We’re at a point where you can’t scroll through your social feed or browse the latest headlines without seeing a new development or take on artificial intelligence (AI). AI technology has advanced quicker than anyone could have imagined, and with its capabilities impacting nearly every industry, it’s causing many business leaders to wonder if they should embrace it or steer clear.
Yes, the endless possibilities of AI may create a lot of uncertainties, but just as with most technological advancements, it presents a lot of opportunities too — especially for businesses.
How does your business feel about AI? Have you integrated the technology into your processes, or are you still holding out for more information? Regardless of where you land, there are numerous business benefits to using AI that you should consider.
Streamlining Simple Tasks
AI is a great tool for automating the manual tasks that can bog down a business day. Just as households have been using devices like Amazon’s Alexa as a “digital personal assistant” to streamline mundane tasks, such as ordering goods online or tracking down information, AI can be used similarly in a business setting. Think of tasks like email drafting, data entry, employee scheduling or any other manual activity that often takes more time than it should — AI can assist so that you can focus on more important job responsibilities.
Boosting Reporting Capabilities
Businesses are continually looking for ways to extract insights from the heaps of data they generate on a daily basis. There are AI-based business applications that can take your data and reporting to the next level by pulling key findings out of the data for you. These applications use sophisticated algorithms and modeling to turn data into insights. Imagine being able to forecast financials for upcoming quarters based on past figures or summarize the top takeaways from employee surveys to see recurring sentiments or concerns at a glance. With the help of AI, it’s feasible — all you have to do is tell it what to look for.
Helping Inform Decision-Making
With advanced reporting and analytics through AI comes an even more powerful ability: making faster, more informed business decisions. Having actionable data readily available allows you to be proactive with your processes and continually seek opportunities to improve based on actual business results. Whatever strategic decision you’re aiming to make, AI can help you cut through the noise of your data so that you can focus on what matters most to your business and its goals.
Reinforcing Cybersecurity
Your business’s IT team can not only use AI to help with basic coding and documentation but also use it to identify potential cyber incidents or data breaches. AI can learn your business’s IT infrastructure and be programmed to detect irregular activities so that your IT team can act fast to secure your network and business data. With cyberattacks on the rise, AI is additional layer of support that could keep your business’s IT environment safe.
As it relates to data security, one important thing to keep in mind when exploring AI tools like ChatGPT is to avoid using any proprietary business data or private information. It’s easy to get carried away with these kinds of AI databases, but you don’t have control over them and what they do with your information. Assume anything you enter in them could be made public or accessible to others, and use it with your best judgement.
When deciding how your business wants to use AI, remember that the main goal should always be to improve the human experience of your workplace. AI should amplify and empower your teams, not replace them. Just like with any new and revolutionary technology, AI has sparked a sense of uncertainty and a bit of fear in many, but like the innovations that came before it, AI has the potential to do a lot of good when used correctly. If you’re interested in innovating your business’s technology and aren’t sure where to start, Creative Planning Business Services can help. Our team has experience helping clients across multiple industries and would be happy to assist you in navigating this new era of technology. Contact us today, and let’s talk about your business’s technology goals.
