14 ways AI is changing the way leaders do business

As the benefits of artificial intelligence (AI) in the marketplace continue to evolve, more and more organizations are finally starting to see the light.

Whether it’s lightening the load for staff members who desire to focus on more meaningful assignments or it’s developing a quicker strategy to turnaround data analysis results you’re ready to discuss with the team, AI can serve a crucial purpose in helping the business to steadily move forward, improve customer satisfaction, and revamp its image.

Here, Fast Company Executive Board members weigh in on how their use of AI has helped their companies improve business performance and spark innovation.

1. IT INCREASES THE FUTURE OF AUDIOBOOK CAPABILITIES.

We thought we could offer AI-narrated audiobooks for clients but alas, the technology at this point is still not quite up to par and Audible won’t sell AI-narrated books. But I believe that will change soon and so there will be even more audiobooks than there are now (and audiobook publishing increased 39% between 2019 and 2020!) – Anna David, Legacy Launch Pad

2. IT ENHANCES CREATIVITY.

You don’t have to have your own AI created from scratch to do something new and exciting. We have discovered that by simply linking existing AI platforms using an “if-then” protocol—an application programming interface, and limited human interaction, you can design your own computer of sorts that can accomplish just about anything. – Ryan Blanch, Repute PR + Law

3. IT SPEEDS UP THE RESULTS FOR CLINICAL RESEARCH DATA.

In life sciences and in particular clinical research, where the goal is bringing life-saving treatments to patients faster, artificial intelligence offers teams working with clinical data the ability to transform data into intelligent decisions quickly. We’re working on ways for machine learning to automate manual data processes, so researchers reduce time to insight without sacrificing quality. – Raj Indupuri, eClinical Solutions

4. IT’S FUNDAMENTAL TO THE RISE OF SMART CITY TECH.

As the amount of available data rises, AI complements human expertise by finding meaningful connections between incidents. It identifies patterns to help 911 staff direct first responders and allows leaders to track situations more comprehensively. Ultimately, it makes sense of the massive amount of data without burdening personnel. – Kalyn Sims, Hexagon

5. IT SUPPORTS BACK-OFFICE AND CUSTOMER-FACING FUNCTIONS.

While AI is not new, AI as part of a customer-centric digital strategy is evolving. Businesses will only achieve digital transformation once AI is integrated into systems that support both back-office and customer-facing functions. It can accelerate insights into customer behavior, market conditions, and business actions to avoid—data that supports growth in an increasingly competitive market. – Matthew Tengwall, Verint Systems

6. IT PROVIDES INSIGHT INTO BUSINESS PROCEDURES AND MARKETING.

AI has given our business and many others the ability to analyze data at an expeditious rate, providing great insight into the efficiency of business processes, marketing activities, and much more. In addition, today’s AI-powered software can complete many tasks; some include automated emails, copywriting, data entry, auditing, and live chats. Nonetheless, we’re still in the beginning. – Mendel  Cohen, Krafted Digital

7. IT UPDATES THE DECISION-MAKING PROCESS.

It’s changed the way decisions are made, based on AI inputs. AI-driven MarTech and even HRTech are huge enablers in a business. AI can understand data much deeper and more cohesively, leaving us with conclusive evidence in the decision-making process. I believe that being able to assess impact, effort and result is so important to a business, AI really helps give backing to decisions. – Candice  Georgiadis, Digital Agency, Inc

8. IT ELIMINATES TEDIOUS TASKS. 

While some fear artificial intelligence steals jobs, we’ve seen quite the opposite. AI has allowed our internal teams to add and derive more value from their day-to-day by removing what’s non-essential and tedious, like data entry. Freeing up time and mental space breeds innovation (something every organization can benefit from) while keeping your team satisfied and engaged. – Ryan Anderson, Filevine

9. IT FUELS CUSTOMER ENGAGEMENT.

The primary place where artificial intelligence has sparked innovation is through the data and analytics that can fuel the customer engagement engine. We have more data than we have ever had before and the key is to understand how and when to use it. It is a balance that must be actively and ethically managed. – Leigh Burgess, Bold Industries Group, Inc.

10. IT UNLOCKS OPPORTUNITIES FOR NEW PRODUCTS.

AI has serendipitously discovered possibilities for business growth that would have been previously overlooked. In the lending business, this has unlocked new potential for products to be brought to the market. From a risk management perspective, this has enabled financial institutions to be aware of unseen risks. – Christopher Aliotta, Quantalytix, Inc.

11. IT ENABLES FOCUS TIME ON MEANINGFUL PROJECTS.

Research from RescueTime shows that 40% of us never get more than 30 minutes of focused time in a workday, yet concentration is essential to innovation. AI can free knowledge workers from mundane, manual work. When AI automates our low-level tasks, we have more focused time increasing creativity and innovation. – Christina Robbins, Digitech Systems

12. IT ADDS VALUE TO RESEARCH WRITING SOFTWARE.

Indeed, human capabilities can only be surpassed or upscaled by our own developed products, and artificial intelligence is one such example. When I implemented AI to build an auto-formatting research writing software and introduced it to our research ecosystem, the output was incredibly valuable. This innovative AI-powered technology diminished the author’s manual formatting pain altogether! – Saikiran Chandha, Typeset

13. IT INTEGRATES WITH AUGMENTED EXPERIENCES. 

As architects and designers of various workplaces, we are exploring ways that augmented intelligence—the blending of artificial intelligence and augmented experiences—can facilitate a better work environment, experience, and engagement. Discussions around this forward-thinking technology in the workplace allow us to help push our clients to be more innovative. – Mark Bryan, M+A Architects

14. IT ENABLES RAPID DESIGN INNOVATION AND SOLUTIONS.

In material science, AI is forging a sustainable and scalable path to accelerate the data-driven discovery of advanced materials for critical applications in the energy, transportation, and medical sectors. AI unifies experimental and computational efforts for mapping multidimensional data, enabling rapid design and deployment of innovative solutions that serve the planet and people. – Gayatri Keskar, Material ConneXion