What Managers Need To Know About AI Usage In Business

In today's competitive business landscape, managers are constantly under pressure to make data-driven decisions, streamline operations, and boost team productivity. Artificial intelligence (AI) offers a powerful solution, enabling managers to unlock a new level of efficiency and effectiveness.

Organisations around the world have recently begun to explore AI’s potential for enhancing customer service, gainingoperational efficiencies, and driving innovation. In fact, according to a report, 59% of small to medium businesses in Australia are saying they have either already invested in AI or plan to in the next five years.

With such a high percentage of businesses actively investing in AI, the pressure is on for managers to get up to speed. Those who fall behind in understanding the capabilities of AI risk hindering their team’s progress and potentially missing out on a crucial competitive edge.

In this blog, we will discuss the many ways AI can be beneficial to business managers and how they can leverage tools like ChatGPT and Microsoft Copilot. Finally, we will talk about how managers can deepen their proficiency when it comes to AI technology.

What are the Benefits of AI in Business?

Let’s take a look at some ways that AI can enhance the way businesses operate:

Improved Decision Making

AI can analyse large amounts of data to provide insights that help companies make better informed decisions. For instance, itcan help identify trends, customer preferences, and operational inefficiencies. Moreover, AI-driven predictive analytics can forecast future market developments, enabling proactive business strategies.

Better Efficiency

Thanks to AI, routine business tasks like appointment scheduling, fraud detection, and data entry and analysis can easily be automated. This not only allows employees to focus on more important tasks, but it can also lead to cost savings by reducing operational costs.

Reduced Human Error

Human error is one of the biggest challenges businesses face today. In fact, according to the 2023 Thales Cloud Security Study, more than a third (37%) of Australian businesses experienced a data breach in their cloud environment due to human error during the last year.

AI, can reduce the risk of human error by analysing large volumes of data with precision and identifying patterns that might be missed by humans. AI can even enforce consistent application of policies and rules, reducing the variability introduced by human judgment and oversight.

Better Personalisation

AI can analyse data in a business’s customer database (like a customer relationship management system) to understand preferences and buying behavior across different customer segments. This allows businesses to offer more personalised recommendations and targeted messaging to their customers.

How Can AI Tools like ChatGPT and Microsoft Copilot Empower Managers?

As managers navigate the rapidly evolving landscape of AI, they must also be informed about the transformative impact AI tools like ChatGPT and Microsoft Copilot can have on business operations.

What are ChatGPT and Microsoft Copilot?

ChatGPT and Microsoft Copilot are generative AI tools that can understand and respond to human language.

ChatGPT

Developed by research firm OpenAI, ChatGPT works as a chatbot that holds a conversation with the user. After it receives a question or prompt, ChatGPT uses machine learning algorithms to understand the context of the instruction and generate an appropriate response. ChatGPT can help summarise content, generate code, write emails, and analyse data.

Microsoft Copilot

Microsoft Copilot is an AI-powered digital assistant that provides personalised assistance to users for various tasks and activities. It integrates seamlessly with Microsoft 365 apps like Word, Excel, PowerPoint, Teams, Dynamics 365, and Outlook to help users improve their productivity.

Applications of ChatGPT and Microsoft Copilot for Managers

Managers can harness the capabilities of ChatGPT and Microsoft Copilot in several impactful ways:

Streamlining workflows

AI tools can automate and streamline complex workflows, enabling managers to focus on high-level strategic planning. ChatGPT can help automate customer service interactions, while Microsoft Copilot can manage scheduling and email correspondence.

Data-driven insights

Both tools can analyse large datasets to extract actionable insights. Managers can use these insights to track performance metrics, forecast trends, and make data-driven decisions that align with business goals.

Enhancing collaboration

Microsoft Copilot can facilitate better collaboration among team members by organising and summarising meeting notes, while ChatGPT can help generate ideas for team brainstorming sessions.

Personalised training

AI can personalise learning materials for each team member, catering to their individual strengths and weaknesses. This targeted approach accelerates skill development and keeps the team at the forefront of their field.

Improved risk management

ChatGPT and Microsoft Copilot can simulate a wide range of business scenarios, from market fluctuations to supply chain disruptions. This foresight helps you identify potential risks early on and develop mitigation strategies before they become major issues.

Inclusive leadership

Finally, these AI tools can break language barriers by providing translations and facilitating communication among diverse teams. This creates a more inclusive work environment.

Want to Deepen Your Knowledge in AI?

If you’re a manager looking to expand your knowledge and expertise in AI, there are some things that you can do, including:

Continuous learning: Learn about the latest AI trends and developments through reputable sources like AI-focused journals, websites, and forums.

Hands-on experience: Utilise AI tools like ChatGPT and Microsoft Copilot in your business’s daily operations to understand their practical applications and limitations. This can give you valuable insights into how AI can be integrated into your business processes.

Networking: Talk to AI experts and peers in the industry to exchange knowledge and learn from their experiences. Try attending AI conferences and seminars as well.

Moreover, why not enrol in specialised AI courses that offer structured learning paths and cover various aspects of AI? Nexacu offers its AI for Management course, a one-day program that will help managers and team leaders leverage AI for various business contexts and operations. When you complete this course, you will have gained a comprehensive understanding of AI applications in management so you can better drive innovation and efficiency within your team.

It’s time to make the most out of AI technology. Enquire with us today

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