Artificial Intelligence (AI) is a pivotal model that continues to reshape how businesses operate in various industries. From automating repetitive tasks to analyzing customer behaviors, AI has become more crucial than ever, even more so than people think.
To showcase how powerful and dominant AI has become, we’ve created a quick guide that explores its role in modern businesses. Read below to learn the many essential workplace tools run by or on AI algorithms. You’d be surprised at how commonly it’s used.
Understanding Artificial Intelligence: A Refresher
Artificial Intelligence (AI) is a technology where machines or programs perform tasks that typically require human-like intelligence through various algorithms. These tasks include learning, reasoning, problem-solving, language comprehension, and decision-making.
Today, there are many AI forms available. Of all of them, machine learning (ML) is the most common type we encounter in the workplace.
ML is an AI subset focused on building systems that learn and produce better results based on experience. These systems use statistical models to make predictions or decisions without being constantly programmed to perform such a task. That means they move autonomously to learn patterns in data and enhance their accuracy over time as they receive more information.
AI in the workplace benefits different industries, including retail, healthcare, finance, and entertainment.
The Current Landscape of AI
AI technology has significantly evolved in the past decade, becoming crucial to modern business operations. People worry about AI systems replacing their work as they grow more intelligent and agile. However, these programs work as support rather than replacements. They’ve become more integrated in various business processes than many people realize.
Instead of sentient robots walking around our offices, AI-powered systems work in our computers and help with processing and analyzing large amounts of data at speeds unachievable by humans. Because of that, human workers can focus on producing more meaningful output by allowing AI to do the heavy lifting on repetitive or mundane tasks.
Aside from that, they help boost decision-making, create accurate forecasts, and personalize interactions across different channels. Because of AI’s ability to learn and adapt continuously, various tools have helped businesses stay ahead of their market by providing better experiences and services.
5 Common Business Tools That Use AI
Today, AI is integrated into various tools vital to businesses in different sectors. The following are some of these essential platforms and how AI algorithms play a role in their functions.
1. Project management software
The rise of project management software can be attributed to the increasing popularity of remote and hybrid work. These programs help users streamline, manage, and track their projects in a centralized digital workspace.
This platform encompasses many features and functionalities, including task management, resource allocation, reporting and analytics, and software integration.
AI algorithms help in executing different project management tasks. These include:
- Task automation: AI can automate repetitive tasks, like assigning projects or allocating resources, which saves time and minimizes the risk of human error.
- Data gathering and analysis: AI can provide real-time insights into a project’s performance. Aside from that, it can help analyze large data sets to identify recurring patterns, trends, and potential risks to help project managers make more informed decisions. They can also suggest strategies based on the data gathered.
- Forecasting: AI offers predictive analytics that allows project managers to forecast potential issues or opportunities, helping them take proactive measures to address them.
Today, there’s a wide array of project management tools available. These include:
- Asana
- ClickUp
- Monday.com
- Forecast
- Taskade
- Hive
- Basecamp
- Trello
2. Customer relationship management (CRM) software
CRM software is a toolset designed to help businesses manage and analyze client interactions and data throughout their buying or partnership lifecycle.
They aim to improve customer relationships, ultimately leading to retention and better growth. Their core functionalities include content management, sales monitoring, marketing integration, and analysis.
AI plays a crucial role in boosting a CRM software’s process. Here are some of the tasks that AI algorithms do on these platforms.
- Task automation: AI can automate straightforward but time-consuming tasks like data entry and lead scoring, allowing employees to focus on more strategic work regarding customer experiences.
- Data insights and analysis: AI allows CRM software to interpret large datasets to identify patterns, trends, and potential customer journey issues. They also provide real-time insights that help with better decision-making.
- Personalized customer experiences: CRM platforms use AI to provide tailored customer interactions based on their preferences and historical data. The best examples of this are chatbot suggestions and on-page recommendations.
- Customer segmentation: AI algorithms in CRM tools effectively group customers based on behavior, preferences, and interactions, providing businesses with better specific insights into their market.
Most CRM platforms use AI algorithms in their solutions. Some of the best examples of them are the following:
- HubSpot
- Salesforce
- Zoho
- Zendesk
3. Accounting software
These tools are programmed to manage and streamline various business financial tasks and processes. These include basic bookkeeping, financial analysis, payroll management, and expense tracking. Aside from that, these tools help companies maintain accurate records, comply with regulatory requirements, and conduct thorough audits, which is excellent for tax preparations.
AI has transformed accounting software by automating complex and repetitive tasks like data entry, payments, and bank reconciliations. Aside from that, they help execute the following:
- Fraud detection: Many accounting software uses AI to detect fraudulent activities by analyzing patterns and anomalies in the user’s financial data, improving the accuracy and efficiency of the auditing process.
- Predictive analysis: Accounting platforms use AI’s predictive capabilities to forecast financial trends, potential risks, and opportunities.
Many accounting tools use AI to help businesses understand and manage their finances effectively. Some of the most popular tools today include:
- QuickBooks
- Xero
- Sage
4. Human resources tools
Human resources management tools are software that are programmed to help organizations manage and optimize their HR operations and processes. These tools help streamline various functions like recruitment, onboarding, and payroll. These platforms aim to enhance HR efficiency to improve employee satisfaction and retention.
AI can further elevate HR processes through these tools. Here are some of the most common ways the technology helps:
- Task automation: The HR department involves numerous admin tasks. With an AI-powered HR tool, they can automate processes like candidate matching and interview scheduling.
- Performance management: AI can analyze performance and provide insights into employee and team productivity, enabling more data-driven decisions regarding promotions, raises, or skill developments.
- Bias reduction: HR tools use AI to reduce bias in the recruitment process by focusing on data like skills and qualifications rather than demographic, cultural, or racial factors, providing a fair and diverse candidate selection.
- Benefits administration: AI in HR platforms can automate complex benefits administration tasks, providing accuracy and compliance with numerous labor regulations.
Among the best human resources management tools are the following:
- Workable
- BambooHR
- Gusto
- Juicebox
- Effy
5. Marketing platforms
These tools offer comprehensive solutions to various marketing campaigns across numerous channels. They’re designed to streamline different marketing processes and improve campaign performance.
AI plays many crucial roles in digital marketing. These are some of the best examples of them:
- Personalization: AI in digital marketing platforms can interpret large volumes of customer data to identify common patterns, preferences, and behavior. This feature allows marketers to create tailored campaigns that perfectly resonate with their target audience.
- Content optimization: Many of these tools employ AI to analyze and optimize campaign performances for better results.
- Marketing automation: AI can also help marketers automate lead nurturing, scoring, and routing processes. This helps streamline marketing operations and helps employees focus more on producing meaningful campaigns.
Below are some of the most popular marketing platforms available today:
- HubSpot
- MailChimp
- HootSuite
- WordStream
- Sprout Social
- Jasper
Embrace the Power of Artificial Intelligence
AI is increasingly becoming more integrated into various business processes than many people think. It’s not just a trend anymore but a fundamental shift in how multiple industries operate.
With its seemingly unnoticeable dominance, it’s safe to say that AI is here to make various operations more streamlined and help employees produce more quality work.
