Artificial intelligence is no longer just a buzzword or merely the stuff of science fiction novels. It’s a practical and powerful tool that smart businesses are using to save time, improve decision-making, boost customer satisfaction, and reduce costs.
According to National University, a Pew Research study shows that 55% of Americans use AI often, while 44% say they don’t use AI regularly. Pew also cites research suggesting that the most prevalent ways people use AI at work include chatbots and email spam filters.
Another source says the AI market in the United States is on pace to climb in value to $299.64 billion by 2026, that around eight in 10 companies say AI is a key goal in their business objectives, and that 48% of companies use AI in order to use big data more effectively.
AI is a reality in virtually all sectors. It’s here, so companies must figure out how to tap into the benefits rather than do nothing and get left behind.
Here are three ways businesses can use AI to obtain a competitive advantage this year.
1. Enhance Decision-Making With Predictive Analytics
Good decision-making is obviously critical for businesses, but what might not be as obvious for some is how AI can improve the decision-making process, courtesy of predictive analytics. Your business can tap into AI to analyze huge volumes of real-time and historical data to predict future trends, operational risks, and consumer behaviors.
Tapping into predictive analytics opportunistically can be a game-changer since it can help your business to, for example, anticipate demand for specific products during the holiday season or any other time of the year.
Predictive models are getting better and more accurate, so using AI predictive analytics is one way your company can get ahead in 2025.
2. Automate Repetitive Tasks to Improve Efficiency
Another way your company can use AI to get a competitive advantage this year is by automating repetitive tasks to increase efficiency, productivity, and profitability. Automation powered by AI can handle repetitive and time-consuming tasks.
While there are some responsibilities best left to humans, many tasks can and should be automated so that your workers can focus their attention on higher-value work. Automating repetitive tasks with AI can lead to quicker workflows, better efficiency, and fewer mistakes than if these responsibilities are done manually by employees.
3. Improve Customer Experience With Personalization
All companies should be interested in improving the customer experience, and one way to accomplish this objective is to include personalization. Fortunately, that’s something AI can facilitate. You can use AI to recommend things to consumers based on past behavior or search patterns so they get content relevant to them in real time.
When you offer personalization, customer loyalty metrics and sales conversion rates could increase. A McKinsey & Company study shows that around seven in 10 consumers expect — not just “want” — personalized interactions with companies. If you don’t give consumers what they expect, the odds are they’ll find a business that does.
The good news is that AI makes it easier to work smarter rather than harder. So, you can get tools that personalize interactions involving consumers and your business. It’s another way your business can gain a competitive advantage this year.
While there are some off-the-shelf AI applications out there, it’s worth considering custom software with AI capabilities baked in. Going this route will give you a powerful tool that helps you connect with your target demographic and communicate your unique value proposition.
AI is here to stay, and it’s increasingly becoming a must-have tool for businesses that don’t want to be left behind. It’s about leveraging AI’s capabilities to get ahead now and going forward.
