Welcome to Another Issue of
AI for Business

First off, I just want to thank those who joined us up until the last day of the AI For Business Summit.

I hope you were able to enjoy and gain valuable insights from our guest speakers on how you can strategically employ AI across all areas of your business.

For those who weren’t able to make it, don’t worry! There’s a lot more opportunity in the future, and we hope you can join us next time! 😊

Today, we’ll talk about how leading companies like Microsoft, Alibaba Cloud, and others are leveraging AI to enhance workflows, reduce costs, and tap new opportunities.

Plus, creative ways AI is being applied globally to address complex challenges and some promising new AI tools that could benefit your business.

Ready? Let’s get into it! 👇

Read time: 5 minutes

An AI Bot That's Turbocharging Finance Workflows Like Never Before!

What happened: Microsoft has introduced a new Copilot AI chatbot specifically designed for finance professionals to perform various role-specific actions in Excel and Outlook.

Deets:

• The tool aims to enhance efficiency by automating tasks such as running a variance analysis, reconciling data in Excel, and expediting the collections process in Outlook.

• The Copilot can also access information from SAP and Microsoft Dynamics 365, with additional features planned for the future.

• According to Microsoft's finance department, they already experienced time savings using Copilot, which allowed employees to focus on more valuable and engaging work.

• While initially available in public preview, pricing details for the tool will be announced later.

How it might impact you: This new tool could potentially streamline the financial reporting processes of your business, which are typically the most complicated and labor-intensive areas in most enterprises.

What you need to do: Start planning now to integrate Copilot into your key finance processes and workflows. Taking a proactive approach will allow you to maximize efficiency gains as the technology matures.

Can You Afford to Miss This AI Gold Rush?

What happened: Alibaba Cloud, the cloud computing division of Alibaba Group Holding, has announced a substantial price reduction of up to 55% on some of its products. This move comes amidst fierce competition to attract AI software developers.

This announcement marks the most significant price cut by the company to date. (FYI: Alibaba also previously cut 50% in April 2023—such a reduction in less than a year!)

Deets:

• This plan aims to reduce prices on over 100 products by an average of 20% to encourage developers with a particular focus on artificial intelligence (AI) to utilize their cloud services for building data-intensive AI models and applications.

• According to Alibaba Cloud's executive, Liu Weiguang, it’s part of the company’s goal of creating the most open cloud platform in the market.

How it might impact you: With more affordable cloud services on the market, businesses can have the opportunity to experiment with new technologies and innovate business models that were previously considered too costly.

How you can take advantage of it: For businesses already using or planning to use AI, this is an opportune time to scale your projects or explore new AI initiatives without significantly increasing your budget.

Work Less, Achieve More: How AI is Crafting the 4-Day Workweek Reality!

What’s the buzz: AI's integration into office operations is paving the way for a transformative work schedule model: the four-day workweek.

It started in 2020.

The concept, once deemed impractical, has gained momentum amidst the pandemic, leading to its actual implementation by companies in various countries including the UK, Iceland, Portugal, and Germany.

And: Based on findings, organizations using AI extensively are more open to adopting a four-day workweek compared to those that do not utilize AI as much.

For businesses, adopting a four-day workweek with AI's help could be a game changer if done right! Why?

1. A four-day week could make staff happier having more time to spend with their family and at the same time…

2. Businesses may save money with less overhead like office space and equipment needed for that extra day.

3. And this change could also lead to a competitive edge in attracting top talent seeking a better work-life balance (especially the younger generations, Gen Z+)

But…

Although it holds a lot of promise, if you plan to take your business to this transition, you must done it with careful thought.

Because you know, you still need to consider a lot of factors and possible conflicts.

Done right though, it could be a win for productivity, profits, and work-life balance!

What do you think - are you ready to join the four-day workweek revolution?

How global organizations are applying AI in tangible ways and seeing results.

Explore practical examples of AI-driven innovation and gain insights on strategically leveraging AI in your business.

1. 🤝 Using AI to Spark Meaningful Relationships

Move: Japan is tackling its population decline with a unique approach—using AI algorithms in public matchmaking services to promote marriage and family formation. The AI-powered system is designed to improve compatibility assessments between potential partners, making the matchmaking process more effective.

Action: This move illustrates the potential of AI to address complex social challenges beyond its conventional applications. Similarly, your business can leverage AI to analyze data more effectively, whether for improving service delivery, enhancing customer relationships, or even driving a positive workplace environment that fosters meaningful connections and addresses both internal and external needs of your business. 

2. 🛡️ Combating Phone Scams with AI

Move: Microsoft has recently utilized AI to develop a real-time analysis tool that listens for signals of potential fraud in a phone conversation, such as language prompting the recipient to disclose sensitive information.

The tool can interrupt the call if it detects suspicious activity, allowing users to decide whether to end the call or request more information before making a decision.

Action: For businesses across various sectors, consider adopting similar AI solutions that can elevate your company's defense mechanisms against the evolving tactics of phone scammers, ensuring a safer communication environment for your business and customers.

 3. 🔄 Streamlining operations

Move: Leading telecommunications companies Verizon and Telia are applying AI to sift through vast data volumes, boost operational efficiency, and provide their workforce with the essential tools needed to prioritize and address network issues effectively.

Action: If your business is in the telecommunications sector and you're looking to remain competitive, adopting a similar approach with generative AI could revolutionize your operations

(Our Top 5 Weekly AI Picks)

Innovative AI Tools for Modern Businesses

AI-driven tools specifically designed to refine your business processes, enhance your digital content creation, and streamline communication across any location and platform.

• MarketingBlocks: Get more clients, sales, and profit in your business without using expensive agencies, time-wasting freelancers, or outdated tools.

• Attention: Teaches you why you're winning and losing deals and helps you do something about it.

• Wondercraft: Helps to create ads, podcasts, audiobooks, meditations, ads and effortlessly translate your content for a global audience.

• Zeda.io: An AI tool for B2B & SaaS, uncovers customer problems, guides data-driven decisions, and shapes impactful roadmaps to boost revenue and align teams

• ElevenLabs: Create natural AI voices instantly in any language - perfect for video creators, developers, and businesses

Until next time…

Join our private AI group on Facebook and explore more resources and get involved with our community 🤓 

Hope you enjoyed reading! 🥰

As always, I'd love to hear your thoughts, questions, or ideas. Don't hesitate to hit 'Reply' and share your insights with me!

Enjoy your weekend,

Brian Hanson

CEO / Founder

AIForBusiness.com

[email protected] 

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