AI in business: What are the benefits of artificial intelligence?

What is Artificial Intelligence and How It Helps Businesses?

You have probably heard about the possible impacts of Artificial Intelligence that thought leaders talked about. In fact, from processes to tasks, every area in the business world today is being powered by AI. The best examples we can cite here is sales automation, marketing automation, and robotic process automation. They are already buzz words.

On the other hand, when it comes to the viability of artificial intelligence, thought leaders have their own opinions. Recently the Russian President Putin stated it as the power of the future, whereas the Tesla owner stated it as a threat to the world. However, artificial intelligence has a potential to minimize errors in operational areas and complete tasks 10x faster than what human do.

Let’s discuss how AI can help to Transform Business:

• Chatbots
• AI in mobile applications
• Sales bots
• Fraud Detection

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What is Artificial Intelligence?

Artificial intelligence is a method of adding human intelligence in machines. Such machines can learn from the previous experiences and adapt to changes. Artificial intelligence can be in the form of chatbot, sales bot, or robots. Machine learning and deep learning are the essential technologies that are powering artificial intelligence.

How Artificial Intelligence Helps Businesses?

As quoted above, artificial intelligence can help businesses bring agility to the processes, reduce errors, cut down costs, improve productivity, enable faster decisions, avoid risks exposed to humans and provide cognitive assistance. But how all these work? Let us tell you.

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• Chatbots

A chatbot is a bot that communicates with users on its own without being helped by humans. Chatbots are deployed on already existing platforms like Facebook Messenger, Slack, Skype, and Telegram. Chatbots can help businesses solve their queries and can make product recommendations. With natural language processing power, they can mimic human conversations and deliver 5x faster results compared to customer support executives. Chatbots are developed using machine learning and other associated technologies.

• AI in Mobile Applications

Artificial intelligence can be fed into mobile applications so that they can recommend products based on past purchases. Amazon, Flipkart, and Big Basket are already making use of this.

Uber app leverages artificial intelligence to intimate drivers about the best route that is traffic-free. When a user requests a drive, an AI-powered algorithm that is integrated into the app analyzes the route based on the other drivers driving in the same route. In case it is found the route is congested, it suggests the driver an alternative route, so he can take passengers to the destination as earliest he can. This concept is called “Automated Reasoning”.

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• Sales bots

AI can be used as a sales bot. The sales bot can differentiate qualified leads from junk leads and itself can communicate with customers more effectively. It can send introductory emails, and greetings, and do manual data entry. It can support sales and post-sales support objectives. It can also connect customers via audio and video calling. It can get more qualitative feedback on customer sentiments and customer satisfaction. With access to previous purchases, it can upsell or cross-sell products and services.

• Fraud Detection

Banking and financial firms use AI to detect fraud. AI fights fraud mainly in three ways: through rules and reputation lists, supervised machine learning, and unsupervised machine learning. These practices can be used in identifying credit card fraud and other common frauds in the banking and financial sector.

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Technologies Used in Artificial Intelligence

• Automatic Speech Recognition (ASR)
• Natural Language Understanding (NLU)
• Visual Search and Image Recognition
• Text-to-Speech (TTS)
• Machine Learning (ML)
• Deep Learning (DL)

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Source Salesforce

Key ways AI can benefit businesses:

• Data analytics and insights: AI can process massive amounts of data from diverse sources to identify patterns, trends, and correlations that humans might miss, enabling data-driven decision-making and strategic planning.
• Customer service enhancement: AI-powered chatbots and virtual assistants can provide 24/7 customer support, answer basic questions, and personalize interactions, improving customer satisfaction.
• Personalized marketing: By analyzing customer behavior and preferences, AI can tailor marketing campaigns to individual customers, increasing engagement and conversion rates.
• Predictive maintenance: AI algorithms can predict equipment failures before they occur, enabling preventative maintenance and reducing downtime.
• Fraud detection: AI can identify suspicious patterns in financial transactions to detect potential fraudulent activity, protecting businesses from losses.
• Process Automation: Repetitive tasks like data entry, invoice processing, and scheduling can be automated with AI, freeing up employees to focus on more strategic work.
• Product Development: AI can analyze market trends and customer feedback to inform product design and development, creating more relevant and innovative offerings.
• Supply Chain Optimization: AI can optimize inventory management, logistics, and distribution channels, improving efficiency and cost savings across the supply chain.
• Risk Management: AI can be used to identify potential risks and proactively address them, improving overall business resilience.

Examples of AI applications in business:

• Retail: Personalized product recommendations, demand forecasting, inventory optimization
• Finance: Fraud detection, credit scoring, algorithmic trading
• Healthcare: Disease diagnosis, drug discovery, patient care optimization
• Manufacturing: Predictive management, quality control, production optimization

Key considerations when implementing AI:

• Data quality: AI relies on accurate and comprehensive data to operate effectively.
• Ethical implications: Ensure AI is used responsibly and does not perpetuate bias
• Human oversight: AI should be used to augment human capabilities, not completely replace them.

Conclusion:

Artificial intelligence has really been a buzzword in the tech world. Forward-thinking businesses are increasingly ardent about building AI solutions to reduce costs and achieve outcome accuracy. Subsequently, there is an increased demand for mobile app development companies that develop chatbots and dedicated artificial intelligence solution companies.

AI is evolving at a rapid rate and promising to deliver tangible benefits for retailers. According to industry experts, AI is expected to change the face of retail irrevocably throughout the retail value chain. So forward-thinking retailers have enormous opportunities to leverage artificial intelligence to achieve a first-mover advantage. As a result, there is an increased demand for artificial intelligence companies and mobile app development companies that develop chatbots. If you want to learn more about AI you can enroll in our artificial intelligence course, where you will learn complete details about artificial intelligence. Apart from AI and digital marketing training, SEO Training will also provide Power BI Training, Blockchain Online training Course, Machine Learning training Course and Data Science Course.

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