How is AI used in business?
What is the real benefit of the technology?
These are intelligent questions to ask if you're exploring AI for marketing, sales, or another business function.
Here at Marketing AI Institute, we often focus on AI's value to marketers and salespeople.
But AI has possible value for every business function, outside of marketing and sales. And it has value because it provides the same benefits to other business functions as it does to marketing and sales:
AI reduces costs and accelerates revenue.
Unlike traditional technology, AI can learn and improve over time.
As a result, it can intelligently automate repetitive and data-driven tasks, reducing costs in the process.
It can also unlock new capabilities that aren't possible with standard software, thanks to its ability to detect patterns in data and make predictions at scale.
There are two broad models you can use to figure out where AI best fits in your business.
The first model is use-case based.
That is when you identify data-driven repetitive tasks or tasks that involve prediction. Often, those activities are being done with human intuition now. You can usually intelligently automate these tasks to some degree with AI.
The second model is problem-based.
That is when you take a known challenge in your business and try to apply AI. Here, you're looking at a known challenge in your business, and you're saying: What would be the value to solve this?
Let's say you're spending $100,000 on advertising yearly and you don't think you're achieving what's possible with it. Rather than doing it the way you've always done, you might want to try and find a tool that can use AI to do it better.
There's no question there are many nuances to applying AI to business.
But it starts with finding ways to reduce costs and/or accelerate revenue. And you do that by identifying use cases or problems within the business.
How to Get Started with AI in Business
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About Mike Kaput
Mike Kaput is Chief Content Officer at Marketing AI Institute and a senior consultant at PR 20/20. He writes and speaks about how marketers can understand, adopt, and pilot artificial intelligence to increase revenue and reduce costs. Full bio.