It’s finally here. Artificial Intelligence. It’s actually been around for some time now but at this moment AI is more powerful and smarter than ever before. How tough is it helping people run their businesses efficiently? Let’s go over some examples.
Image source – Intel
First, AI has been around since about the 1950s but only until now in the 2000s have we as consumers and business leaders have seen the everyday benefits. Take for example voice recognition. Besides using it on your smartphone, voice recognition is paving the way for how you can run a business. With just a simple voice command, you can control any of the software, protocols, and functions that keep your business running. Besides voice, most computers today are running a business behind the scenes on servers such as a CRM system. Many companies can program the AI in such a way that the language of the system can always be updating, self-regulating. And almost running with full autonomy without a human having to sit there or checking in frequently.
The drops of digital ink have been spread across the new opportunities generated by artificial intelligence and machine learning. Today, businesses of all types need to understand the importance of artificial intelligence to maximize their operation globally. Big organizations like Facebook, Google, Amazon, etc., are already leveraging the power of AI in the development of incredible products and services. But these days, since advancement in technology bring cloud computing to ease the effort for migrating business over the internet. Now, Small to Medium Enterprises (SMEs) can easily include the AI enabled services in their working procedures for better optimization and improved results.
Does your business have big data?
AI has the potential to make a serious impact on your business’s supply chain, cost reduction, and improvising efficiency.
Image source – GoSupplyChain
Data is generated in every phase of business operations. If you have reams of unstructured organizational data from past activities such as customer-related information, products, etc., it may have no use today. With the power of artificial intelligence, your business can use effective insights from those data in quick decision making, making predictions, observing consumer behavior, identifying more sales opportunities, etc. If you think about how AI can achieve these fantastic services, then you need a more in-depth understanding of AI and ML.
You can join the league by enrolling in Artificial Intelligence Course created by AI professionals explaining the practical implementation of AI in various industries.
Here’s an AI’s role in Optimizing maintenance systems and processes according to Uptake
Devices used to collect real-time information or utilizing the machinery works in industries generates data every second for the acknowledgment. Analyzing data collected from these devices and past works detects for the problems in parts or machinery and scheduled maintenance for them, saving a massive amount of money.
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For example, a car system will alert the car owner when the engine is overheated and indicates for maintenance schedule.
Predictive maintenance tools upgrade your current maintenance mechanisms by using Artificial Intelligence to ensure that your staff has sufficient knowledge and tools to keep your mission-critical tools and machines running at high performance.
According to Zendesk research, as much as 42% of B2C customers showed their interest in purchasing after having a chat. The same study claims that 52% of them stopped buying the product after experiencing no interaction in the chat section.
There is no argument that tech minds consider Artificial Intelligence as an answer that will open the doors for real-time service for customer support platforms. However, there is a big hype that’s going on about how Artificial Intelligence response will completely replace the human touch.
Of all the business niches, customer service is the one where AI is highly utilized and firms are confident about chatbots can handle customer queries efficiently. We are most likely to experience more advanced innovations in AI-powered customer service platforms.
Image source – Chatbotsmagazine
The traditional way of running a business would be to hire someone to take phone calls, chat with customers through a chat box, and is a digital or virtual assistant for the company. Now with AI, there is a new way of doing things. You can program and fully regulate a computer to handle responses, questions and answers or even have full chats with someone without a single human being running it all the time. It’s already being used by big companies and virtual phone system companies. It’s much more cost effective and easier to maintain a piece of AI than it is to pay an employee to run it.
AI-powered automated chatbots are now implemented by various companies to provide support to their visitors and consumers. Chatbot reduced the extra workforce and upfront costs by offering solutions to consumer problems. There are various AI-based tools offered by IT-vendors to implement these voice or text-based chatbots in your application.
Predict Customer Behavior
To some extent, AI can be used in predicting consumer behavior, to empower business growth in the future. Thus, organizations can analyze which customer is willing to buy a product, by observing their behavior and suggesting them similar products with AI recommendation engine.
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Deep Learning will become an important tool for marketers as the IoT to grow, and even more data about consumer behavior is generated and collected from huge no. of devices.
Deep learning has “The potential to find patterns inside of patterns” in data to help businesses understand what consumers really want, says Reshu Rathi in her article on Entrepreneur. She also states that Deep learning takes into account customer preferences, spending patterns and even micro preferences to display more relevant suggestions to the end consumer.
Another example, By analyzing the driver and the surroundings, our algorithm predicts the driver’s crash before it took place, Says Brains4Cars
Deep Learning has already highly been used in the e-commerce industry and achieving some great results out of it. That’s the reason most of the marketers are showing super interest in it.
Digital Fraud Prevention
U.S businesses and end consumers lost more than $1.4 B in 300,00+ cyber attacks, according to the FBI.
More troubling is its future. Recent reports predicted losses could top $6 Billion by 2021. With this, more businesses are turning to A.I to strengthen their defenses against the cybercrimes.
Image source – American Banker
A real-time ML algorithm can watch for various patterns such as device, transaction behavior, I.P location, device activity, and account patterns to predict fraud behavior. Some of the data points that a system can use to predict fraud transactions include:
- Looking into past behavior or account
- Discovering whether the device used is rooted or not
- Geolocation changes
- Device/OS changes
- Checking association with other devices
In the new digital era, fraudsters have also elevated their strategies to steal. Thankfully, AI has solved this problem of security. Multiple AI-supportive tools are available for detecting the threat and fraud schemes. These tools recognize the speech, face, signature, language, pattern, etc. It is done by machine learning engines, language processors and video recognizers.
Ease of data
It cost a huge buck to invest in a full-time in-house scientist just for some questions. But this problem is sorted by AI, in a fraction of seconds you can get the problem solver, which does not empty your pocket. Google Analytics Intelligence feature is available with AI. By answering some fundamental question, you get the answers without being an expert in analytics.
There are smart digital assistants like Siri, Google Assistant, Cortana in the market that can keep your notes and reminds you to manage your tasks efficiently. Certainly, These not only help you with your tasks they can also get you the Internet data within moments.
For example, What is 400/20?
It’s 20, right?
Now, what is 400563/20?
Now you might take your calc!
Without even calc, you can get the answer by just asking it to your voice assistant. Complex questions like these are easy to answer when you have AI technology in your pocket. AI is everywhere in your daily routines.
What is the conclusion?
Examples of AI use is everywhere. Healthcare, farming, tech companies, and the list goes on. A big leap forward is in the use of AI predictive analytics. That’s where AI shines. Imagine having a computer running and self-improving itself in the background and coming up with predictive functions to learn how and when something needs to be done in your business. It essentially acts like a human being. Leaving it alone to do its work while you’re away. An example of this is with self-driving cars. The idea is to have a car drive without a human behind the wheel and the car would be (theoretically) safer to be in because it uses AI and predictive analytics to decide its next move. It’s already here and one day will be an everyday occurrence to see a self-driving car.
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Lastly, AI can be used to give advice, clean your offices, and run simple office errands. At least that’s what scientists and computer experts hope to accomplish. Even taking a look at what Amazon is doing. They want to start delivering us our products with full autonomy with the use of a drone. Experts even now want to implement the function so that AI can learn about your personality and your company so much so to the point of treating it like another person is in the room with you. You would be able to ask it questions about its thought of your upcoming Q4 sales or why a business deal fell through. Again, all of this would be possible to control with your voice.
It’s not hard to believe any of this is possible. People have made movies about the subject for many years and we are already using AI tech in our smartphones, TVs and more. In 10 to 20 years, AI could be fully running your business without much effort from you or needing to hire other employees. AI is not going away and it is always better to adapt to new technology and find uses for it sooner rather than later. So, Test out a piece of hardware or software that uses AI to help you run your company just a bit easier and take the burden off yourself and your employees.