How Companies Can Earn More Using Artificial Intelligence | DataDrivenInvestor | by Alex Visotsky | January 2024

The world is changing fast. 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, AI tools can already help improve efficiency for anyone today. And right now you can replace some of your employees or their specific functions with artificial intelligence. This will get you much more. In this article, I will tell you which business functions neural networks can take over and save you money.

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

We use DeepL, a specialized AI translation service. Fantastically translates materials of any format. In this service, you can set up your own dictionary of special terms, etc. Moreover, it learns instantly from your texts and gets better and better with each translation.

ChatGPT also does a great job of translating from one language to another. Using neural networks for translation saves not only money but also time and significantly improves the quality of your documents. You can use DeepL or ChatGPT to translate documents, see how it works, make corrections, and so on.

For example, the translation of a 50-page brochure took a week of the translator’s work with all checks and interim approvals. Today, this can be done in a few hours using one of the tools listed above.

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 according to which accounting will be done in the company. Financially, they are like an architect. However, they will soon replace ordinary ordinary accountants. 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 amazingly handle all the routine work.

Our company has one department that deals with IT platform development. And we’re spending about $30-40k a month on this little department and we’re constantly improving our platform.

We recently started using GitHub — it’s a copilot that helps programmers write code much faster, better, and with fewer errors. After implementing this tool, the productivity of the department doubled. That was a very noticeable, real improvement. Accordingly, we got a double increase in productivity for the same money. And that’s a pretty nice savings even for medium-sized businesses, not to mention small businesses, for whom such a budget can be significant.

Copywriters are the people who change the style of the text, make it sound and make it sell. This means that they are guru professionals who know how to work with text. ChatGPT writes amazing content – from a short social media post to a long read for your website. And it does it in minutes. Whereas a staff copywriter will cost you about $800 a month and spend about an hour on one post. And if they are writing a big article, it will take several days.

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

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

I can easily give a free-form command and get a very clear, informative response. It’s an absolutely incredible tool. I don’t feel like asking Google at all after I started using Perplexity.

Another profession is designers. Our company actively uses design: we constantly need presentations, images for social networks, new advertising creatives, website design elements and so on. Of course, all of this was previously done by full-time employees. A qualified designer costs at least one and a half thousand dollars per month.

Thanks to the Midjourney neural network, the work of our design department has been accelerated several times. Now, instead of a big team, we just need a few of the most talented designers. They can easily handle two to three times more work. Now a designer simply writes a query in Midjourney and generates the desired graphic in 5-10 minutes. Doing such things takes incomparably less time.

There are excellent tools based on artificial intelligence that allow, for example, video editing. Especially when you need something beautifully edited and designed for social media. For example, you need to create compilations of Reels with subtitles, make edits and tweak something. Artificial intelligence is great at this. Today, we actively use neural networks to create audio and video content from scratch.

For example, 11Labs allows you to create a clone of your own voice and use that voice to speak absolutely any lyrics. You can create videos with HeyGen. In literally 15 minutes in HeyGen you will create your video avatar voiced by your voice clone and generate your avatar video. This avatar blinks, opens its mouth, moves its lips, waves its hands and looks very natural.

A huge plus is also the possibility to edit any detail, which you cannot do with an already recorded video. But if you made a video with artificial intelligence, you can always change a few words and get a new video in a few minutes.

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

Today we do the same. We ask ChatGPT to check the person’s LinkedIn profile so that we do not explain their expertise and the professional language in which to speak with them. You will then be given the task of writing a formal letter in English in a formal style. And in two minutes you will receive this letter.

Gradually, many functions related to communication and management will be transferred to neural networks. And the day will probably come when entire companies at the operational level can be managed by artificial intelligence. But for now, we have to make up our own minds.

Many of the tools I’ve listed you can and should be using today. If you don’t use them, you’re wasting money and time. It won’t be long before AI services will be able to do full-blown marketing campaigns, handle lead generation and even some pre-sales. I think they will do no worse than humans.

So my advice is not to try to remain a spectator and watch your competitors master neural networks. It is a mistake. You need to experiment and try, then you will definitely achieve what you want.

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