In the relentless pursuit of success, businesses often need help with rising costs, inefficient processes, and missed opportunities. Aiming to tackle these obstacles, they embrace innovation and try new strategies. One such, which 50% of companies worldwide have already adopted, is using AI in business.
Artificial intelligence surpasses all expectations. Around 44% of business leaders believe this tech can increase productivity. About 41% think it can improve decision-making, while 40% see it as enhancing customer experiences. In this post, we’ll go even further than these positive transformations. Get ready to witness how AI changes businesses of different sizes and sectors.
As a leading company in AI development, DigitalSuits is at the heart of this business transformation. If you’re considering using artificial intelligence for your business, we can guide you through the entire process.
The impact of AI on business operations
AI has successfully found numerous applications in various sectors. So, what’s the impact of artificial intelligence on business? Explore several areas where this technology makes a substantial difference.
Security and cybersecurity
Artificial intelligence keeps your physical property or your company’s sensitive data safe. AI-powered systems find anomalous patterns, predict vulnerabilities, and respond to security breaches. And all this considering your specific industry and requirements. Here’s how DigitalSuits, an artificial intelligence development company, used this tech for our client.
Our client is a company from Germany that provides home security solutions. They needed a comprehensive monitoring system. Our team had to develop a dashboard that could keep an eye on home devices, check device connections, and recognize faces, speech, and noise.
DigitalSuits delivered an AI-powered Monitoring System following our client’s requirements. This solution lets users track devices and their status, check past events, get smart alerts, and view recorded audio/video.
We used AngularJS, Material UI, WebSockets, ReactJS/Redux, SCSS, and HTML5 technologies in this project.
AI and machine learning in business are transforming the way companies operate. ML lets companies make decisions better and faster by using algorithms that analyze lots of data. It helps detect fraud, assess risks, predict demand, personalize marketing campaigns, and beyond.
Customer relationship management
Customer expectations are getting higher day by day. That’s why traditional customer relationship management (CRM) systems are no longer enough. Yet, these solutions improve with AI features on board. They personalize interactions, understand customer feelings, and enhance sales and marketing. No wonder Salesforce CRM added Einstein GPT for advanced AI functionality.
Digital assistants are one more viable way to leverage AI in business. They can do tasks like scheduling meetings and managing calendars. They can even provide contextual or niche-specific information. For example, DigitalSuits created an AI assistant that makes returns and exchanges easier. See how we developed this solution.
We collaborated with a startup from Israel. They wanted an app to increase sales for Shopify-based online stores. Our job was to make a system that gives bonuses or credits for returned orders. The ultimate goal was to reduce transaction costs and maintain steady cash flow.
Our team developed an AI Return & Exchange Assistant that integrates with Shopify. It offers customers the option to get a refund in bonuses or keep the money on credit in the online store.
We used PHP, MySQL, Livewire, Laravel, AWS, and Shopify API for this digital assistant.
Computer vision allows machines to see and understand pictures or video almost like human eyes do. Businesses leverage this kind of AI system to recognize objects, vehicles, and faces. It’s used in transportation, manufacturing, and surveillance industries, to name a few.
Automation is one of the core uses of artificial intelligence in business. Various AI-enabled software solutions cater to this purpose. Take, for example, chatbots, virtual assistants, data analytics tools, or data entry apps. AI streamlines processes across various sectors, including healthcare, finance, manufacturing, and e-commerce. Discover how DigitalSuits’ app automates duty and tax calculations.
Our Estonian client needed a tax calculation and compliance solution for Shopify stores. We aimed to develop an app that would handle tax and duty management and lessen administrative work.
We created a Shopify-integrated IOSS VAT Solution and Tax Calculation app. This tool works with Shopify and uses AI to automate tax and duty calculations. It also ensures compliance for trade across the EU and UK markets.
To build this app, DigitalSuits used AWS, ReactJS, NodeJS, Koa, Redis, and PostgreSQL.
Internet and data research
Large corporations like Google and Meta are already using AI business transformation to study online data. AI helps them collect, organize, and analyze information created by users and how they behave. Even better, algorithms do this fast and with a lot of data. Companies can use artificial intelligence tools to understand trends and make better decisions.
Predictive analytics is yet another use case of AI in digital transformation. This software studies historical data and finds patterns to predict what will happen next. For instance, what customers will do or how to manage resources best. Companies that want to stay competitive and reduce risks often use these AI-powered tools.
Artificial intelligence used in business can also help with content creation. Language models like Bard and Chat GPT make translation and writing easier. AI tools like Midjourney can even generate pictures and videos. Companies can leverage such solutions to make social media posts, marketing campaigns, compelling product descriptions, and more.
Addressing common AI myths
Myths go hand in hand with artificial intelligence technologies in business. These misconceptions often overshadow the realities of AI’s application for companies’ growth. Let’s explore and dispel some prevalent ones:
AI comes with data security risks
While data security is a valid concern, AI does not inherently jeopardize information. Risks usually stem from human intervention, poor protection measures, and private data misuse.
Better AI comes from more data
AI systems do need data to get better and more accurate. Yet, the quality of the data matters more than just how much there is. Clean, relevant datasets representing real-life situations are more valuable than unprocessed information.
Only large businesses can leverage AI
AI is not exclusive to large corporations like Google, Microsoft, and Meta. AI-powered software is now more available and cheaper, so businesses of all sizes can use it.
AI will replace jobs
Instead of taking jobs away, the future of AI in business is about changing traditional jobs. Artificial intelligence can handle repetitive tasks. Meanwhile, the workers can focus on more complex processes requiring human cognitive abilities.
AI always produces accurate results
AI systems are robust tools but aren’t foolproof. They perform well depending on the quality of their training data and the algorithms used. Thus, bias in the data or flawed algorithms can lead to inaccurate results.
AI is a silver bullet for all business challenges
While digital transformation and AI are helpful solutions, they aren’t one-size-fits-all. Not all business challenges require artificial intelligence. It’s essential to think about needs and feasibility before using any AI tools.
Risks of implementing AI and mitigation strategies
Implementing artificial intelligence digital transformation in business brings many benefits. Yet, with those come potential challenges and risks. Let’s look at some of them so you can get prepared for what’s ahead.
Data bias and ethical concerns
As we have already mentioned, AI systems may provide you with biased or inaccurate data. This can lead to unfair outcomes and unethical decisions. All of those are harmful to business reputation and performance.
Companies can lower this risk by using diverse and representative datasets for training. Businesses may also check their AI systems regularly to find biases and mistakes.
Using artificial intelligence for business requires legal compliance. It usually involves privacy, protecting data, protecting intellectual property rights, and following industry-specific rules.
Thus, check relevant laws in your country before adopting AI business transformation. Collaborate with legal experts in this niche to ensure full compliance.
Lack of transparency and interoperability
Some AI models are complex to interpret. One such example is deep learning neural networks. Because these models are so advanced, businesses might find it hard to understand how and why they got certain results.
Companies can make AI models more transparent and easier to interpret. They can do this by using simpler algorithms and choosing AI systems that give clear explanations for their results.
Workforce skill gap
Using AI requires special skills that your team might not have. Insufficient employee training can hinder the successful adoption and usage of AI technologies.
Companies may tackle this challenge by providing comprehensive training programs for their workers. These should not only answer the questions: “How is AI used in business?” or “What is artificial intelligence in business?” but offer actionable insights on the matter.
Privacy and security concerns
AI in digital transformation usually requires handling vast amounts of sensitive data. If not protected enough, it raises concerns about privacy and security breaches.
Tackling this risk involves implementing rigorous data protection strategies. Some may include encryption, access controls, and regular security audits. Businesses should also follow relevant privacy regulations in their region.
Resistance to change
Fear of losing a job because of AI in business is a common obstacle to adopting artificial intelligence. Employees might want to avoid accepting change, which can slow down the prospects of using AI.
Company owners may want to explain the misconceptions about AI to their employees. They can provide training on using this tech and involve their employees in all stages of the implementation process.
Artificial intelligence in digital transformation isn’t always cheap. It’s indeed quite affordable. Still, it requires upfront costs for infrastructure, software development, and the implementation itself.
Thus, before adopting AI, conduct a cost-benefit analysis, considering short-term and long-term prospects. Besides that, define KPIs and start with smaller-scale AI projects to see how it goes.