Artificial Intelligence (AI) is Future Business

Artificial intelligence is used as a tool to support a human workforce in optimizing workflows and making business operations more efficient. Artificial intelligence, or the development of computer systems and machine learning to mimic the problem-solving and decision-making capabilities of human intelligence, impacts an array of business processes. 

Artificial intelligence has arrived in the workplace and has the potential to be as transformative as the steam engine was to the 19th-century Industrial Revolution. Anthropic, Cohere, Google, Meta, Mistral, OpenAI, and others, we have entered a new information technology era. McKinsey research sizes the long-term AI opportunity at $4.4 trillion. 

According to McKinsey & Company, the use of artificial intelligence in business operations has doubled since 2017. This is largely because AI technology can be customized to meet an organization’s unique needs. 63% of McKinsey’s respondents expect their investment in AI technologies to increase over the next three years. 

As new technologies enter the market, and existing ones improve, the possible applications of artificial intelligence in business grow more numerous. The benefits of AI vary and require the integration of technologies and human workforces to improve operational efficiency and drive business value. 

Some examples that demonstrate the use of artificial intelligence in business include: 

IT Operations 

Artificial Intelligence for IT operations—consists of the practice of using AI, machine learning and natural language processing models to streamline IT operations and service management. 

Customer Service 

AI enables businesses like chatbots can help customers resolve simple queries without requiring a human agent and rovide 24/7 customer service and faster response times. McKinsey reported savings of USD 80 million for a South American telecommunications company that used conversational AI to prioritize higher-value clients