When OpenAI launched ChatGPT, the world suddenly couldn’t stop talking about Artificial Intelligence (AI). In the months after it launched, millions of people used it to write songs, apply for jobs, and even win the lottery (so claims a man in Thailand). With the general population paying such close attention to ChatGPT, it underscores the importance of an AI strategy for businesses operating in today’s digital age.
Yet AI is no spring chicken. Scientists first began talking about an “artificial brain” in the 1940s, with 1956 credited as the year artificial intelligence was officially founded.
So how, nearly 70 years later, was ChatGPT able to finally mainstream AI and set off such a huge cultural phenomenon?
ChatGPT: The AI Strategy Wake-Up Call.
ChatGPT was able to generate text that better resembles human speech and engages in conversations with people in a manner that we haven’t seen with any other system that came before it.
Some argue its impact could be internet-scale disruption.
Yet, so many businesses are still in a state of uncertainty, without any formal plan for how they will implement an AI strategy into their operations. AI is complex and constantly evolving. So it’s understandable how half of US businesses still don’t have a plan for how they’ll use it. Plus, it’s so new that many business leaders aren’t even sure of who to turn to for help (btw, we can help 😉).
It seems unfathomable that 30 years ago businesses would have been scratching their heads, wondering if they really need this new internet thingy.
Yet that’s where we are right now with artificial intelligence.
In this article, Bill Gates reflects back to mid-2022 when he challenged OpenAI to pass an Advanced Placement Biology exam. He thought it would take them a few years. They finished in a few months. So, yes, your business absolutely needs an AI strategy.
Atlantic BT has been building websites, improving software applications and managing cloud services for 25 years. That’s more than two decades of experience using the same kind of strategic thinking and creative development required for AI.
We thought we’d use some of that knowledge and experience to help other business leaders try to understand where and how they could use AI to improve their operations. And if you need help implementing any of these ideas, reach out to Atlantic BT to help you create an AI strategy that is right for your business.
Transforming Business Operations with AI: Practical Use Cases Across Departments
AI can help businesses to streamline their operations, enhance customer experiences, improve their current products or services, or even create entirely new revenue streams. Examples of the latter require more specific conversations, as every business is unique in the products and/or services they offer.
But one thing most businesses have in common are the departments necessary to support their operations, such as accounting and human resources.
Most of us have already recognized the power of automating some of the mundane processes of these supporting departments. Now with AI we can also pass on some of the analyzing and decision making as well. These use cases offer some great starting points for crafting your own AI strategy.
AI in Accounting: Enhancing Cash Flow Management and Financial Forecasting.
One of the most significant benefits of AI is its ability to identify patterns in large data sets that would be impossible for any human to comprehend.
With Accounts Receivable, for example, AI can predict when invoices are likely to be paid based on each customer’s history of settling invoices. And similarly, it can predict what might not be paid. Thus, the business can focus their AR efforts where they’re needed most. With AI, businesses can better manage their cash flow and plan their own spend.
And how about with auditing? The primary objective is to ensure accuracy and compliance in financial statements. Traditionally, auditors review a subset of transactions, which leaves room for errors and missed anomalies. However, with AI every single transaction can be reviewed. And in real time, allowing businesses to identify potentially risky transactions before they happen.
Businesses can also use AI with financial forecasting and budgeting. These algorithms can analyze historical data and make accurate predictions about future outcomes. This enables businesses to forecast demand, optimize inventory levels, and make informed decisions based on predictive insights. So, why not kickstart your AI strategy by using it to shape your company’s financial future?
AI in Human Resources: Refining Recruiting Efforts and Analyzing Productivity.
Human Resources is another department that will benefit from an AI strategy. Businesses can use AI to better refine their recruiting efforts. It can track and analyze hiring conversion rates, thus identifying the organization’s most successful recruiting strategies.
AI can also help businesses track and analyze employee productivity. It can determine how much time employees are spending on certain tasks and also predict where bottlenecks are most likely to occur. Managers can better identify areas for improvements and detect issues before they become a significant problem.
AI in Marketing: Enhancing User Experiences and Analyzing Advertising.
User experience and customer service enhancements are likely the most recognizable forms of AI, even prior to ChatGPT. Anyone who shops online has likely encountered and even used a “live chat” feature.
Ecommerce businesses use AI to recommend products that align with customers’ learned interest. If you have a social media account, you’ve probably witnessed businesses implementing AI strategies with their advertising efforts.
Speaking of social media, AI can help businesses to create content for their posts and ads. As well as your website, brochures, product descriptions, etc. Really, any department could benefit from AI to create content – emails and reports, policies, proposals. Want to get started now? Check out the new Chat feature from Microsoft Bing, it’s free.
AI can also help your marketing department to better analyze how well your advertising strategies are working. At Atlantic BT, our campaign conversions from Google Ads and Social Media are already integrated with our Salesforce CRM, creating some very insightful reports. But we still have to interpret that data ourselves.
By leveraging AI-powered analytics, organizations can make data-driven decisions, identify patterns and trends, and uncover hidden opportunities for growth.
Getting Your AI Strategy Started: Assessing Processes and Identifying Opportunities
Now that you have some ideas for what Artificial Intelligence can do for your supporting departments, it’s time to begin crafting an AI strategy for your business.
Step one is the same as it would be when implementing any other type of technology solution. You should begin by assessing your current business processes and identifying where AI could make a significant impact. Consider how AI can streamline operations, enhance customer experiences, or even create entirely new revenue streams.
In the tech world, we can this step the discovery phase.
Discovery is a crucial first step that builds the foundation for design, development, implementation and maintenance. Partnering with a team experienced in AI strategy development will be extremely valuable. Additionally, collaborating with experts to understand the possibilities and limitations will help you develop a roadmap that best aligns with your goals.
Partnering with an AI Consultant
Implementing an AI strategy for your business can be a complex and challenging endeavor. Partnering with a firm, like Atlantic BT, can provide the expertise, guidance, and support needed to ensure successful implementation.
Even if you aren’t sure what you want to do, but you just know that you don’t want to be left off the AI train, let’s still schedule a call.
We can help you to flush out your business goals, acknowledge your pain points, and identify opportunities for improvement. This will help you better prioritize AI use cases and define clear objectives for your AI strategy.
Click here to book a consultant with the Atlantic BT team.
We’re excited for what the future of our own business operations look like with the AI enhancements we have planned at Atlantic BT. And we know it will be just as exciting to partner with other business leaders to do the same for their organizations.
Atlantic BT
Great organizations, from startups to enterprise, have trusted Atlantic BT since 1998 to design, develop, and secure their most important web projects. We deliver mission-critical technology and build powerful experiences that drive organizations to achieve their goals. And we’re doing the same with artificial intelligence. Check out the Our Work section of our website. Here you can read through some case studies of technology we’ve developed for clients across many different industries like ecommerce, nonprofits, higher education, and more.
