How Companies Can Earn More by Leveraging Artificial Intelligence | DataDrivenInvestor

The world is changing rapidly. Every month brings new, absolutely incredible tools that significantly increase the efficiency of people’s work in various professions. While some professions are undergoing radical changes, others remain unchanged for the time being. However, artificial intelligence tools can already help anyone today to improve their efficiency. And right now, you can replace some of your employees or their specific functions with artificial intelligence. In doing so, you will gain much more. In this article, I will tell you which company functions neural networks can take over, saving you money.

• Translations

Every employee in our international team uses translators. Previously, we actively used the services of professional translators. Today, however, there is no sense in it at all. Sometimes it’s even harmful to use translators, especially when it comes to written materials.

• DeepL

We use DeepL, a specialized service for translations based on artificial intelligence. It fantastically translates materials of any format. In this service, you can set your dictionary of special terms, etc. Moreover, it instantly learns from your texts and gets better and better with each translation.

• ChatGPT

ChatGPT also translates excellently from one language to another. Using neural networks for translation not only saves money but also time, significantly improving the quality of your documents. Using DeepL or ChatGPT, you can translate documents, see how it works, make corrections, and so on.

For example, translating a 50-page brochure used to take a week of a translator’s work with all checks and intermediate approvals. Today, it can be done in a couple of hours using one of the above tools.

• Accounting

Artificial intelligence will soon replace accountants. Our company spends thousands of dollars a year on accounting: financial reports, tax calculations, and many other nuances. Very soon, all this can be simplified. But for this to work, primary operations must be automated. Will chief accountants still be needed?

Yes, chief accountants will always be needed, because the chief accountant is the person who sets the model by which accounting will be conducted in the company. They are like an architect in terms of finances. But ordinary rank-and-file accountants will soon be replaced. So, if you want to prepare well for this, get your accounting in order so that it is fully automated. And when I say «soon», I mean that in 1–2 years, you will be able to use artificial intelligence that will do all the routine work amazingly.

• Engineering

Our company has one department that is involved in developing an IT platform. And we spend about 30–40 thousand dollars a month on this small department, constantly improving our platform.

Recently, we started using GitHub — it’s a copilot that helps programmers write code much faster, better, and with fewer errors. After implementing this tool, the department’s productivity doubled. This was a very noticeable, real improvement. Accordingly, we got a twofold increase in productivity for the same money. And this is quite a pleasant saving even for medium-sized enterprises, not to mention small companies, for whom such a budget can be significant.

• Copywriting

Copywriters are people who change the style of the text, create its sound, and make it sell. That is, these are the guru professionals who know how to work with text. Well, ChatGPT writes amazing texts — from a short social media post to a long-read for your website. And it does this in just minutes. Whereas a staff copywriter will cost you about $800 a month and will spend about an hour on one post. And if they are writing a large article, it will take several days.

Moreover, if they need to change the style or further edit the material, it will take a lot of time. But there’s a nuance — ChatGPT cannot create an amazing breakthrough idea and will not make any discoveries for you. Just as a robot is not capable of composing a symphony. Therefore, when working with ChatGPT, I simply dictate key ideas and give it a command to write the necessary text based on these ideas. And if any correction is required, it is quite insignificant.

Of course, to create such material, you need data. And here comes Perplexity. It is a neural network that has completely replaced any search engines for me. Because Perplexity is a combination of artificial intelligence and Internet search.

I can calmly give a command in a free form and get a very clear, informative answer. It’s an absolutely incredible tool. I have no desire at all to ask Google something after I started using Perplexity.

• Design

The next profession is designers. Our company actively uses design: we constantly need presentations, images for social networks, new advertising creatives, website design elements, and so forth. Naturally, all this used to be done by full-time employees. A qualified designer costs at least one and a half thousand dollars a month.

Thanks to the neural network Midjourney, the work of our design department has accelerated several times. Now we only need a few of the most talented designers instead of a large team. They can simply do two to three times more work. Now, a designer simply writes a query in Midjourney and in 5–10 minutes generates the required graphic element. It takes incomparably less time to do such things.

• Audio and Video

There are excellent tools based on artificial intelligence that allow, for example, editing videos. Especially when you need to beautifully edit and design something for social networks. For instance, you need to create Reels compilations with subtitles, make adjustments, and tweak something. Artificial intelligence copes excellently with this. We actively use neural networks today to generate audio and video content from scratch.

For example, 11Labs allows you to create a clone of your own voice and use this voice to voice absolutely any texts. With HeyGen, you can generate videos. Literally, in 15 minutes in HeyGen, you create your video avatar, which is voiced by your voice clone and generates a video of your avatar. This avatar blinks, opens its mouth, moves its lips, waves its hands, and looks very natural.

A huge plus is also the ability to adjust any detail, which you can’t do with already shot video. But if you made a video using artificial intelligence, you can always change a couple of words and get a new video in a few minutes.

• Personal Assistant

One of the functions of a personal assistant is to find some information. Well, this function has practically died out. The previously mentioned Perplexity does this job perfectly. There are other functions, such as related to correspondence, which personal assistants used to do for a long time. When you say you need to write a certain letter to a certain person, and the personal assistant does it for you.

Today, we do the same thing. We ask ChatGPT to review a person’s profile on LinkedIn, so as not to explain their expertise and the professional language to speak with them. Then you give a task to write a formal letter in English in a formal style. And in two minutes, you get this letter.

Conclusion

Gradually, many functions related to communication and management will be transferred to neural networks. And probably there will come a day when entire companies at the operational level can be managed by artificial intelligence. But for now, we need to manage ourselves.

Many of the tools I listed, you can and should use today. If you don’t use them, you lose money and time. It won’t be long before artificial intelligence services can do fully ready-made marketing campaigns, handle lead generation, and even do some pre-sales actions. I think they will do it no worse than people.

So my advice is not to try to remain spectators and watch how your competitors master neural networks. That’s a mistake. You need to experiment and try, then you will definitely achieve the desired.

Originally published at https://www.datadriveninvestor.com on January 23, 2024.

Visit us at DataDrivenInvestor.com

Subscribe to DDIntel here.

Have a unique story to share? Submit to DDIntel here.

Join our creator ecosystem here.

DDIntel captures the more notable pieces from our main site and our popular DDI Medium publication. Check us out for more insightful work from our community.

DDI Official Telegram Channel: https://t.me/+tafUp6ecEys4YjQ1

Follow us on LinkedIn, Twitter, YouTube, and Facebook.