Artificial intelligence (AI) is a revolutionary force reshaping almost every facet of the business industry. From automating routine tasks to offering unprecedented insights into customer behaviour, AI’s integration into business processes has transformed how companies operate, compete and leverage business trends.
As machine intelligence continues to evolve, so does the need for professionals who can leverage this technology to drive innovation and growth. This article explores the vital role of AI in business and how pursuing an MBA can equip you with the skills and knowledge needed to thrive in an AI-driven environment. As a business professional, it’s time to ensure you’re not just keeping pace with technological advancements but setting new standards in innovation and leadership.
The need for efficiency drives the move towards exploring AI in business, pressing companies to roll out tech upgrades and solutions that offer better customer experiences and a competitive edge. With so many advances in the field, AI is used for a variety of business purposes, from predictive analytics in marketing to AI-driven fraud detection in finance.
Kosala Aravinda, COO of Blockstars Technology, says that companies are increasingly turning to AI to streamline and eliminate repetitive tasks in their customer service departments.
“We’re seeing more and more employees using AI software to book, record and summarise meetings,” says Aravinda, who urges us to consider where meeting files are stored and what happens if the provider encounters a security breach.
“Most people will take the convenience path over security and privacy. However, when it comes to business, trade secrets, NDAs and other legal aspects, data security needs to be considered.”
Other common types of AI in the workplace include chatbots for customer service, machine learning algorithms for data analysis and AI-powered tools for internal process optimisation. These applications of AI are not just transforming operations; they’re setting new standards for what businesses can achieve.
The relationship between AI and business is increasingly symbiotic. AI technologies offer the potential to automate complex processes, enhance decision-making and create new products and services. The trend toward using AI for business signals a shift towards more efficient, innovative and customer-centric operations, underscoring the need for a workforce that’s not just aware of AI but is also proficient in using its full capabilities to drive business success.
Several AI trends are shaping the future of business, including:
Aravinda adds that AI social media assistants are a popular use case, particularly for businesses racing to stay relevant in the fast-moving social media landscape.
“With the use of AI, marketing teams can automate the creation of videos and translate videos to other languages to open up new markets,” he says. But he cautions that those involved in generating images have to be cautious given the possibility of infringing on another’s intellectual property.
As AI becomes more common in business operations globally, it’s crucial to balance its benefits with the challenges it brings.
On the one hand, AI can transform businesses by automating tasks and improving customer experiences, leading to greater efficiency and satisfaction. However, its fast growth also presents challenges around data privacy, ethical concerns and regulatory issues.
Benefits of AI:
Challenges of AI:
Navigating the intricate landscape of AI in business requires a careful balance between leveraging its transformative benefits and addressing its potential challenges. As we forge ahead, the key to harnessing AI’s full potential lies in embracing innovation while remaining vigilant about ethical practices, data integrity and regulatory compliance. Businesses must play a role in ensuring a harmonious future where technology and humanity coexist.
A 2023 CSIRO report revealed that 68 per cent of Australian businesses have already adopted AI technologies, with an additional 23 per cent aiming to do so within the following 12 months.
AI’s role in fraud detection is becoming increasingly critical in the finance sector. A standout example is Visa’s Advanced Authorization (VAA) tool, an AI-based real-time payment fraud monitoring solution, which reportedly prevented $714 million in fraud against Australian businesses in a year. Outcomes like this highlight the increasing need for AI to fight financial crimes, especially as the use of digital payments grows.
Thankfully, finance isn’t the only sector reaping the rewards of AI adoption. In an innovative move to combat the rise in telephone scams, Australian researchers have developed Apate, an AI chatbot designed to engage scammers in prolonged conversations, making phone scams increasingly uneconomical.
Here are some other examples of leading companies using AI across their business operations:
Telstra has embraced AI to strategically overhaul key areas of operation, which has led to significant improvements in automated service fault detection and resolution as well as customer service. The enhancements include the introduction of ‘AskTelstra’, a generative AI knowledge bot, which enables customer service teams to navigate an extensive database of more than 2000 manuals efficiently.
The beauty retail giant MECCA has leveraged AI to bridge the gap between its in-store and online shopping experiences, undertaking a digital transformation that replicates the personal touch of in-store interactions on its digital platforms. By integrating customer data across channels using MuleSoft software, MECCA launched the innovative ‘Miss MECCA’ chatbot. This tool has significantly improved customer support, identifying complex queries for human intervention while efficiently managing routine inquiries with AI. The result is an impressive 75 per cent reduction in chat abandonment rates.
Qantas recently announced a multi-million-dollar investment in new technology to enhance its digital channels over the next three years. The company will use AI to optimise workforce and asset deployment and drive continuous improvement across a range of its operations. Planned changes also include a major upgrade to the Qantas app, new features like enhanced baggage and flight tracking and improved updates during travel disruptions. Jetstar will also benefit from new online check-in for international flights and a live update app.
The good news is that it’s not just big brands benefiting from the rise of AI. Smaller businesses are increasingly using AI-driven marketing tools and sales software to promote services, improve customer retention rates and boost their bottom lines.
As AI continues to reshape the business landscape, the demand for professionals who can navigate and lead in this new environment is surging. Undertaking an MBA with units focused on technology and innovation, such as RMIT’s Technology Futures unit and James Cook University’s Business Innovation and Technology Management units, can equip you with the knowledge and skills to leverage AI effectively.
These units cover essential aspects of AI in business, from understanding its capabilities to strategic application and ethical considerations, preparing you to adapt to AI advancements, drive innovation and future-proof your career. Better yet, by understanding both the potential and the pitfalls of AI, MBA graduates are positioned to lead their organisations towards sustainable growth and innovation.
Change is constant in the business world, so business people must always be on the pulse to adapt to AI, new technology and innovative changes. Chat with a Student Enrolment Advisor to learn how an MBA can boost your career.
Whether you’re ready to enrol, or just have a quick question, simply fill out the enquiry form below to speak directly to the university’s enrolment team. They will be able to guide you through:
