AI in Everyday Business: Commonly Used Tools in 2024

by thebestworldevents.com 16 February 2024 · Passive Income

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Forget flying cars and robot butlers. The true AI revolution is happening NOW, silently transforming how we live, work, and interact with the world. From personalized learning tools to intelligent business solutions, AI is no longer a buzzword – it’s a reality with tangible benefits.

This article takes you on a journey into the everyday miracles of AI, revealing how it can empower you and propel your business to new heights.

So, is AI already part of your daily life? Here are the most commonly used AI tools this 2024!

What are the Recent Statistics on AI?

We keep saying that AI is the new frontier for businesses, but beyond the hype, where’s the proof?

Let’s look at the hard facts and explore how AI is empowering businesses across various sectors:

According to Salesforce Research, 72% of customers have utilized self-service portals, while 55% have engaged with self-service chatbots.
According to PWC’s 2023 Emerging Technology Survey, AI has been adopted by at least some areas of business in 73% of US companies.
Chatbots alone are projected to save businesses $8 billion annually by 2022, according to Juniper Research.
McKinsey Global Institute estimates that generative AI could potentially add $2.6-4.4 trillion annually, significantly boosting the overall impact of artificial intelligence by 15-40%. If generative AI is integrated into software for additional tasks, this estimate could double.
Netflix has leveraged AI-powered recommendations to drive billions in annual revenue.

Generative AI could potentially add $2.6-4.4 trillion annually, significantly boosting the overall impact of artificial intelligence by 15-40% - McKinsey Global Institute

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Frequently Used AI Applications This Year

1. AI Writing Tools

Have tons of emails and documents to write? AI writing tools are changing the game. These tools can analyze vast amounts of text and generate original drafts based on your prompts. While concerns about plagiarism exist, responsible use can offer personalized learning support and overcome writer’s block.

AI writing tools you can explore:

QuillBot paraphrases your writing, helping you avoid plagiarism and improve clarity. Users can use it to rephrase sentences, while businesses can leverage it for marketing copywriting.
Jasper (formerly Jarvis) focuses on generating creative content, particularly for marketing and advertising purposes. It empowers businesses to create high-quality marketing content efficiently
Writesonic prioritizes generating long-form content, catering to diverse writing needs. It helps businesses streamline content creation, particularly for long-form

2. AI Chatbots

Gone are the days of robotic customer service interactions. AI chatbots are now sophisticated conversation partners, answering your questions accurately and even offering personalized recommendations.

This trend is transforming customer service, with companies like Sephora using chatbots to answer product inquiries and Domino’s offering pizza ordering through chat.

Conversational AI tools you can explore:

Ada specializes in providing customer service. It can answer product inquiries, troubleshoot technical issues, and even handle returns and exchanges. It’s often praised for its user-friendly interface and diverse capabilities
Drift focuses on lead generation and qualification, leveraging conversational marketing to engage website visitors in real time. It uses chatbots to qualify leads, schedule meetings, and even answer sales questions, nurturing potential customers without relying on forms or delays.
ManyChat is designed for social media marketing and engagement. It allows businesses to create chatbots on platforms like Facebook Messenger, Instagram, and WhatsApp. These chatbots can handle tasks like sending automated messages, collecting customer information, and even running basic marketing campaigns.

3. AI Virtual Assistants

These AI helpers are no longer limited to setting alarms. They’re now managing HR tasks, scheduling meetings, and even writing reports.

Platforms like Microsoft Viva integrate AI assistants seamlessly, boosting productivity and streamlining workflows. Businesses like EY use AI assistants for expense management, saving employees valuable time.

AI assistants for business you can explore:

Microsoft Viva is a suite of AI-powered productivity tools integrated within Microsoft 365, designed to personalize and streamline employee workflows. It can answer questions about company information, recommend relevant documents, automate tasks, and manage meetings efficiently.
Amelia by IPSoft automates customer service interactions, offering 24/7 support and personalized experiences. It understands natural language, answers customer inquiries accurately, resolves issues efficiently, and can even escalate complex cases.
IBM Watson Assistant enables businesses to build chatbots tailored to their specific needs, from answering FAQs to guiding users through complex processes. It understands user intent, personalizes responses, integrates with various systems, and learns from interactions to improve over time.

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Upcoming AI Trends: The Next Stage

As technology continues to evolve, we can expect even broader adoption across industries. Here are some key trends to watch:

Hyperautomation: Combining AI with robotic process automation (RPA) will further streamline tasks and enhance operational efficiency.
Personalized AI: From marketing strategies to product recommendations, AI will become increasingly customized to individual preferences and needs.
Responsible AI: Ethical considerations and data privacy will remain crucial as AI adoption expands, requiring transparent and responsible development practices.

Don’t Lose Out, Be Part of the AI Movement

Remember, the AI revolution isn’t just happening to us, it’s happening with us.

As individuals, we can leverage its power to enhance our learning, streamline tasks, and unlock new possibilities. Businesses can use it to optimize operations, gain a competitive edge, and deliver exceptional customer experiences.

The future is powered by AI, and the choices we make today define how we navigate it. So, choose to explore, experiment, and be an active participant in this exciting journey.

Start your AI adventure today and discover the potential that awaits!

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Peter Kim, MD is the founder of Passive Income MD, the creator of Passive Real Estate Academy, and offers weekly education through his Monday podcast, the Passive Income MD Podcast. Join our community at the Passive Income Doc Facebook Group.

Frequently Asked Questions

1. How can AI tools benefit my industry/business?

AI tools can benefit your industry or business by automating routine tasks, improving decision-making with data analysis, enhancing customer experiences through personalized services, increasing efficiency, and fostering innovation by identifying new opportunities or solutions.

2. What data do I need to implement AI effectively, and how do I ensure its quality and security?

To implement AI effectively, you need relevant, high-quality data tailored to your specific use cases, including historical data for training and real-time data for ongoing operations. Ensuring its quality involves regular data cleaning, validation, and augmentation processes. Security can be ensured by implementing strict data access controls, encryption, and compliance with data protection regulations.

3. What level of expertise do we need to adopt and maintain AI tools?

The level of expertise required to adopt and maintain AI tools varies depending on the complexity of the AI applications. Basic AI implementations might only require minimal training for existing staff, while more advanced AI systems could necessitate hiring specialists in data science, machine learning engineering, and AI ethics. Continuous learning and development are essential as AI technology evolves.

4. How can I ensure ethical and responsible use of AI in my business?

Ensuring ethical and responsible use of AI involves developing and following a clear set of ethical guidelines that consider fairness, transparency, accountability, and privacy. This includes conducting bias assessments, ensuring the transparency of AI decision-making processes, safeguarding user data privacy, and engaging with stakeholders to understand and address ethical concerns.

5. What are the long-term implications of integrating AI into our operations?

The long-term implications of integrating AI into operations include significant shifts in workforce requirements, with an increased demand for AI-related skills and a potential decrease in demand for roles that become automated. It can also lead to competitive advantages through improved efficiencies, innovation, and customer satisfaction. However, businesses must also navigate challenges related to ethical considerations, data privacy, and security to ensure sustainable integration.