Updated: May 16
The AI effect on business is undeniable, and experts predict that the market for this technology will grow to over $107.5 billion by 2028. Much of this is thanks to the status of artificial intelligence (AI) as a digital marketing tool, helping to optimize business operations.
Some of the major AI trends in recent times include ChatGPT and AGI, which have helped business owners automate tasks, personalize campaigns, and more. While these are good things, the big question remains: how will AI be used in the future of business?
ChatGPT is an AI-powered chatbot that holds natural-like conversations with users and provides accurate answers to inquiries. It is similar to the AI-powered virtual assistants Siri and Alexa.
You can consider this modern AI as an innovative type of search engine, only less formal and with better results. So, while a search engine will display links to webpages with answers to your inquiries, ChatGPT sources answers from these sites and compiles them in a conversational and more understandable manner.
People use ChatGPT for various purposes that revolve around researching and learning, and it’s one app that can do almost anything. The big question is, what do you want to use it for?
Yes, you can use ChatGPT for your business. Many businesses are doing so already. In the marketing world, ChatGPT can help you learn about your business industry faster, how to relate with customers better, and the essential information to grow your business efficiently.
As the language model of ChatGPT gets continually developed, the potential of the groundbreaking app and its inspired AI effects on businesses evolve. It’s the near-limitless possibilities that stun the world, drawing everyone toward it.
ChatGPT is so fascinating that it took only five days to record up to a million users, an adoption rate never seen before in the tech world. Initially, it could only generate text responses, but with recent developments, businesses can use it to generate images and video content for various needs.
So far, some of these businesses that have incorporated this AI technology in their marketing efforts are Snapchat, Instacart, and Shopify. Here are some ways you can use ChatGPT for your business:
With ChatGPT, you can enhance your business customer service by automating responses to customer inquiries. In addition, the AI automation tool can create more free time for you, especially if you run your business operations alone. Thus, you can channel resources to other areas, saving time and money.
ChatGPT can learn your business style and tone and help create marketing content aligning with your brand. This AI tool can draft newsletters, write product descriptions, and more.
As your business grows, you need more hands to deal with expanding customer requests and inquiries. With ChatGPT, you can scale your business operations and better manage the workload without compromising on quality.
Most businesses have dedicated teams for reviewing data and making reports and summaries based on them. ChatGPT can complete this task faster than any team, and this speed, plus the reduced labor costs, can only spell good news for businesses.
While there is no end to AI's effect on businesses, here are the top ways this new and innovative technology can impact businesses:
Provision of accurate data analysis for better decision-making
Personalized customer support and interactions
Lower operations costs
Place businesses ahead of the competition by spotting trends and opportunities humans cannot immediately pick up
Boost security measures via the quick identification of threats
Although AI adaptation is still in the beginning stages, experts predict this technology will influence business growth by 2025. Rather than be a replacement for human intelligence, we believe that AI will support it. For example, it can process and analyze data faster than any human brain and then submit it to a human user to hasten decision-making processes.
So, we see AI’s utility in day-to-day business operations in Boston and predict that it will take digital marketing from where it is now to a higher level. The good thing is that your business does not have to be technology-facing to leverage this technology, as it is an accessible service that even small businesses can incorporate.
While there are several benefits Boston businesses can gain from incorporating AI technology, you need to consider the disadvantages too.
Real-time data analysis to help businesses make critical decisions
Improved customer service
Automation of business operations
Improved data security
Better at performing repetitive tasks
Speeds up the decision-making process
Increased reliance on machines
Reduced job opportunities
Absence of human creativity
Automation can make humans lazy
Inaccurate, biased, outdated, or limited information and data
The Next Step for Your Business
It’s not enough to know about how AI will impact businesses. You need to go the extra mile to learn how to use this technology and adopt it in your business workflow. One way to achieve this is to team up with business peers working towards the same goal.
EO Boston is a robust network of growing Boston entrepreneurs committed to learning. We work together to help all members leverage trends of this nature for improved business performance. The next step for your business is to join EO Boston and grow with several industry leaders. Click here to see if you qualify for full EO Boston membership or our Accelerator Program.