Welcome to Another Issue of
AI for Business

In this issue, we're exploring groundbreaking advancements and how they're reshaping industries, enhancing efficiency, and redefining what it means to be competitive in the digital age.

Plus, our top picks for AI tools promise to revolutionize your workflow, making your business smarter, faster, and more responsive.

Ready?

Let’s get started! 💪

Read time: 4 minutes

Mastercard introduces Decision Intelligence Pro, prevents fraud by 300%

What happened: Mastercard has developed a proprietary generative AI model called Decision Intelligence Pro, designed to enhance fraud detection for banks.

Deets:

• It uses a recurrent neural network and generative AI to analyze transaction data and prevent fraud in real-time.

• It can analyze 125 billion annual transactions and understand merchant relationships, improving fraud detection by up to 300%!

• This initiative is part of Mastercard's $7 billion investment in cybersecurity and AI technologies over the past five years.

How it might impact you: This AI model could greatly improve fraud detection for financial institutions, reducing fraudulent transactions. It could lower fraud prevention costs and increase trust and security for banking/finance businesses.

Yelp Unveils AI-Driven Business Insights

What happened: Yelp introduced a series of new features in its winter release, including a visually richer feed, AI-generated business summaries, and enhanced privacy measures like number masking when contacting businesses.

Deets:

• The latest update also introduces new collections, videos, and improved search capabilities for users.

• It's currently rolling out first on iOS and will come to Android platforms next.

How it might impact you: This development could significantly improve how customers discover and interact with businesses, offering a streamlined, informative overview that could influence their decision-making process.

What you need to do: Ensure your Yelp business profile is detailed and up-to-date to reflect your business accurately and attractively, as the AI-generated summaries will likely pull information from your listed content.

Google Maps Makes Finding Cool Spots Easy with AI

What happened: Google is bringing generative AI to Google Maps, using large language models (LLM) to help users discover more places.

Deets:

• It will offer users personalized recommendations for places like restaurants and shops.

• The feature uses Maps' data on over 250 million places and insights from over 300 million contributors to provide suggestions.

• This generative AI will initially be available in the US, with plans to expand globally.

How it might impact you: For businesses, this could drive visibility, foot traffic and reviews. But competition may also increase as other local brands get recommended too.

How you can take advantage of it: To capitalize on this feature, ensure that your business information on Google Maps is accurate and complete. Encouraging customers to leave reviews and ratings can help boost credibility and improve chances of being recommended.

5 tips on how to integrate AI effectively into your business

1. Create clear objectives

Understand problems AI can solve and improvements it can bring. Consider how AI creates business value - e.g. chatbots for customer service or using AI to streamline workflows. Adopt AI for its concrete benefits, not just because it's trendy.

2. Align your focus with hiring

Consider hiring an AI expert that can keep up with AI trends, collaborate on use cases, justify AI investments, and update strategies as AI evolves.

3. Start small

Always test the waters first. Begin with small pilot projects to evaluate the impact on workflows without overcommitting. Use feedback and metrics to refine the approach, mitigating the risks of early AI adoption. Start small before scaling up.

4. Connect your AI tools with business needs

There are many AI tools and platforms tailored for small businesses — more enter the market every day. Conduct ample research, and select programs that align with your business needs and budget. Working with an AI professional can ensure you're making the right early moves.

5. Prioritize privacy

Consider ethical issues like privacy, bias, and transparency when adopting AI. Train staff on proper AI use to manage risks around privacy and ethics.

Ready to take the next step in your AI journey? Join our FREE Webclass tailored for business owners like you, aiming to scale and automate with AI.

This session is designed to build on your foundational knowledge and propel you towards achieving tangible results.

Don't miss this chance to unlock the full potential of AI for your business.

Whether you're exploring AI for the first time or looking to optimize existing initiatives, this webclass is your gateway to innovation and growth.

(Our Top 5 Weekly AI Picks)

Bring the Power of AI into Your Workflow

These AI tools are absolute game-changers that could enhanced your team and business workflow. Try them out and see for yourself!

• ScribeHow: Turn any process into a step-by-step guide, instantly.

• Adcreative.ai: Generate ad creatives that outperform your competitors.

• Otter.ai: Save time, stress less, and never miss crucial meeting details!

• Simplified: Supercharge content creation, team collaboration, and more using AI.

• Cody: Support your team, answer questions, help with creative work, troubleshoot issues, and brainstorm ideas using AI.

See you!!!

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

Thanks for reading!

If you found this helpful, please share it with your colleagues.

We built this newsletter to help businesses and enterprise people like you cut through the noise and accelerate your results with AI.

Enjoy your day,

Brian Hanson

CEO / Founder

AIForBusiness.com

[email protected] 

This newsletter is free (for early subscribers). Enjoy!

Forwarded by a friend? Sign up with just one click here.

P.S. Make sure to whitelist our email address to ensure you never miss an update from us. Welcome aboard!