Top 5 Ways AI Is Reshaping Businesses

Do you know the AI market is set to reach $500 billion by 2024?

If you think AI is a fad and will disappear soon, well, that may not be the case. AI, it seems, is here to stay, and the changes that it is bringing will someday be part of what students study in the future.

Artificial Intelligence is not a buzzword anymore. However, it is a force that is changing the paradigms of business operations. When used effectively, it can benefit your business in several ways. From improving efficiency to increasing convenience and workflow, it has many benefits.

At ORATEL, a network solutions firm where I am heading the operations, we are benefiting from AI in numerous ways. We have been able to increase productivity by streamlining our procedures and automating a greater percentage of?repetitive and mundane tasks.

As a co-founder and business coach, I'm addressing 5 ways in which AI is rapidly transforming businesses.

1. Effective Decision Making

AI is quickly changing how businesses make decisions. Companies have a lot of data at their disposal, which is often difficult and time-consuming for humans to analyze manually. Using AI, businesses can have huge chunks of data and easily use it to predict trends and identify patterns.

Data analysis through AI helps businesses solve real-world issues and plan their next move as aligned with their goals and mission. AI helps companies save time, resources, and money and provides accurate results. I think the use of AI for decision-making will increase significantly to identify patterns in data.

2. Automation in Operations

There are endless tasks to accomplish in a typical workday. AI can enable employees to become more efficient by automating routine operations. This frees up time and resources for more critical assignments.

I have seen departments like customer support benefit immensely from AI automation. Employees are making use of AI-powered chatbots while focusing on more complex tasks at the same time. Furthermore, AI helps ensure accuracy and gives quality output.

3. Identifying Customer Needs

Customers are empowered today more than ever. If you don't listen to your target audience, you can soon start losing them to competition. According to one study by Qualtrics XM Institute in 2021, over 60% of consumers look forward to businesses that care about them.

With the prevalence of AI, there is no excuse for companies to not understand their consumers. AI can help you tailor your strategies to their needs by gaining insights. For instance, music streaming apps rely on AI to enable their audience to curate personalized playlists. With the help of AI, organizations can now better understand their clients and enhance their marketing strategies.

4. Talent Sourcing and Screening Assistance

I have seen the power of AI myself in how it has helped us streamline our hiring and talent acquisition process at ORATEL. The traditional recruitment cycle is time-consuming, but with AI, you can find skilled candidates more efficiently.

Not that we should discount the value of interpersonal communication in the hiring process. However, AI can help with many things that save the recruiter's time. For instance, at my company, where I head operations, we use AI-powered tools to screen profiles against the required job role. We also use AI for pre-screening candidates, allowing us to get a wider pool of candidates with less effort.

5. Redefining Job Roles

Another change that AI is driving in how we operate our businesses is by redefining job roles. It has paved the way for new job markets and roles. Today, machine learning and natural language processing have become sought-after skills. This is rapidly changing business operations and opening up new avenues for people to start or shift their careers.

Wrapping up

AI is our friend; the sooner we adapt, the better. What do you think about artificial intelligence? I'd be curious to find out. Please reach out if you're seeking?modern design, engineering, and technological solutions for your business.

As one of the leading technology firms, ORATEL is on a journey to empower businesses through its innovative solutions and customer-centric approach.