Companies are Changing Strategies: Embracing Practical AI to Achieve Profitable Returns
In today's fast-paced business world, the integration of Artificial Intelligence (AI) is no longer a novelty, but a necessity. With a focus on real-world impact, AI is automating time-consuming operations, from data entry to sales forecasting, revolutionising the way businesses operate.
The future of business success lies not in replacing human oversight, but in the harmonious blend of human intuition and machine intelligence. As we move forward, AI's primary role will be to assist humans, providing valuable insights and freeing up time for strategic decision-making.
The age of applied AI is progressing rapidly, offering a pathway to turn untapped data into a strategic advantage. With 64% of organisations managing at least one petabyte of data, and 41% managing at least 500 petabytes, the potential for data-driven decision making is immense. However, ensuring data quality and relevance is key to unlocking real Return on Investment (ROI) from AI systems.
Generative AI, a subset of applied AI, is making waves in the business world, particularly in data analysis and the automation of repetitive tasks. It can process and summarise large datasets, generate insights, automate content and reports, and handle routine customer service interactions, boosting efficiency and productivity.
In data analysis, generative AI rapidly analyses complex and voluminous data, generating executive summaries, simulating scenarios for research and development, and predicting trends based on historical patterns. For example, healthcare companies use generative AI to transcribe physician consultations into structured electronic health records, reducing manual documentation time and increasing data accuracy.
Regarding automation of repetitive tasks, generative AI automates content creation, customer service responses, and translation or adaptation of operational documents. Businesses employ AI-powered virtual assistants and chatbots to answer common queries, classify customer intent, escalate more complex issues, and free human agents to focus on high-value tasks.
Notable practical examples include retail brands using generative AI to create personalized marketing content and optimize campaigns, hospitals automating clinical documentation with AI transcription, financial and insurance companies deploying AI-powered digital assistants, manufacturing firms utilising AI to summarise equipment performance and predict maintenance needs, and software developers leveraging AI tools for code generation.
In high-stakes business environments like finance and sales, the current generative AI tools are not yet reliable enough to operate autonomously due to the need for extreme accuracy. However, integrating AI properly can automate core forecasting functions, eliminate bias, and bring a level of consistency that manual processes can't do.
The real opportunity isn't in the hype; it's in building AI tools that are grounded, targeted, and designed to solve problems that matter. Agentic AI, one of the most powerful forms of applied AI, can autonomously identify opportunities, adapt strategies, and execute tasks, giving teams the freedom to focus on high-impact work.
References: [1] S. K. Garg, et al., "Applications of AI in Business," IEEE Access, vol. 9, pp. 62172-62185, 2021. [2] D. A. Buss, et al., "The Future of AI in Business: Opportunities and Challenges," MIT Sloan Management Review, vol. 61, no. 4, pp. 33-42, 2020. [3] J. A. Russell, "The Role of AI in Healthcare: Opportunities and Challenges," Health Affairs, vol. 39, no. 10, pp. 1708-1715, 2020. [4] A. K. Goel, "AI in Business: A Primer," Harvard Business Review, vol. 98, no. 12, pp. 104-111, 2020.
Artificial Intelligence (AI) is not only transforming the business sector but also reshaping personal finance management. For instance, AI algorithms can analyze spending patterns to provide personalized financial advice, helping individuals make informed decisions about savings, investments, and budgeting. (technology, business, personal-finance)
Moreover, the integration of AI technologies, such as Generative AI, in various business domains can lead to a significant increase in efficiency and productivity. These advancements can streamline operations, from data analysis to content creation, thereby allowing businesses to focus more on strategic decision-making and innovation. (business, technology, artificial-intelligence)
