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AI in Business – How It Will, and Won’t, Impact the Way You Do Business

The digital era of business has brought about a lot of changes. In the past few years, a lot of these have been due to the integration of artificial intelligence technology.

AI in business is everywhere you look—in fact, 61% of businesses reported using some form of AI in 2017. Let’s take a look at the ways AI will and won’t affect the way your company operates in the future.

How AI Will Change Business

The future of artificial intelligence in the business world is full of exciting possibilities. Here are a few of the ways that AI and machine learning could affect your business.

Talent Acquisition

Hiring new talent is a difficult process for many businesses, but it’s especially hard for ones that don’t have a dedicated recruiter on staff. Thankfully, AI and machine learning can now be used to supplement the candidate screening process

Machine learning can help you screen applicants for the skills, traits, and experiences that will help them succeed at your office. They are also helpful in making sure that your job postings use inclusive language that attracts a diverse variety of candidates. This frees up your team from scanning hundreds of resumes so they can spend time on thorough, in-person interviews.

Training

As skills in AI use and development become more valuable, many companies try to hire on new talent that’s already experienced in these areas. Unfortunately, you may be looking for something that doesn’t exist (at least not within your budget). 

The better choice for most small to midsized businesses is to train up talent from within. If anyone on your team is willing to build their AI and machine learning skills, It’s important to set aside the time and resources to help them do so. Consider sponsoring workshops or coordinating with a local college to help them get the education they need.

Improve Processes and Efficiency

Small businesses don’t often have a full IT team to build a custom AI product for them, but they can still benefit from off-the-shelf products.

Artificial intelligence software can help small businesses manage their cybersecurity and avoid online payment fraud even without a having technician at their disposal. AI-based algorithms can also help cut down on time spent looking for a specific item in a massive database, like with this registration plate search tool. And finally, AI powers our favorite virtual assistants and voice search tools, like Siri, Alexa, and Cortana.

Replace Obsolete Jobs

The largest fear that many people have surrounding AI in business is job loss. Yes, artificial intelligence removes the need for human interaction in some jobs. But that’s the way the tech field goes—it’s always changing and new jobs pop up as quickly as they become obsolete. 

But the good news is that skills in AI design and training are now in high demand. To stay ahead of the curve, consider expanding your skillset so you can be sure to always have a place in the tech world.

How AI Won’t Change Business

The integration of AI in business is going to result in a lot of significant changes. But there’s one thing it can’t replace: the value of face-to-face human interaction.

If your business prides itself on customer service and quick responses, you might have already installed a chatbot to respond to customer queries. But even though these chatbots are pretty convincing, they can’t replace conversations with a real human. And according to the Harvard Business Review, face-to-face conversations are still the primary factor in helping people make large emotional or purchasing decisions.

The Future of AI In Business

The total impact of AI in business has yet to be seen. What we do know is that it opens up a wealth of new jobs and skills to learn, improves efficiency in the workplace, and can change the way we think about hiring and training employees.

If you’d like to learn more, check out this post to see how AI and other new technology will change the world of marketing.