Businesses

We can’t predict the future, but for now, AI isn’t a complete replacement for human intelligence and expertise. The use of AI is more centered towards embracing it as a tool to become more efficient and productive.

And while the NLP with AI might not be at par with human expertise, artificial intelligence is certainly a great way to clean, process, and analyze great volumes of data, better than humans and traditional methods.

This means more control over the identification of the data potential and understanding the length of business decision-making in a streamlined manner.

The capabilities of AI are now a potent tool for many businesses. The specific implementations might be different, but here’s how AI is being leveraged across these use cases.

· Machine Learning & Contextualization

Machine Learning is commonly used in many business applications, especially those with large amounts of data transactions and capturing. This can be from various sectors, including healthcare and life sciences, energy and oil & gas, manufacturing, retail, and more.

All this data is collected from many data points, either through sensors, manual inputs, or using other methods. However, the main concern is the processing and contextualization of data using AI and ML algorithms so that the data can be used as a basis to make informed business decisions.

· Security & Fraud Prevention

It goes without saying that artificial intelligence is at the forefront of preventing security lapses and thwarting network security threats through intelligent monitoring and understanding of historical data.

AI algorithms can efficiently detect and work back on those threats through data to identify and kill the source, better equipped for any similar attempts, and safeguard the current scenario. In such cases, the use of AI is an extra layer of security that happens to be more diligent, proactive, and robust for the technology infrastructure.

· Customer Servicing & Relationships

Among many sectors, if there is one sector undergoing rapid and observable change after AI publicly went viral, it is customer relationship management (CRM) systems. Traditionally, these systems have been dependent on humans to make corrections and be accurate, but that’s quickly changing now.

The use of AI has made things pleasantly efficient. For example, your company specializes in delivering state-of-the-art technology solutions for enterprises, and a CTO billion-dollar retail firm visits your website to get in touch with your experts for a customized solution, and you have AI-powered CRM, here’s what can be done:

  • The lead will be stored in your CRM/database.
  • Based on the information provided, a customized email will be drafted and sent to the CTO, highlighting key pain points for his role and potential solutions that can be considered, with a tentative timeline.
  • Based on availability, a meeting will be scheduled with the right person at your company, and it will be intimated at both ends.

This might look very unattractive and basic if you have a limited understanding of the sector, but automating the redundant actions and utilizing AI for intelligent inputs can really increase your chances of winning the deal.

· Data-backed Research

The impact of AI in the public domain has grown significantly. The old method of doing research was through the internet and navigating through data, but the advent of AI has changed, and businesses are now experiencing a mindset and approach shift.

AI models can sift through large volumes of data and analyze it better to identify and extract patterns to provide end-users with more information. This experience is bound to get better with time, and the users will have access to better features.

· Personalized Chatbots & Assistants

Gone are the times when executives had to hire multiple secretaries to manage their schedule, reply to letters and emails, and still find them at the helm of mismanagement. Today, AI-powered chatbots are now fully capable of managing most of these tasks, including replying to emails, managing calendars, giving suggestions, and helping to make processes better.

This enables the executives to have more productive time for brainstorming and making strategies for growth, leaving the time-consuming and redundant work for the modern, AI-powered bots.

Real-world AI Applications & the Challenges

Real-world AI applications are not free of challenges. There are various calculations that are often tough to handle, and such situations require careful handling, or businesses might risk flawed results that are not good.

The biggest and the most talked about challenge is regarding the ethical considerations. Most of the data collected has an angle that is also termed bias. This bias, when rolled out, goes out to the masses and affects them, one way or another, or risk becoming standardized.

There are many other challenges that may arise when building AI solutions for specific use cases, and those must be handled innovatively. In the end, the implementation of AI is to make decision-making objective and unbiased.

The Future of AI

AI is the future, and if you think we are seeing a lot of AI-backed systems around us, wait a few years to see the trend grow exponentially. The question here is not whether AI will be here for long, but rather, what more will we see happen in front of us?

The primary hurdle that businesses and executives face is the understanding of AI, and as soon as we are able to overcome this and build an improved overall understanding of AI and its branches, things will eventually be a lot different and better.

Artificial intelligence is certainly instilling transformative change in businesses, and this AI-led digital transformation will pick pace as we move forward. Veraqor understands the AI revolution that is taking place, and our offerings are in line with what the world needs right now, explore our AI solutions today.

Frequently Asked Questions

Q1: Will Generative AI pay off for businesses in upcoming years?

Generative AI holds significant promise for businesses in the coming years. As it continues to evolve and mature, businesses can expect to see a range of benefits from Generative AI applications.

These include accelerated innovation in product design, more personalized customer experiences, streamlined content creation processes, and even the development of entirely new revenue streams.

However, the payoff will largely depend on how effectively businesses can integrate Generative AI into their existing workflows and business models, as well as how well they navigate ethical considerations and potential challenges.

Q2: How will AI impact businesses in the next 5 years?

Over the next five years, AI is poised to have a transformative impact on businesses across various industries. One of the most significant changes will be the increasing automation of routine tasks and processes, freeing up human workers to focus on more strategic, value-added activities.

AI will also enable businesses to gain deeper insights from their data, leading to better decision-making and more targeted marketing efforts. Additionally, AI-powered technologies like natural language processing and computer vision will enhance customer experiences and improve operational efficiency.

However, businesses will need to invest in reskilling and upskilling their workforce to harness the full potential of AI and navigate potential challenges such as job displacement and ethical concerns.

Q3: What jobs are most likely to be replaced by AI?

While AI has the potential to augment and enhance many jobs, certain roles are more susceptible to automation than others. Jobs that involve repetitive, manual tasks or tasks that can be easily standardized are at higher risk of being replaced by AI.

For example, roles in data entry, customer service, manufacturing, and transportation are increasingly being automated through AI technologies. However, it’s important to note that AI is also creating new job opportunities in fields such as data science, AI engineering, and cybersecurity. The impact of AI on jobs will vary depending on factors such as industry, geography, and the specific tasks involved in each role.