So, where is this investment going, and how can AI support CEOs right now?

The Key Areas in Which CEOs Can Deploy AI

Process optimisation

Process optimisation was one of the first areas in which AI was successfully deployed, and it is continuing to make strides in this arena. By leveraging data – both historical and real-time – AI can provide the granular level insights necessary to address any operational issues faced by a business, allowing for the acceleration of a wide range of processes, including data gathering, intelligent report making, quality control, and the identification of any areas where logjams are causing a loss in productivity and performance. And this can be incredibly useful for a CEO seeking to enhance efficiency while reducing costs and lost time.

Enhanced productivity

A by-product of process optimisation is almost always enhanced productivity. With a business’ more tedious and time-consuming manual processes being handled by AI, employees are freed up to handle the more creative and business-critical processes, which will improve productivity and help to develop organisational strategy.

Customer service

Customer service takes many forms in modern business, and AI has a range of tools available to help support almost all of them. Online, we have intelligent chatbots able to provide a personalised service with tailored responses and suggestions far beyond the abilities of their earlier incarnations. In call centres, AI can be combined with speech recognition technology, helping businesses to detect fraud at the same time as guiding operatives towards the correct tone and language as well as the best products or services for each customer’s needs, and also highlighting whether a particular caller may need specialist support. While in retail, there’s the potential for live customer sentiment analysis, helping businesses to take a proactive approach to merchandising, stock, and customer service.

Data management and predictive analytics

AI can handle epic amounts of data at lightning speed, processing and analysing more than a human operative ever could, and this can be used to provide the basis for the most accurate predictive analytics available. When you know what your customers are likely to want and need, you can take steps to tailor your products and services to ensure the future relevance and viability of your business.

New product development

As a part of future-proofing your business, AI can also support the development of new products and services most likely to answer the needs of your customers. Through the gathering and analysis of customer and market data, AI can provide incomparable insights that will ensure that your business stays ahead of the trends.

Cybersecurity

In 2023, there were 1,351 incidents of data breaches through cybersecurity attacks, affecting more than 2.2 million records. And 46% of UK businesses experienced a cyber-attack of some form. Cybercrime is increasing and it is becoming increasingly difficult to prevent it, AI is currently viewed as one of the best hopes, largely through its data processing capabilities. Able to sift through masses of data, often working in real-time, AI is more capable of identifying system and behavioural abnormalities and detecting malicious activity. It is also able to automate certain security processes, helping to expedite the response to any potential security concerns.

Fundraising

Raising funds can be one of the most difficult aspects of running a business, especially for startups. AI has the power to change that. As well as helping you to create concise, convincing, and readable pitch decks and reports, packed with the most up-to-date and substantial analytics, it can provide detailed insights into donors and potential investors, helping you to find the best approach for each potential funding source.

Investment management

And once you’ve got the funds, AI can provide you with the insights into your own business you need to work out where best to place your investment to the benefit of your business. As well as helping investors to assess the businesses most likely to deliver the strongest returns for their money.

AI is still in its early days; it has masses of potential still to fulfil. But it’s already significantly impacting businesses, providing support, and enabling noteworthy efficiencies in cost, time, and productivity through enhanced insights, decision-making, and the alleviation of manual processes. If deployed well, it can completely change the way that CEOs – and their organisations – work.