The 80s Sci-fi films are starting to seem more accurate by the day.

We are only just getting used to walking around with interconnected advanced computers in our pockets. And now we have to deal with deep fake videos and the threat of AI powered warfare.

Come on Robocop, where are you?

The sci-fi fantasy is seeping through into our daily business lives, promising to redefine the way we work, make decisions, and interact with customers.

So how will the future of AI look in the business world?

A New Era of Productivity and Efficiency

AI goes beyond automation; it’s about revolutionising operational efficiency.

Advanced AI algorithms are now capable of identifying operational inefficiencies and excess expenses that are often overlooked by human managers – even the good ones.

From streamlining logistics to enhancing quality assurance, AI is set to reduce operational costs by a staggering 37% in 2024.

So what will change?

Well leaders of organisations will start making noises about an AI strategy. As our new transformative technology is not merely a tool but a strategic partner that enables businesses to achieve unparalleled efficiency and cost-effectiveness.

Here are a few examples of how AI will benefit the future business

Retail and Inventory Management	Retail companies will use AI for managing inventory with unmatched precision. By leveraging real-time analysis of sales data, seasonal trends, and social media, AI algorithms will accurately forecast demand for products, allowing retailers to dynamically adjust stock levels. This will minimise overstock and understock situations and also streamline supply chains and automate restocking orders.
Manufacturing and Quality Control	Manufacturing plants will adopt AI systems to continuously monitor production lines, detecting deviations or defects that evade human inspection. Through predictive maintenance, these AI-driven systems will pre-empt equipment malfunctions, saving considerable amounts in downtime and repair costs. Moreover, AI will fine-tune manufacturing processes in real-time for optimal efficiency and quality, drastically cutting waste and enhancing product consistency.
Energy Usage	Commercial buildings will implement AI to optimise energy consumption efficiently. Analysing data from various sensors, AI algorithms will dynamically adjust HVAC systems and lighting according to temperature, occupancy, weather forecasts, and energy prices, maximising comfort while minimising energy costs. This approach will not only lead to significant operational savings but also contribute to environmental sustainability by reducing the buildings’ carbon footprint.
Finance and Expense Management	AI will revolutionise expense management by automatically categorising expenses, pinpointing anomalies or potential fraud, and optimising cash flows. With the capability to forecast financial outcomes with high accuracy, AI will enable more effective financial planning and uncover cost-saving opportunities by identifying patterns of spend that can be reduced or eliminated.
Customer Service and Support	Customer inquiries will be predominantly managed by AI chatbots and virtual assistants, employing advanced natural language processing to improve with each interaction. For complex issues requiring nuanced human intervention, AI will facilitate a seamless transition to human agents, providing them with problem summaries and suggested solutions, thereby streamlining customer support processes and reducing associated costs.

AI-Driven Decision Making

The realm of decision making is an interesting topic to ponder on.

At present, AI will struggle to factor in the breadth of history, the vast number of potential outcomes and the emotional reactions of others. These are all things that humans take into consideration naturally when making decision.

However, when it comes to analysing patterns in data, and making lighting quick reiterations for improvement – the bots have the upper hand. And they are getting better.

Even so, the future of decision making in business is going to be a burden shared by both human and machine intelligence, for now.

There is no doubt that those businesses that utilise AI effectively, for both data analysis and interpretation, are going to get a competitive advantage when it comes to decision making.

Let’s take a look at how we can expect AI and humans to work together to make decision in business.

AI	Data Collection and Analysis	AI systems will systematically gather and analyse extensive datasets covering market trends, consumer behaviours, and competitive landscapes. This analysis will identify opportunities for growth and efficiency, serving as a critical foundation for strategic planning.
Human	Strategic Insight and Interpretation	Business leaders, equipped with AI-generated insights, will apply their deep industry knowledge and strategic acumen to interpret these findings. They’ll consider the broader implications of these insights, including market positioning, brand integrity, and alignment with long-term goals.
Both	Strategic Decision Implementation	Guided by a combination of AI insights and human judgement, companies will make informed strategic decisions. For example, launching a new product line in response to an AI-identified market opportunity. This decision will be backed by comprehensive data and a nuanced understanding of the company’s capabilities and market dynamics.
AI	Monitoring and Adaptation	AI tools will continue to monitor market responses, operational efficiency, and overall performance in real-time. This ongoing analysis provides a basis for iterative adjustments, ensuring strategies remain responsive to market and operational realities.
Human	Strategy Refinement	Business leaders will review AI-generated performance metrics alongside human insights into market trends, stakeholder feedback, and other qualitative data.

Personalising Customer Relationships

Customer service is another area where AI is making significant strides.

By 2025, AI is expected to manage 85% of business relationships with customers, offering personalised interactions that are informed by detailed analytics of individual preferences and behaviours.

AI-powered chatbots and virtual assistants are becoming more adept at understanding and predicting customer needs, thereby enhancing the customer experience and fostering brand loyalty.

This level of personalisation was unimaginable a few years ago but is now at our fingertips..

Talent Acquisition and Management

Recently a company admitted to posting a job ad written by AI. The job was to manage some new AI software. The job spec was also created in AI.

CVs were matched to the job spec and ranked for most appropriate by AI. Of which most CV were no doubt written – at least in part – by AI.

If you’re thinking that it’s all getting a little strange… …you’re not alone.

Perhaps predictive AI models make a little more sense in the context of people management. They can provide executives with insights necessary for effective workforce planning, skills enhancement, and talent retention.

All this represents a significant leap from traditional hiring practices. And as the tools get sharper, they will better enable businesses to build a workforce that is both talented and aligned with their organisational goals.

So When Will All This Happen?

Basically, it’s happening now.

As of February 2024, 68% of large businesses in the UK were using at least one form of AI technology on a regular basis.

With AI expected to contribute $15.7 trillion to the global economy by 2024, the business world stands at the cusp of a revolution.

As businesses across the globe adapt to this new reality, the landscape of work, interaction, and innovation is set to change forever. The future of AI in business is not just promising; it’s an unfolding reality that demands attention, adaptation, and above all, an open mind to the endless possibilities it brings.