Looking back on 2023, you probably noticed one definite trend... one topic that seemed to dwarf all others: Artificial Intelligence.
Unless you were living under a rock, it was impossible to not hear about it. It seemed like AI was everywhere. On the news and headlines. On social media. In conferences and events, even in professions unrelated to technology.
The fact is AI was the (buzz)word of the year in 2023. No, literally, it was: Collins Dictionary named it their word of the year. At the forefront of all this noise, we have OpenAI and their Large Language Models (LLM) that power ChatGPT. Launched in November 2022 and crossing over a million users in 5 days, it seemed to take 2023 by storm:
- Exponential user growth
- Integration with major tech companies and platforms
- Microsoft announced a multi-year, multibillion-dollar investment in OpenAI
The result? A lot of noise and excitement around Generative AI and LLMs. And maybe without enough explanation. What do those words even mean, after all? They sound like something out of a science fiction novel, but the concept is quite simple...
Generative AI means AI models that generate new content, such as text (ChatGPT) or images (like DALL-E or Midjourney). LLMs are a type of generative AI that works with human language and can produce coherent, relevant text.
Trend or Transformation?
Throughout 2023, major news outlets, like CNN and The New York Times, touted it as the “AI Revolution”. Along with this came many promises of enhanced revenues, productivity, and profitability. And you might have wondered if all this hubbub was justified or if it was just another tech hype that would soon vanish.
That is a valid question. As it turns out, investing in AI has significant ROI. According to a study commissioned by Microsoft, companies had an average return of $3.5 for every dollar invested in AI. A small percentage (5%) had $8 returns. And the results came fast: they saw returns within 14 months of deployment.
The next question is: how can your business see equivalent results? How can AI help you be more productive and profitable? Let’s go over 5 ways AI can elevate your business to the next level.
1. Improved Customer Service
Customer support is a growing challenge. Today’s customers demand fast responses at any time, day or night. The larger the company, the greater the challenge: support has to be available in different time zones and languages. And what tool helped solve this challenge?
The reason for using them is clear: they are much more scalable than hiring an increasing number of customer service agents. According to an IBM study, they can provide 30% cost savings, and answer 80% of routine tasks and customer questions.
But traditional chatbots are limited: they depend on predefined scripts and recognition to interact with users. They also provide poor multilingual support, as they need separate setups for each language. Something better is needed...
Enter artificial intelligence.
AI-powered chatbots can understand and generate human-like responses, learn from interactions to improve over time, and offer personalized experiences to users. They can handle more queries with greater accuracy and maintain consistency across various languages, making them a superior choice for businesses aiming to elevate their customer service quality.
By transitioning to AI-powered chatbots, companies can not only meet but exceed modern customer expectations, delivering fast, accurate, and personalized support around the clock and across the globe.
2. Knowledge Management
Remember the last time you were digging through files for that one specific policy? Browsing through folders and directories, wasting precious time? Imagine if finding it was as easy as asking aloud for it. That is not a distant dream. It is possible right now, using AI.
Generative AI can act as your personal librarian: feed it the relevant documents, and it can crawl through and examine them at blazing speeds. Provide it with anything that is relevant for your company: SOPs, policies, procedures, training programs... AI can parse through it all and help you keep track of it all. But that’s not all it can do.
Generative AI goes far beyond information retrieval. As we discussed before, the power of generative AI – especially LLMs – is they can use natural human language. An AI model will not just “read” your documents. It can also find patterns, understand them, and provide insights. Instead of just giving you back a document, your AI librarian can provide a summary, explain policies, or even suggest other related documents.
It's not just about keeping things in order; it's about transforming data into accessible, actionable insights without the manual grind. Interested in seeing AI’s impact on knowledge management through a real-world example? Dive into our post on AI and documentation.
3. Streamlined Human Resources
Human Resources (HR) is all about people: finding them, welcoming them aboard, and helping them grow. Or at least, that is what it is supposed to be...
Yet, the reality for many HR professionals is far less human-centered than one would expect. Buried under paperwork, resumes, and endless back-and-forth emails, the 'human' part of the job often gets lost in the shuffle.
HR professionals find themselves swamped in documents and paperwork, parsing through endless resumes, policies, training materials, compliance guidelines, complaints, and so on. The result?
HR professionals waste their time in excessive administrative tasks. Instead of focusing on strategic, human-focused tasks, they spend hours managing incoming applications, digging through a sea of resumes, and managing training documentation.
But AI can come to their rescue. Here is how:
Automated Resume Screening: AI can quickly sift through thousands of applications and find the most promising candidates based on the nuances of experience, skills, and even potential cultural fit. This leaves the professionals free to work with the people behind resumes.
Personalized Onboarding: Every new hire is unique, and AI makes it possible to tailor the onboarding experience to individual needs, providing customized training programs and interactive onboarding experiences.
Efficient Training Programs: Through AI, companies can create adaptive learning platforms that adjust to the pace and style of each employee. This personalized approach not only accelerates the learning process but also makes it far more engaging and effective.
Bringing AI into HR practices doesn't replace the human touch. It does the opposite: By automating the routine and the mundane, AI empowers HR professionals to devote more time and energy to what they do best: building meaningful connections, nurturing talent, and shaping company culture.
4. Accelerated Content Creation
Marketing depends on content. This is even more true for newer brands or companies that depend on organic traffic rather than paid ads.
Whether we’re talking about social media, a blog, videos, or newsletters, content creation is a not a sprint, it is a marathon. It is not something you’ll do once and be done with it. And it is time-consuming: it requires researching topics, facts, keywords, drafting, editing, proofreading.
Instead of dedicating tons of work hours to it, you can use AI to rocket through the process. AI can do research faster than any human. Need statistics on dog walking trends for your pet care blog? Looking for a quote from a specific report? No problem: AI can fetch that in seconds.
Or use AI to save you from the dreaded writer’s block. Generative AI tools are great for brainstorming content ideas, outlining sections, and even getting a rough first draft. Instead of staring at a blank page (or screen) for hours, you can quickly have something to rewrite and tweak. Or go the other way around: use AI tools to proofread and edit your texts.
And let's not forget about SEO. Use AI to analyze the content of tons of competitors and monitor trends to find keywords to target, helping optimize content for better visibility and ranking, ensuring that your marketing efforts reach their intended audience.
5. Automated Summaries and Note-Taking
Imagine this... You get a couple of days of paid time off. Nothing too crazy, but it makes for a lovely extended weekend. You soak up every moment of it, taking the chance to de-stress and decompress. But when you get back to work, you find something waiting for you...
A pile of unread emails in your inbox. Long threads, messages back and forth between your colleagues. And a lot of it is waiting for your input. You’re dreading having to read it all. You don’t even know where to start.
Well, I’ve got good news for you: there's no need to read it all. You can use AI to summarize the email chain for you. You can quickly get in the loop and reply only to the emails that need your input. And you can even do that straight in your inbox: Microsoft Copilot, for example, allow you to do that directly in Outlook.
AI can also support you during meetings. Both Microsoft Teams and Zoom have AI assistants that can:
Answer queries
Summarize transcriptions
List out key points, action items, and decisions
In other words, outsource note-taking tasks to AI, and focus on being 100% present and active in the meeting.
Far Beyond Buzzwords
As we've seen, AI is not just a sci-fi concept or a passing fad. It's a practical tool reshaping the way we do business today. From revolutionizing customer service to streamlining HR processes, enhancing content creation, and beyond, AI allows businesses to focus on what truly matters: building meaningful relationships, driving innovation, and achieving sustainable growth.
But the most compelling aspect of AI is its ability to automate the mundane. This frees you and your team to concentrate on strategic, impactful work. By outsourcing routine tasks to AI, your business can harness creativity, strategy, and human insight where it counts the most.
Interested in unlocking the full potential of AI for your business? Hammrtech is here to help. Our easy AI solution, ForagerIQ can help you chat with your data and quickly obtain information and insights from your documents.
Need a custom-made solution? Our expertise in AI solutions can help your business navigate this new landscape with confidence, driving efficiency, and fostering innovation.
Contact us today to explore how AI can transform your operations and set your business apart.
