Artificial intelligence has come a long way over the last decade, and seems to be evolving at a rapid pace. Whilst some people are wary of these new technologies, others are keen to develop them to their full potential. But whichever side of the fence you sit on, AI can be incredibly useful when it comes to business management.
Of course, there’s benefits and risks involved when using AI in your business, and whether or not it’s right for you will depend on many individual factors. But to help you decide, let’s delve into the pros and cons of AI in business management.
The Pros
Streamline your processes:
Using AI for some of your processes can help you manage your tasks in a more efficient and timely manner. Robot Process Automation (RPA) can take care of data entry, rule-based decision making and error reconciliation at speeds which are impossible for humans to replicate, and it also eliminates the risk of human error.
Customer service is a popular area where this technology is used in business management, either by hiring virtual assistants or using chatbot systems to respond to customers. Not only does this save a large amount of time for you, but it negates the need to hire receptionists. Areas such as invoicing and payroll processing can also be considerably more cost efficient when AI is implemented.
Boost productivity:
With AI taking care of the nitty gritty elements of your business, you can focus your efforts on other areas such as development and growth. By saving time on repetitive tasks, you can boost your overall productivity and use your new-found headspace to push your top line higher and improve your services or products.
AI programs can also be used to quickly sort large amounts of information, helping you stay up to date with current trends and complex data. As computers are unbiased, they’re also more efficient at presenting information in a purely logical order, which can have a big impact on your business decisions.
The Cons
Trust and reputation:
Many people do not yet trust AI, so using it for client or customer interactions can be controversial. These programs and technologies are not capable of making conscious decisions for themselves, and so all data they present must be either inputted by a human or sourced from the internet. If you choose to use an AI chatbot or answering service for your customers, it’s vital that you are confident in the program’s ability to satisfy your customers’ needs.
One survey found that 53% of people asked say chatbots are annoying, and some customers even refuse to use them. This method of customer communication could leave you open to a lack of trust from your customers if the service they receive is sub-par.
There is also some debate over the legal liabilities of errors caused when using AI, which can cause some businesses to be hesitant of using them. It may therefore be best to keep any AI processes you employ in the background of your business, using them for internal processes rather than for client-facing purposes.
Accuracy:
Whilst AI has come a long way in being able to judge accurate and trustworthy information, it is not 100% accurate. Therefore, any AI you choose to use in your business will need to be regularly checked and updated by a qualified AI developer, to ensure it’s capable of delivering the high standard you need it too.
You can choose to either hire a service which does this for you, or employ your own AI developers to create unique systems just for your business. With AI constantly evolving at an incredible rate, there’s ever increasing options available if you decide it’s right for you.
Do What’s Right For Your Business
Despite the surge in AI being used across all industries, there’s no reason to jump on board and rush a decision to implement this technology into your business if you don’t want to. After weighing your options, and considering these pros and cons, take some time to decide if using AI is right for your business.
