Businesses are entering into a new era ruled by data. From humanoids to virtual assistants in our pockets, AI is the talk of the town and is here to stay.
Advances in cognitive computing and AI has led to the use of sophisticated algorithms to gain insights, such as customer behavior for certain product or services, and the use of real-time insights to find trends and make decisions accordingly.
There is a need for actionable insights that offer alerts and real-time analytics in order to make better use of operational data. In the modern business landscape, AI plays a vital role in enhancing the organization’s model. From small to large enterprises leveraging AI to improve the efficiency of the business process to deliver smart solutions is a must.
Today, AI is impacting all aspects of modern businesses. From bots to virtual assistants, AI is ‘can’t do without technology.
From the automation of market analysis to customer feedback, this exceptional ability to adapt and learn enables AI to execute actions.
For the last few years, AI has entered the consciousness of every industry. It has become part of mainstream conversations. Businesses of all shapes and sizes are considering artificial intelligence to solve real business problems.
Artificial intelligence can be used to solve problems across the board. AI can help businesses increase sales, detect fraud, improve customer experience, automate work processes and provide predictive analysis.
Industries like health care, automotive, financial services, and logistics have a lot to gain from AI implementations. Financial services can benefit from AI-based process automation and fraud detection. Logistics companies can use AI for better inventory and delivery management. The retail business can map consumer behavior using AI. Utilities can use smart meters and smart grids to decrease power consumption.
AI in business is designed to give an understanding of the growing deployment of AI. Business strategy explores the growing use of data science and relevant technologies in the business landscape.
Big enterprises are looking for AI to create business value, they are at forefront of AI and Machine Learning Innovations.
When it comes to small enterprises, AI hasn’t yet reached the mainstream. The factors may include the cost of technology, infrastructure, etc. However, as these innovations continue to make big changes, they can filter down to small and medium enterprises.
Innovations such as face detection and recognition, virtual assistants, bots, smart auto-email responses, etc. are ready to become mainstream to forever change the customer services from the way it is today.
The increasing availability of affordable and flexible computing power is making AI and machine learning accessible to many businesses, which are using the technology in a wide variety of ways.
Improving personalized shopping experiences
Providing customers with personalized marketing increases engagement help generate customer loyalty and improves sales. This is why companies are putting so much effort into it. One of the advantages of using AI is that it is able to identify patterns in customers’ browsing habits and purchasing behavior. Using the millions of transactions stored and analyzed in the cloud, AI is able to provide highly accurate offers to individual customers.
Automating customer interactions
Most customer interactions, such as emails, online chat, social media conversations, and telephone calls, currently require human involvement. AI, however, is enabling companies to automate these communications. By analyzing data collected from previous communications it is possible to program computers to respond accurately to customers and deal with their inquiries. What’s more, when AI is combined with machine learning, the more the AI platforms interact, the better they become.
Real-time Assistance
AI is also useful for businesses that need to constantly communicate with high volumes of customers throughout each day. Some companies, for example, are already tracking the location of their transports and using AI to provide travelers with real-time updates about where the vehicle is along its route and its estimated time of arrival. Customers receive this information on the company’s app.
Data mining
One of the biggest advantages of using cloud-based AI is that artificial intelligence apps are able to quickly discover important and relevant findings during the processing of big data. This can provide businesses with previously undiscovered insights that can help give it an advantage in the marketplace.
Predicting outcomes
Another advantage of AI is that it is able to predict outcomes based on data analysis. This can be very useful in helping a company purchase the correct stock and in the correct volumes.
This ability to predict is not just useful in retail. AI is also being used in many other areas as well be it healthcare, banking or others.
As you can see, AI systems provide businesses with a wide range of benefits, including personalized marketing, customer service, automation, etc. And these are just a few of the many ways AI can be used.
