Companies are increasingly harnessing the power of artificial intelligence (AI) to enhance productivity, streamline operations, reduce expenses, and stay competitive. As AI technology continues to advance, it is becoming an invaluable asset for businesses spanning various sectors.
Forbes Advisor conducted a survey of 600 business proprietors who are either currently utilizing AI or have intentions to integrate it into their operations.
- How Businesses Are Using Artificial Intelligence
- 1. Businesses Are Using AI To Improve the Customer Experience
- 2. Business Processes Artificial Intelligence Is Improving
- 3. The Majority of Business Owners Expect AI Will Have a Positive Impact on Their Business
- 4. Almost All Business Owners Think AI will Help Their Business
- 5. Potential Positive Impacts ChatGPT Will Have on Businesses
- Final Note
The findings shed light on how AI is influencing critical domains, including cybersecurity, fraud prevention, content generation, and customer service, including the utilization of innovative chatbot solutions.
How Businesses Are Using Artificial Intelligence
Companies are increasingly embracing Artificial Intelligence (AI) Strategies to enhance and optimize their business processes. As indicated by the Forbes Advisor survey, AI is finding applications across a diverse spectrum of areas.
Notably, the most prevalent uses involve customer service, with 56% of respondents leveraging AI for this function, followed closely by cybersecurity and fraud prevention, which have been adopted by 51% of businesses.
AI is being employed for a range of notable purposes in business operations.
According to the Forbes Advisor survey, these include:
- Customer relationship management (used by 46% of businesses).
- Digital personal assistants (incorporated by 47% of respondents).
- Inventory management (applied by 40% of companies).
- Content production (utilized by 35% of businesses).
- Product recommendations (employed by 33% of respondents).
- Accounting (utilized by 30% of companies).
- Supply chain operations (applied by 30% of respondents).
- Recruitment and talent sourcing (used by 26% of businesses).
- Audience segmentation (incorporated by 24% of companies).
These diverse applications highlight the versatility of AI in enhancing various aspects of business operations.
1. Businesses Are Using AI To Improve the Customer Experience
AI is taking a substantial role in elevating customer experiences at multiple interaction points.
As revealed by the Forbes Advisor survey, a noteworthy 73% of businesses are already employing AI-driven chatbots for real-time messaging or have intentions to do so. Furthermore, 61% of companies are harnessing AI to enhance email optimization, and 55% are utilizing AI for tailoring personalized services, such as product recommendations.
Businesses are also making extensive use of AI for tasks involving lengthy written content, such as website copy (42%), and for crafting personalized advertising (46%). The adoption of AI extends to phone call management as well, with 36% of respondents currently employing or intending to use AI in this area.
Additionally, 49% are leveraging AI for optimizing text message communications.
As AI becomes increasingly integrated into various customer interaction channels, it is leading to greater efficiency and personalization in the overall customer experience.
2. Business Processes Artificial Intelligence Is Improving
AI is empowering companies to enhance their agility and productivity. The findings from the Forbes Advisor survey indicate that AI is either currently in use or part of the future across different facets of business management.
A notable 53% of businesses leverage AI to enhance their production processes, while 51% implement AI for process automation. Additionally, 52% employ AI for optimizing search engine performance, including tasks like keyword research.
Businesses are capitalizing on AI for various purposes, including data aggregation (40%), stimulating idea generation (38%), and mitigating safety risks (38%). Additionally, AI plays a pivotal role in streamlining internal communications, aiding in the creation of plans, presentations, and reports (46%). Companies are also utilizing AI for coding tasks (31%) and generating website content (29%).
3. The Majority of Business Owners Expect AI Will Have a Positive Impact on Their Business
Most business owners hold a positive outlook on the potential benefits of artificial intelligence.
A significant 64% of respondents envision AI to enhance customer relationships and boost overall productivity, while 60% anticipate AI playing a pivotal role in driving sales growth.
Over 40% of Business Owners Are Concerned About Technology Dependence
AI is viewed as a valuable resource for enhancing decision-making capabilities (44%), reducing response times (53%), and preventing errors (48%). Furthermore, businesses have grand expectations for AI in terms of cost savings (59%) and the streamlining of job processes (42%).
Business owners have voiced apprehensions regarding their reliance on technology, as evidenced by the Forbes Advisor survey.
Notably, 43% of respondents expressed concerns about becoming overly dependent on AI.
Additionally, 35% of entrepreneurs are anxious about acquiring the necessary technical proficiency to effectively utilize AI.
Furthermore, 28% of survey participants harbor concerns about the potential for bias-related errors in AI systems.
4. Almost All Business Owners Think AI will Help Their Business
A significant majority of business owners are optimistic about the potential positive impact of ChatGPT on their operations, with an impressive 97% identifying at least one aspect that can benefit their business.
Notably, 74% of respondents foresee ChatGPT aiding in the generation of customer responses via chatbots as a key advantage.
Furthermore, companies anticipate that AI will play a role in optimizing communication with colleagues through email (46%), generating website content (30%), rectifying coding errors (41%), translating information (47%), and condensing the information into summaries (53%).
Additionally, half of the respondents (50%) believe that ChatGPT will facilitate improved decision-making, and 44% see it enabling content creation in various languages.
5. Potential Positive Impacts ChatGPT Will Have on Businesses
Business owners hold a positive outlook regarding the potential improvements ChatGPT can bring to their operations.
An overwhelming 90% of respondents expressed optimism about the positive impact ChatGPT will have on their businesses in the coming 12 months.
This optimism is underpinned by numerous factors, with 58% anticipating ChatGPT’s ability to craft personalized customer experiences and 70% believing it will facilitate rapid content generation.
Furthermore, business owners have elevated expectations for improvements in decision-making (48%), credibility enhancement (47%), boosted web traffic (57%), and the streamlining of job processes (53%).
AI and tools like ChatGPT are gaining growing importance in the business landscape. Survey findings reveal that companies are integrating AI into various facets of their operations, including customer service, customer relationship management (CRM), and cybersecurity.
Furthermore, businesses are placing a strong emphasis on elevating the customer experience using personalized services, real-time messaging, and targeted advertising. Additionally, AI is playing a pivotal role in enhancing internal business processes, encompassing tasks like data aggregation, process automation, and SEO optimization.
Despite some concerns, including worries about reliance on technology and potential workforce implications, most business owners are optimistic about the positive outcomes resulting from AI implementation.
The expected advantages of ChatGPT, such as rapid content generation, personalized customer experiences, and streamlined job processes, underscore the transformative potential of AI across diverse business domains.