What is an AI Assistant?

Artificial Intelligence Assistants: Explained

Artificial intelligent assistants (or AI assistants for short) have been around for a while now. You’re probably familiar with assistants like Amazon’s Alexa and Apple’s Siri. But is it something you should adopt at work, too? In this article, we’ll have a look at everything you need to know about AI assistants to help you make a decision.

What is an AI assistant?

AI assistants are digital tools or software that use artificial intelligence to help users perform a variety of daily tasks. But not all AI personal assistants are the same. There are several different types of assistants.

Alexa, Siri and Bixby are all examples of voice-activated AI assistants. They respond to voice commands. Think of speaking to your Amazon Alexa or picking up your phone to ask Siri or Bixby a question.

Text-based AI assistants interact with users through written text. These types of assistants can take several guises. Such as chatbots on websites, virtual assistants within mobile and web apps, and task management tools.

How does an AI assistant work?

AI assistants work through a combination of machine learning and natural language processing (NLP).

• Machine learning is when a computer programme is trained to learn from a large amount of data and improve over time by identifying patterns and making decisions based on that data.

• NLP enables the assistant to understand and respond to both written and spoken commands by analysing and interpreting the language used.

In a nutshell, these two technologies work together to help the AI assistant understand what you’re asking of it. To ensure it gets better every time it helps with a query. This allows AI assistants to perform a variety of tasks that can help the user, including:

• Answering questions

• To-do lists

• Managing calendars

• Ordering products

• Setting reminders or alarms

• Sending messages and making calls

• Manage emails

• Set timers and alarms

• Play music and shows

• Dictating notes and documents

• Scheduling meetings

• Tracking deadlines

• Sending reminders

AI assistants - benefits

AI assistants can be hugely beneficial for businesses. Particularly small businesses looking to grow. Some of the benefits include:

Improved productivity: AI assistants can automate routine tasks such as scheduling meetings, managing emails, and setting reminders. Freeing up time for more important work.

• Improved customer experience: AI assistants can be used to support customer service, such as a chatbot on a website. Helping to reduce waiting times and improve customer satisfaction.

• 24/7 availability: AI assistants are always available. Ensuring that tasks can be managed and questions answered at any time of day.

• Cost effective: AI assistants can handle a variety of tasks – and by helping to streamline repetitive ones. They can reduce the need to hire additional staff members or purchase multiple tools.

• Personalisations: Machine learning means that AI assistants can learn user preferences over time. Providing tailored recommendations and responses that improve with use.

Challenges with AI assistants

AI assistants aren’t a silver bullet for businesses. They do come with some challenges, and it’s important to be aware of the limitations of AI tools, such as:

• Accuracy issues: AI assistants aren’t always 100% accurate. If out of date, false or inconsistent information is used to build the tool. Then the quality of its output may be poor.

• Privacy concerns: Cybersecurity is a concern for many businesses. If the assistant isn’t properly secured, it may be easy to hack. Given that many work with personal data, this could put sensitive information at risk.

• Inability to handle complex tasks: AI assistants may be great at taking care of mundane, repetitive tasks. But they struggle with creative or strategic work.

• Upfront costs: While the long-term cost savings can be significant, AI assistants may require a high upfront investment. As well as staff training to ensure your team fully understands how to get the most out of the technology.

AI assistants in different industries

AI assistants can be used across a range of different industries. Offering tailored solutions to specific problems. Here are some ways AI assistants are transforming work in different sectors:

• Healthcare: AI assistants have been used to analyse and interpret medical images, including X-rays, MRIs and CT scans. Helping to detect diseases like cancer, neurological disorders and cardiovascular issues.

• Retail: AI assistants can assess market trends, review competitor pricing and analyse customer demand. Then adjust prices in real time. Retailers that have made the switch to AI pricing models have seen their profits grow from 5% to 10%.

• Customer service: AI assistants can be used to provide efficient, personalised customer support that increases satisfaction. Particularly through the use of chatbots. Zendesk has found that 70% of organisations are already actively investing in AI technology that automatically captures intent signals.

• Banking: AI assistants are routinely used in banking for fraud detection and prevention, to monitor transaction patterns, flag unusual activities and stop potentially fraudulent transactions. BGL BNP Paribas, for instance, has increased fraud detection rates to over 90% with the use of an AI assistant.

• Digital: A hot topic for any small business, AI assistants can help to prevent cybersecurity threats by monitoring network traffic, spotting potential breaches and responding to cyberattacks.

• HR: AI assistants can reduce the burden on your HR department, with automated CV screenings, onboarding support and more – and 34% of HR leaders are already exploring opportunities for generative AI.

The future of AI assistants

It doesn’t look like AI assistants are going anywhere any time soon – indeed, it looks like they’re set to become a core part of the way businesses operate. They’re not a replacement for humans, but can reduce the burden on your employees. As they become more sophisticated, they’re sure to offer more personalised support and better perform complex tasks.

Find out more about how AI can help your business with free 1-2-1 personalised advice from our (human) V-Hub Digital Advisors.