Artificial intelligence has come a long way since it first appeared on the tech scene several years ago. Today, AI is a sophisticated technology transforming businesses in remarkable ways. It solves problems, analyzes data, and can make decisions similar to (and sometimes even better than) humans.
No wonder AI continues to become a buzzword in 2024's business sphere! Progressive businesses are using it in all kinds of ways, from improving customer support and creating high quality content to analyzing big data and enhancing network security.
We’ve prepared this post to address your doubts about AI, as well as provide answers to your burning questions. It highlights the merits and demerits of AI and sheds light on how your business teams can take advantage of AI in 2024.
How can businesses take advantage of artificial intelligence? AI is notable for one main advantage — it automates tedious, manual processes. Your team can use it to streamline customer support, fraud detection, data entry, and quality control.
Other potential merits of using AI in 2024 include:
AI executes manual tasks in record time. For instance, AI chatbots respond to simple and repetitive customer queries in seconds. The quick responses reduce wait times and improve customer satisfaction.
AI saves not only time but also reduces operational costs. Juniper Research indicates that by using AI, you can save up to $8 billion annually. The saved costs result from AI's ability to minimize manual work, prevent fraud, and speed up processes.
AI software analyzes large data volumes with great accuracy. The incredible analytic power can help your business identify opportunities, utilize resources appropriately, and plan for the future. Without AI, it would be difficult or impossible for humans to analyze big data.
Likewise, some AI prototypes can forecast future outcomes like economic downturns and technological shifts. Again, the predictions help your teams make plans to stay resilient in challenging economic times.
Unlike humans, AI neither loses focus nor gets burnout when doing tasks. Thus, it is suitable for error-prone tasks like invoicing and data entry. Humans can easily make blunders handling such tasks.
On the other hand, AI reduces human error by analyzing large amounts of data with reasonable accuracy. It is around 95% accurate — note that the accuracy depends on the AI tool you use. With accuracy, your team can count on AI when making decisions from data.
AI algorithms analyze big data to identify consumer trends that are not obvious to human analysts. As a result, AI comes in handy when trying to understand your target customers' behavior and preferences. It gives your business an edge over rivals using less sophisticated technology.
AI security systems are trained to monitor systems for unusual patterns that point to fraud. For instance, security systems can detect attempts to access a network from an unusual location. In response, the system blocks access and alerts network administrators.
Likewise, your businesses can use AI to identify weak passwords that are more likely to be hacked. After that, intelligent security systems direct users to use stronger, hard-to-guess passwords.
While AI automates tasks with excellent reliability, it has limitations. For instance, AI cannot yet understand the context as a human can. Hence, your business cannot rely on it to make nuanced decisions. Other common limitations of AI include the following:
AI systems lack the creativity and authenticity of humans. Instead of thinking autonomously, AI systems rely on predetermined rules and procedures to churn content, analyze data, or make decisions. The quality of AI output depends on the predetermined rules and procedures.
AI systems, like those used in content creation, lack their own brainpower. Instead, they rely on the information available online to generate new content. Thus, your business cannot use AI to create content around new topics unless it already exists.
AI can disrupt many careers, including content creation, data analysis, and UX design. According to Forbes,artificial intelligence will replace over 85 million workers by 2025. On the flip side, AI will create over 97 million opportunities for AI engineers and data scientists.
Developing and implementing AI systems requires significant resources. You need to hire AI engineers and data scientists and invest in hardware and software infrastructure. You will also invest in systems to collect and store large amounts of data for AI training.
AI will likely disrupt usual workflows by automating certain tasks or processes. For instance, with AI, customer support staff will focus on technical customer queries. AI bots will handle simple customer queries, data entry, and customer routing.
The quality of AI data analytics depends on the quality of data you feed it. The more accurate and relevant the data, the more reliable the insights you get. Conversely, you get a compromised output if you provide an AI system with incomplete or flawed data.
(Need help generating data from scratch? Steel Croissant can help digitally transform your organization into a data-driven company.)
Marketing teams develop strategies to promote a company's products. They research target markets, identify effective marketing channels, and create marketing materials. Furthermore, marketers nurture relationships with customers and stakeholders.
In today's fast-paced business environment, marketing teams continually look for better tactics to stay ahead of the competition. Not surprisingly, artificial intelligence has stood out as one of the most sought-after technologies in the marketing sphere.
In 2021, a Statista publication reported that companies spent around $15.84 billion on AI marketing. And by2028, this figure is set to reach up to $107.5 billion. Here are a few reasons marketing teams are investing more and more in AI.
There are several ways marketing teams can leverage AI in 2024. For example, they can use it to analyze data, speed up content creation, or do ad targeting. But, if you wish to narrow it down to a few uses, focus on the following:
Marketing teams collect plenty of data daily, but most of the data goes to waste. So why is that the case? Data scientists can hardly analyze the large volumes streaming into databases. That is where artificial intelligence comes in handy.
Different from humans, AI analyzes large data volumes in real time. The robust data analysis power helps you understand your customers better than your rivals. The analysis also generates insights that can help make marketing strategies that convert well.
In 2024, your marketing team should leverage AI in the following areas:
Content writing is one of the most common uses of AI. The novel technology can produce quality blogs, copy, and descriptions in just a few minutes. It’s great for marketing teams that generate large quantities of content or need ideas to work off of.
What's more, anyone with basic content creation knowledge can create good AI content. They just need to use the following tips as a benchmark:
DevOps engineers design and maintain the infrastructure that supports the development of software. Their responsibilities include setting up and configuring servers, automating processes, and monitoring systems. DevOps also collaborates with software developers to test, deploy, and debug codes.
Artificial intelligence is a valuable tool for DevOps teams for several reasons. It automates tasks, improves efficiency, and reduces workloads. Here are specific ways in which AI benefits your DevOps teams.
DevOps can leverage AI in many ways, from data analysis and workflow optimization to predictive maintenance. Some of the top ways to use this novel technology in 2024 and the coming years include:
DevOps can use AI to make tools that monitor systems and send alerts in case of a glitch. The tools analyze data from various sources, such as log files, performance metrics, and application logs, to identify patterns that point to a possible issue.
The AI monitoring tools trigger an alert to notify DevOps teams upon detecting an issue. The alerts help DevOps teams to respond quickly, reducing costly downtimes.
DevOps can also use artificial intelligence to create testing tools that analyze codes to identify potential issues. The AI testing tools help DevOps teams detect and fix problems early before they become more challenging to address.
How can a DevOps team take advantage of artificial intelligence? DevOps teams can use artificial intelligence to automate certain tasks that are time-consuming or repetitive. For example, AI can automatically deploy or test code changes for regressions.
DevOps teams can use AI to collect data from various sources and bring it together into a centralized location. The process, known as data aggregation, helps DevOps access valuable information quickly.
UX designers improve the intuitiveness of a product or service. They usually focus on websites and apps. UX designers' scope of work includes conducting user research, creating prototypes, and testing designs to ensure they are intuitive.
From improving efficiency to gaining insights into user behavior, AI is a treasure for UX designers. They can use it to customize websites, apps, or any other product in a way that offers the best-in-class experience. Besides customizing user interfaces, UX designers can take advantage of AI to:
There are endless ways in which UX designers can leverage AI in 2024. Mainly, the designers can use this novel technology to automate services, saving time and money. Besides automation, your UX designers can leverage AI on:
As a UX designer, you can use AI to predict how users will interact with your product or service. For example, you could use predictive analytics to anticipate user behavior and design your interface according to expected behavior.
AI makes the life of UX designers easy in a couple of ways. For example, AI algorithms can learn to crop, resize, or color images. Additionally, automation reduces the workload of EX designers, making them more productive.
AI tools can use flowcharts to generate wireframe designs following predefined guidelines. For example, an AI tool can create a wireframe for an e-Commerce store following a predefined procedure like "Homepage" -> "Product Categories" -> "Product Page" -> "Add To Cart" -> "Checkout." Once the AI generates the wireframe, UX designers can review and improve it.
Project managers plan, coordinate, and oversee the execution of a project. The managers define the project's scope, set goals, and develop strategies to achieve set project goals. Moreover, they ensure that a project is completed within budget and to the required standards.
Project managers can use AI to automate certain tasks like tracking project progress and identifying potential bottlenecks. The automation helps speed up projects, saving tons of time and resources.
Another advantage of using AI in project management is the potential to reduce costs. AI can identify inefficiency and waste areas and suggest ways to improve them, thus improving the overall financial performance of a project.
In addition to saving time and reducing costs, AI can improve resource allocation. Its algorithms can suggest the most effective ways to spend time, energy, etc, ensuring that these resources are being used in the most effective way possible.
Project managers, like UX designers and DevOps, can leverage AI in various ways. They can use AI to analyze data from past projects and make predictions about future project outcomes. Besides predicting the outcomes of an existing project, project managers can use AI to:
Your project management team can use AI to predict project delivery dates. The systems make near-accurate estimates based on the amount of work, the skill level of the team, and other relevant factors.
In addition to predicting project delivery dates, AI can forecast problems and delays in project delivery. This information can help your team make modifications to avoid delays and other project issues.
In 2024, your project management team can leverage AI to improve efficiency. How? The project managers can use AI to automate routine tasks and free up time for more critical work. For example, a project manager could use AI to generate reports or update project progress.
Your team can use the saved time on higher-value tasks like managing team performance and solving problems.
Project managers can use AI to optimize the allocation of resources in two primary ways:
So now that covered why and how teams are using artificial intelligence - it would be rude of us not to share some of the not-to-be-missed AI tools for 2024.
ChatGPT: This tool has very rapidly become the golden child of AI. And that’s because it’s so useful for a wide range of business uses from writing code for DevOps teams to research planning for UX teams.
For marketing, it’s being used by millions everyday for tasks including copywriting, content idea generation, customer support, marketing research and more. It truly is a marketers best friend, if used well. Check out our blog on how marketers can get the most out of ChatGPT in 2024.
WriteSonic: From building smarter AI chatbots for your site with no-code integration and multi-lingual support to writing captivating copy in seconds - WriteSonic’s popularity with marketing teams shows no sign of slowing down.
Fliki: Fliki a superb AI marketing solution, simplifying the process for businesses to craft compelling and educational video content to serve their diverse marketing needs. The tool seamlessly integrates text-to-video and text-to-speech functions, offering users the convenience of producing high-quality videos with professional voiceovers within a single platform.
Futurenda: This is an AI productivity tool perfect for marketing teams, UX professionals, project managers and DevOp teams in 2024. It manages tasks and goals, categorizing items by importance, urgency, or deadline. It also syncs data with your calendar, reminding you of upcoming events.
Surfer: One for the SEO experts. Surfer is an easy-to-use AI online tool designed to optimize copy to ultimately enhance visability and increading ranking. It’s created for more technical SEO, empowering users to fully audit existing copy and compare it with the competition.
Although AI is yet to start replacing professions, it is a threat to some experts like UX designers and content creators. For now, it can generate quality content that needs minimal edits, or even design websites to match consumer preferences and can actually help people work more efficiently and productively. But hey, that’s definitely not to say that jobs are being replaced. AI may be proving to be extremly valuable in some aspects, but it’s still lacks human creativity and emotional intelligence.
But with the ability for mundane tasks to be overtaken by machinery, your attention can be put elsewhere. In 2024, your business can use AI to boost productivity and speed up manual processes like content creation.
Contact our marketing team to learn more about how you can take advantage of AI in 2024!
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