When we talk about artificial intelligence first we think of the Hollywood movies. In the digital age, AI has been used to make many successful businesses.
Let’s start with, What is artificial intelligence?
AI is a field of computer science which focuses on making machines smart using algorithms to help computers to solve problems which used to be solved only by humans. It already powered search engines, online shopping recommendations and digital assistants. AI technologies today are brilliant in analyzing vast amounts of data to learn to complete a particular task, a technique called machine learning. Deep learning is a subfield of machine learning concerned with algorithms inspired by the structure and function of the brain called artificial neural networks. Deep learning could automatically extract meaningful patterns and trends from huge data sets.
Does AI help businesses succeed?
AI helps in important business needs like,
- Automating business processes – Computer Vision, NLP and RPA,
- Predictive analytics and gaining insight through data analysis in huge datasets – Data Science,
- Increase employees and customer engagement with the technologies like chatbots & virtual assistants,
- Cognitive insight and cognitive engagement – Recommender systems,
- Increasing product or service sales – Marketing analytics,
- Fraud detection – Anomaly detection in financial transactions.
In account management, artificial intelligence helps in predicting the company revenue which will help to manage business pipeline and resources.
Artificial intelligence has the potential to transform business into various ways. It supplies quick, easy access to massive data and provides insights that can drive improvements across all departments. AI tools can help to generate valuable customers insights, automate everyday tasks and improve workflows for marketing. Tools like chat bots can provide effective customer service for multiple queries and support each and every customer for all their needs.
When a miscalculation is detected, the machine learning algorithm automatically can do both corrections and data analysis within seconds. For a new business strategy machine learning can be used to generate synthetic data through extrapolation and projection of existing data.
Final Thought ?
AI helps in business by automating the routine tasks where employees can improve their productivity and also helps to avoid human error streaming from analysis. Automation softwares saves time and money by replacing manual systems. Generally artificial intelligence plays a major role in achieving best results and increasing revenues in business.