Artificial Intelligence Utilization in Business

2020-12-08 by Ronn Torossian

The past several years have seen an increase in development and adoption of artificial intelligence in different aspects of people’s daily lives. However, above all, this tool has greatly impacted how companies operate. 

The pandemic ended up changing countless companies around the world and how they do business, which made artificial intelligence an excellent tool for the companies that managed to float through the crisis, compared to the ones that had to close down. With AI being applied in different ways for different business processes, the benefits it has shown have become even greater.

AI offers businesses a sustainable competitive advantage in any area in which the tool is applied, which has led business leaders around the world to invest more than ever before in artificial intelligence when looking to further develop their companies.

The benefits of this technology range from better customer service, automating processes, boosting productivity, increasing sales, improving decision making, assisting with digital PR campaigns,  reducing costs as well as time, among plenty of others.

Before business owners start investing in their own artificial intelligence tools, they should first analyze the state of their companies, including figuring out what are the company’s strengths and which areas should and can be improved. If the company has several different problem areas or processes that need to be worked on, they need to be further analyzed to see if they’re going to benefit from AI utilization.

After the problem areas or processes have been outlined, the company should look into figuring out which AI solution would best feed the needs of the company, but should also keep in mind the company’s budget. While some businesses see AI as a luxury investment, these days, it’s become a necessity for every company, which means many AI providers have specific packages that can fit the need of different companies, no matter their size.

A big part of the success of artificial intelligence implementation is taking advantage of the full potential that this technology can offer to companies. However, the employees who will be working with this solution have to be properly trained to handle it and then adapt to the new company dynamic. When the employees aren’t fully prepared to handle these tools, they can go underutilized, which can slow down the company’s growth and success.

Before a business can implement any technological solution, including artificial intelligence, it has to consult with some experts. Talking to people who specialize in implementing artificial intelligence solutions will provide an added benefit to the first point.

These professionals can add to the first point of company analysis and expand on how the company could best benefit from AI tools, as well as further help business owners decide on the best course of action regarding artificial intelligence for their company.

Ronn Torossian: Insights from a Native New Yorker and CEO of 5WPR

Ronn Torossian is the founder and CEO of 5W Public Relations, one of the largest independently-owned PR firms in the United States. With over 20 years of experience crafting and executing powerful narratives, Torossian is one of America's most prolific and well-respected Public Relations professionals. Since founding 5WPR in 2003, he has led the company's growth, overseeing more than 250 professionals in the company's headquarters in midtown Manhattan. With clients spanning corporate, technology, consumer and crisis, in addition to digital marketing and public affairs capabilities, 5WPR is regularly recognized as an industry leader and has been named "PR Agency of the Year" by the American Business Awards on multiple occasions. Throughout his career, Torossian has worked with some of the world's most visible companies, brands and organizations. His strategic, resourceful approach has been recognized with numerous awards including being named the Stevie American Business Awards 2020 Entrepreneur of the Year, the American Business Awards PR Executive of the Year, twice over, an Ernst & Young Entrepreneur of the Year semi-finalist, Metropolitan Magazine's Most Influential New Yorker, a 2020 Top Crisis Communications Professional by Business Insider, and a recipient of Crain’s New York 2021 Most Notable in Marketing & PR. Torossian is known as one of the country's foremost experts on crisis communications, and is called on to counsel blue chip companies, top business executives and entrepreneurs both in the United States and worldwide. Torossian has lectured on crisis PR at Harvard Business School, appears regularly on CNN & CNBC, is a contributing columnist for Forbes and the New York Observer, and has authored two editions of his book, "For Immediate Release: Shape Minds, Build Brands, and Deliver Results With Game-Changing Public Relations," which is an industry best-seller. A NYC native, Torossian lives in Manhattan with his children. He is a member of Young Presidents Organization (YPO), and active in numerous charities