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Artificial Intelligence: What is it and Can it Help My Business?

Artificial Intelligence: What is it and Can it Help My Business?

Artificial intelligence has become increasingly popular. So, let's go through what it is and how your business may implement the use of AI.

2nd September 2021
Reading Time: 3 minutes

Robots? Smart cars? Smart phones? What exactly is artificial intelligence? Well, the answer is, they all are! Artificial intelligence may be the business initiative you’ve been looking for. It can help make everyday tasks simple, quick and easy. AI can take many forms, but it may end up helping your business get to that next level of efficiency. Read on for more.

What is Artificial Intelligence?

Artificial intelligence is the science and engineering of creating intelligent machines, particularly intelligent computer programs. In general, these intelligent programs are able to understand large amounts of data. The main purpose for doing so, is to solve complex problems, make decisions and make predictions based off that data. Importantly, they can do this on an expansive scale. In this way, AI is constantly learning, just like humans. Also, the capabilities are virtually endless for AI machines and in recent years, the AI community have made leaps and bounds in their development and innovation.

Examples of Artificial Intelligence

We all interact with some form of artificial intelligence on a daily basis. It’s not just about high-tech machines and robots. Do you own you use a Smart Assistant, such as Siri or Alexa? Maybe you own a self-driving car? Do you use Netflix, Facebook, TikTok and other social media platforms? Maybe you own a robot vaccum cleaning? Well, all of these examples are a type of AI. For instance, social media platforms and Netflix use a variety of algorithms to understand your interests and show you content on that basis.

How Artificial Intelligence can help your business

Artificial intelligence has a great usage across many types of businesses. Now, AI is not going to replace your employees jobs. But, it will make their jobs a lot easier. Many companies and firms within the legal industry are already utilising the benefits that AI has to offer. Below, we’ll take you through just a few ways AI systems can be used to improve your businesses efficiency.

Customer Service

A variety of businesses use online Chatbots. It’s basically an automated assistant that offers to answer your many questions, and they can! Many Chatbots have the capability of answering a customers questions in a matter of seconds. Therefore, Chatbots are able to understand your customers problems and provide a quick and relevant solution or answer. Thus, they can help improve the efficiency of your businesses customer service, ensuring no customer is left waiting for a response.

Speech Recognition

We are all aware that Siri and Alexia have been making their way into many Australian homes. But, what about the workplace? Well, speech recognition can be a valuable tool if your business is strong on writing and communication. Specifically, speech recognition programs can aid in speeding up your businesses writing process by using verbal cues, demands and sentences. Saving you valuable time to work on more pressing tasks.

Increased Data and Information Security

AI can be implemented into your workplace to increase your businesses security systems. Therefore, you don’t need to be worrying about whether your businesses security is going to be breached, and data is going to be leaked. AI can improve your systems and allow your business to live up to its policies around data and information, including your privacy policy. AI systems are to able to detected when a breach may occur, before it has occurred. Thus, improving the quality and security of your businesses privacy and data.

Key Takeaways

There is no doubt that artificial intelligence has gained increased popularity and momentum in recent years. But, AI is so much more than robots. Many of us already interact with a variety of AI systems on a daily basis. Possibly without even realising. In general, artificial intelligence can be defined as a machine or program with the capabilities of understanding large amounts of data, and giving a specific and tailored result. Many businesses have even opted to use AI tools to help with their businesses tasks and operations. You can too!

Don’t know where to start?
Contact a Lawpath consultant on 1800 529 728 to learn more about customising legal documents and obtaining a fixed-fee quote from Australia’s largest legal marketplace.

Author
Mai Sarkissian

Mai is a Digital Marketing Coordinator at Lawpath, working as part of the Content Team. She is in her final year of a Bachelor of Laws degree at the University of Wollongong. She is interested in Business Law and Employment Law.