How to harness the power of AI in your business

Key points

• The use of artificial intelligence (AI) in business is increasing.
• Business owners have access to different types of AI applications to help with their operations.
• There are several things for business owners to consider when using AI.

Artificial intelligence (AI) is becoming more deeply integrated with our daily lives,^disclaimer and business owners need to stay ahead of the curve. AI has the potential to provide business owners with opportunities to streamline processes, analyse data, drive growth, and much more.

But how can you best make use of AI in your business? What considerations should you be aware of before giving it a try? We’ll answer these questions and more as we deep dive into the world of artificial intelligence in business.

How can AI enhance your business operations?

AI can be harnessed for many aspects of daily business operations. From data aggregation to content creation, business and marketing optimisation, the potential upside of AI uptake is huge.^disclaimer Artificial intelligence, particularly Generative AI, is growing at an incredible pace.^disclaimer Let’s look at three main areas where you could mobilise this technology.

Interactive AI – Improve customer experience

Business owners can use interactive AI to better engage with their customers to address their queries and concerns.^disclaimer For example, you might install chatbots on your website to assist customers 24 hours a day. If they have a question in the middle of the night, you don’t have to wait until the next day to respond – let the AI do it for you!

It’s all about streamlining the communication process – allowing you to cut wait times, provide helpful guidance, and improve customer service.

Tools you can use for your business

• Mailchimp: Set up email automations to send emails to your customers when they do certain actions, such as leaving an item in their cart or signing up to your mailing list. Use this to send reminders to your customers, exclusive offers and more to boost customer engagement.

Generative AI – Assist with content creation

Generative AI is becoming a popular tool for business owners looking for help with content creation.^disclaimer Generative AI (such as ChatGPT) can be a fantastic tool if you need content in a pinch. With a simple prompt, you can use generative AI to quickly come up with product descriptions, help create a mission statement, or even whip up the script for a video you can publish on your website.

Just be aware that while this type of technology is learning and adapting quickly, it’s still not at the stage where it can seamlessly replace human thought. If you use this type of AI too often, especially in areas where your customers want to hear from you (not a robot), they might start to notice.^disclaimer

It should be noted that Google initiated a core update to its search algorithm in March 2024 aimed at websites that use automation with the goal of manipulating search rankings. Keep this in mind when using generative AI; those who use a mix of AI and human creativity are poised to benefit most.

Tools you can use for your business:

• ChatGPT: ChatGPT is the most widely used generative AI application on the market.^disclaimer Enter a prompt and get a written response – the more detailed your prompt, the better the result. Use it for product descriptions, business plans and social media captions.

AI analytics – Enhance marketing campaigns

This type of AI is great if you have a lot of data that needs to be analysed. AI can help you understand trends in customer preferences, monitor your revenue, or optimise production.^disclaimer

Tools you can use for your business

• Google Analytics 4: This form of AI will chart the customer journey by integrating data from your store’s websites, apps and social media. You can use the findings to understand your audiences, improve your marketing and identify trends in your business, including by asking a question for quick results or insights.
• Tableau: This AI-powered analytics software can help you understand your business and make well-informed decisions. Use this tool to identify selling opportunities, increase customer engagement and provide customised solutions to your customers.

What should you be aware of when using AI in your business?

When used strategically, AI can unlock a lot of opportunities for your business. But to use it most effectively, and avoid potential harm, there are some things you need to be aware of.

Protect customer data and privacy

• When using AI, data security is a real concern for business owners.^disclaimer
• Ensure you’re transparent with your customers about how you’re collecting their data and get their consent before inputting it into an AI program.
• Remember that the more sophisticated the AI, the harder it is to understand how it uses the data it collects. Not knowing can leave you and your customers vulnerable, so make sure you’re on top of the data the AI is collecting and how it is stored, ensuring these practices are in line with guidelines and regulations for data collection. 

Risk of cyberattacks

• The more digital your business becomes, the more vulnerable you can be to cyberattacks. To boost your business’ cybersecurity, ensure your software is always updated.
• The good news is that artificial intelligence can also be used to help protect you from cyber-attacks. In the same way that the advancement of AI creates more opportunity for threats, the ability for AI analyse large amounts of data rapidly makes it a powerful tool in combatting cyber attacks.^disclaimer

They’re not human

• If you’ve used ChatGPT before, you’ll understand that artificial intelligence, while powerful, is far from perfect. This technology is young, and constantly evolving. It’s a far cry from being able to flawlessly mimic the creativity of a human mind.
• While AI can respond to our questions, create content and analyse our data, remember, it’s a robot. In fact, Australians have a low level of trust in AI^disclaimer and will notice when they’re interacting with AI-generated content instead of a human.^disclaimer
• To use generative AI effectively, make sure you’re always proofing and adjusting what it produces to ensure it is in line with your brand’s voice.

Maintain your brand integrity

• If you’re just starting out, using AI for everything can feel like a smart move. But consider who owns the intellectual property (IP) the AI generates.
• Using AI-generated content without verifying its sources might infringe on other people’s IP, which can be a costly mistake, impacting your business’ reputation.
• When you do use AI, if it feels familiar, do your research to ensure you’re not accidentally stealing another person’s idea.^disclaimer

Next steps

Where can business owners get assistance with implementing AI?

Want to learn more about AI and what it means for your business? Check out ANZ’s AI hub where you can find out how it can help to optimise your business.