Featured Image Caption: AI Artificial Intelligence
Although experts say that Artificial Intelligence (AI) is still in its infancy, it has slowly but surely made its way into the business world.
As AI begins to impact every part of our day-to-day lives, more and more companies are starting to use it within their businesses. It’s vital for any executive or manager who wants to keep up with the latest technology trends to understand what this means and how to take advantage of AI tools. What is artificial intelligence?
Ada Lovelace first mentioned the very idea of intelligent machines in 1843. Since then, philosophers and scientists have tried to define exactly what it takes for a machine to be considered “intelligent.”
Although it has taken over 100 years to become a reality, researchers are now closer than ever to creating machines that can think like humans. The word “Artificial Intelligence (AI)” was first coined in 1955 by John McCarthy, considered the father of AI research. He defines Artificial Intelligence as:
The science and engineering of making intelligent machines
Over the past few decades, we’ve seen the development of advanced systems capable of performing tasks with human-level (or above) intelligence. These systems are designed to simulate human behavior through complex learning algorithms. They learn to complete tasks by analyzing large datasets and becoming more accurate in their predictions with each iteration. By doing so, they act almost like human beings.
While we like to think of ourselves as unique individuals, we all share essential traits and characteristics. We learn from our past experiences and make decisions based on this information. Once we gain experience with a particular task, we can solve similar problems less than before. Artificial intelligence works similarly. When machines are exposed to the same data repeatedly, they become better at making predictions about future events by recognizing patterns within large datasets.
They use these patterns combined with their current conditions to determine what actions they should take next. Advanced AI systems even go as far as coming up with new ways of completing tasks that aren’t directly related to their training data set—a process known as “inventing.”
When it comes to business, AI is having a big impact in the areas
By using automated chatbots and virtual assistants, companies can provide accurate information in real-time at a fraction of the cost. This enables firms to focus their resources on more strategic projects. For example, Google’s customer service department has seen a decrease in average call times since they started powering all of their customer issues with an AI chatbot called “Google Assistant” (built off of IBM Watson). The system automatically routes queries to agents who are best suited to answer them and responds to customers 24/7 without human intervention.
In many workplaces across different industries, we see the automation of repetitive, rule-based tasks. This is excellent news for employees because it frees them up to do more challenging work.
By using chatbots and virtual assistants, companies can provide accurate information in real-time at a fraction of the cost. This enables firms to focus their resources on more strategic projects. For example, Google’s customer service department has seen a decrease in average call times since they started powering all of their customer issues with an AI chatbot called “Google Assistant” (built off of IBM Watson). The system automatically routes queries to agents who are best suited to answer them and responds to customers 24/7 without human intervention.
Machine learning algorithms can target personalized messages based on a prospect’s past browsing history, location, and even demographic information. This facilitates more accurate and cost-effective advertising and market research campaigns.
Traditional techniques used to segment target markets into segments such as demographics (education level, age, etc.) and behavioral data (past purchase behavior) are no longer sufficient for today’s hyper-focused customers. AI enables companies to send relevant messages at appropriate times by using more fine-tuned information like the customer’s GPS coordinates or contextual clues from previous purchases.
As we go deeper into 2017, we’ll see many businesses putting these AI technologies into practice in day-to-day business activities. Here is a list of ways that AI is currently helping businesses:
- More Efficient: AI helps companies make better and faster decisions that will improve their profits, productivity, and the bottom line it provides for shareholders.
- More Accurate: Using AI technologies, retailers can predict product demand far more accurately than ever before. This ensures they have enough inventory to meet customer needs without overstocking or under stocking products. In this way, they reduce unnecessary costs due to having too much or too little stock.
- Faster Decision Making: Engaging with an AI chat bot is a quick and efficient way to research information online without having to wait on hold or navigate through traditional phone menus. This speeds up the decision-making process by allowing customers to interact efficiently with a company’s AI chat bot.
- Personalized: AI learns from an individual’s data and creates personalized suggestions that precisely match their interests and need. This customization will ultimately lead to platforms capable of customizing all possible interactions with a customer based on their tastes and preferences.
- Reduced Costs: When companies use AI to automate time-consuming business processes like marketing tasks or loan applications, they can eliminate unnecessary labor costs and mitigate expensive mistakes (like sending spam emails or processing faulty loans).
- Boosted Security: Using behavioral analytics, companies can instantly recognize abnormal user behavior and block any malicious intent before it happens. This prevents hackers from breaching networks by exploiting loopholes in existing systems that haven’t been updated.
- More Access: AI empowers businesses to reach more individuals than ever before. For example, companies can interact with their customers through their preferred messaging app (Facebook Messenger, SMS text message, or WhatsApp) using AI chatbots. This minimizes the need to use multiple channels and thus provides the customer with a more streamlined experience as per RemoteDBA.com.
- Disrupted Market: AI has already disrupted many traditional business models by automating time-consuming procedures like loan applications, spam emails, and marketing tasks. As well as this, automation could disrupt low-skilled jobs by significantly reducing the amount of human labor required in roles such as manufacturing and food preparation.
Ultimately, it is beneficial for businesses to implement artificial intelligence technologies into their day-to-day operations because they make employees more efficient and streamline processes.
By Marvin Power
who is a Business Advisor. He generally shares his refreshed information about Business, Advertising through Social Media. He is enthusiastic with regards to new Cars. In his extra energy, he used to play with youngsters.