Unless you’ve been living under a rock, you’ll be well aware of the recent surge in rhetoric around artificial intelligence, or AI. Robots, cobots and AI-powered technologies are no longer confined to science-fiction movies and their influence in our daily lives is increasing at an exponential rate. If that thought frightens you, it’s worth taking a moment to recognise that you’re likely already engaging with this technology; from customer service chatbots, through to voice assistants like Siri and Alexa and the infamous ChatGPT – AI, whether you like it or not, is already commonplace.
At Accord Services, we are particularly interested in what AI means for the average Kiwi business. Is it something to be embraced or avoided? What will it do to workforce productivity, employee well-being and customer experiences? And do we have time to adapt alongside AI advances?
We’ve done some research and, over the next few months, will share with you our findings – the good, the bad and the ugly. We’re going to start off on a positive note and have dedicated this blog to raising awareness of why we think Kiwi businesses can – and must – find ways to leverage AI for business growth.
Let’s get started.
Future-proofing Kiwi businesses
AI is a highly practical tool that businesses can use to enhance their operations, improve decision-making processes and gain a competitive edge.
According to a US survey by Verta, Inc., 63% of companies plan to increase or maintain their use of AI and machine learning spending in 2023. And while some fear this increasing use of AI will threaten human jobs around the world, a Forbes study reveals AI technology is actually expected to create 12 million more jobs than it is expected to replace; it might just mean some upskilling and retraining.
The speed at which AI is being embraced internationally means that Kiwi businesses looking to future-proof their operations need to start integrating AI into their business strategies now to stay ahead of the curve.
Here are some key reasons why:
Enhanced efficiency, productivity and employee wellbeing
According to a Forbes Advisor survey, 64% of businesses believe that artificial intelligence will help to increase their overall productivity. That’s no surprise when you consider how AI technologies can automate repetitive and mundane tasks, freeing up valuable time for employees to focus on more strategic and creative activities. Whether it’s automating data entry, customer support, or inventory management, intelligent automation can streamline processes, increase operational efficiency and significantly reduce human error. More empowering roles are a surefire way to boost employee morale and, for companies really committed to employee wellbeing, specialist AI technology has even been developed to help companies identify, prioritise and care for employee mental health in real-time.
Improved decision-making
AI technology can take vast amounts of complex data and analyse it quickly and accurately to help businesses identify customer trends, patterns and pain points, as well as make correlations in data that human analysis may miss. This can give businesses valuable insights into customer behaviours, market trends and operational performance which can be used to improve decision-making and gain first-mover advantage on new opportunities in rapidly-evolving business landscapes.
Superior customer experiences
AI is already proving beneficial in the customer service realm. Semrush reports that 80% of marketers already have chatbots as part of their customer experience strategy – and the same survey shows that customer experience is the top motivator for 40% of businesses using artificial intelligence today. AI technologies enable businesses to deliver highly-personalised and targeted customer experiences. Chatbots and virtual assistants, powered by natural language processing, can provide instant customer support and assistance, improving response times and customer satisfaction. By utilising predictive analytics, businesses can forecast customer needs and wants – information that can be used to deliver personalised recommendations and offers that boost customer loyalty and retention.
Enhanced cybersecurity and privacy compliance
As businesses become increasingly digitised, cybersecurity becomes an even greater concern, but smart businesses will use AI to strengthen their information security, protect sensitive data, and ensure compliance with privacy regulations. AI-enabled cybersecurity systems can even detect and respond to potential threats in real-time by using machine-learning algorithms to analyse network traffic, identify suspicious activities and take immediate action to mitigate risks.
Streamlined operations and cost savings
AI-powered automation can streamline an organisation’s operations, reduce manual intervention, and cut down costs. By taking care of repetitive tasks and eliminating the risk of human error in the process, AI can free up expensive employee time to manage more strategic and creative tasks. Predictive maintenance tools can even optimise equipment upkeep – reducing downtime and increasing overall operational efficiency.
But it’s not all roses…
Many concerns around the future impacts of AI are valid and the more a business is aware of what these are, the more it can attempt to mitigate potential threats. Stay tuned for our future blog where we dive into the darker side of AI and consider what Kiwi businesses may need to prepare for.
In the meantime…
Making AI a strategic business priority requires careful thought and planning. If you need support considering how your business organisation might best benefit from AI-powered tools and technologies, we can help. Our initial chat is always free, and if you decide you’d like some independent, impartial and up-to-date support, you can make use of our qualified HR expertise for as little as an hour, or as long as you’d like. It’s up to you.