AI Integration Transforming the Global Business Landscape
By Ryan Hanley and Jack Gaudioso – Staff Writers
The impact of newly-developed Artificial Intelligence has already made waves in the ever-evolving world of business. AI is being utilized through several different sectors of the economy to help employees maximize efficiency and optimize company strategies for how they might become more efficient and effective at reaching their organizational goals.
In today’s digital age, customer service and technological support across numerous industries has evolved into automated online processes through company websites. Typically, it consists of a broad array of predetermined questions, which often lead consumers to prewritten help guides that offer limited meaningful feedback, often leaving them more perplexed than before.
However, with the development of more advanced AI, online customer service has been beginning to feel more personalized. Leading companies including Amazon, Google, Microsoft and IBM, have begun to develop and implement AI to boost response rates to customer complaints and guide them through the processes of returns or other product concerns.
Recent polling data compiled by Forbes reports that an estimated 73% of businesses currently use or plan to use AI to provide chatbots for instant messaging, in order to improve the customer experience and increase workplace productivity.
AI is not only helping business owners optimize their business performance to maximize profits but also helping employees through their daily operations. Employees in an array of companies have been using AI to help minimize their workload while still providing adequate results for their employers.
Even smaller businesses have been taking advantage of newer AI that assists them in marketing and social media advertisement campaigns and helps save them time overall, according to Fox Business reports.
In the rapidly evolving finance industry, many financial services firms and banks are utilizing AI to aid advisors in making informed risk assessments for optimal capital allocation. Advanced AI technologies have even been assisting investors in determining which investments will yield the greatest returns with the lowest risk.
A recent Forbes Magazine article noted the value of utilizing AI within the banking industry. With the recent downfall of several large regional banks within the United States over the past few months, having a good strategy on how to allocate capital efficiently and safely is crucial for the continued operation of major banks.
Article author Joe McKendrick highlighted how firms have recently gained access to and leveraged previously unattainable data, resulting in more informed and improved decision-making. Different Forbes Advisory data supported McKendrick’s claim, reporting that a staggering 95% of business owners believe that ChatGPT and other AI programs can and have created a positive influence on their overall business operations.
Global investors are aware of the exponential incorporation of AI into our daily lives. As AI algorithms advance and refine their capabilities, semiconductor manufacturers have been faced with an unprecedented challenge: a relentless surge in demand.
The result of this is ever-increasing revenues and unbelievable margins that have been reflected in the stock prices of many semiconductor firms. Despite a surprising recent cyclical downturn in semiconductor demand, the market outlook is still very positive; since 2001, the semiconductor industry has seen an increase of over 300% in annual sales, with demand increasing by 290%, according to data from the Semiconductor Industry Association.
Notably, NVIDIA Corporation, one of the world’s largest semiconductor manufacturers, has seen its stock price surge by 247% in the past year, primarily attributable to the growing need for semiconductors in today’s world. Wall Street executives and the SIA expect semiconductor revenues to surpass $570 billion in 2024, up from industry projected $520 billion this year.
As businesses continue their integration of AI into daily operations, and Wall Street investors profit off the surging demand created by this integration, the world can only stand in awe at the ongoing transformation of the global technological landscape.