Every other company in the world has adopted artificial intelligence (AI) in their operations in some way or another. Tech giants like Microsoft, Amazon, Apple, etc are betting billions of dollars (20 billion) on innovations in AI. Enterprises using AI in 2024 are only subject to growth.
Recently, big tech giants such as Amazon, Google, Nvidia, and Microsoft have shown interest in investing billions of dollars in humanoid robots. Elon Musk is betting his future on these devices and speculates that Tesla’s robot Optimus could bring the company to a market valuation of 25 trillion dollars. This blog looks at how companies will be using AI in 2024 and, more importantly, how you can do the same.
How is AI Used By Enterprises In 2024?
- Supercharged Automation: Repetitive tasks across departments like data entry, scheduling, and customer service inquiries are being automated by AI, freeing employees for more strategic work.
- Data Analysis: AI can analyze massive datasets to identify trends, predict customer behavior, and optimize operations. This leads to better decision-making and improved efficiency.
- Customer Experience Boost: Enterprises are using AI-powered chatbots for 24/7 customer support, personalized recommendations, and targeted marketing campaigns, all aimed at enhancing customer experience.
- Innovation Powerhouse: AI can be used to generate creative ideas, conduct market research, and even optimize product design, fueling innovation across industries.
- Security Sentinel: AI is on guard in cybersecurity, detecting and responding to threats in real-time, and protecting sensitive information and systems.
What Are the Benefits of Enterprises Using AI?
- Increased productivity: AI can automate monotonous tasks so that employees can focus on more complex and strategic tasks. AI technologies have the potential to significantly increase a company’s efficiency by optimizing workflows and reducing human labor.
- Cost reduction: AI can help companies reduce costs in various ways. It can save costs by automating processes that would otherwise require manual labor. For example, banks that have used chatbots have improved back-office productivity while saving money on salaries and benefits. AI can also save costs by maximizing resource allocation, reducing waste, and improving operational efficiency.
- Improved efficiency: AI technologies enable companies to make data-driven decisions and take immediate action by analyzing large amounts of data accurately and quickly. AI is also capable of monitoring in real-time, alerting companies to problems, and suggesting solutions. For example, artificial intelligence can use data from production equipment to estimate maintenance needs and detect problems, avoiding costly unplanned maintenance and disruptive downtime.
- New growth prospects: Companies can find new growth prospects through the use of AI. Artificial intelligence technology can analyze customer data, identify trends, and provide insights that can help with product development, marketing plans, and improving the customer experience. Sales and market share can increase as a result.
Also Read: Top 5 AI Help Desk Tools to Try in 2024
5 Ways Enterprises Using AI in 2024
Some of the use cases of enterprises using AI include the following:
1. Cloud Pricing Optimization
Cloud pricing optimization has become crucial as organizations increasingly rely on AI to trim cloud costs and find efficient ways to run cloud applications. Airbnb stands out as a prime example, leveraging AI to fine-tune pricing on AWS. Their approach includes managing capacity effectively, crafting bespoke tools for cost and usage data, and optimizing storage and computing resources.
Similarly, Dropbox has embraced AI to streamline cloud expenditures, reducing its reliance on AWS and achieving savings amounting to nearly $75 million. AI tools play a pivotal role in helping enterprises optimize cloud pricing and spending by analyzing usage patterns, enhancing cost forecasting, detecting anomalies, identifying potential savings opportunities, and pinpointing more economical resource options.
2. Conversational AI
Conversational AI tools like chatbots, ChatGPT, and voice assistants have garnered widespread adoption, democratizing technology accessibility and providing valuable customer support while alleviating the burden on IT help desks. Estée Lauder, for instance, has launched a voice-enabled makeup assistant aimed at aiding visually impaired individuals in makeup application.
Meanwhile, Pentagon Credit Union (PenFed) utilizes chatbots and conversational AI to expedite customer inquiries, enabling faster responses to common questions and reducing the workload on customer service representatives. These applications illustrate how conversational AI enhances user experiences across different sectors, from accessibility innovations to operational efficiency improvements in customer service.
3. Predictive Shipping Model
Amazon is deeply entrenched in the artificial intelligence arena, not only through its popular digital voice assistant, Alexa but also across various facets of its business operations. A notable application is its predictive shipping model, which anticipates customer needs based on extensive data gathered from individual purchasing behaviors. This predictive analytics capability enables Amazon to recommend products to customers even before they realize they need them.
In response to changing retail landscapes, Amazon introduced Amazon Go, a futuristic convenience store concept. Unlike traditional stores, Amazon Go employs AI technology to track items customers pick up. There’s no checkout process; instead, customers are automatically billed through the Amazon Go app as they leave the store. Cameras monitor every movement, ensuring accurate billing for items placed in customers’ own bags.
4. Electronics
Apple, among the world’s largest technology firms, specializes in consumer electronics, software, and online services. AI and machine learning are integral to its products, such as FaceID in iPhones and smart assistant Siri in products like AirPods, Apple Watch, and HomePod. Apple also uses AI to enhance services like recommending music on Apple Music, organizing photos in iCloud, and providing navigation through Maps.
5. Automobile & Gaming
Alphabet, Google’s parent company, has made significant strides in AI and machine learning. Waymo, its self-driving technology division, aims to revolutionize transportation by reducing accidents and introducing autonomous taxis in California. Though human drivers remain present during the pilot phase, Waymo’s autonomous vehicles represent a pioneering effort in AI-driven mobility solutions.
Deep learning became a cornerstone for Google with its acquisition of DeepMind, notable for mastering Atari games and achieving a historic victory in the game of Go with AlphaGo. Google Duplex exemplifies another leap in AI innovation, using natural language processing to make phone calls and schedule appointments autonomously.
Final Thoughts
Enterprises using AI in 2024 drive innovation, efficiency, and customer satisfaction. From automating repetitive tasks and optimizing cloud infrastructure to enhancing customer experiences through AI-powered chatbots and personalized recommendations, the impact of AI is profound and multifaceted.
AI’s role extends beyond operational efficiencies; it catalyzes creativity and market insight, powering innovations in product design and market research. Moreover, in cybersecurity, AI acts as a vigilant sentinel, detecting and mitigating threats in real-time to safeguard sensitive data and systems. Looking ahead, the integration of AI promises even greater strides.