AI is not a new technology, but it is a game-changer for businesses. With the massive growth of data and computing power, AI has enabled remarkable advances in computer vision and natural language processing. Moreover, generative AI technologies, such as ChatGPT, can create new data from existing data, making AI products and services more accessible and user-friendly. According to a recent Forrester study, “AI adoption is no longer an emerging trend, with 73% of data and analytics decision-makers building AI technologies and 74% seeing a positive impact in their organizations. AI is the next wave of technological innovation for business, following the cloud, the internet, PCs, and transistors (as shown in Figure 1). AI is already a key component of business strategy and operations, and it will become even more essential in the future. Businesses worldwide are expected to double their AI investments from 2021 to 2025. AI is a fast-moving field, especially for business applications.

How AI Creates New Business Value

In the modern business world, creating value is not just about profits. It is also about making a positive impact on society, the environment, and the customers. AI can help businesses achieve this by transforming various industries. AI can support the medical field in conducting research and diagnosis, improve software development with AI copilots, and provide retail customers with personalized recommendations. AI can also enhance the customer experience by offering tailored solutions, such as matching patients with specialists or customers with financial products. Furthermore, AI can empower customer service by using virtual assistants and modern call centers that can provide deeper and more relevant interactions. AI can also improve decision-making by collecting and presenting critical data and providing insights, trends, and intuitive discovery mechanisms. Executives can use advanced AI systems to respond to challenges, adjust strategies, and stay ahead of the competition in dynamic markets. 

How AI Generates New Products and Services 

AI can also help businesses create new products and services that can solve industry-specific problems and drive innovation and growth. In healthcare, for instance, AI can help diagnose diseases faster and assist in medical research and drug discovery. In financial services, retail, and manufacturing, leaders can use customized AI models to address challenges such as fraud detection, sustainable retail, and manufacturing efficiency. By leveraging AI, organizations can not only improve their existing offerings but also launch new and groundbreaking products and services. 

How AI Personalizes Customer Experiences 

In today’s market, businesses need to meet customer expectations precisely. AI can help businesses do this by enhancing both marketing and customer service. For retailers, AI can analyze customer behavior and preferences and send targeted and hyper-personalized product recommendations that can boost sales and brand loyalty. Besides marketing, AI can also improve customer interactions by using virtual assistants and call centers that can offer quick and relevant guidance. In healthcare, for example, AI tools can help patients find the right specialists for their conditions. 

How AI Improves Decision-Making with Intuitive Reporting 

For businesses, efficient decision-making depends on having timely, accurate, and actionable reports. For manufacturers, AI can simplify the reporting process by automatically collecting, processing, and presenting relevant data. For example, a manufacturing executive who wants a quick summary of the month’s production metrics, supply chain issues, or inventory levels. Instead of searching through multiple databases or waiting for prepared reports, the executive could ask an advanced AI system. This system, using natural language processing, would not only show the requested data, but it could also provide insights, trends, and recommendations. Such intuitive discovery mechanisms enable decision-makers to access information on demand, allowing them to proactively solve problems, fine-tune strategies, and stay competitive in a dynamic market. 

How TheCoded Can Help You with AI 

AI is transforming business value in many ways, but it can also be challenging to implement and use effectively. That’s why you need TheCoded, an AI consulting and development company. We can help you understand AI better, design and build AI solutions for your specific needs, and provide ongoing support and training. Whether you want to create new products and services, personalize customer experiences, or improve decision-making with intuitive reporting, we have the expertise and experience to help you achieve your goals. Contact us today and let us show you how AI can transform your business value.