Technology has been the cornerstone of any business’s success strategy for decades. With the rise of artificial intelligence in such a short amount of time, many people are rethinking those strategies.
One significant impact artificial intelligence has already had is how it helps champion data-driven decision-making. Take AI in real estate, for example. While people in the field have undoubtedly spent years honing their instincts, it will always be true that gut instinct and intuition can only get you so far. Now, this transformative technology is being used to harness the vast volumes of data being creative to our collective advantage. Leadership can now make more informed choices rooted in fact whenever possible.
All told, AI is reshaping business in just about every industry you can name. This article will explore a few ways that AI is impacting business strategy.
A Path to Better Operations Optimization
There’s this idea that still permeates the culture about AI – a notion that once these systems get a bit more advanced, they will “take all our jobs away.” In reality, AI isn’t about replacing humans at all. It’s about supporting them and empowering them, optimizing an organization’s efficiency along the way.
Think about the litany of manual, administrative tasks – particularly in areas like human resources – that need to be performed daily. They’re essential, but they’re also hugely time-consuming. If you can automate those tasks with AI, humans can focus on proactive, productive matters instead of spinning their proverbial wheels.
Also, with an appropriately trained AI tool, you don’t have to worry about things like human error. The jobs get done consistently and with a higher quality than before, and human employees are free to allocate their precious resources elsewhere. But the best part is that these systems get better over time. As you provide more data, these tools refine their algorithms, learn from their mistakes, and adapt to new trends, which leads to steadily increasing capabilities.
Targeted Marketing Efforts
Marketing success often just comes down to getting the right message in front of the right person at the right time. Let’s say you wanted to quickly hone a message aimed at high school graduates making a certain amount of money and living in a specific geographic area. Or you wanted to target only people with two or more children or those between 18 and 35 years old. This type of segmentation has been possible for years, but it requires sifting through an incredible amount of data.
Artificial intelligence can use the same data source and extract high-quality insight with better results in a fraction of the time. This can empower your targeted marketing efforts. You can send personalized targeting that will increase conversions, generate leads, and help raise awareness – you name it. All this frees up valuable time as well. Rather than spending time creating the perfect message, marketing professionals can prioritize nurturing leads and customer relationships.
Using the Past to Predict the Future
It’s important to acknowledge the ways that AI can allow an organization to process massive volumes of historical data to predict everything from market fluctuations to upcoming consumer preferences.
To continue with the example of AI in real estate, consider that it’s rare for a market trend to “come out of nowhere.” Things like massive supply shortages or skyrocketing housing prices tend to develop slowly and steadily over time. It’s just that there is so much data to wade through, to the point where it’s easy to miss something until it’s too late.
With AI, analytical tools can be used to uncover these market fluctuations and other trends in real time as they develop. This puts savvy professionals in a position to either mitigate risk or capitalize on those trends before anyone else can.
The same is true of changes in terms of customer preferences. If you know what customers will like over the next five years ahead of time, you can start focusing on building your portfolio now. You can identify up-and-coming markets and get in on the ground floor to give yourself a leg up on others. AI can absolutely help you do that, and you don’t have to spend countless hours pouring over spreadsheets and databases to arrive at that point.
Artificial Intelligence is Here to Stay
Artificial intelligence is already playing a pivotal role in numerous industries. That’s especially impressive when you consider that tools like ChatGPT and others currently making headlines have only been publicly available for less than a year.
Because of this, business owners everywhere are able to approach their operations in a bold new way. Even new entrepreneurs can adapt swiftly to the ever-changing landscape that surrounds us. You no longer need to be able to outspend your competitors to survive. You just need to be able to out-think (and thus outmaneuver) them. AI can help you do that.
From enhancing efficiency to uncovering patterns that may have otherwise gone undiscovered, AI is helping businesses build a serious edge. By embracing the data-driven approach that is now prominent in the modern era, industry leaders are laying the foundation for the next era. For many, that is likely the most important benefit of all.