How AI & ML impact the Business World?
Updated on Apr 20th, 2021
The machines are aware of your thought patterns. And that’s proving to be a potential boon for business owners.
According to David Thomas, CEO of Evident, “Artificial Intelligence can assist everything be it behavioral targeting improvisation or inventory management”. He adds, “we’re starting to see functionality based on AI, which eliminates recursive or mindless tasks. This means we can expect productivity gains & better competition at companies that embrace AI.”
What is this AI and ML?
Artificial intelligence(AI) is a combo of two words: Artificial & Intelligence. Artificial means human-made or something non- natural. Intelligence stands for the ability to think and comprehend. Artificial intelligence is the ability to equip machines with the skill set that human beings possess.
Machine Learning( ML) is nothing but a subset of AI. The ability of machines to learn based on past records & behavior, without any explicit coding is ML. Most of the AI work involves ML in it since smart behavior needs considerable knowledge.
These technologies are rapidly developing and offering notable opportunities in various areas.
But how exactly they are impacting the business world?
To understand this, go through the following case studies and see how AI & ML have become the driving force behind so many industries’ operation.
Alexa is one of Amazon’s most popular & most popular AI products. It drives the algorithms that are crucial to Amazon’s marketing strategy. It allows Amazon to predict what products are going to be in demand and provides customized recommendations based on the user search.
2: Global Tech Lead
Global Tech lead is an LED lighting design & supplier to U.S. and other international markets. The company used Google Analytics’ Smart Lists for automatic identification of the prospects who were “most likely to engage” & to remarket to those users with more targeted product pages. It availed Google’s Conversion Optimizer for adjusting to potential customer bids for increased conversions.
It is a Chinese conglomerate specializing in retail, Internet, e-commerce, AI, plus technology. Alibaba leverage AI for mapping the most efficient delivery routes. Result of which is a 10% reduction in vehicle usage and a 30% reduction in travel distances, as claimed by Alibaba.
Cisco is reinventing networking and prioritizing security. The company has employed machine learning (ML) for analyzing massive amounts of network data & comprehend anomalies plus optimize network configurations. Consequently, Cisco will enable a self-driving, intent-based, and self-healing network. This network will be capable of redirecting traffic on its own & heal itself from internal shocks such as device malfunctioning, and external shocks like cyberattacks.
Digital Pathology, introduced by Philips, has facilitated efficient pathology diagnostic workflows. It helps pathologists in streamlining diagnostic processes, connect a remote team to enhance efficiency, and optimize the usage of resources for gaining new insights & driving better decisions.
Don’t forget to skim through benefits!
1: Real-time analytics
Ever questioned what keeps international airlines such as Emirates moving? They’re interacting with millions of people on a daily basis – across social media & the real-time market. The sheer volume makes customer-relationship management critical to their business model.
And this is the point where artificial intelligence steps in. Intelligent systems and Chatbots can be Emirates’ always-on connection to their markets. Should a customer’s flight is postponed, there is software in place that communicates with said customer, update them on schedules, and provide them with new information as it happens, using personalized notifications. Chatbots can respond to customers’ queries irrespective of what time it is. This contributes to a positive impact on the overall brand momentum.
2: Data Interpretation
The crust of the digital economy is data. Often it is called the” new oil,” but much like oil remains useless without specialized machinery to extract and process, data trapped in the cloud is futile as well. Structured data, which comprises data that can be analyzed and interpreted, accounts for 20% of all the data available to us. The rest 80% of the available information is unstructured and can be of great help if it can be utilized to draw valuable business insights.
Artificial intelligence assists the companies in mining for the unique ‘gems’ found in these databases, processing billions of data points in a couple of minutes. And the best part of AI is that it isn’t static. It learns, adapts, and evolves. These insights can be fed back to companies for improvising their operations.
For example, an energy company planning to lay a gas pipeline will have numerous queries about the area, usage, past issues, etc. The answers for these are going to be present in training manuals & old inspection reports placed on inaccessible shelves. AI helps companies in turning unstructured data into actionable intelligence.
3: Predict outcomes
AI systems are capable of detecting signals, which goes unnoticed by the sales executives looking out for correlations in the existing customer data. For example, if an AI-integrated user support tool predicts customer perspective based on their recent interaction, then companies can utilize this information to build stronger customer relationships and reduce churn. Additionally, as soon as a business realizes that customers are not feeling positive about their firm, immediate measures can be taken to change such opinions, rather than waiting for the customers to admit that they are unsatisfied.
Therefore, by anticipating outcomes, businesses will know will figure out the point of their focus.
4: Fraud Detection
Companies spend a lot of time in detecting fraudulent transactions, but it is a never-ceasing procedure for the firms. Usually, the frauds and crimes can be detected using the pattern recognition methodology. The machine learning tools can take care of this pattern recognition. Like this, cyber threats are also dependent on recognizing the pattern anomalies, and AI-based applications help in this arena too.
Hasn’t your business capitalized in AI yet?
With continuous development in AI, the technology will only get more streamlined and faster. Sooner your business switch, the better it gets; as its perks are numerous. AI & ML narrows the gap of mistakes made by humans. It also prevents bottlenecks, reduces injuries, and shortens the process chain — all saving company money and resources. However, if you are planning to implement this technology in your business, then the first step would be to figure out the opportunities plus identify long and short-term business strategies for reaping its benefits.
If your company hasn’t yet taken the plunge but is interested in doing so, get in touch with our team and take your business to new heights.
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