Written by on May 8, 2024 in BLOG, news
   
Businesses are increasingly turning to artificial intelligence (AI) to streamline operations, boost productivity, and cut costs. As AI technology advances, it’s becoming an essential tool for companies across various industries. To explore how businesses are using AI, Forbes Advisor conducted a survey involving 600 business owners either currently using AI or planning to do so soon. The survey findings shed light on AI’s significant impact on critical areas like cybersecurity, fraud prevention, content creation, and customer service, highlighting the widespread adoption of advanced chatbot systems among businesses.

Top fields that use AI in their business

As can be seen from the table below, among the most favored applications are customer service, which sees 56% of respondents employing AI, along with cybersecurity and fraud management, embraced by 51% of businesses. Additionally, AI finds notable applications in customer relationship management (46%), digital personal assistants (47%), inventory management (40%), and content creation (35%). Moreover, businesses are leveraging AI for product suggestions (33%), accounting (30%), supply chain management (30%), talent acquisition (26%), and audience segmentation (24%).
Statistics about the integration of AI in business practices As indicated by a McKinsey survey, 63% of companies implementing AI into their operations in 2023 experienced revenue increases. Accenture predicts that the adoption of artificial intelligence in business operations will potentially double workforce efficiency and enhance profitability by an average of 38% by the year 2035. According to a recent report from Gartner, companies incorporating AI technologies are anticipated to attain twice the market share and achieve tenfold greater efficiency compared to their competitors by 2024. A study conducted by IBM suggests that in 2024, businesses are projected to engage with their customers predominantly through AI-driven communication channels, surpassing human-led efforts. The Impact of AI on Talent Acquisition AI goes beyond just shaping business operations; it has the potential to revolutionize how businesses handle human-centric aspects like talent acquisition and management. Picture employing sophisticated algorithms to rapidly sort through numerous potential candidates, pinpointing ideal matches not only based on their skills and experience but also their cultural alignment with the company. This is the level of efficiency that AI could introduce to the recruitment process. Moreover, the deployment of predictive AI models provides senior executives with the foresight necessary to make informed decisions regarding workforce management, skills development, and retaining top talent. The Impact of AI on Customer Experience AI is playing a significant role in improving customer experiences across various touchpoints. As per the Forbes Advisor survey, 73% of businesses either currently utilize AI-powered chatbots for instant messaging or have plans to do so. Additionally, 61% of companies employ AI to enhance email optimization, while 55% utilize AI for personalized services like product recommendations. Moreover, businesses are leveraging AI for the creation of long-form written content such as website copy (42%) and personalized advertising (46%). AI’s influence extends to phone-call management as well, with 36% of respondents already using or planning to use AI in this area, and 49% utilizing AI for text message optimization. With AI increasingly integrated into various customer interaction channels, there’s a noticeable enhancement in the overall customer experience, marked by efficiency and personalization. The Impact of AI on Business Processes According to the research at Forbes, Many businesses (53%) use AI to make their production processes better, while 51% use it to automate tasks, and 52% use it to improve how they show up in online searches, like figuring out the best words to use. Companies also use AI to gather data (40%), come up with ideas (38%), and make things safer (38%). Plus, AI helps with internal communication, planning, making presentations, and creating reports (46%). Businesses use AI for writing code (31%) and making website content (29%) too. Concerns Business Owners Have Using Artificial Intelligence Many business owners worry about relying too much on technology. Around 43% are concerned about becoming too dependent on AI, while 35% fear they may lack the skills needed to use it effectively. Additionally, 28% are apprehensive about potential bias errors in AI systems.

One-third of Businesses Fear AI Could Lead to Job Loss

A significant concern is the impact AI might have on jobs, with 33% fearing it could reduce the human workforce. This concern is shared by the wider public, with 77% of consumers also worried about potential job losses due to AI.

One-third of Businesses Worry About AI Spreading False Information

Another concern is AI providing incorrect information, with 30% worried about misinformation. Additionally, 24% fear this could harm customer relationships, and 31% have privacy concerns regarding data security and privacy in the AI era.

Almost All Business Owners See Potential in ChatGPT

The majority of business owners believe ChatGPT could benefit their operations, with 97% seeing at least one potential advantage. Specifically, 74% believe it could assist in responding to customers via chatbots. Moreover, businesses see AI being useful in various other ways, such as facilitating communication via email (46%), creating website content (30%), fixing coding errors (41%), translating information (47%), summarizing data (53%), improving decision-making (50%), and creating multilingual content (44%).

Conclusion

In short, AI is making a big impact on how businesses work, from improving customer service to making operations smoother. But, we also need to think about things like job changes and keeping data safe. Going forward, it’s important to keep using AI in smart ways and to solve any problems that come up.
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