The business world is embracing AI (AI) in many ways that can improve efficiency while reducing time expenses. Thanks to continuous advancements, AI quickly becomes an indispensable resource for businesses worldwide. To better understand how companies utilize AI, Forbes Advisor surveyed 600 owners of businesses that use or intend to implement AI in their businesses. These results showed the effects of AI in areas like security, fraud prevention, content creation, and assistance, including the use of top chatbots in their field.
How Businesses Are Using Artificial Intelligence
The business world is increasingly turning to AI to enhance and improve its processes. Based on this Forbes Advisor survey, businesses employ AI in various industries. The most popular is customer support, with 56% of respondents employing AI to assist with this, in addition to cybersecurity and risk management, which is used by 50 percent of companies.
Some other notable applications of AI include customer relationship management (46 percent), Digital personal assistants (47 percent) and inventory management (40 percent), and production of content (35 percent). The companies also make use of AI for recommendations on products (33 percent) as well as accounting (30 percent) as well as logistics operations (30 percent) as well as recruitment and talent acquisition (26 percent) as well as audience segmentation (24 percent).
Businesses Are Using AI To Improve the Customer Experience
AI has played a vital part in improving customer experience throughout all touchpoints. Based on the Forbes Advisor survey, 73 percent of companies use or plan to utilize chatbots that AI powers to facilitate instant messages. Additionally, most businesses employ AI for optimizing emails, and 55% use AI for personalized services, such as product recommendations.
Companies also use AI to write long-form documents, including web text (42 percent) and personalized advertisements (46 percent). AI is making inroads into the field of phone call handling. 36% of people are using or planning to utilize AI within this field, and 49% rely on AI for optimizing text messages. As AI becomes more integrated into various interactions with customers and channels, customer service becomes more efficient and personal.
Business Processes Artificial Intelligence Is Improving
AI allows companies to be more agile and efficient. Based on Forbes Advisor Forbes Advisor survey, AI can be utilized or planned for various aspects of management in business. The majority of companies (53 percent) employ AI to improve their production efficiency, 51% of them use AI to improve process efficiency, and 52% rely on it to optimize search engine tasks like search engine analysis.
Businesses are also using AI to improve data collection (40 percent) and the generation of ideas (38 percent) and to reduce safety risks (38 percent). Furthermore, AI improves internal communication, documents, plans, and presentations (46 percent). The companies utilize AI to write codes (31 percent) and copy on websites (29 percent) and also for website copy (29%).
The Majority of Business Owners Expect AI Will Have a Positive Impact on Their Business
Many business owners believe that AI will be beneficial to their business. The majority of those polled (64 percent) believe that AI can improve customer relationships and productivity. 60% of respondents expect AI to increase sales.
AI is seen as a benefit to improve the process of making decisions (44 percent) and reducing response time (53 percent), and helping avoid making mistakes (48 percent). Business owners also want AI to assist them in saving costs (59 percent) and streamline processes (42 percent).
Concerns Business Owners Have Using Artificial Intelligence
Although business owners can see the benefits of using AI, they have specific worries. The most important concern they have is the possibility of the effects of AI on the way that search engines access websites. According to the study, 24% of the respondents have concerns that AI could affect their company’s presence in search results.
However, 64% do not think this is a problem, while 12% are in doubt. The reason for this is in part by the rising use of AI-driven tools such as ChatGPT and the majority of users who say they plan to utilize ChatGPT rather than search engines. The balance between AI’s benefits and its potential downsides will be vital for companies in their quest to stay on top of the constantly changing digital world.
Over 40% of Business Owners Are Concerned About Technology Dependence.
The business owners expressed concern about technology dependence, as 43% of those surveyed were concerned about being too dependent on AI. Additionally, 35% of entrepreneurs fear the technical skills required to utilize AI effectively. Additionally, 28% of respondents worry about the possibility of bias-related errors being found when using AI algorithms.
One-Third of Businesses Are Concerned AI Will Cause Workforce Reduction
One of the major concerns for businesses in the context of AI incorporation is the possible impacts on employees. According to the data, 33% of respondents are concerned that AI adoption could mean an increase in the workforce of humans. The general public expressed the same concern, and 77% of the population worried about jobs being lost due to AI technological advancements.
One-Third of Businesses Are Concerned About Misinformation From AI
The biggest concern businesses face in AI incorporation is the risk of providing false information to the company or its clients. According to the data, 70% of people are worried about inaccurate information generated by AI as well as 24% fear the negative impact it could have on relations with customers. In addition, privacy issues are common, as 31% of companies are worried about their data security and privacy, especially in the age of AI.
Almost All Business Owners Think ChatGPT Will Help Their Business
Most people in charge of businesses believe ChatGPT can positively affect their operation, with 97% saying that they have at least one area which will benefit their company. Regarding potential benefits, seventy-four percent of people believe that ChatGPT can provide customer responses through chatbots.
In addition, organizations anticipate AI making communication easier with colleagues through email (46 percent) and generating copy for websites (30 percent) as well as fixing errors in coding (41 percent), Translating information (47 percent), and presenting information (53 percent). Most people think that ChatGPT will aid in improving decisions (50 percent) and facilitate the production of material in various languages (44 percent).
Potential Positive Impacts ChatGPT Will Have on Businesses
Businesses are hopeful regarding how ChatGPT can improve the efficiency of their business. An overwhelming majority of those polled believe ChatGPT will positively impact their companies over the next twelve months. They attribute their optimism due to various aspects. Most believe that ChatGPT can provide a more personalized customer experience. 70% of respondents believe ChatGPT can help create quick content.
Businesses also expect enhanced decisions (48 percent) and increased confidence (47 percent), more web traffic (57 percent), and more efficient job procedures (53 percent).
Conclusion
AI and applications like ChatGPT have become more important within the corporate world. Results from surveys show that organizations are embracing AI for various tools, including customer service, CRM (CRM), and cybersecurity. The focus is also on enhancing the customer experience by providing customized services, including instant messaging, and customized advertisements. Furthermore, AI is enhancing internal process management, including the aggregation of data, process automation, and SEO functions.
There are still concerns like technology dependency and the possibility of a reduction in workforce; many executives anticipate a positive outcome on their business from AI deployment. The expected benefits of ChatGPT include the ability to create quick content, personalizing user experience, and streamlining processes for employees can demonstrate the transformational potential of AI across all aspects of the business.
The post How Businesses Are Using Artificial Intelligence In 2023. first appeared on News Week.
