Artificial Intelligence in Business

In today’s ever-evolving world, the integration of Artificial Intelligence (AI) has become increasingly prevalent in businesses across all industries. From automating mundane tasks, through data aggregation, to enhancing customer experience, AI is already revolutionizing the way companies operate, offering a myriad of opportunities and challenges. But how are businesses around the world actually utilizing AI?

AI settling in – hope and trust

With a huge and growing range of tools available on the market, running a business without AI is now becoming near to impossible. Nearly half of the companies responding to Jasper.ai in their latest survey, are using AI tools at least a few times a week. A recent EY survey ¹also indicates a surge in AI experimentation by businesses across the globe. The poll of 254 tech leaders found that 90% were exploring AI platforms such as and Bing Chat, while 80% planned to boost AI investments in the upcoming year. The general approach to AI in the business community is rather positive – many are hopeful and trusting in this kind of solution. According to a survey conducted by Forbes, as many as 97% of the companies surveyed, believed that ChatGPT would positively affect the condition of business. Moreover, 73% of all respondents from the Jasper.ai survey felt that generative AI tools are both safe and ethical to use, which might be a surprising number given the lively public discussion on the possible risks related to its further development.

With hopes, there come expectations. In a broader sense, business owners anticipate AI will improve various aspects of their businesses. This is mostly seen in the acceleration of the productivity of teams and repetitiveness of tasks. The greatest potential is seen in improving customer relations through automatic means of communication, more efficient creation of messages and efficient management of customer information, as well as more effective matching of offers to their needs. At the same time, many companies currently focusing on sales as a way of dealing with a tough situation see AI as a potential partner to drive sales growth. Related to the predicted economic slowdown, AI is expected to help businesses save on costs and streamline job processes by nearly what?

Overall, AI is seen as a support in improving decision-making with the possibility of visualisation and analysis of data.

However, it has not only the issue– business owners have multiple concerns about using AI. One of the biggest fears is the potential impact of AI on businesses independence, as 43% of respondents of a survey conducted by Fobes said that that they feared becoming too reliant on technology. Also, 35% of entrepreneurs were anxious about the technical abilities needed to properly use AI.

How are businesses using AI?

A lot of companies are trying to figure out how to use generative AI to boost their businesses, with this new technology being already present in almost every area of business that can help to improve performance. Starting from seemingly insignificant small tasks to full processes or solutions that facilitate the work of entire teams on a daily basis. By far the largest area for artificial intelligence is currently customer service in the broadest sense – customer service, customer relationship management, and communication, with 56% of the companies utilizing AI tools for this. For many companies, AI is also an efficient support mechanism in the marketing area, with tools enabling the idea generation, efficient creation of a wide range of content from emails to blogs and articles, as well as segmenting audiences, setting proper personalization, and managing promotion elements. On top of this, according to Forbes, 61% of companies leveraged AI to enhance email optimization, and 55% incorporated AI for tailoring personalized services, which were among product recommendations.

But AI is also finding its uses in Tech Teams. It is widely used in such sensitive issues as cybersecurity, where it’s used to minimize safety risks and data aggregation, thanks to the ability to store and analyze great amounts of data. AI- based tools supporting cybersecurity and fraud management have already been adopted by 51% of businesses. They can also improve the workflow with help in writing code, creating website components such as copy or graphics, and ultimately the final product.

Businesses are also seeking to utilize AI solutions for recruitment and locating skilled individuals, with 26% acknowledging their current active engagement in this pursuit. This involves the utilization of AI-driven recruitment applications, which efficiently sift through and narrow down potential candidates, thus simplifying the hiring procedure for companies. HR experts can economize both time and money by employing AI algorithms to assess resumes, conduct interviews, and predict the suitability of applicants. Furthermore, this allows them to speed up the hiring process, allowing for more focus on strategic responsibilities. Additionally, AI-powered recruitment platforms can aid companies in reducing recruitment expenses by eradicating the necessity for prolonged manual screening processes and decreasing the likelihood of hiring unsuitable candidates.

Generative AI will not only change the way businesses are managing their operations but also have a great impact on entire industries, including banking and financial services, high-tech, as well as life sciences at the top of the list.

Experienced Talent

AI is not a perfect tool. At this point, it is not even in its best-expected form and is still developing. To really operate, AI effectively, requires specialized talent to manage it correctly and spot any possible flaws. The market is already experiencing a change in the perception of the Talent Gap, which is turning into a shortage of senior and mid-level specialists. According to Addepto research, the sector will be one of the most affected by AI Roles such as AI specialists, Data Scientists, Machine Learning Engineers, and others with expertise in related fields that might be necessary for business to grow.

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