The Impacts of Artificial Intelligence for businesses: what’s in it for you?

The Impacts of Artificial Intelligence for businesses: what’s in it for you? 

Artificial Intelligence (AI) is no longer a novelty, but an essential business tool. Initially, the adoption of AI may have seemed like a strategy exclusively reserved for larger companies, but its potential to streamline operations and enhance productivity has made it accessible for companies of all sizes. 

Here’s an example. AI solutions go beyond improving customer service with quick responses, efficient resumé screening, or cost-effective data analysis; they also optimise supply chains and empower teams by automating routine tasks. 

In this article, we approach the specific impacts of AI and offer practical insights on how businesses can leverage AI to drive profitability, boost competitiveness, and tackle the challenges of today’s market.

What is Artificial Intelligence and why does it matter to your business? 

AI refers to the capability of systems to perform tasks that typically require human intelligence. In other words, it’s when systems can learn, adapt, and make decisions autonomously, supporting or even replacing human intervention in specific processes.  

Today, the impacts of AI are reflected in every industry, from automobile to manufacturing and healthcare systems, by providing insights that can help to achieve significant competitive advantages, including enhanced efficiency, personalisation, cost reduction, and innovation.  

So, it’s very important that organizations explore how AI can fit into their strategic objectives. As AI continues to evolve, businesses that adapt will be better positioned to thrive in an increasingly competitive landscape.

Explore the main impacts of Artificial Intelligence on businesses 

AI technology presents countless opportunities for businesses: streamlining operations, enhancing customer interactions, and driving strategic decision-making. As AI methods and applications continue to expand, companies now have access to tools that were once exclusive of larger companies, making AI a transformative asset for businesses ready to leverage its potential. 

According to a survey by McKinsey, the interest in virtual assistance technology has increased over the last six years, impacting both individuals and businesses. In fact, by 2024, 72% of the world’s companies will have adopted AI, an increase of 55% in 2023. 

This shift has driven entire industries to reinvent themselves, such as music, travel agents and media, to stay competitive in the market. In other words, AI is transforming businesses by optimising processes, enhancing data analysis, and enabling more informed and strategic decisions.   

Let’s us go deeper on how to integrate AI in your business ecosystem: 

1. The power of task automation 

Significant time and cost savings are the most immediate benefits that AI brings to your business. By automating repetitive tasks, AI systems process large volumes of data with speed and precision, continuously improving and adjusting based on new information. 

So, you can see why AI is increasingly appealing to investors, who are looking to accelerate the customer experience, streamline workflows, and optimise both products and services.  

When considering AI, task automation is a strategic advantage that improves efficiency by allowing your employees to focus on high-value activities, amplifying the overall impact on growth and customer satisfaction. 

2. Predictive analysis and decision-making 

How much time does your company spend on decision-making? Today, AI provides predictive analysis, allowing precise calculations using Machine Learning algorithms and statistical models based on your company’s history.  

Rather than making assumptions, predictive analysis uses deepening and cross-referencing real-time data, providing accurate forecasts. By cross-referencing a larger amount of data, such as Big Data, AI helps to anticipate outcomes and make informed and reliable decisions that turn data insights into a competitive advantage.

3. Personalization and building customer loyalty 

If companies used to segment their audience as a standalone market strategy, today it is imperative that they predict every customer interaction, as they expect personalized experiences that respond to their needs and preferences.  

Think of a hypothetical situation in which your audience is made up of 25-year-old men who like to travel on vacation. Despite having the same characteristics, these men have their own purchasing behaviors.  

 AI driven personalization will allow to get their personal and transactional information, preferences, and purchase history to create a relevant experience. This level of customisation will certainly have a positive impact on the customer’s perception of your brand, making it a significant competitive advantage in your sector. 

4. Enhanced supply chain management with AI 

Imagine that a country supplying a specific raw material is going through a war or facing a public disaster. This scenario is representative of the importance of a sustainable supply chain.  

In recent years, with wars and health crises, companies have had high demands to meet the market, either by producing on a larger scale or by acquiring new materials. As a result, companies began to feel the urgency of preparing for any future situation.  

In response, businesses are turning to AI to fill this gap, using it as a way of planning demand and procurement, and standardise processes to mitigate risks. A study by EY reveals that 62% of companies are now using AI to monitor and measure sustainability in their supply chains.  

Moreover, 61% of companies consider that cost is still the biggest barrier to achieving sustainability in the supply chain, and AI solutions are helping to address these financial constraints by optimizing resource use and reducing waste. 

5. Security and fraud detection 

Fraud detection is a reality and highlights a critical concern for businesses. While technology helps in many ways, criminals continue to exploit vulnerabilities and commit fraud that can greatly impact on business operations. 

According to Serasa Experian’s Fraudometer, there’s 5.8 million fraud attempts from January to date in Brazil, underlying how urgent it is for companies to be aware and proactive of these events with tools that can protect them or minimize these impacts in their results. 

One approach is through machine learning technology, which allows systems to learn from historical data to make informed predictions and decisions.  The more data these systems process, the more prepared they become to identify patterns and anomalies, leading to a more efficient performance.  

For example, AI can detect potential fraud during attempted purchases by analysing combinations of passwords and other identifying numbers in real time, protecting your business and customers from potential harm. 

6. Developing innovative products 

Being closer to the customer means, first and foremost, knowing what they want to experience. Many companies are leveraging Design Thinking methodologies to enhance or develop products and services tailored to customer behavior.  

This strategic approach not only drives revenue growth and expands market reach, but also increases customer loyalty. To capitalise these opportunities, companies should have professionals on their teams who are qualified in AI and technologies that can deliver practical and disruptive solutions for the business. 

7. Escalate customer service 

When you invest in customer service you improve the overall customer experience and your brand loyalty. Streamlined processes and assertive communication are undoubtedly strategic factors to attract more customers and retain their attention. 

In today’s competitive market for products and services, referrals play a crucial role. That’s why you should invest in tools that facilitate informed decision-making and integrate them into your ecosystem. 

We strongly recommend the use of advanced tools to optimize customer loyalty processes by integrating data sources, analysis, insights, and reporting, in order to create a more engaging customer journey that promotes satisfaction and retention.

8. Sustainability and energy efficiency 

Finally, the adoption of sustainable and ESG (Environmental, Social, and Governance) practices are increasingly vital for businesses. What was once seen as a competitive advantage has now become a fundamental requirement for establishing credibility in the market.  

Companies are being held accountable for their initiatives and the environmental impacts they generate, leading to a significant paradigm shift worldwide.  

Business leaders are recognizing the importance of this movement. According to an IBM survey, 76% of executives in Europe agree that sustainability is central to their business strategy, which makes ESG a key driving factor​.  

Consequently, the relationship between AI and sustainability has become increasingly close, especially in areas focused on waste reduction, energy efficiency and integrated solutions.  

Before implementing new technology, we advise you to assess the areas with the greatest environmental impact, set clear targets, explore available technologies, and monitor the results to ensure that sustainability goals are attainable.

How to use the impacts of Artificial Intelligence in favor of your business 

As we mentioned previously, the adoption of artificial intelligence has surged with 72% of companies globally integrating AI into their operations. This rapid growth indicates that businesses are beginning to realise the value of AI technologies in driving efficiency and innovation.  

While sectors like energy and technology receive the most funding, AI can benefit any business through various applications, from automating tasks to enhancing customer service.  

Key strategies include the use of chatbots for support, optimising marketing campaigns, analysing data for strategic decisions, and personalising customer experiences based on preferences.

The use of IA in numbers for companies 

The numbers speak for themselves and better represent the company’s reality in today’s business landscape. IBM’s research points out that 42% of the companies are actively deploying AI, especially for client support and product innovation, while 40% are still exploring its potential.  

Also, despite the growing interest in AI, a significant skills gap remains, with 41% of companies planning to invest in workforce training over the next year.  

It also states that paradoxically, the World Economic Forum predicts that automation could lead to the loss of up to 85 million jobs by 2030. 

Conclusion

In summary, Artificial Intelligence can significantly alter many aspects of your business operations, from improving customer experience to optimising manufacturing processes. 

Some experts even say that AI’s evolution is similar to a new industrial revolution with an IMF survey indicating that nearly 40% of jobs worldwide could be impacted by AI advancements.   

So, it is urgent that companies prepare themselves to keep up with this technological movement and pave the way for competitiveness, investing in research, development, and strategic planning.  

As a technology and innovation company with extensive experience in digital transformation, we believe in strategic partnerships to provide tailored solutions to help businesses navigate their AI journey, from consulting to implementation. 

FCamara’s team is prepared to serve your company with a personalized approach focused on specific challenges and with solutions ranging from specialised consulting to implementation and support.  

Interested in how we can help you? Speak to one of our experts.