Artificial Intelligence for Business
Few people think about how often they interact with AI in today’s world. However, it is no longer a narrative from the pages of science fiction books about the distant future. Today, AI and ML technology are much closer than we think. The first to feel their impact are the industries that are going digital and, oddly enough, businesses.
Winning Interaction of AI and Business
Artificial intelligence finds it easier to study statistics and forecasts than humans. It can quickly process vast amounts of information and suggest the most optimal distribution of prices. As a result, it helps businesses increase revenues and boost company profits several times.
AI is capable of processing vast amounts of data of all kinds. Moreover, this technology works with disparate data from different sources, producing precise analytics or forecasts based on the processed data.
Typical ways of using AI in business are the following:
AI and business have a customer-centric mission. The active use of this technology in banking adds value to the product the bank offers to its customers. Artificial intelligence is used in algorithmic trading, customer service, processing large amounts of data on banking transactions, etc.
AI extends the possibilities of paying for goods and services, for example, using a smartphone and mobile banking. In addition, AI has completely changed this paradigm by introducing the concept of chatbots.
Marketing and Promotion
Artificial Intelligence helps marketers analyze the experience of previous sales and using forecasting to “predict” future ones and take into account the behavior of competitors and the overall market situation.
Thanks to artificial intelligence, marketers can provide better customer service by improving efficiency and optimizing interactions. One of the most common examples is the use of chatbots. Food service facilities, stores, transportation companies, and many others are already actively using them. As a result, the space for using artificial intelligence to promote companies is extensive. Small businesses with limited resources can choose tools that help expand advertising opportunities. Larger companies that want to gain an edge over their competitors use SEO-based AI tools. It helps get to the top of search results.
Another example of using AI in marketing is content personalization. The machine helps to track users’ habits and preferences, using this information to promote products that will be of interest to users. In addition, videos on various platforms are an active marketing method.
Machines can process, analyze, and understand images, take photos or videos, and interpret their surroundings. Processing natural language is how computers analyze, understand, and synthesize human language, including spoken language.
In addition to video, AI is actively used to create text content. Programs based on AI can create texts and translate them into different languages as close as possible to native speakers.
Machine learning (ML) enables real-time detection of cyber threats based on data analysis coming from a variety of sources. Machine learning algorithms are continuously adapted and updated to identify threats to the system before attackers can identify vulnerabilities in the network defenses and execute threats. Algorithms understand all the nuances of an organization’s infrastructure and network and possible attack scenarios.
Algorithms work with a wide variety of information, including employees’ work hours. When someone logs in from an unusual location, the action is flagged as suspicious. They see the geographic location used to log into the network, device IDs, input patterns, etc.
Cybersecurity is more difficult to enforce as companies move to the cloud. However, hybrid AI solutions that track and analyze data in various environments are working very effectively.
Artificial intelligence for business will help organizations cut their financial costs by reducing staffing. Robots do the work of merchandisers faster because they can do large-scale checks of all the shelves much more frequently and efficiently. It allows warehouse workers to replenish empty shelves quickly, and stores with automatic merchandisers can reallocate staff if they don’t want to part with human labor. As some companies that are introducing AI into their Retail system have noted, the goal of robots is not to reduce the number of employees but to give employees more time to work directly with customers.
With AI-powered chatbots, organizations can provide the best possible customer service. For example, it’s easy to organize the delivery chain and provide stores with the right supplies from the manufacturer with AI.
Things to Consider When Introducing AI into a Business
- Availability and large amount of data to process
- The ratio of budget to implementation benefits
- Ability to secure the system
- Readiness of management and employees for learning and global transformation
Artificial Intelligence is thus only a tool for growing your business. But it is a potent tool because its primary role is to process a large amount of information quickly and handle it immediately. As a result, AI allows faster decision-making, and it frees up the time of valuable employees for more critical and complex objectives.
About the author:
Louis Sawyer is a professional writer, editor and a web design expert. She loves writing about technology trends, web development, mobile games and business issues. Also, Louis works as a proofreader at Computools. Follow her on Twitter.