It’s in our nature to learn, grow, and improve. We have been progressing toward a better future since the beginning of time. Humans have gone from using stones to make a fire to instructing a virtual assistant to turn on or off electrical equipment. Some will argue that machines have taken over and that bots have replaced humans, but we are the ones in charge of this ship.
Whether or not you keep up with the latest trends, you’ve probably heard of artificial intelligence (AI) and machine learning (ML). Every day, we use these technologies, but what exactly are they? Is it possible that these are two different names for the same technology? This blog explains the use of artificial intelligence in the business.
Artificial Intelligence (AI)
Artificial intelligence refers to the ability of a machine to simulate human behaviour. It becomes intelligent when a machine learns to understand commands, store and connect data, and conclude. The goal of AI is to create a human-like innovative system to solve complex problems. AI is classified into three types based on system capabilities: weak AI, general AI, and strong AI.
Machine Learning (ML)
Machine learning is a subset of AI that allows a machine to learn from previously collected data without explicitly programming. ML gives engines direct data access to learn from the results and make better decisions in the future. Methods such as neural networks, statistics, operations research, and physics are used to find hidden insights in data.
A neural network is a computer system designed to classify information in the same way that the human brain does. It can be taught to recognise and classify images, for example, based on the elements they contain.
How Can Artificial Intelligence Help Increase Business Productivity?
Artificial intelligence in the business refers to a set of computational tools and techniques that enable businesses to derive actionable insights from data, resulting in increased productivity, lower costs, higher revenue streams, and the achievement of corporate, social, and economic objectives. Here are ways artificial intelligence is enhancing business productivity.
Artificial intelligence-enabled machines and gadgets can outperform humans in specialised activities, work around the clock, don’t take breaks, and don’t have concentration issues. They can assist your company 24 hours a day, seven days a week, and respond quickly to major events or client requests.
One of the most important advantages of AI is its capacity to quickly examine massive datasets instead of the hours or days it would take a team of human specialists to finish. Artificial intelligence can also automate work routines and execute repetitive jobs, particularly advantageous for small business owners.
Advantage In The Market
Data is the new fuel that must be processed in order to be valuable in today’s digital economy. Artificial intelligence in the business quickly processes large volumes of data and provides better solutions to issues specific to their industries. A digital content writing company, for example, could need to know what movies their consumers want and make precise predictions about whether they will terminate their membership. Artificial intelligence can provide these projections with a high degree of accuracy based on historical and contextual data.
Businesses profit from insights because they can develop better goods and services for their consumers, minimise the risk of failures, cut costs, increase operational efficiency, and improve safety and compliance.
Artificial intelligence in the business is not prone to making errors as a result of human emotions or opinions. However, AI may make unjust judgments if the dataset does not accurately represent the entire population or diversity of scenarios. Amazon, for example, recently decommissioned a gender-biased AI recruiting tool that chose primarily male candidates from a pool of CVs supplied over several years. The issue was that men wrote the majority of the CVs in the dataset.
Improved Customer Service
Using user activity data to provide products or services that are more interesting to them is one of the AI strategies for improving customer experience. The marketing department, for example, can forecast how certain client groups will react to a promotion message. By analysing how customers communicate with one another, an AI chatbot can offer phrases and moods that are most appropriate for a specific group of users. Customers’ information, such as their location, preferred items, and social media activity, can help firms create more relevant products and services.
Standard AI solutions are available to customers in the travel sector 24 hours a day, 7 days a week in real time to offer tailored holiday packages and provide current information about their scheduled itineraries. Netflix’s recommendation engine, which is adjusted and recommends movies depending on personal preferences, is one of the best use examples of AI for improved user experience. Similarly, Amazon’s Alexa assistant aids in the organisation of shopping lists, the creation of music playlists, the sending of emails, and the discovery of basic information.
Artificial intelligence transformation in the workplace is a difficult task. Companies require a systematic approach that begins with identifying Artificial intelligence in business use cases with the greatest potential. To ensure the success of AI algorithms, they must create data ecosystems. Simultaneously, businesses must encourage a variety of skills and discover methods to incorporate AI results into their workflows. As a result, gaining the preferred capabilities of offshore AI developers and Machine Learning & Artificial Intelligence Experts from leading AI development services providers like Explorate Global is recommended.
If you’d like to learn more about how businesses can use artificial intelligence in the business, contact the ONPASSIVE team for more info.