Matthew Spence, Digital Technology Consultant, Tech Lead @ Barr Media, Software DeveloperMatthew Spence
7th, July, 2023

Quick Read: Where AI is Breaking Open the Business Landscape in 2023

AI is moving at an incredible pace this year - read the highlights and stay tuned in...

This article is a teaser I've shared from our software agency for startups. Read our detailed guides on Medium @ Barr Media

AI has been ticking along in the background, but the year of 2023 has really rapidly shown some new exciting tools.

Since its inception, AI has evolved from a theoretical concept into a crucial business tool.

Its capacity to predict and respond has made it an influential game-changer across a multitude of sectors. Today, AI is not just an optional accessory for businesses; it's quickly becoming a vital component in the strategic blueprint for success.

It also has it's creative side - every image in this article has been imagined with Midjourney. They're algorithmically generated by punching in queries like "futuristic AI bot and wooden compass" into trained models. The results are impressive...

AI Bot compass mix

Where the major impacts are

Data Analysis

One of the most significant advantages of AI in data analysis is its capacity to identify patterns, trends, and correlations that might elude human analysts.

By uncovering these hidden insights, AI algorithms enable companies to make data-driven decisions that were once unimaginable.

Whether it's understanding customer behavior, identifying market trends, or evaluating business performance, AI-powered data analysis provides unparalleled depth and precision like nothing you've seen before.

Spotting patterns and trends that elude human data analysts

Prediction and Forcasting

AI can analyse incredible quantities of data faster and more accurately than humans, spotting trends and predicting outcomes with remarkable precision.

For business, an AI model can forecast sales trends based on historical data and market variables, enabling businesses to make informed decisions about strategic decisions.

Some uses include...

  1. Sales forecasting
  2. Risk assessment
  3. Price optimization

AI predicting and forecasting business trends

Data Intensive Decision-making

Making realtime decisions based off big data is no small task. One great example you can see today is how Google uses AI to decide when and where to place Google Ads in their search results, by crunching user behaviour and Ad buyer bids.

This is easilly applicable for any data intensive tasks you're exposed to and can be especially useful where quicker decisions improves your bottom line.

Customer Experience: Chatbots & Predicting behaviour

You've certainly already seen chat chats before! I won't go into too much detail, but simply say AI released this year can now predict what customers need in realtime with some rather incredible accuracy.

These customer conversations can also be fed into predictive AI with other signals, to plan new offerings and predict customer needs before they arise.

Content Creation

To the understandable denial of copywriters and content creators, AI has really simplified how businesses can publish useful content to their customers about services and products.

What about jobs? This is a whole other article, but Copywriters and content creators are still very hot to provide research, experience and character to articles. However, AI certainly speeds everything up and you should see a reduction in costs VS output when hiring a large team. Smaller businesses will benefit from being able to take on more copywriting themselves using AI tools, without losing as much time as before.

Content creation by AI Copywriters: will there be no jobs?

Want the details? This is only a summary...

This article is a teaser from our full guide to How Will AI Affect Business.

We're reguarly pumping out new and cutting edge topics so you don't miss essential developments in the Tech space 🚀

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