Benefits of using AI in Business

Artificial Intelligence (AI) has been seen as a revolutionary form of technology in the business world in recent years. While not everyone is familiar with what the term actually means, most are already using it in their day-to-day lives through the use of voice assistants like Siri and Alexa, or when contacting customer services through chatbot-run message functions.

 

AI can best be described as technology that is able to perform tasks that we usually would expect human intelligence to be required. Artificial Intelligence can learn, reason and plan, it can also be tasked with solving specific problems or making decisions. It is able to perceive the environment and interact within it. It is also able to recall previous actions and adapt behavior based on those events

 

Now, as Artificial Intelligence is becoming better understood and more accessible, a variety of business sectors and industries have been looking at how they can best utilise the technology. In fact 42 percent of companies have reported that they are exploring the use of AI in their business.

 

Almost every industry is now engaging with AI in some way. We take a look at some of the top applications for AI in business, the benefits of using it and what the future holds for AI in the commercial world:

 

Artificial Intelligence in the casino industry

 

One industry in particular that has really benefited from the development of Artificial Intelligence is the casino industry, with established online casino providers using the tech in a variety of different ways. One example is the use of machine learning in casino analytics.

 

AI algorithms are used to analyse an enormous amount of data on these sites from their players and the operators are able to use this to make improvements. This includes everything from search functions and log in procedures to game dynamics and security features.

 

It is also able to help create a more personalised experience with tailored game recommendations and player preference settings based on the individual player’s data on the site.

 

Generative AI is a relatively new trend

 

One specific piece of AI has been making the headlines in 2024, this is generative AI. Gen AI is AI that is used to create new content, including images, audio, video, text and music. It uses a huge amount of data to learn lots of subject matter and then creates content based on the data it has consumed and the user’s request.

 

A popular example of it is ChatGPT and programs like Adobe Creative Cloud and Canve are utilising it within their customer offering. This has been a complete game changer for many businesses that previously created lots of content manually, particularly for marketing and advertising teams. By using AI to create blog articles, graphics, advertisements and social media content, more of their time and resources is able to be spent on strategic development and campaign planning.

 

However, some businesses are cautious about the potential risks of this type of AI and the possibility of it creating content that is untrue, inaccurate or out-of-date.

 

Customer service and AI

 

Another huge benefit of utilising AI for businesses across many industries is the ability to streamline the customer service process through the use of AI powered chatbots. Customers are able to input their query into the chat and get an automated relevant response without needing to wait for a human customer representative to respond.

 

This is great for speeding up customer service times and limiting the number of humans needed in an interaction. But one limitation is that the AI is not always able to understand the user’s search query and may not give the correct information, this can be frustrating for the user, particularly if they were expecting a response from a person.

 

More efficient operations are possible with AI

 

Another popular use for Artificial Intelligence is in the operations side of businesses for things like workforce planning and supply chain management. Using special AI algorithms the business can monitor inventory levels, plan the best routes, and manage production schedules.

 

This can help to reduce waste and make these processes significantly more efficient. Resources can be allocated based on demand in real-time, providing great optimisation and cost-effectiveness.

 

Staying competitive in the market with AI

 

Many businesses are drawn to the use of Artificial Intelligence due to its ability to help them stay ahead of the competition. AI is a relatively new and still developing technological innovation and so those that have already implemented it into their ‘engine room’ processes are the ones that appear the most innovative and attractive to potential investors, customers and top employee talent.

 

In future, we can expect more businesses to engage with AI and for its use to become the norm in day-to-day business operations across all industries.