10 Examples of Artificial Intelligence (AI) in Business
10 Examples of Artificial Intelligence (AI) in Business. We live in an era in which artificial intelligence (AI) is widespread and actively involved in our daily lives. Every time we do a Google search, open our Facebook newsfeed, book a trip online, or get a product recommendation from Amazon, AI works in the background.
Whether we recognize it or not, Artificial Intelligence (AI) significantly impacts our lives. It is not only increases human efficiency but also changes how we do business. In addition, AI is a commonplace in many offices. However, most importantly Artificial Intelligence -AI allows for considerably faster and more accurate decision making.
While it is still a relatively recent invention, AI already has a variety of business uses. In fact, various tech companies across various industries are investing in artificially intelligent technologies.
Let’s continue reading the 10 Examples of Artificial Intelligence (AI) in Business.
What Is Artificial Intelligence?
First of all, the broad field of artificial intelligence in computer science is focused on developing smart machines that can perform activities that traditionally require human intelligence. Since these intelligent machines learn to understand the world around them, they became competent and then make decisions much faster and efficient, compared to the human brain.
Machine learning, for example Weka, are becoming smarter by the day due to AI, and the quality of human existence is being tremendously influenced. Furthermore, AI systems have numerous uses, including natural language generation, voice or image recognition, data analytics, machine learning and their tools. Moreover the introduction of the widespread use of smart assistants like Siri and Alexa ore self driving vehicles really paved the new ways for AI types.
Artificial Intelligence in Business
Businesses of all sizes are increasingly adopting and implementing Artificial Intelligence (AI) to increase revenue, to cut costs associated with operations, or to communicate with customers. By incorporating AI into their operations, businesses can operate more smartly and productively and may therefore gain the ability to:
- Make business decisions more quickly based on the results of advanced analytics.
- Avoid missteps and human error as long as AI technologies are programmed correctly.
- Automate as well as streamline time consuming procedures and processes.
- Grow knowledge, productivity, and operational efficiencies by facilitating analysis and providing wise counsel and support.
- Process a large amount of data to produce high quality data on client preferences and provide a more personalized experience to expand the customer base.
We will be exploring and examining ten artificial intelligence examples in greater detail to see the range of business industries they are used in as well as how they have been used successfully in customer service and marketing.
Now it is time for the main part of the 10 Examples of Artificial Intelligence (AI) in Business.
10 Examples of Artificial Intelligence in Business
1. Numerai
An AI powered hedge fund, Numerai uses crowdsourced machine learning from thousands of data scientists worldwide. The company makes abstracted financial data available to it’s data scientists. These scientists also use various machine learning models to forecast the stock market.
The creators of the models compete against one another in a weekly competition for Numeraire (NMR), the company’s cryptocurrency. The correct predictions get to the top of the scoreboard and receive additional tokens various Artificial Intelligence tools are used. However, the main focus of Numerai isn’t rewarding winners and losers.
Simply put, the competition is a technique to gather more models. The actual innovation of the company is in the way it combines all of the different techniques into a meta model. Also, the diversity of the models within the meta model provides diversification in the portfolio, lowering risk and increasing profits. In a nutshell, the more algorithms in use, the better.
2. Visual Search
E-commerce, in particular, makes extensive use of visual search. Although it was made popular and mainstreamed by Google Images and Pinterest, online stores are making money with it.
Target collaborated with Pinterest in 2017 to integrate Pinterest Lens, a visual search tool utilized in real world situations. As a result, customers of Target were able to use their smartphones to take a picture of any item of clothing and find alternatives there.
Asos took this approach a step further with Asos’ Style Match. The concept is similar to Target’s but with one important difference: it also includes visual social listening.
Visual social listening enables marketers and eCommerce firms to spot visual trends and make the best use of brand graphics(their name or logo) and products. They do this by learning how customers engage with them when they are not referred to by name.
3. Semi Automated Payroll
The future of payroll is likely to be altered by artificial intelligence. Unlike cause and effect automation, powerful AI systems can study data, learn from failures, and solve problems strategically.
Executives at companies are increasingly ready to invest in innovative AI powered payroll solutions. The cloud based payroll software market was worth $7.88 billion in 2018 and is expected to grow to $13.37 billion by 2026.
4. Predictive Analysis
In this example, companies can use predictive analysis data for customer retention. With this data, FedEx and Sprint believe they can identify clients who may switch to other companies with an accuracy of about 90%.
Data from the predictive analysis identifies the factors that cause particular groupings to disperse. Companies with the advantage can tailor their messaging and marketing efforts to these clients, preventing them from leaving. Aside from leaving for competitors, delivery companies can identify clients who are ten times more likely to cancel their delivery in advance.
5. SEO Optimization
The term “search volume” in Search Engine Optimization holds information on the number of individuals searching for specific terms and phrases, whilst seeking items or services. To better understand both the content of searches and the intent behind using keywords, algorithms for machine learning (ML) are presently in use.
Another application is to examine competitor SEO methods to detect gaps on your own. Or to capitalize on keywords competitors aren’t using. AI can also generate SEO friendly marketing content for your website.
6. Delivery and Travel
Regarding travel and product delivery, AI has significantly changed the environment because consumers usually want their goods and services instantly. For instance, during the COVID 19 pandemic, Walmart introduced Express Delivery, which enables you to receive your item in two hours or less.
Also, a machine learning algorithm firstly analyses, whether the clients are even qualified for the two hour delivery option with the Express Delivery feature. Additionally, the system assigns delivery trips and optimizes routes.
Another example is UPS, which develops the most effective routes for its fleet using an AI powered GPS application called ORION (On road Integrated Optimization and Navigation). According to Forbes, “the machine receives data from users, drivers, and vehicles, then uses algorithms to build the best routes.
7. Fraud Detection
The application of AI in fraud detection is expanding exponentially, in addition to its usage by businesses to improve the customer experience. For example, IBM Watson Studio allows customers to automate processes using more complex techniques such as neural networks and deep learning. This can aid in detecting and preventing fraud.
Banks, on the other hand, are now implementing machine learning models that can detect suspicious transactions in near real time, block them quickly, and alert authorities, according to Deltec.
8. Personalized Advertising and Marketing Messaging
According to MarTech Advisor, “a website user will spend time searching products, visiting links, browsing other catalogue pages, and adding/removing items from the cart.” The AI personalization engine studies user behaviour and targets advertisements appropriately. Consequently, this pattern can provide valuable insights for ecommerce marketing.
Using one to one social media campaigns based on “past emotional involvement” is Persado’s biggest asset and unquestionably its AI’s largest success. It’s touching Facebook newsfeed advertisements harness the power of words and communicate to the individual without using customer segments.
So the Machine learning is the secret to this almost extraordinary capacity. Machine responses to advertisements are used to determine the emotional profiles of users. Persado distinguishes between 15 emotions and three intensity levels in 23 languages.
9. Helpdesk Chatbots
According to UC Today, a chatbot is a computer program that simulates human conversation. It is important to note that an actual human is not behind the chatbot, but the interaction mimics real life conversation. Users communicate through a chat interface, and the chatbots interpret the words and provide a pre-set response.
Chatbots have grown in popularity due to their ability to save time and effort by automating customer care services. According to SmallBizGenius, chatbots can save operating costs by up to 30%. By utilizing chat bots, human agents can concentrate on resolving more challenging issues. There are three common kinds of chatbots:
- Intelligence: These collect data from users using machine learning. They are trained to comprehend words and phrases and improve over time as they comprehend more inquiries.
- Rule Based: The bots respond to specific queries with predetermined responses. You can find this on bank apps or the “help” section on some organization websites.
- AI Powered: These bots combine the capabilities of the first two. They can recall conversation history and comprehend user preferences. These bots combine natural language processing, machine learning, and artificial intelligence to comprehend users.
10. Personalized Recommendations
Have you ever browsed a website and found product ideas similar to what you’re looking for? According to WooCommerce, a personalized product recommendation is not based on an assumption or guess. User activity is used to generate personalized suggestions.
A good example of a personalized recommendation based on prior browsing or purchase activity is Amazon’s “often bought” and “customers who viewed this item also viewed…” features.
Furthermore, according to Forbes, customers want personalized recommendations, and research shows that 73% of customers choose to purchase from businesses that pay attention to their unique preferences.
This is it. Thank you for reading 10 Examples of Artificial Intelligence (AI) in Business. We shall conclude.
10 Examples of Artificial Intelligence (AI) in Business Conclusion
In nutshell the machine learning and artificial intelligence have revolutionized businesses and will continue to do so for a long time. Artificial intelligence in commercial environments reduces time spent on repetitive processes, increases staff productivity, and improves customer experience across IT operations and sales.
Additionally, it assists in error prevention and crisis detection at a level beyond human capacity. Technology is so innovative that businesses use it to enhance all aspects of their operations, from logistics to hiring and employment. Businesses that are at the frontline of AI will profit greatly and outperform competitors in the future.
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