6 Ways Your Business Can Use AI to Get Ahead

Did you know that AI has become a must-have tool in the workplace to boost efficiency and lessen human error? So says Statista.

The research firm adds that a 2024 survey of business professionals from different industries shows that 42% of respondents said AI and generative AI will have a transformational impact over the next five years. Meanwhile, 36% of respondents said the impact will be high.

McKinsey & Company adds that AI could be as transformational in the workplace as the steam engine was during the Industrial Revolution in the 19th century. It also says that 92% of businesses intend to boost their investments over the next three years.  

But here’s the thing. While most businesses are investing in AI, a mere 1% of leaders say their corporate AI deployments are at a mature stage. That means AI hasn’t been completely integrated into their workflows and can’t therefore facilitate tangible business outcomes.

Since businesses have some work to do to ensure their AI investments achieve results, consider these six ways your company can use AI to get ahead in a competitive marketplace.

Finding the right tool for your use case is essential. So, if you can’t find something suitable off the shelf, consider getting something custom-made from a reputable software developer.

1. Streamline Operations & Workflow

Your business can use AI-powered applications to automate processes and procedures that can be automated. That can include invoicing, scheduling, customer communication, email management, backup, data entry, and more.

Leveraging the power of AI to streamline operations and workflows will free up time so your employees can focus more on higher-value responsibilities.

2. Enhance Personalization in E-Commerce

According to Census.gov, e-commerce sales in the third quarter of last year made up 16.2% of total sales in the U.S. It further explains that U.S. retail e-commerce sales for the same period were — adjusted for seasonal variation but not for price changes — $300.1 billion. That’s up 2.6% from the second quarter of last year. Americans clearly aren’t shy about patronizing retailers online.

Your company can make things easier for customers and employees with the right AI-powered tools. AI can recommend products based on previous purchases, browsing history, and user behavior, which can boost conversions, sales, and profitability.

3. Reduce Employee Burnout

According to the American Psychological Association, close to three in five employees — that’s nearly 60% — reported problems related to workplace stress, like a lack of energy, interest, or motivation.

Whether because of too much work, hostile workplace environments, the inability to delegate, or other things, workers often feel like they’re burning both ends of the candle. And that can lead to feelings of burnout.

Your business can use AI-powered workload management software to help allocate tasks and projects efficiently and lower worker stress by automating repetitive processes and procedures.

4. Improve Customer Sentiment Analysis

Another way your company can tap into the power of AI is to use software with AI baked in to monitor social media, customer feedback, reviews, and testimonials. You can, by so doing, stay on top of public perception and make any changes needed if public perception is negative.

5. Optimize Pricing Strategies

Your company can use AI-powered tools to adjust prices in real time based on factors like price changes by competitors, demand, and market conditions. Getting workers to do this can be time-consuming and force employees to shift their focus from higher-priority tasks.

6. Automate Legal & Compliance Processes

When creating contracts, you must ensure you dot your i’s and cross your t’s. AI can help. You can get AI tools to comb over contracts, flag possible legal risks, and ensure compliance with sector regulations.

Businesses can get a lot of benefits from AI. Many of your competitors are using AI, so you’re at a competitive disadvantage if you aren’t.