How is AI changing business?

How is AI changing business – tl;dr

• 50% of firms worldwide had used AI in some way in 2022.Today, more than half use AI for cybersecurity and fraud management, alone. Since 2019, in fact, the volume of businesses using AI has grown by 270%. The global AI market is anticipated to grow at a compound annual rate of 38.1% through 2030.

• HBR categorizes AI’s business applications into three classes. There is “process automation” of tasks such as large data transfers. There is “cognitive insight” or the use of algorithms to detect patterns and meaning. And there is “cognitive engagement” or the use of chatbots, intelligent agents, and machine learning. Their survey of business leaders found that teams have the most success when they take an incremental approach to AI implementation.

• Though AI has its applications, there remains and always will work functions which are purely human. Innovation, problem-solving, and teamwork are activities that depend on the human touch and human presence. As such, experts see AI as a helping hand to people — one that handles tedious tasks primarily. Hushoffice work and team meeting booths are private, sound-insulated structures designed exclusively for the strictly human work like client calls and copywriting.

What is artificial intelligence?

AI is any computer software that performs humanlike activities like problem-solving or writing. At a high level, it encompasses the ability of machines to learn from data, adapt to new situations, and complete tasks that historically require human intelligence.

You likely encounter AI many times throughout your regular day without even realizing it. There are personalized recommendations on streaming platforms. Algorithm-tailored news feeds and product recommendations. Virtual assistants like Siri help many of us. AI-driven chatbots provide instant support. And while AI email filters keep our inboxes clutter-free, smart home devices automate our home’s temperature and light settings. Even as we type messages or search queries, AI assists with autocomplete suggestions. So AI is already part of our world. Only now, it is rapidly permeating the business world, too

– says Mateusz Barczyk, Senior Brand Manager, Hushoffice.

In business, AI generally looks like automation, data analysis, or chatbots.

HBR puts AI’s business applications into three groups. “Process automation” of tasks such as data transfers. “Cognitive insight” or the use of algorithms to detect patterns and meaning in data. And “cognitive engagement” or the use of chatbots, intelligent agents, and machine learning.

In 2022, 50% of firms worldwide had used AI in some way.

Today, more than half of firms use AI for cybersecurity and fraud management, alone.Indeed, the volume of businesses adopting AI has grown by 270% since 2019. The global artificial intelligence market is expected to expand at a compound annual growth rate of 38.1% through 2030.

There is a distinct class of tasks which are repetitive, tiresome, and, ultimately, a burden on people’s time. This special class of tasks are what AI is perfectly suited for. By outsourcing or automating the tedious functions to bots and the like, you free up your team’s cognitive capacity for higher level work. For instance, digital assistants can handle routine employee inquiries, freeing up HR staff to concentrate on more strategic tasks. Similarly, AI enables customers to access information promptly without having to wait for human assistance from a sales rep. Moreover, AI can simplify the onboarding process for new hires by automating paperwork delivery, ensuring a smooth and positive experience for employees

– says Mateusz Barczyk, Senior Brand Manager, Hushoffice.

The majority of business owners believe AI will improve business outcomes considerably.

97% of business owners believe ChatGPT, alone, will help their business. 74% anticipate its assistance with customer responses while 50% believe it will improve decision-making.

Nearly two-thirds of business owners believe AI will improve customer relationships.

60% expect it to drive sales growth. 59% expect cost savings, while 42% expect it to streamline their job processes. Needless to say, the potential is vast, encompassing everything from colleague communication to website copy to translation.

John Deere uses AI to feed the world.

Apparently, the company’s new self-driving tilling tractors are equipped with AI cameras to maneuver obstacles in the field. Their team has also set up systems with onboard cameras to detect weeds as well as self-adjusting combine harvesters which save grain.

MD Anderson Cancer Center uses AI to heal and simplify.

The MD Anderson Cancer Center has used cognitive technologies for mundane tasks like  restaurant recommendations for patient families or addressing staff IT issues. AI has helped boost patient satisfaction, improve financial performance, and lessen time spent on tedious data entry.

Sector by sector, AI is changing the way business is done.

Medical, mining, banking, to construction. AI changes the game.

AI in the medical industry, $150B annual cost savings…

38% of healthcare providers are using AI to help with patient diagnoses. Apparently, key clinical health AI applications could produce cost savings of up to U.S.$150 billion annually by 2026.

AI in the mining industry, 18X faster…

A Deloitte study found that using AI in a mining business improved data processes, making them 18X faster than previously possible. AI may in time improve OHS conditions for mineworkers, increase accuracy, decrease environmental footprints, and provide faster decision-making abilities.

AI in the banking sector, $1B added value by 2035…

AI can help with fraud detection, enhance customer experiences online,  and offer more efficient customer credit analysis. Artificial solutions are indeed expected to add more than U.S. $1 billion in value to the banking industry by 2035.

Will AI replace humans? No. AI systems perform tasks, not jobs.

AI cannot perform tasks involving managing others, applying expertise, or engaging with stakeholders. So instead of replacing humans, the technology is best viewed as a supportive tool. It can aid in decision-making and forecasting outcomes, for instance.

Most AI applications simply complement human efforts.

Experts predict that as AI integration grows, it’s improbable that human jobs will vanish. Rather, the workforce will become more specialized. Skills like content creation or qualitative analysis may well become more prominent.

Creativity is a human feat.

You may be interested to know that a few of the photos featured in this blog post were made using an AI image generator. Though they are fascinating to create and analyze, they aren’t the real thing — they weren’t photographed or fashioned by a human mind with an eye and vision.

Hushoffice work booths. Where the purely human work gets done!

Meeting via video with a client in the hushHybrid acoustic call booth. Ideating with peers in the hushMeet team pod. Conferencing with stakeholders in the large, private hushAccess.L cabin. For the tasks meant for humans, hushFree pods stand by, perfect work and meeting spaces.

Check out the Hushoffice collection of mobile office pods here.

How is AI changing business – summarized

• 50% of firms worldwide had used AI in some way in 2022.Today, more than half use AI for cybersecurity and fraud management, alone. Since 2019, in fact, the volume of businesses using AI has grown by 270%. The global AI market is anticipated to grow at a compound annual rate of 38.1% through 2030.

• HBR categorizes AI’s business applications into three classes. There is “process automation” of tasks such as large data transfers. There is “cognitive insight” or the use of algorithms to detect patterns and meaning. And there is “cognitive engagement” or the use of chatbots, intelligent agents, and machine learning. Their survey of business leaders found that teams have the most success when they take an incremental approach to AI implementation.

• Though AI has its applications, there remains and always will work functions which are purely human. Innovation, problem-solving, and teamwork are activities that depend on the human touch and human presence. As such, experts see AI as a helping hand to people — one that handles tedious tasks primarily. Hushoffice work and team meeting booths are private, sound-insulated structures designed exclusively for the strictly human work like client calls and copywriting.

Hushoffice Frequently Asked Questions

How is AI used in business?

AI has a multitude of applications in business today. It is used for fraud detection and security, for data analysis and insights, and for other analytical tasks such as sales forecasting or lead scoring. AI can also be utilized in supply chain optimization and customer relationship management.

How will AI affect knowledge workers?

Many predict that AI will reduce the average knowledge workers cognitive load by handling the menial, repetitive tasks.

Where is AI in everyday life?

Smart phones, social media, and online shopping sites all use AI. From voice recognition to face recognition to algorithms to product recommendations, AI is well-embedded into most of our online experiences. Moreover, you likely encounter it in your home, whether you have smart appliances or an assistance such as Siri.