Artificial Intelligence is here to change the way humans interact with their world, and it’s poised to make life easier. Today, numerous applications of Artificial Intelligence for business solutions exist. From voice assistants playing music at our behest to phones unlocking themselves by viewing our faces, AI has shown us that the future is here.
AI is also here to make life simpler for employees and businesses. A lot of business processes are waiting to be automated, and data analytics is offering more insights than ever for decision making and identifying opportunities. AI can manage a company’s workflow and predict trends.
There are a variety of applications for AI in business. Let’s do a rundown of the eight most popular ones:
Serve your customers better
Every business needs to keep its customers happy and satisfied. They also need to know how to empathize and deal with unhappy ones. A strong customer base is integral to a business’s success, and AI is making it easier to achieve this.
Businesses can use conversational AI to provide a personalized platform for customer interaction. Customers love immediate responses, and research exists to back this up. Econsultancy reports that 79% of customers prefer to chat with a customer support rep to solve issues and queries.
Businesses can employ chatbots to make sure customers always have someone to go to instantly if and when there’s a problem. Chatbots can handle simple queries and lead customers to a human support representative if the issue is complex.
Predict online behavior
Understanding online customer behavior is essential to e-commerce. Factors such as product clicks, bounce rate, purchases, etc. determine the success or failure of products sold by online businesses.
Data analytics allows online businesses to study the data that they’ve captured. It’s a great way to understand which products are helping the business and also the ones that need to be discontinued. New products can also be launched if certain product categories are proving to be popular.
Machine Learning algorithms can track user behavior on websites. With the information collected, businesses can personalize a customer’s experience. Customers could be shown products that they are likely to buy.
Manufacturing businesses can make use of computer vision to monitor factory operations. Such technology can measure employee productivity and the efficiency of processes. Industrial robots can replace repetitive tasks or tasks that eliminate possible human error.
Improve physical checkouts
With the help of computer vision, retail stores can save customers a lot of time while checking out. Computer vision cameras across store premises can identify customers and the items they pic. Once customers are done picking what they require, the retailer can send an invoice online, thus avoiding any reasons to wait in a long queue.
Strengthen your cybersecurity efforts
Every business has data that needs to be protected. They generally store this data on common/public infrastructure, which makes the data more prone to cybersecurity attacks.
Businesses can employ AI/ML to strengthen their cybersecurity efforts. They can use ML to detect malicious activities in data storage systems and improve human analysis, from detecting attacks of a malicious nature to endpoint protection. Also, businesses can automate mundane tasks, thus allowing less room for human error due to fatigue, and more accurate results.
Market yourself with data
With the help of AI and ML, advertising campaigns can be planned with less subjectivity and more data-backed decision making. AI models that can analyze the most successful advertisement campaigns of the past are available in the market (IBM Watson, for example). These models can study advertisement parameters such as audiences, click rate, transaction rate, overall spend, etc.
AI can also identify and segment audiences that are most likely to respond to a certain ad positively. By understanding their audiences, ads creatives, while subjective in nature, can be provided with an objective touch, to increase conversions.
Today, most brands use AI to prepare their ad campaigns. Using data, ads of the future can learn from the past to hack the future in their favor.
Detect fraud and anomalies
The banking industry is a sensitive one since issues in this field affect customers more than any other industry. Now that we’ve got Big Data, banks and financial firms can now access data on customer spending habits. So, if bank officials observe any anomalies in any transaction from a customer’s bank account, they can alert customers.
AI-inspired fraud detection applications review a customer’s social media, employment statistics, high school & college education, etc. to determine whether their expenditures and financial activities are in sync. Businesses can continuously update such applications as customer data change, thus more accurately determining what accounts for financial fraud.
To execute any strategy successfully, the resources that aid the execution process need to be abundant. Outages can slow down industry processes and hamstring operations.
AI can monitor teams and their inventory to determine whether a plan will be executed on time or not. Teams can be alerted if new additions need to be made to their inventory and if any resources aren’t being used effectively.
For example, in a factory setup, monitoring storage locations allows businesses to identify missing items and raw materials that need to be replaced or replenished. These raw materials are crucial to the final product’s creation, and AI can ensure that any possible hurdles are taken care of.
Despite AI being in its nascent stage, it has already proven to be a technological juggernaut. In business, AI can improve manufacturing processes, reduce financial fraud, and improve marketing campaigns, among many other applications as discussed above.
With extraordinary leaps made in machine learning and computer vision, it will be interesting and exciting to see AI developers discover new applications. We will definitely update this piece once further applications of Artificial Intelligence for business present themselves.