What Impact is AI Making in the Corporate World?June 25, 2023
The rise of technology is making its presence felt in companies worldwide. While the adoption of things like social media to 3D billboards has already reached a prominent level, AI is still to make a major impact in the business world.
Having said that, AI has found its footing in many industries. Even though it has not entered the corporate world extensively, it’s already in use on a small scale through third-party apps helping with administrative activities, management, and payroll. But the engagement of AI in corporate structures doesn’t stop there. We’ll soon be seeing it make a much bigger and more holistic impact in the following departments.
Marketing is not just about putting your product out there. It has evolved beyond the newspaper ads and TVCs era. Now, there is market research, competitor analysis, Search Engine Optimisation, etc. AI has upgraded each of these concepts to a new level. With AI, market researchers can get fast-tracked. Companies can also get updated competitor metrics and fairly accurate future predictions. And SEO has changed the marketing scene altogether. Now companies can get high-ranking keywords on the basis of what their TG deems trending.
AI has added a new layer of efficiency to customer service. With cutting-edge softwares, companies are now able to judge the tone and purpose of incoming messages, and the computer-generated replies can change accordingly, proving extremely helpful for customers and employees alike. AI can also find keywords like ‘complaint’ or ‘disappointed’ and alert the company of any issue the client may be facing. Similarly, they can also categorize the messages according to the urgency of the message, helping business prioritize their responses.
The daily workings of a company are arduous processes. Thanks to AI, the tedious process has now become easier. Inventory management, especially, has been affected most by technology. First, you had to go and input each entry one by one, then the process minimized a bit, and you needed to update and proofread the numbers routinely. Now, a business just needs to set up the process once and leave it to the AI to do the rest of the work. It will even notify the company of any missed delivery, a mismatch in numbers, or any other irregularity it detects. All the organization needs to do is do a hygiene check once in a while.
Maintaining books is an important part of any business. And it’s not a surprise that AI has found roots in this facet of business too. Repetitive tasks like recording data, categorizing transactions, evaluating expense reports, etc., can now be left to AI. The static nature of the actions will help AI do it faster without employees having to tune the software settings for each activity. AI can also semi-automate the payroll system. Recording payments to several employees simultaneously, adding reimbursements, bonuses, and such without difficulty.
These are just some examples of AI’s integration into the workings of a business. Many other departments have started implementing AI into their processes, like Sales, Human Resources, and Production.
AI, Machine learning, for the most part, is seeing growth with each passing day. The development of more intelligent computing is going on at a rapid pace. It’s safe to say businesses will look much different in the future. Companies will take the next step towards more automated, consistent, and streamlined operations. AI is handling minor activities at the moment, but in the near future, it may just start running a whole company on its own. Businesses can still operate in the digital world without much help from additional employees. But the distant future may see the same accuracy and efficiency brought to the real, physical world.