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:
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.”
By using automated chatbots and virtual assistant services, 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:
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.
Member since October, 2021
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