How to Harness AI's Potential in Your Current Business Strategy

JJohn September 6, 2023 8:12 PM

Artificial intelligence (AI) is not just about future technology; it's a tool that can be harnessed in the present to augment business strategies. From enhancing product development to creating responsive customer experiences and automating mundane tasks, AI is a practical means for achieving business goals.

AI: A game changer for product development

AI is revolutionizing product development, starting from the ground up. Tools like Generative AI, such as ChatGPT, assist teams in various areas from documentation to marketing briefs and website content. The power of AI is also seen in its ability to rewrite code into additional languages once the initial sample code is created, providing a substantial boost to productivity. But it doesn’t stop there. AI is also being embedded into products by tech companies, enhancing their offerings. Even non-tech companies are harnessing AI to improve the experience around their products, for instance, automotive manufacturers are using AI to improve collision-detection systems.

While customer-experience chatbots have been around for some time, recent advancements in AI have helped improve their efficiency and accuracy, transforming them from impersonal human replacements to an essential part of a responsive, tailored customer service experience. Beyond chatbots, AI is also being utilized to analyze purchase and customer data, helping to create seamless, personalized omnichannel experiences based on consumer behavior and preferences, much like how Spotify recommends new songs based on listeners' history.

Escaping the mundanity of processes with AI

AI’s potential isn't just limited to customer-facing roles. Behind the scenes, AI is being used by teams to automate workflows and speed up processes, allowing humans to focus on higher level work. Whether it's creating images for a slide presentation, drafting website content, or writing documentation, AI tools can automate a wide array of tasks that would otherwise be time-consuming. As such, leaders interested in process-focused AI should consider leaning into existing tools that can simplify mundane tasks and free up their workforce for more creative, mission-critical work.

AI: A tool, not the end goal

AI is not just about a nebulous, AI-enabled future. It’s about harnessing its potential now to fulfill current business goals. For instance, instead of spending time gathering and summarizing information, AI tools can help teams spend more time analyzing it. But remember, AI isn’t here to replace employees. A human in the loop is critical, regardless of AI's application. Whether it’s validating AI-generated documentation or reviewing modeling output for errors, human intervention remains an integral part of the process.

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