Why Artificial Intelligence could be a benefit rather than an existential threat to your business

Artificial intelligence (AI) technology has improved significantly in recent years, and it has uses in many areas of business. However, you might be concerned about how AI could threaten your company, and society, in the future.

For instance, criminals are already using AI to create increasingly convincing scams. Additionally, the technology is moving quickly, so it can be difficult for businesses to keep up.

As a result, Startups Magazine reports that 64% of small and medium-sized business owners said that AI threats are outpacing their ability to protect themselves.

You may even have ethical questions around AI as it increasingly influences our lives.

However, when used in the right way, AI could be a benefit rather than an existential threat to your business. Read on to learn why.

Artificial Intelligence tools could help you improve efficiency in your business

One of the key benefits of AI tools is that they may help you improve productivity in your business. You might be able to automate many administrative tasks that take up a lot of time for you and your employees.

According to Workday, individual employees could save an average of 737 working hours each year by using AI tools. This is the equivalent of 92 working days.

As a business owner, this could mean that you are able to reduce your staffing costs. It could also allow your employees to spend less time on administrative tasks and dedicate energy to more meaningful work that drives the business forward.

Using AI to increase productivity could also help you improve your own work-life balance, as Workday reports that individual business leaders could save 1,117 hours a year. This could help you avoid burnout from overworking and remain focused on your future vision for the business.

You can improve the customer experience with Artificial Intelligence

Good customer service is crucial for businesses, particularly as consumers increasingly rely on reviews to decide which companies to engage with. Poor customer service can lead to negative reviews, while a good experience may encourage consumers to recommend your business.

AI could be useful here as there are several tools that you could use to personalise and improve the customer experience.

For example, many businesses use AI chatbots, an automated online chat service, to answer customer queries. These chatbots are becoming more advanced and can give the appearance of talking to a real person. Implementing this technology could mean that customers spend less time waiting on hold when trying to get support over the phone, and you may save money on staff costs.

You might also use AI to analyse data you collect about consumers, meaning you can give them personalised product recommendations and tailored marketing communications. Gaining a deeper understanding of consumer attitudes and behaviour could mean you are better able to design products and services that meet their needs.

Hotel chains are a prime example of how businesses could use AI to personalise and improve the customer experience. According to Forbes, Hilton Hotels has implemented AI chatbots to help with the check-in process and offer information about local restaurants and attractions.

Meanwhile, Marriot International is leveraging chatbots to allow guests to control features such as lighting, temperature, and entertainment systems with voice commands.

Many hotels are also using AI to automate inventory and ordering, to ensure they are always stocked with everything guests might need.

These are just some examples of ways that you could use AI to streamline your business and create a better experience for your customers.

It is important to embrace Artificial Intelligence to keep up with the competition

You may be concerned about the threat that AI poses to your business, but embracing it could improve your business in several ways. While you do not need to completely overhaul your current processes, it may be useful to consider how new technology might benefit you.

If you do not do this, there is a danger that you could fall behind the competition.

According to Startups Magazine, 81% of small to medium-sized business owners in the UK agree that adopting AI should be a priority. Consequently, many of your competitors will likely be implementing various AI tools to improve productivity and offer a better service to customers.

If you are too cautious about using AI, you could fall behind as you are not able to match the level of service that other companies in your industry can offer. Additionally, rival companies could make significant savings by using AI to increase productivity and reduce staffing costs. As a result, they might be able to offer more competitive prices than your business.

That is why you may want to overcome your concerns about AI technology and take advantage of the benefits that it could bring to your business.

Get in touch

If you need help managing your wealth as a business owner, then please do get in touch with us at DBL Asset Management.

Email enquiries@dbl-am.com or call 01625 529 499 to speak to us today.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

All information is correct at the time of writing and is subject to change in the future.