Trends in the application of Artificial Intelligence in businesses

With its power in data analysis, prediction, and providing optimal solutions, artificial intelligence (AI) can improve performance, optimize costs and resources, and offer personalized solutions for customer management and human resource management in businesses.

Artificial Intelligence (AI) has become a trend applied in all aspects of human economic and social life today. In particular, AI is becoming a significant trend in its application to business operations. With its power in data analysis, prediction, and providing optimal solutions, artificial intelligence (AI) can improve performance, optimize costs and resources, and offer personalized solutions for customer management and human resource management in businesses.

Elon Musk, a technology entrepreneur, founder, and CEO of SpaceX, Tesla, Inc., and other technology companies, stated: “AI – artificial intelligence can do any job that humans can do – but better.”

The importance and superior efficiency of AI in modern life, especially in managing and operating work under the eyes of one of the world’s leading billionaires and one of the most innovative leaders on Forbes’ 2019 list, truly makes us unable to ‘ignore’ the magical power of AI. It also raises questions about the fields AI has entered and its current trends in business operations. Let’s explore:

According to a survey of IBM in 2022, up to:

• 35% of global companies use AI in their work processes and enhance customer experience as of now
• 58% of companies in China have adopted AI, and 30% of businesses are exploring AI

Here are some remarkable figures on the global AI trends

1. The application of AI in a wide range of fields

AI has a broad range of applications; it has been used in a variety of economic fields and organizational operational chains.

According to Forbes, an online survey of 600 business owners in the US who are using AI or plan to use AI in the next six months from the survey date found that a number of industries are leading in AI application in business operations, including:

• Customer service (56%): AI is used to automate customer service tasks such as answering questions, handling complaints, and providing technical support.
• Cybersecurity and fraud management (51%): AI is used to detect and prevent cybersecurity threats, as well as to identify and prevent fraud.
• Digital personal assistants (47%): AI is used to provide personal assistance services to employees and customers, such as appointment scheduling, planning, and project management.

In addition, AI is applied in many other industries such as:

• Customer relationship management (CRM)
• Inventory management
• Content production
• Product recommendations
• Accounting
• Supply chain operations

2. Leveraging AI for enhanced customer experiences

The powerful impact of AI on business operations has been demonstrated in reality. The greatest benefit is in the area of customer service, as seen by the number of companies utilizing AI in this field.

Using AI in customer service is crucial and is a prerequisite in improving business performance. It serves as a compass for all phases of a business’s supply chain and operations, including production, procurement, marketing, and finance.

The primary goal of any business is to make profits by selling its products and services to customers. In order to achieve this, the company must sell what the “customers need” by optimally satisfying their preferences and requirements.

Human intelligence is an undeniable power, but there are tasks that the limited labor of ordinary people cannot fulfill, which AI can.

The advent of AI has opened up an era of explosive development in the customer service industry thanks to the exponential performance applications  that AI technologies bring such as chatbots, automatic email replies, and customized personal services, text messages, personalized advertising based on user analysis, and its. Additionally, AI’s limitless data collection and analysis capabilities enable businesses to offer customers the most diverse and suitable options for the products and services they desire. Not only does it bring benefits to businesses by reducing costs on human resources and management, but AI also brings excellent experiences to customers, providing them all the information with just one click or command. It truly provides businesses and their customers twofold benefits.

The simplest and most popular of AI technology applied in customer service processes is the use of automated chat boxes, with pre-defined templates to automatically respond to frequently asked questions and requests of customers (73% of businesses use them). The automatic mailbox comes next. It is widely used by companies to respond and inform partners and customers.

AI can replace human conversation, email sending, or even high-demand tasks such as direct customer support via phone The use of AI in customer service also increases to 36% and it is sure to increase in the future.

3. Predicting the growth trend of products applying AI technology

Given the outstanding benefits of AI technology application today, businesses consider AI applications not that a trend, but a mandatory requirement to develop and keep pace with the rapid development of the digital era.

AI is therefore not just about pilot models or “fictional” technologies, it is truly part of the virtual development strategy of businesses. According to Forbes research, companies that keep applying AI technology in their production and business operations tend to diversify in all aspects as well as improve in quality and efficiency.

Researchers predict that integrating AI technology into business operations would provide companies a compound growth rate of 37.3% from 2023. The application of AI technology is predicted to have a compound growth rate of USD 1.85 trillion and contribute USD 15.7 trillion to the global economy by 2030.

4. Many regions and territories are accelerating the application of AI in various fields

AI, like “core” technology in terms of the development goals of global economic powers. With the current development of digital technology, AI application is mandatory to develop and lead the new technology trend.

With the benefits of using AI in production and business, it is certain that the country leading in of AI development and application will shape the future and significantly improve their economies’ competitiveness.

The US and China are affirming themselves as the global top powers on the AI technology development race globally.; However, the IBM statistics below have clearly shown the interest of companies in discovering and utilizing AI in their operations and business activities:

Awareness of AI – AI among global users is also very remarkable

According to a survey of 10 thousand people in 13 countries by Capgemini research institute (2023):

• 66% of customers are willing to seek advice from AI for personal relationships or life plans
• 53% of users trust AI for financial planning support
• 51% of users are aware, and ready to explore the latest trends in AI technology

The trends in AI application by business size can be categorized as follows:

For small enterprises under 100 employees, AI is a tool that helps save costs and development time. These businesses use available technologies such as SaaS, APIs, etc. to automate simple and repetitive tasks to improve operational efficiency. AI is frequently used in chatbots for customer service and advertising optimization.

Medium-sized enterprises with 100-300 employees will start building an AI team by recruiting AI experts or partnering with technology consulting firms to develop specialized solutions. The key goal of this enterprise segment is to enhance business processes, decision making and customer experience. AI applications are used to evaluate the product quality, forecast customer needs, personalize website content, and more.

The final group consists of large enterprises with over 300 people, pioneer and create breakthroughs in AI technology. They will have a strategy to build a specialized AI department, attract and retain a team of leading AI experts to develop cutting-edge solutions. In these enterprises, AI technologies are commonly used in Artificial General Intelligence (AGI), robotic automation, and intelligent chatbots with multi-language and multi-channel communication.

The diversity of AI solutions in the market

AI is present in every aspect of social and economic life. A wide range of AI applications are being developed to meet the needs of private, public, and corporate sectors with a number of popular AI solutions such as: Chatbots and customer engagement systems, automated language translation, customized educational content creation, voice recognition system, deep learning for human-machine interaction, data forecast and analysis, image and video recognition.

5. Predictions and assessments in the near future

The application of AI in business will continue to increase rapidly in the future thanks to its efficiency. Rapid hardware development has led to high-performance GPU chips. Thus, AI systems will become more affordable and easier to use, more companies will be able to integrate AI into their business operations. AI systems will be continuously improved to enhance their intelligence, self-learning capabilities, adaptability to new environments, capacity to make more complex decisions. These systems will also be integrated into current business systems and existing ERP, CRM and SCM systems to help businesses automate and optimize their business processes. AI will also be used for a variety of new applications, including new product development, scientific and medical findings, and personalized customer experiences.

By then, it will be the duty of both individuals and organizations to be aware of how technology and times are evolving and to adjust their perspectives and behaviors accordingly. Humans’ roles will shift in the AI era, with a greater emphasis on strategic and creative work. AI will free people from manual and repetitive tasks, allowing them to focus on tasks that require creativity, critical thinking and problem-solving skills. Effectively using AI is becoming one of the new “required” skills in this era; the most common example is giving useful prompts. The widespread adoption of AI will lead to major changes in the way businesses operate, and individuals will also need to adapt to these changes to succeed.

6. Advice for businesses

To optimize the use of AI application, businesses need to establish well-defined work plans for each stage. Here are some recommendations and guidelines to consider when deciding to integrate AI into business operations.

1. Define clear goals: Clearly define the goals and what needs to be achieved by applying AI before starting, this will help businesses avoid getting sidetracked or wasting unnecessary resources.
2. Develop an AI strategy: AI is the way of the present and the future; thus, businesses with a long-term AI strategy will be able to stay ahead of the curve and keep utilizing the best benefits of technology.
3. Start small: AI applications will significantly alter how business operates; therefore, to allow for adjustment and the necessary time for employee adaption, these changes must be made cautiously, accurately, and gradually.
4. Invest in data: Data is the determiner in evaluating the efficacy of AI. The higher the quality of the data, the more accurate the results generated by AI.
5. Attracting talent: AI skills will be in high demand, thus companies should prioritize hiring people with this expertise, including recruitment, training and benefits.
6. Ensure security and integrity: When smart technology is applied improperly, it can lead to several risks and threats. Businesses need to exercise caution and take action to ensure the safe and ethical application of AI technologies.

7. Conclusion

The market for AI solutions is becoming more and more diverse as a result of the strong growth of the global AI trend and the increasing awareness, interest, and willingness of consumers to explore and experience AI. There will be an increasing number of real-world applications using AI, which presents an opportunity for organizations to use and create new AI applications. The use of AI in business is a growing trend that has enormous potential to advance socioeconomic development. However, businesses must be well-prepared in terms of strategy, resources, and personnel to successfully implement AI. In addition, maintaining ethics and transparency in AI applications is a key challenge that requires attention.