Jésica de Armas, professor of the Department of Economics and Business

“Hi, this is Dom, the Dominos’ ordering assistant bot. How can I help you?” Probably you have read something similar in a pop-up menssage from a website.  This is a Chatbot, an example of applications of AI to improve the customer experience, service, and support. But AI in business involves many other kinds of tools that allow smarter supply chains, optimal and safer operations, targeted marketing, automated quality control and quality assurance or contextual understanding.

In a formal way, AI in business means “the use of intelligent computer software with human-like capabilities to boost revenue, improve customer experience, increase productivity and efficiency, and drive business growth and transformation”. Obviously, it has impacted the way many companies operate.

And the reality is that whatever the reason for considering AI in business, the potential is there to change the way it works. This only requires an open-minded attitude and a willingness to embrace new opportunities.

What are the benefits of AI in business?

Business have been encouraged to incorporate AI into their processes due to a multitude of advantages that this implies. One of the most obvious is the time and money savings obtained by automating and optimising routine processes and tasks, which also increases the productivity and operational efficiencies. Nevertheless, the list of benefits may include many mores aspects, such as a better understanding of customers and improved experience of services offered (personalized), increase revenue by identifying and maximising sales opportunities, faster business decisions based on optimization algorithms or fraud detection.

All these are good reasons that motivates business like Uber to use AI. This company applies AI tools to predict demand, reduce estimated time of arrival and optimily match riders and drivers. Other companies have found an opportunity in AI, e.g., Amazon with Alexa digital assistant or Tesla with their autonomous vehicles.

What does AI mean for the employee?

Despite the benefits AI brings to business, there is still much discussion about the implications this has for workers, also known as the replacement versus augmentation debate.

The most common feeling among employees is dread being replaced, and therefore they usually fight against the implementation of AI in business.

However, it is about making a change of mind and assuming that AI are only tools to help, which can free from repetitive or tedious tasks. The time saved can be spent on other tasks that only humans can do, such as those that require creativity, curiosity, social skills, or overall interpretation not yet covered by AI.

AI and humans joining forces

Rather than simply replacing tasks, AI tools can complement human decision making. They can act as decision support tools throught data-driven solutions. There’s no need to race against a machine. Many decisions require insight beyond what AI can squeeze from data alone.

The knowledge of organizational history and culture, the empathy, the creative thinking, and, in general, the human essence, are unlikely to be automated.

And the demand for work in the future should move in this direction.