How Artificial Intelligence Increases Business Productivity
Over the years there has been a rise in the use of technology in everyday businesses. But, this doesn’t simply mean the standard computers or hard drives we use in our daily routines. Newer technology, such as artificial intelligence (AI) is on the rise in the workplace especially because of the productivity benefits.
According to a study by Accenture, artificial intelligence has the ability to increase productivity by 40% or more. Through data collection, automation, decision making, and cybersecurity, AI can boost profitability by an average of 38%. This can help free up valuable time for employees.
The Benefits of Artificial Intelligence
There are many benefits of AI for businesses; for one, AI has the ability to gather vast amounts of data. This is extremely important for businesses and their productivity. Instead of forcing employees to use their work hours to manually gather data, AI is collecting it for them automatically.
Also, it takes time and skill for data to be understood and implemented correctly. AI programs are able to crawl collected information quickly and understand patterns humans simply cannot.
This can increase productivity and production by giving a company the upper hand when it comes to gaining insights to drive product and marketing decisions.
From this data and insight collection, AI can give companies a prediction of future opportunities and recommendations on how to take action. Not only is it offering predictive data, but also prescriptive information for companies to act on.
What form does this take?
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Update: More recently, AI assistants like Google’s Gemini, Claude by Anthropic, Copilot by Microsoft, Julius from Caesar Labs, and ChatGPT from OpenAI have become very popular for doing any number of tasks like brainstorming, writing and summarizing copy, analyzing complex data, setting up marketing funnels, creating a productive schedule, and so much more. – Deb
Artificial Intelligence and Customer Satisfaction
With its ability better understand natural language, companies are using AI for customer service chats. For basic information requests or simple questions, automated chatbots are programmed to answer in a realistic and natural matter.
This can help companies be more productive by freeing up more time while allowing customers to still get a personal and accurate interaction. Furthermore, this enables companies to spend less money on customer service employees and invest more in other areas, such as sales, marketing, or engineering.
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Artificial Intelligence and the Hiring Process
For anyone who’s ever worked in recruitment, you know how time consuming and costly it can be. SHRM, a human resources advisory service, noted that hiring one employee is put at an estimated cost of a quarter of a million dollars.
With so much time and energy being spent on finding eligible candidates, reviewing resumes, interviewing multiple potential employees, recruiters are looking for anything that can streamline the process.
Artificial intelligence has been used by businesses to help make this process smoother.
Programs like X.ai, which schedules interviews, and ClearFit, which finds and ranks candidates, can help save time and money.
*ClearFit seems to be defunct.
Did you know that artificial intelligence can increase productivity by 40% or more? Share on XArtificial Intelligence and Automated Work
According to TechRepublic, many companies are using AI to automate cognitive workflow. For example, businesses like cognitive automation company Coseer have used artificial intelligence to do this for years.
*Coseer seems to be defunct.
To help them cut down on tedious work, they use AI automation features to automate work that’s unpopular. This, in turn, has helped increase productivity because their employees and programmers are working on tasks they enjoy and take pride in.
Companies are looking towards technology more and more to find ways to increase production. Artificial intelligence is the newest field that is allowing businesses of all sizes to make huge gains. Today’s post offers some ways AI can help increase productivity but there are many other ways AI can be used.
Businesses should look at all the ways artificial intelligence can help them in order to get ahead or, at least, avoid being left behind.
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Was it you, Deb, that shared a video last week about the AI product not quite ready for the public, Google Assistant? I saw a video on Facebook that was a demo of this. It included two conversations/phone calls with the Google Assistant (AI) and a live person. It was amazing how well the AI assistant could handle unusual situations and subtleties.
Yep, that was me. =) I find it fascinating that AI could handle that type of conversation and seem completely human. And, if I’m being honest, it’s also a little scary at the same time. I’m thinking of “I, Robot.” LOL 😉 Would you be open to using AI in your business, Linda?
It was interesting revisiting this article again, Deb. I’m guessing that in a year’s time, advances with AI are even more so. In very small ways, I’ve adapted some AI technology. For example, I often use Siri (my AI iPhone assistant) to send me email reminders or initiate phone calls. I find myself saying “thank you” after she’s completed the task. Bizarre, right?
Nope, not bizarre at all especially because I do the same thing! ???? I’m attempting to use Siri with Apple Shortcuts on my phone so that I can initiate certain actions with a simple command. And, I say attempting because I sometimes forget that I have the ability to do this. LOL ????
Even with as far as we have come, I still feel like we are just scratching the surface of AI. On the one hand, I love how it can really increase our productivity. On the other, it creeps me out a little bit. I can really see the benefit for larger companies. Not sure how I would incorporate AI as a small business. How do you use it, Deb?
Hey Seana — I think for smaller companies, AI can be helpful with automating tasks especially the ones that are repetitive. So, instead of manually updating all your social media posts, you use a tech tools to automatically publish them. Using AI, you can track your brand reputation and learn more about the folks who would benefit from your services or products.
Or, you might take advantage of email platforms (like Gmail) that learn your writing style and automatically “fill-in” parts of your messages. I use this all the time. It saves time and because Gmail has learned the way I speak (or type), it often sounds just like me.
Btw, If you use Siri or Cortana to complete a task or get information for you, you’re also using AI. I’m more familiar with Siri and am trying to get to know Cortana. Will keep you posted on how that relationship progresses! ????
I’m like Seana – loving the benefits, but a bit creeped out at the same time.
I guess the facial recognition feature of my photo management program is a form of AI, though I have to say it’s got a long way to go. And Todoist has a feature that will suggest when a task should be scheduled based on what I’ve already got on there. I bet we use AI more than we think!
Sometimes I get a little creeped out, too, so you and Seana are not alone! LOL ???? And, yes, we are using AI a lot more than we realize.
I agree with Janet B. We probably have no idea how often we use AI in our everyday activities. It is a little spooky.
There are always pros and cons to any tech tool. It helps to have a purpose and workflow so see how the digital tool can support or enhance it. Then it probably won’t seem quite so spooky. ???? Thanks for stopping by, Janet!