Artificial Intelligence (AI) is a prominent buzzword. It already impacts many aspects of our daily lives, whether it’s Netflix suggesting new movies to you or Google predicting your morning commute. AI is connecting you with things that you care about, making recommendations, and predicting your behavior. However, have you ever thought about the opportunities that AI presents for you as a business owner or executive?

As a business leader, you’d better be thinking about how to use AI in your operations. You probably already have a lot of data sitting at your fingertips, ready to be put into action. After all, what good is your data if you don’t or can’t use it?

Here is where AI can come to the rescue.

1.    Do not get bogged down in the weeds

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Time matters. Think about all the repetitive tasks that you do every day. Now imagine what you could accomplish in your day if those tasks were taken care of for you! AI helps you work smarter, saving time by scheduling meetings automatically, analyzing large amounts of data, and answering commonly-asked questions. Removing these tasks frees up valuable employee time for more higher-level tasks that move your business forward.

2.    Put the power in the hands of your customers

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Customer service is one of the most crucial aspects of any business. It is also one of the most time-consuming processes. With the help of AI-powered customer service tools, businesses get to know their consumers, their patterns and solve issues faster. AI makes “machines” smarter, able to understand their surroundings and react to them with a human touch. In addition to immediate response, these tools ensure round-the-clock support and availability, which helps to cut operating expenses.

3.    You don’t know what you don’t know

As AI becomes more proficient and faster than ever before at analyzing and interpreting mountains of data, businesses have the chance to improve decision-making. AI apps harvest patterns from text, numbers, still images and video, and surface insights that you never knew existed in the first place. The use of AI in this way means that you make better business decisions, allocate budget and resources, and create solutions based on the insights gleaned from your data.

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Even if you aren’t using AI to streamline your operations and reduce your costs, your competition is. Your competition could be using artificial intelligence to improve their selling techniques, reduce the cost of their quotes, or make life easier for their employees and customers.

While many assume that it’s unrealistic to expect your exponentially growing data to help you grow, we ask: Are the costs of implementation greater than the risk of losing out on all the potential time-savings, customers and revenue that you are leaving on the table?