What is Artificial Intelligence?
Artificial Intelligence (AI) causes machines to learn from experience, adapt to new inputs and also perform tasks that humans can do. It works by combining the huge data rapidly, iterative processing and intelligent algorithms with allowing software to learn automatically by detecting or analyzing patterns in the data. Nowadays there are many forms of AI for eg., digital assistants, chatbots and robots also. There are many methods included in AI and also many technologies are continuously evolving. Also know the future of AI at our blog- Artificial Intelligence as a Futuristic Technology.
AI in Business-
The futurists are thinking about how to make human life easier. If a robot replaces normal worker at a workplace, then he will be worried about how he will earn money. And a business owner are thinking how to get more useful effect for customers and companies using AI.
1. Automating customer interaction-
Nowadays, most of the customer interactions require human interaction that includes email, social media conversation, telephone calls and online chat. However, with the use of AI, companies can automate the communication. This communication can be carried out by analyzing data from previous communications. By doing so, computers can be programmed to accurately respond to customers and also to deal with their queries. When AI combined with machine learning, the platforms interact more finely, and becoming better at communicating with the customer.
2. Improving personalized shopping experiences-
Many companies and businesses are taking advantage of AI. AI allows businesses to provide their customers with personalized marketing. This increases the engagement and helps to improve the sales. Next advantage of AI in business is that, it is able to identify patterns of customers’ browsing habits and behaviour. This consequently empowering businesses to create profoundly exact offers to individual customers.
3. Real Time Assistance-
AI is best for businesses that need to communicate with high volume of customers each day. For eg., In the transport industry, train, bus and airline companies can use AI powered apps to interact with customers in real time. These apps can send personalised travel information and provide real time updates to customers about their transportation.
4. Predicting outcomes-
AI is able to predict outcomes based on data analysis. It also detects the patterns in customer data that show whether the products currently on sale are likely to sell. It can predict when the demand for products will decrease. This helps to purchase right stock in the right amount.
AI is used to predict currency and stock price fluctuations in banking sector. It is also used in healthcare to anticipate outbreaks of infections through analyzing social media posts.
5. Automate Business processes-
Automating labor work with AI technologies can reduce the cost of maintaining the staff. It also increases efficiency in recurring functions by the use of robots. AI based recruitment solutions can attract candidates for the open position. The program checks their abilities, analyzes the skills, organize the interviews and fill out the report of conducted interviews. Hence, AI can improve the mechanism of recruiting and simplifying the task of an employer.
6. The Chance to Increase Demand Due to the Availability of Personalized And/Or AI-Equipped Products/Services-
According to the recent trends and user’s preferences, the product cards, recommended shopping lists, the type of feedback to the store, and even the prices will dynamically change. Social networks, Search engines and smart phones also analyses the preferences of users choice that will help businesses sell more, and faster. And of course this is possible only because of the AI.
7. In retail business-
Online recommendation allows retailers to offer personalized promotions based on customer’s previous purchases. Better customer service is possible using smart machines which reduces response time and supports in less resources situations.
Virtually every industry will transform their core processes and business models into AI to take advantage of artificial intelligence and increase the growth rate. Before adapting the AI into your business, note the goal of incorporating AI system. Also Analyze the requirements that should be fulfilled with the use of AI system.
If you’re interested in adopting AI technology for your business, then you might need some help. Solace is an ideal place to start, and the experts there will be more happy to develop AI system for you and set you on your way to business innovation. Contact us for developing AI system to incorporate in a business which tends to success that you deserves.