Leaders Explain How AI Has Already Helped Their Business was originally published on Ivy Exec.
Artificial intelligence is changing the work landscape as we know it.
Leaders of both businesses, big and small, are leveraging AI tools to boost productivity and improve efficiencies within their companies. And according to recent research from the National Bureau of Economic Research, it’s working.
Access to generative AI increases productivity (which the researchers measured by issues resolved per hour) by 14 percent on average. Of course, these issues vary by business – and AI’s capacity to assist is seemingly limitless.
That’s why we caught up with leaders to hear about how they’re using AI to boost business and the ways in which it’s working for them.
5 Ways leaders are using AI to do better business
Here are five key ways AI is changing the game for leaders.
1️⃣ AI helps kick-start creativity.
Many leaders are using AI simply to ideate or brainstorm ideas. Instead of using AI to do the work, they’re using it to just get the ball rolling.
“AI has provided an amazing space for jumpstarting ideas to help product designers who are working on complex user flows or working on rapid idea generation to solve a problem,” says Hannah Schauer, Head of Enterprise Design at Ruca.
2️⃣ AI can automate certain tasks.
“All companies, especially in tech, should be leaning into AI,” says Julio Monzon, president and COO of MonetizeMore.
“We’re using it to automate our services, tools, and processes, both internally and for our clients.”
Monzon says that AI helps the company’s developers to “make things run faster” and provides the team with easier access to find various documentation.
Phil Vam, CEO of Microstartups.org, adds that AI has become an indispensable tool in three areas: email
marketing, content improvement, and data analysis.
“We’ve harnessed AI for sending personalized emails to our audience, resulting in higher engagement rates. For content improvement, we still rely on human writers for original content, but AI has been instrumental in updating and optimizing our older content. Also, we use AI for data analysis, specifically the code interpreter inside ChatGPT. It’s quick, comprehensive, and 100% objective, providing us with reliable insights.”
Vam says that his team is able to get two to three hours of work done in just minutes thanks to generative AI, significantly increasing efficiency and improving the quality of their work.
“It’s like having an extra, tireless team member who’s always ready to help,” he says.
Of course, however, being careful of AI’s pitfalls is important when using it to automate tasks, too.
Maurizio Petrone, founder, and CEO of Must Read Quotes, says that leveraging AI with consideration for its implications can serve as a substantial catalyst for enterprise growth. At Must Read Quotes, Petrone has found that strategically integrating AI and mindfully weaving it into the fabric of the business elevates human potential.
“We utilize automated content curation and employ chatbots for customer Service,” Petrone says. “The integration of ChatGPT has particularly had a significant impact on our engagement rates, promoting meaningful conversations with our users. Additionally, AI-powered data analytics has revolutionized our understanding of customer behaviors, enabling us to provide actionable insights for enhancing user experience.”
3️⃣ AI empowers users, too.
For some businesses, AI isn’t only a tool that can be used to improve internal processes; it’s also a key component of their products or services to empower customers and users, too.
For example, Q.ai, an investment app, uses AI to democratize investment management. The team uses AI to automate investment research, improve forecasting and, ultimately, create investment strategies called “Investment Kits” for users. Q.ai also uses AI to manage risk within and between Kits. So the team can use it and the users can benefit from it.
“AI is not merely a component of our app; it’s the heart of our innovation,” says Rajya Yanamandala, vice president of engineering.
“It’s our silent ally, guiding our robust trading decisions, elevating our customer experience, and enhancing our developer productivity.”
4️⃣ AI can improve customer service.
Sure, when people think about good customer service, they think about communicative and helpful humans.
But some businesses have found that AI is actually enhancing that experience.
“We have already started using AI in the workplace to improve our customer service and personalize shopping experiences,” says David Cohen, CEO of Badais International, a UK-based wholesale supplier of flowers and plants.
“AI-driven chatbots assist customers with inquiries, providing quick responses and support, leading to increased customer satisfaction.”
Additionally, he says that AI-powered recommendation engines analyze customer preferences, suggesting personalized product offerings and driving higher conversion rates. By utilizing AI “responsibly and ethically,” he says that his team is harnessing its capabilities to better serve its customers and streamline e-commerce operations.
Others agree.
“Our customer support system has been revolutionized with the help of AI,” says André Disselkamp, co-founder of Insurance, an InsureTech focused on managing business insurance and corporate pensions for startups.
“Through chatbots and automated responses, we can now provide 24/7 support, resulting in improved customer satisfaction and retention.”
His team also leans on AI to facilitate the decision-making process with predictive analytics and to automate other tasks, all of which ultimately improve the end-user experience.
“My experience with AI has taught me that, despite the challenges, the benefits it brings to the table are hard to ignore,” he says.
“We need to navigate the concerns with due diligence and openness to the endless possibilities AI has to offer.”
5️⃣ AI can help identify new opportunities.
Many business leaders are using AI to scope out new opportunities, as it cuts down on research and outreach time.
Josh Elkin, founder of Linkflow, a SaaS SEO agency, for example, taps into AI to help identify opportunities, like scoping out relevant link opportunities.
“AI has enabled us to scale our link-building efforts and still maintain the high quality and relevance that drives traffic and conversions for our clients,” he explains. “AI has provided valuable insights into keyword research and content optimization that empowers us to build links that align with our client’s businesses.”
Combining AI and human expertise has also enabled them to deliver a more powerful service for clients and help them drive sustainable revenue growth.”
