How Are Businesses Using Artificial Intelligence?


A man wearing a business suit sits at a desk reviewing documents.

Having AI in your toolbox could improve a wide array of tasks from back-office responsibilities and product design to security and decision-making.

Recently, tools like ChatGPT turned artificial intelligence (AI) into a household term. However, AI has been in use for several decades and its uses continue to increase. One of the most popular uses is to enhance the features, functions and performance of products. Discover a few other ways businesses use AI to provide better service, make decisions and be more competitive overall.

Automating processes

Typical back-office tasks such as transferring data and updating customer files is a common use of AI. Many businesses also use it to extract information from multiple document types to assist in billing. Automating tasks can also help free-up workers to be more creative.

Providing customer service

If you’ve ever used an online chat function to talk with a company, there’s a good chance you’ve interacted with an AI chatbot, which are typically used to answer common questions. When the conversation strays from what the chatbot is programmed to “know,” it’s often redirected to a person who can address questions.

Stopping fraud

Especially in the financial industry, companies frequently use AI to detect fraud. Machine learning algorithms can identify suspicious activities and stop transactions before they go through. AI is also used to filter emails for spam and security surveillance.

Better supply chain

Many companies that rely on materials supplies to keep their operation going use AI in several ways, including to predict the price of materials and shipping. AI is also used to estimate how quickly they can get a product to market.

Faster delivery

Companies that provide delivery service also typically use AI to help drivers find the fastest routes.

Making product recommendations

“You may also like” is a common phrase seen by online shoppers. Those product recommendations are the result of AI that identifies similar products to what a shopper is looking at or has purchased before. Retailers like Amazon take this further to recommend sizes based on prior orders.

Analyzing information and decision-making

AI is a valuable tool for helping many businesses make better decisions through data analytics. It’s useful for sifting through information to identify trends in safety or quality problems for manufacturers.

These are only a few ways AI is used by businesses and the number of AI functions is growing by the day. By including AI in your toolbox, you open up more opportunities for moving your business forward. If upgrading your systems to use AI requires extra money, talk to us about a Consumers business line of credit.

Do you have business banking questions? Contact our knowledgeable Commercial Loan Officers online or call 800-991-2221. We’re also available to help in person at your local office.

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