At least 50% of organizations plan on building AI and automation in their workflows in 2023. This push is expected to expand the AI market size from $87 billion in 2021 to nearly $165 billion in 2023, with further anticipation that AI technology will propel massive growth within those organizations in just a few years.
Intelligent technology already addresses many business problems, but as modern innovation becomes more reliable, easier to use, and more accessible, every business should take advantage.
Here is how intelligent tech is solving more of today’s business problems:
1. Increasing Productivity and Eliminating Human Error
Did you know that data quality and integrity is the most significant pain point for small and mid-sized financial managers? Traditional solutions like Excel spreadsheets are encumbered by errors resulting from human mistakes like double entries.
While understandable (considering the complexities of managing the daily operations of an organization with numerous processes), it lags productivity on top of time wasted correcting errors that affect the overall project budget, timeline, and business bottom line.
Companies are deploying intelligent tech and automation to overcome the productivity and performance trap. When a duplicate data entry is made, smart tech can flag it and send an immediate notification that requires a decision for approval or change.
When companies let technology manage data entry and manual financial processing, human error is eliminated, and workflow productivity increases.
2. Enhancing Insight
Cloud-based project and resource management software use AI and machine learning technology to estimate a project’s budget, turnaround time, and profit.
This allows the project team members to better grasp the intricacies of their project from start to finish. Consequently, projects have a competitive advantage because they are precise and fast, supporting fast growth.
Additionally, AI and machine learning can gather and analyze massive amounts of data and create reports in minutes. The smart technology then helps to determine where specific data is placed, like form fields within different organizational departments.
And if you need a report, the technology prepares it based on your customizations and sends it to relevant stakeholders through an automated process. This upending nature of intelligent tech enhances understanding which improves business agility.
3. Targeting the Right Customer
As digitization continues to grow, the need for market intelligence is becoming a necessity for many businesses. That’s why modern companies use intelligent tech to finesse the process to identify customer patterns and insights and predict the market trends that can steer fast growth.
Intelligent tech capabilities step in to save the day. Modern businesses are now integrating AI and ML in their process workflows to gather customer information from multiple sources, like social media and CRM.
As customers interact with their social media channels, websites, and other live chat tools, the intelligent tech collects and consolidates the data in a centralized location. Businesses then monitor this data and gather its intelligence to understand their customers better.
From this understanding, modern businesses create marketing strategies, products, and services that better serve their target market. These businesses cut the noise in marketing by targeting audiences more prone to purchase what they offer.
An excellent example is curating digital display ads based on a target’s location, demographic, or contextual information. Such an ad is likelier to reach your audience faster and has a lasting impact than a generic display ad without strategic focus.
And if you want onsite optimization, AI SEO as an automation platform is improving the efficiency and accuracy of SEO strategies for businesses by automatically placing the right internal links, structuring data, and streamlining keyword research.
Another problem solved by intelligent tech in marketing is subpar customer service. Tools like chatbots that are embedded with AI technology are no longer limited to answering specific customer queries.
Instead, businesses are using these tools to improve customer service by helping customers select products or services and to choose suitable after-sale services.
4. Improving collaboration
AI improvements to the model lifecycle enhance the collaboration between departments and the software solutions that support them. And if modern businesses embracing intelligent tech agree on anything, they need human intelligence to perform optimally.
Data scientists and developers now collaborate on ways to improve the integration capabilities of existing AI models to further gearhead the growth of modern businesses. And with more integration capabilities, modern companies can scale faster and more efficiently.
And with this growth comes the need to bring in more people to facilitate business expansion. Many companies that started with bookkeepers and a few systems are now maturing into fully-fledged modern businesses that work with technology integrations that fit their business model of consistent growth.
Powering the Future
Emerging technologies have a massive impact on the overall success of businesses. And intelligent tech is taking the crown with efficiency, accuracy, personalization, and cost-effectiveness.
All these are the primary reasons you need intelligent tech in your modern business structure. More than that, intelligent tech is the gateway for solving many, albeit complex, business processes. This leaves you room to focus on creative and strategic practices that will fast-track your business performance and give you a competitive advantage in the market. Intelligent tech is indispensable.
What is intelligent tech?
This refers to using artificial intelligence and machine learning to create smart technology systems that solve day-to-day problems. Examples of intelligent tech are Siri, Alexa, and ChatGPT.
Can intelligent tech solve business problems?
Yes. Intelligent technology provides innovative solutions to many business problems, like automating manual or mundane tasks that are time-consuming and complex.
What business problems can intelligent tech solve?
Some top-of-mind business problems that intelligent tech solves for modern businesses include removing human error, increasing productivity, collaboration, business discernment, and enabling enterprises to target specialized customer segments for better results.