The ability of machines to learn and make decisions based on data and analytics is referred to as artificial intelligence (AI). AI has the ability to significantly alter how we approach our work when deployed strategically.
Your first thought undoubtedly comes to mind when you consider how organizations may use artificial intelligence: automation. Although automating tasks that were previously handled by humans is one of the uses of technology, AI is capable of much more.
The growth of Artificial Intelligence for Business
Today’s businesses have greater access to data than ever before. Forbes estimates that between 2010 and 2020, the amount of data generated and used rose by 5000%. Companies are now able to collect consumer data that might aid them in making wise business decisions thanks to developing technologies.
Many businesses have enthusiastically embraced AI in recent years in an effort to maximize the value of the data they are already gathering.
How is Artificial Intelligence used in Business
There are many ways that AI can be applied by organizations, however the majority of uses center on promoting expansion. Businesses are embracing AI and machine learning in novel ways that improve company performance. Business advantages of AI include:
- Process automation to increase efficiency
- Increasing the speed or reliability of the service
- Making decisions with consumer insights
- Identifying possibilities for novel goods and services
Almost any company strategy can incorporate AI. It’s important to comprehend how data gathering and analysis relate to artificial intelligence before beginning any AI project. You can more accurately ascertain how AI might benefit your industry by researching its methods.
Example of Artificial Intelligence in Business
You might be surprised to learn how regularly firms use AI. The uses of AI are essentially limitless, ranging from customer service to operations to marketing. Here are a few instances of business applications for artificial intelligence.
Improving Customer Service: Have you ever arrived at a website and a chatbot welcoming you? One of the most frequent ways that users communicate with AI directly is through chatbots. From a commercial standpoint, chatbots enable organizations to automate their customer support procedures and free up staff members’ time for problems that require more individualized care. Hekate has integrated the Shopping feature right on Coca-Cola’s chatbot. By doing this, customers can easily communicate and order products directly on the chatbot without the inference of any other intermediary channels. For example, to create an order, customers only need to choose the product and quantity and press the order button; the order will be delivered to them immediately.
Providing Product Recommendation: Businesses can use AI to make product recommendations that will suit their clients’ interests and keep them interested. You can provide your consumers with products that are similar to the ones they have already viewed by monitoring customer activity on your website. This is a particularly helpful strategy for businesses involved in e-commerce. Streaming services are another source of recommendations that are tailored to the user. Streaming services might entice you to use their app for extended periods of time by showing you similar movies and TV series based on an analysis of the genres of content you regularly click on.
Analyzing Customer Satisfaction: Sentiment analysis—sometimes called emotion AI—is a tactic that companies use to gauge the reactions of their customers. Businesses collect information on how consumers feel about their brands through the use of AI and machine learning. The use of AI to search through social media comments, reviews, and ratings that mention the brand may fall under this category. The information collected from this study enables businesses to spot areas that could use improvement.
Artificial intelligence is used in a variety of ways in business. In fact, the majority of us engage with AI on a regular basis in one way or another. Artificial intelligence is already upending practically every business activity in every industry, from the routine to the astonishing. AI technologies are becoming more and more necessary as they spread in order to maintain a competitive edge.