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AI and Machine Learning Impact in Business Field
Updated on Jan 07, 2020
AI and Machine Learning have changed the ways different business activities are performed today. Gone are the days when companies used to perform all their activities manually & their production rate was quite low. Due to the increasing demand of customers, companies have started to use artificial intelligence and machine learning to create an artificial mechanism that can mimic a real person and give solutions to customers easily and quickly. AI and Machine Learning affect different areas of business and help them grow speedily. But how? Let’s find out.
1. To Make Close Contact WIth Customers
Artificial intelligence-based technologies are now being used by different companies when they communicate with customers. All leading companies introduce tools of artificial intelligence and machine learning in their business marketing campaigns to change the principles of interaction with customers, strengthen relationships with them, gain competitiveness and increase revenues by leaps and bounds. chatbots, recommendation systems, personalized message creation mechanisms, smart advertising targeting tools and image recognition tools- all help companies to interact with customers quickly. An automated agent/virtual assistant/chatbot is the most typical AI application for interacting with customers and answer their questions instantly.
2. Automated Personalised Recommendations
One of the best ways to use AI in marketing is to find new audience segments for better targeting. AI-based tools collect customer’s data automatically and make it possible for you to make the most individual offer to customers. You can easily increase the user's time on the site by offering them content and recommendations at critical “points of care” as AI allows you to optimize this work by showing similar, popular, related products and services. Automated personalised recommendations are made by tools on the basis of the browsing history, user behaviour in the past and present and hundreds of other factors. Personalised recommendations encourage users to buy more from you and stay connected with your brand for a long time period.
3. Business Automation
Business marketing specialists always talk about business automation using artificial intelligence, neural networks, Data Mining, and other modern technologies. Basically, it's a process to use a software system in the business that performs typical works using modern algorithms. Business automation can increase employee productivity, speed up the development of any business, ensure the availability of products and services to customers 24*7/365 days, and achieve maximum performance. It also eliminates the human factor, which is the main causes of many errors in daily business operations.
4. Fraud Prevention
Artificial Intelligence helps you to create a unified, cross-cutting approach to combating fraud, regulatory compliance and security. With its help, you can protect your company's reputation and profits, prevent improper payments associated with fraudulent activities, unnecessary spending and abuse before it happens and get warnings about emerging threats at the earliest stages. AI tools with hybrid tracking technology & advanced analytics allow you to identify fraudulent activities, waste and abuse, reveal new types of threats to your business, and minimizes the risk of fraud.
5. Automated Recruitment Process
AI and machine learning can combine data, determine patterns, and optimize and predict trends. Artificial intelligence-based algorithms can select resumes, find good candidates, high-performance employee profiles, decode video interviews, give information about those who are likely to succeed in the interview. Many companies use AI in the recruitment process to find competent employees, evaluate the resume of lots of employees, deliver job letters to them, and make professional communications.
6. Finance Management
Almost every company in the financial technology sector uses AI tools to save time, reduce employee costs and improve the quality of services provided. It has been observed that seven leading US banks are prioritizing strategic technology development, investing in artificial intelligence applications to better serve their customers, increase productivity, and increase their own revenues. Artificial intelligence helps to manage and complement the rules of trading and process data quickly.
7. Cost Reduction
You must always keep in mind that AI is a working tool for providing information and automate many workflows. It should be included as an assistant in solving daily tasks without having any fear of incorrect results. But over time, they easily understand the production process and start working quickly without making any error. This eliminates the need for too several employees on the work floor. Companies save a lot of money by introducing AI in daily business activities as it performs the work of many employees. It is worth planning that even before the introduction of the AI system. Many do not understand the limitations and requirements of AI software. A dysfunctional system can’t achieve the desired results in the work sooner or later.
In 2019, every second inhabitant of the earth connected to the Internet. According to PwC estimates, by 2030, the introduction of AI will give a 14% increase in global GDP by $ 15.7 trillion. You should be aware of the fact that this is more than the current total industrial output of China and India. The introduction of AI in business operation allow companies to conduct their business opportunities quickly, eliminate errors, increase transparency, and boost revenues by leaps and bounds.
Junaith Petersen works as a writer and has a Master’s Degree in data science engineering & Mathematics. She is passionate about her work and she has been associated with Lantern Institute which provides AI and Machine Learning Programming in Toronto.
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