In the era of technology use, Artificial Intelligence (AI) is used in many fields nowadays, but its direct impact on business is outstanding. Such technology has changed the way companies operate, make decisions, and communicate with customers.

This new innovative technology has become an efficient tool to help companies be successful in the market and has become a sign of competition and an advantage in this modern world.

One of the most successful uses of AI on business is the improvement of decision-making process. This enables business companies to analyze a lot of data quickly and accurately. On top of analyzing data, such a tool helps collecting data fast and producing results in no time. The tool can predict future moves, purchase power of customers, customer behavior and economic analysis of a country. It also speculates future profit or loss. AI can predict investment plans, future risks or fraud potential. With more data analyzed, better predicted decisions can be produced; hence, safer business environment will occur with better outcomes. (Perez, 2023).

In factories, AI is an excellent tool to observe operations efficiency. AI is used to predict maintenance for the machines and specifies failure. It detects which part should be replaced and which should go through maintenance. It also monitors production progress. Furthermore, it tells if a certain product is not manufactured precisely as it should be and remove it. AI can do accurate payroll processing, providing new line business ideas or inventory managing. AI can analyze the data entered to determine new opportunities within the country or in other countries. This will significantly lower costs, and increase profit with less labor force. (Singh, 2024).

Communicating with customers and interacting with them is another important use in business. Through the analysis of customer data, AI can identify people preferences, allowing businesses to customize products and offers according to customers’ needs. For example, when searching in google or Amazon for a product, the same product shows as an advertisement in all other social media platforms such as Facebook, YouTube or TikTok. Such platforms will recommend either the same product or similar products from other companies with varied prices and offers. These tailored recommendations will enhance the idea of reaching more customers and increase the appearance of companies’ products everywhere. Moreover, having personalized assistant in most businesses’ websites as chat bots or virtual assistant will help answering customers fast and efficiently, without having to experience waiting for a human to reply and help. (Thomas, 2024)

In conclusion, the impact of AI on business is big and various. This technology enhances decision-making, competent customer service and operations. The influence of AI on business will grow with time, offering new opportunities in this highly competitive sector. The adoption of AI in businesses is not an option anymore. It has become a requirement for sustainable success and growth.

References:

• Perez S. (2023). The impact of AI on business decision making. Intelequia. https://intelequia.com/en/blog/post/the-impact-of-ai-on-business-decision-making. Accessed on 20th May 2024
• Singh, J. (2024). 6 ways to unleash the power of AI in manufacturing. https://www.weforum.org/agenda/2024/01/how-we-can-unleash-the-power-of-ai-in-manufacturing/#:~:text=Proactive%2C%20predictive%20maintenance,assess%20the%20health%20of%20machinery. Accessed on 20th May 2024
• Thomas, I. (2024). Impact of AI in Customer Service [+4 Intriguing Use Cases]. Sprinklr. https://www.sprinklr.com/blog/ai-in-customer-service/#:~:text=AI%20(Artificial%20Intelligence)%20in%20customer,Sentiment%20analysis Accessed on 17th May 2024