Specifically, companies are utilizing artificial intelligence (AI) to improve productivity and increase consumer engagement.
Data cited by TechJury shows that 35% of companies are currently using AI and 42% of those surveyed are considering it. CompTIA also notes that “91.5% of leading businesses invest in AI on an ongoing basis.” This raises two questions: how and why?
How Businesses Are Using AI
You can now use AI to do seemingly simple tasks such as branding or marketing optimization. Let’s take a look at one example of AI tools being used in business. The new open AI-powered business name generator helps optimize your brand. How? By taking into account a variety of factors, including keywords, structure, and URL availability, before making suggestions. 77% of consumers are willing to pay more to brands they trust and that speak to them on a personal level, according to a survey conducted by CTP. Having a memorable and credible-sounding name plays into this. Even if you’re completely new to the world of AI, a name generator is easy to use and provides a small step into a growing sector.
Why Businesses Are Using AI
The other thing you need to know as a business owner is why businesses are investing in AI technology. The simple answer is efficiency. AI tools can simplify processes, refine strategies, and optimise business tasks. AI chatbots are great examples of how these tools can improve efficiency. These bots can handle general queries which means human customer service agents can focus on complex issues.
According to Accenture, innovations such as AI chatbots can increase productivity by 40%. The actual boost to productivity will, of course, depend on the business and the tools it uses. Furthermore, we can expect AI capabilities to improve over time, too, so it’s a great benchmark to go from. An example of AI increasing productivity and, in turn, a company’s efficiency is the Washington Post.
The media company first used AI to report on significant events during the 2016 Rio Olympics. The writing tool, called Heliograf, was able to write 850 short recaps within its first year. Today, AI content generation is big business. In 2023, Generative AI, from Typeface, received $65 million worth of funding. The AI software is not only capable of assisting writers with long-form content, it can produce social media posts and job listings that align with a company’s branding.
By using AI to produce articles more efficiently, companies can put out more content which, in turn, has the potential to generate more clicks. More engagement can lead to more revenue and, therefore, a better business. That’s just one example of how AI can improve a business. With the right tools, you can take your business to a new level. This is the benefit of the ongoing synergy between humans, machines, AI, and business.
