A lot of the current conversation around AI is focused on the big picture. What does it mean to be human in a world where technology can write poems, compose songs and even provide friendship? Will the next phase of AI end in utopia, dystopia or complete extinction?
These are fascinating questions, but many business owners will have more practical concerns. AI is just another tool and, like any business tool, you will want to way up risk and reward.
By harnessing the power of AI and cloud technology, you can increase efficiency, improve customer satisfaction and maximise profits. But there will be pitfalls to watch out for.
A productivity revolution
The capabilities of both AI and cloud technology are increasing at a staggering rate. This is great news for businesses, who now have access to more productivity tools than ever before. There are dozens of examples, but here are three that are particularly impressive:
1. AI can be used to automate laborious tasks, freeing up employees to focus on other work. A great example of this is accounting, where 30% of businesses are already employing this technology. Tools such as Microsoft Power Automate can automatically track payments, categorise expenses and generate invoices. One company was able to automate 1,000 invoices a year for a single supplier, saving them 300 hours of work.
2. AI can also streamline more creative tasks. Azure OpenAI and Microsoft Copilot in Microsoft 365 can help employees with aspects of writing and editing. Caution is advised though with creative tasks as AI can get it wrong whilst appearing to be right. An example of it being a tool to be carefully used by humans rather than a replacement for the creative process.
3. AI can be used to personalise the customer experience, improving engagement and reducing the burden on customer service teams. Dynamics 365 can analyse customer data to provide suggested responses for employees working in contact centres. Viva Sales (now part of Copilot) can streamline the sales process by summarising previous interactions, drafting email responses and recommending when and how to chase up leads.
Money well spent
71% of businesses are already using AI in some capacity, and it’s easy to see why. The benefits are clear, both financially and in terms of employee satisfaction:
· For every £1 spent on AI, companies are seeing an average return of £3.5 – in fact Microsoft predicts this could rise to £5 for every £1 spent in the UK over the coming decade.
· AI investments are paying for themselves within 14 months
· 90% of employees that use AI believe that it saves them time, while 85% say that it allows them to focus on more important work
This is only the beginning. With AI’s computational power doubling every six months, future productivity gains will eclipse those of today. By 2030, up to 30% of all working hours could be automated, creating massive opportunities for businesses to reshape their operations.
Don’t get left behind
The financial case for embracing AI is strong, but many businesses are held back by practical constraints. Over half of business leaders worry that their employees don’t have the skills to use these tools, while 60% admit to lacking a vision for implementing AI technology.
We understand this hesitancy completely. Change is always difficult, and AI is probably the biggest change to hit workplaces since the Internet. That said, now is a time to balance caution with optimism. Your competitors will use these tools whether you do or not, putting you at a disadvantage unless you do the same. If you are considering taking the plunge with AI, we’re here to help.
Our productivity consultancy Our productivity service is all about helping you to embrace the future. We’ll take an in-depth look at your business, allowing us to make tailor-made recommendations for improving productivity and getting the best possible return on your technology investments. This will include AI, but other technologies also.
Focusing on your Microsoft technology stack, we’ll start by identifying the tools that are already available to you. If necessary, we’ll also recommend additional software that could improve productivity even further. In both cases, we’ll provide full training so that you and your team can use these tools effectively and with the utmost confidence. Give us a call to find out more.