Over the past several years, artificial intelligence has gone from speculative science fiction to tools that support us in our everyday lives. In particular, AI technology has rapidly transformed modern business practices and streamlined day-to-day operations.
If you’re unfamiliar with business AI technology, now is the time to get acquainted. Whether you’re a student embarking on a business career or an established business leader, AI will likely be a part of your job soon — if it isn’t already. Let’s look at how artificial intelligence in business works, why it’s so exciting, and how organizations use it in the workplace.
So what does AI stand for? In business, AI (artificial intelligence) is a category of technologies designed to handle tasks that typically require human intelligence.
In business, AI tools support human employees in their roles. Often, AI technology improves productivity by handling repetitive or time-consuming tasks, freeing up employees for more complex strategy work. AI can also provide helpful analysis and insights to improve internal processes and customer experiences.
There are many different types of AI technologies used in business. These include:
Business artificial intelligence has been in development for decades. Computer scientists have worked on AI models since the 1950s, looking for ways to make key business tasks easier and more efficient. Many major breakthroughs came in the 1980s as scientists built influential deep learning algorithms that would serve as the foundation for future AI technology.
Public interest and funding for AI technology declined in the 1990s and early 2000s but picked back up again in the 2010s. During this time, we started to see the implementation of chatbots and other AI technology in consumer products.
In late 2022, OpenAI released ChatGPT to the public, attracting more than 100 million users in two months. This language processing model kicked off an AI frenzy, with many other companies releasing their own generative AI tools and features.
Businesses in a variety of industries have quickly capitalized on this new technology, finding ways to incorporate AI into their business models. AI technology helps companies work more efficiently and save money while also providing helpful insights and data analysis. As of 2024, 82% of companies are either already using AI or exploring the possibility of using it in the future.
The use of artificial intelligence in business is booming. Organizations implemented this technology in innovative ways to maximize productivity, create a better user experience, and succeed in competitive markets. Here are some of the most popular applications of artificial intelligence in business.
AI technology has become particularly valuable for customer service and technical support. Companies can provide faster responses without human intervention by implementing AI-powered chatbots and virtual assistants.
For example, many companies have placed chatbots on their website’s homepage. These chatbots can answer a variety of questions about the company’s products and services and troubleshoot basic issues. Chatbots can also determine when to escalate an issue to a human representative.
Large companies also use AI-powered chatbots and virtual assistants to handle internal IT inquiries. If an employee is struggling with a technical issue, they can talk to the AI chatbot first to find a solution. This reduces stress on IT teams because the AI handles the more straightforward technical issues.
AI has quickly changed the way media companies manage ad space. Instead of manually approving bids and placing each advertisement, AI models can automate this process to maximize revenue and find the right campaign for each space.
Advertisers are also using AI technology to personalize and enhance ad campaigns for specific audiences. For example, AI can automatically adjust the language in an ad for different locations and cultures, allowing advertisers to reach a wider audience without sacrificing relevance.
Many companies have incorporated AI technology into their consumer-facing software platforms to provide a more personalized experience. AI can analyze a consumer’s past behavior and use that information to provide unique individualized recommendations. This helps improve customer engagement and builds brand loyalty.
This is a particularly popular strategy for streaming services like Netflix, which provides recommendations for new content to watch based on a user’s viewing habits. Ecommerce sites like Amazon will also make automated recommendations based on past purchases.
Predictive maintenance using AI technology can be very helpful for companies that use heavy machinery or other large-scale equipment. AI models can look at historical maintenance data and real-time data from sensors to determine when these machines are most likely to need maintenance.
Predictive maintenance helps organizations prevent downtime by ensuring machines receive maintenance before breaking. This also helps companies save money on repair costs and equipment replacements by maximizing the usable lifespan of equipment.
AI technology has helped banks and other financial institutions protect their customers. Financial AI models monitor transaction patterns and identify anomalies in real time. This alerts account holders and employees to the possibility of fraud immediately, giving them time to re-secure the account and prevent devastating financial losses.
Maintaining effective supply chain operations can be difficult. If you don’t have enough inventory to fill demand, you could lose out on revenue. However, if you have too much inventory, storing and keeping track of it becomes difficult.
AI analytics tools have become very helpful for supply chain optimization. They can predict upcoming demand to help organizations build an effective logistics strategy to maximize revenue. AI can also automate inventory tracking and management to prevent losses.
Popular CRM tools like Salesforce and HubSpot have implemented AI features to make sales more efficient. These AI features analyze data from leads and existing customers to identify possible sales opportunities and improve lead nurturing processes. AI tools will also generate follow-up messages automatically, allowing you to reach more prospects in a short period of time.
Many applications use natural language processing to communicate directly with human users. The most popular example of this is ChatGPT, a large language model that can answer queries and generate texts. In business, many professionals have been using NLP tools as virtual assistants. They can handle basic tasks like generating and proofreading messages and conducting research to speed things up.
As generative AI tools have advanced, marketing professionals have used them to create user-generated content more efficiently. AI can create graphics and videos for social media posts and advertisements. This allows creatives to bring their unique ideas to life much faster and reach a wider audience.
AI-powered language processing can also help businesses stay on the pulse of their customers’ needs and preferences. These tools can analyze customer feedback forms and social media comments to conduct sentiment analysis. This gives marketing and customer support teams a holistic look at current customer attitudes, which can be used to improve future campaigns and product offerings.
Spam emails and social media messages can be very distracting and, in some cases, they’re even a cybersecurity threat. AI-powered spam filters use machine learning to improve over time, identifying and removing new types of spam messages. These spam filters also use machine learning to make sure that legitimate, important communications aren’t accidentally filtered out.
In finance, many organizations are turning to AI for fast and impartial loan and credit card processing. AI models can analyze credit cards and other financial data to determine whether or not each applicant meets lending requirements. This helps lenders process applications more quickly and minimizes errors in the lending process.
Artificial intelligence and business go hand in hand, and AI is likely to become even more ubiquitous as the technology advances. AI will likely handle repetitive tasks independently in many industries, giving employees more time to focus on more complex problems. It’s also likely that many professionals will implement AI tools as assistants, relying on them for support when conducting research, analyzing data, or even creating new marketing assets.
One big challenge moving forward will be determining when to use AI and when to forgo it. Although this new technology is very powerful, it is not always accurate and isn’t the best choice for every task. There’s also concern that AI will entirely replace certain jobs, although many experts anticipate that jobs will adapt rather than disappear entirely.
Ultimately, businesses will need to be strategic when implementing AI, opting for tools that best align with their goals and support their staff.
The use of artificial intelligence in business will only increase moving forward. Getting an AI business degree will help you prepare for the future job market and set you apart from other applicants. Here are some of the benefits of getting an AI business degree from California Miramar University.
As more organizations implement AI technology in their operations, AI knowledge and experience will be in high demand. CMU’s AI business degree teaches students crucial skills like AI strategy, machine learning development, and data analysis. With these skills, graduates are highly valuable to organizations using AI and can compete for prestigious roles.
Graduating with an AI business degree opens up a wide range of potential career paths for your future. The technology and data analysis skills you’ll learn will transfer well to many different roles and industries, giving you more flexibility and control over your career path.
Roles this degree will prepare you for include:
These roles are available in companies ranging from tech startups to established corporations, depending on the environment you’re most comfortable with.
Investing in an AI-focused degree now can have significant financial benefits later on. Roles that require specialized AI expertise often come with increased long-term earning potential. One study found that mastering AI technology could increase your salary by 25%.
CMU’s AI business programs go beyond theory. Our classes offer practical, hands-on learning experiences, giving you the opportunity to control and use AI technology in real-world settings. During the program, there are internship opportunities and chances to collaborate with industry professionals. You’ll finish the degree prepared for everything the workforce has to offer.
The current job market is very competitive, particularly for those in the tech industry. Remote work has opened up new job opportunities for professionals around the world, but it also means you’ll face more competition when applying. Getting a degree in AI and business can help you stand out from the pack, as you’ll have knowledge of the latest technologies that companies are looking to implement.
So what is AI in business? It’s a powerful tool that can automate many crucial tasks and help employees achieve their full potential.
Obtaining a master’s degree in AI can jumpstart your tech career, giving you the advanced skills and knowledge you need to thrive in an AI-focused role. Explore California Miramar University’s Master’s in AI program today to start your career journey.