AI – Revolutionising Business & the way we work

Published: 17 July 2023

In the last year alone, Artificial intelligence (AI) has massed some significant attention with many talking about the disruptive potential across many industries. However, contrary to popular belief, it is not a new technology and has been available in the business world for quite some time, albeit in different forms.   

We have seen it boom within the last year and emerge as a game changer for many industries. From streamlining operations to enhancing customer experiences, AI has been revolutionising business applications and opening a world of possibilities.   

The transformative power of AI and its impact on various aspects of modern businesses and technologies

  • Data Analysis and Insights

One of the most significant contributions of AI in business applications is its ability to analyse vast amounts of data with speed and accuracy. AI powered analytics tools, such as Power BI, enable businesses to extract valuable insights, identify patterns, and make data-driven decisions. By leveraging the vast array of analytical tools available, businesses can uncover hidden trends, predict market behaviour, optimise processes and identify opportunities for growth.  

A key piece to note on the use of AI tools to analyse the data is that no matter how good the tool, the data it is accessing needs to be sound. To support key business data, it is imperative to ensure your systems and processes are working together to ensure the integrity of the information being analysed.   

  • Enhanced Automation and Efficiency  

Automation lies at the heart of AI’s impact on business applications. By automating manual processes, businesses can significantly enhance operational efficiency, reduce errors and increase productivity. Microsoft has had tooling available within its Power Platform for some time, allowing automation of repetitive and rule based tasks, which has helped businesses to increase their productivity. These tools also help to reduce errors and overall integrity of the data input within the solutions.  

  • Personalising and Improving the Customer Experience

AI has transformed the way businesses interact with customers, enabling highly personalised experiences at scale. Through natural language processing and machine learning, AI-powered chatbots and virtual assistants provide real-time assistance, answering customer queries and resolving issues promptly. This technology is also becoming available within Business Applications. Microsoft has introduced Microsoft Co Pilot within their CRM and ERP platforms which uses the knowledge from the solutions and business ecosystem to make real-time suggestions to emails, providing a guide to appropriate action.  

  • Fraud Detection and Risk Management  

AI has become a vital tool for businesses in detecting fraud and managing risks. Machine learning algorithms can analyse large volumes of data, identifying patterns and anomalies that indicate fraudulent activities. AI-powered systems can continuously monitor transactions, network activities, and user behaviour to detect potential threats in real time.   

 Summary 

The integration of AI into business applications has had a transformative impact on various aspects of modern businesses and is revolutionising how businesses operate and compete. As AI continues to advance, it is imperative for businesses to embrace the technology available to unlock its full potential and stay ahead in today’s rapidly evolving business landscape. The introduction of AI can be subtle yet impactful and with the tools readily available it does not need to be a costly exercise. Many of the tools utilised by businesses already have AI capabilities and it becomes a case of being aware of what these are, what they can do and how they can be unlocked. By leveraging AI effectively, businesses can drive automation, improve efficiency and delivery exceptional value to their customers.  

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