Massive advancements in Artificial Intelligence over the recent past years have led to its implementation in various business systems globally. Its seamless growth and ability to simplify complex tasks without human assistance is helping enterprises save time and money with an increase in productivity and revenue.
The pace at which it is growing is evident from the fact that AI technology can now analyze various human emotions and behavior. AI application and its role vary in different sectors, and this could be understood by analyzing each AI type and its business benefit differently.
Types of Artificial Intelligence and its Benefits
As a business owner, you would know the importance of data analysis for your company’s growth. Traditionally the task was performed by data analyst, which was a huge time consuming and tedious task. Powered by machine learning,.
AI analytics has made it easier to generate a massive volume of data from various platforms, identify valuable data out of it, analyze them and find meaningful patterns out of it. AI analytics ultimately provides valuable recommendations or insights to the business, contributing to better decision making.
Sentimental Analysis is an example of AI Analytics. Leveraging Natural Language Processing (NLP) in Analytics, enterprises can easily analyze the attitude, emotional state and the language of a customer connecting with your brand, in the form of messages or comments on various platforms.
In this way, you can understand how customers feel about your brand, allowing you to make better decisions.
Like Analytic AI, Functional AI also generates and interprets an enormous volume of data to find valuable patterns. However, instead of providing recommendation or insights, functional AI is programmed to take actions based on the data analyzed. This will help to speed up various tasks, without any halt.
The financial sector (especially banking and credit card processing institutions) is one of the early adopters to implement Functional AI in their system. The AI-based system handles millions of transactions within a few minutes.
With the leverage of machine learning, Functional AI learns from past experience or trained models and identifies any fraudulent pattern, hence triggering the system to stop the transaction.
It is an undeniable fact that customers are the most essential aspect for any business to grow and survive in their respective sectors. Hence, every company realizes the significance of customer care service.
2020 saw a sudden increase in customer service, and enterprises were struggling to provide on-time response to the customer queries.
Interactive AI automates communication which eases the entire interactive process. Interactive AI-based chatbots increase the user response rate by being available 24/7, delivering near human-like conversational experience.
Integration of NLP to these chatbots will make it more capable of carrying out complicated conversation, without previous training, improving customer satisfaction.
Amazon’s Alexa, Facebook messenger and Google Assistance are some of the most popular examples of Interactive AI technology.
Text AI is a widely used technology in different business sectors across the globe. Enterprises that implement Text AI in their system enjoy various features like text recognition, machine translation and speech-to-text conversion.
Text AI-based machine translation allows businesses to translate text, audio, image or video files (of words) from the source language into the desired language in real-time. Text AI offers different real-time conversions like:
- Image (of words)-to-text
Such AI-based technology adds excellent value to vast business domains world-wide, including industries like software, finance, legal, defence, financial, healthcare, education etc.
Visual AI is a revolution in the field of Artificial Intelligence. Its ability to identify, analyze and manage a massive volume of images and videos using mathematical algorithm has redefined the security and surveillance in various sectors world-wide.
From crowd management and facial recognition to detecting traffic jams, Visual AI has proved to be an asset in several industries like healthcare, retail, transportation etc.
The best example of Visual AI is AI-based Video Analytics. Imagine a person behaving suspiciously in a public place. There are possibilities that he could be a threat to human life in that particular area.
Video analytics solution identifies this suspicious behavior avoiding such dangerous situations. Face recognition, disobeyed traffic signal, and smoke or flame detection are only some of the few things that video analytics is capable of doing.
Integration of the different AI categories is the key to take your business to the next level. However, it is also an undeniable fact that AI incorporation requires in-depth knowledge and commitment and a high cost to maintain and manage the technology.
But AI has proved to play a significant role in the success stories of enterprises like Netflix and Starbucks. AI-adoption is making things easier for businesses by tackling tedious tasks and enabling fast and accurate real-time predictions.