Posted 23 May 2023
Investing in AI
“Hey Siri, teach me more about AI”
The latest technological craze at the moment is artificial intelligence or AI, from creating art to writing TV shows, answering your everyday questions or even driving your car. AI continues to grow in different industries making every day processes easier. Not only are they making the common person’s life more efficient but also businesses. A study done by Harvard Business Review found AI can increase sales leads by more than 50%, reduce the time on the phone by 60-70% and reduce costs of over 40%-60%. AI is at the forefront of many tech companies as a future investment to make life easier for the common person.
The advancement of this technology has also led to a lot of excitement within the investing community. According to Zion Market Research, a leader in innovative data reporting, the AI market was valued at $59.67 billion in 2021 and projected to reach approximately $422.37 billion by 2028.
AI in business
Have a question about a product you just bought? AI is becoming a common solution for easily asked questions through the use of chatbots. Using chatbots, allows for a representative to help with a more detailed problem via customer support while the chatbots answer the easier questions asked. As the technology continues to grow, AI will be able to answer more advanced problems and handle escalated customer complaints. chatbots are also being used to route callers to the correct representative or department to answer the customer’s questions.
Another way AI is also being used is in marketing where it can read through various data in spreadsheets and create a customized marketing plan for the business targeted for their audience. It is also able to scan through multiple social media outlets and reviews to find trends in the data. What would take a human days to go through only takes AI a couple of minutes.
AI is also excellent at tracking fraud through your financial history and trend. If you have ever received a notice asking “was this you?” in regards to a recent purchase, AI was looking at your trends to make sure it was you who made the purchase not someone else attempting to steal your money. This is used in almost every financial institution with incredible accuracy, saving both the company and customers billions of dollars.
These are just a few ways AI has impacted company’s business day, making it more efficient in their processes and helping provide excellent customer service thorough the use of AI.
When investing it is important to consider the different options available to you, this article just goes over the basics of what AI is and how it works. It could potentially be a good investment with the growing influence it is having on different companies and changing people’s everyday life. There are pros and cons to any investment that you make. Always do your own research and make smart investments based off of it.
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