Artificial Intelligence in Business Applications

Artificial intelligence is a fascinating new field that everyone wants to talk about. On the one hand, people are excited about implementing various applications of AI in their businesses. On the other hand, there are fears of large-scale unemployment due to AI taking over jobs. It is worth noting that AI is not going to replace humans any time soon. It will, however, allow businesses to do much more. Businesses are already using AI and machine learning to increase their production, sales, quality, and efficiency spurred by increased productivity. Additionally, employers now use AI to find talent for their companies. Automated outsourcing tools allow companies to shortlist the most suitable candidates. This article discusses some AI applications that are transforming businesses all across the globe.

Business Intelligence

Nowadays, the business uses data analytics to make critical decisions. Only an AI-equipped system can infer useful insights from the increasingly large amount of data, this is being produced every minute. AI has become an essential part of Business Intelligence or BI. The latest insights obtained from the data are essential for businesses to remain competitive in the market.

Big Data

Data is being generated everywhere. Large corporations are recording huge amounts of data generated by mobile phones, the use of the internet, and social media, and so on. This data is being used by companies to predict customer behavior and compete with business rivals. To keep up with the enormous amount of data, AI systems have been created that present businesses with real-time visualization. These applications allow the data to be organized continuously, otherwise, it is practically impossible to manually control big data.

Security

Businesses are going digital; it is increasingly becoming the only way to survive in the market. As companies shift their business online, they are ever more vulnerable to security breaches, cyber-attacks, and loss of important data. Current security systems that are manually operated are gradually becoming insufficient. To prevent sophisticated online attacks, AI solutions are the most effective. Apart from detecting and preventing existing threats, an AI system can anticipate anomalous network response and issue alerts in real-time. For example, some banks have installed AI algorithms that can prevent fraudulent activity based on earlier available data. The Algorithm continuously learns from the previous fraud attempts.

Customer First

Developments in deep learning are creating opportunities for AI business applications. For businesses, it is easier than ever before to provide support to their customers using AI-enabled chat robots and voice assistants. These robots and assistants use machine learning and natural language processing to assist each individual according to their specific needs. They can answer common questions using existing databases before directing to the human operator. On the website, these assistants can provide instant information about products when the customers intend to shop. Now companies can also get feedback from their customers in the form of surveys, complaints, and suggestions. This feedback is processed by an AI algorithm and the findings are used to improve customer experience. For example, businesses can address issues if survey results indicate that a large number of customers are unsatisfied with certain services.

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