Artificial Intelligence, machine learning, and the Internet of Things are areas that need to be addressed, particularly at a time when new technologies are taking over the industry. However though artificial intelligence is still an emerging job, we’ve seen what it can do and the advantages that come with the new technology. Obviously, AI is used widely, even without our knowledge in the workplace or while communicating with the customers.
Today, AI not only benefits big business but small businesses as well. For several small companies, AI is already being used by applications, including an automated time and attendance program. Apparently, there are specific reasons why people prefer artificial intelligence over humans. Artificial intelligence makes processes quicker, quicker, and more reliable. Unlike humans who need breaks, holidays, and sleep for lunch/tea, artificial intelligence operates with predictable results around the clock.
Businesses are using Artificial Intelligence to improve their business functions.
Listed below are a few ways in which Businesses are using Artificial Intelligence.
Due to various intense competitions in today’s market environments, companies always wanted to be on top before the problems arise and become significant issues. Decisions are now guided by evidence, thanks to the sophisticated analytics tools available today. Decision-makers can thus escape the pitfalls of prejudices and rely on intuition alone. As such, tracking and gathering market information from which observations are to be extracted is a constant need. Due to the sheer volume of information coming from a multitude of outlets, handling the data is a significant effort. Traditional business intelligence (BI) techniques and tools struggle to cope with such volume and variety. That is where AI breaks in. Advanced algorithms are now used to crunch and produce reports of vast quantities of data. The AI can also create real-time visualizations and dashboards. AI can also be trained to identify outliers and even track thresholds based on key performance metrics so that the program can send warnings, and prompt action can be taken.
Chatbots are another significant advancement within AI. Developments in the processing of natural language have allowed the systems to handle several conversational prompts. Although experts might say that the Turing Test is far from being solved, the increasing usage of virtual assistants for everyday tasks such as Apple’s Siri or Microsoft’s Cortana is only a glimpse into what chatbots may do. Chatbots can provide companies with a level of automation and free up resources used to handle account management tasks and routine support. Specific chatbots implementations also include online shopping and e-commerce. Users may simply ask the bot about other things, or provide details of what they want, such as “show me all the small size of your red shirts,” and the bot will all respond within the chat window with suggestions.
Localization or the provision of a specific user interface for a particular market has become a significant consideration for e-commerce today. Previously, only those interested in digital products had experienced an easier time in cross-border e-commerce participation. Nevertheless, logistics and payment systems have become more robust, so that only businesses that deal with physical goods can now easily accept cross-border transactions. Merchant services have enabled pricing, taxation, and shipping, but the language remains a barrier to cross-border e-commerce. Imagine having to translate every definition of your company into at least 10 languages. To fix this, you can use localization APIs to perform the localization. Although there is still much premium for humans to do a content translation that is context-appropriate and style-consistent, it might not be cost-effective or time-efficient to try to do this on thousands of products. Natural language processing AI can now deliver a reasonable degree of accuracy in precise translations.
Apart from localization, another way for companies to deliver a more engaging consumer experience is through personalization. Using AI, automation will now go beyond preserving your user preferences and settings. Ecommerce can now offer suggestions based on a user’s history of browsing and buying. We see this in the recommendation from Amazon already. Recommendations are estimated to represent 35 percent of Amazon’s revenues and are considered one of the primary innovations of the company. Companies can now use machine learning APIs to develop their own recommendation algorithms too. Businesses are using Artificial Intelligence may train their algorithms using consumer tracking data to provide other products in their inventory with suggestions that could lead to further sales.
By efficiently controlling inventory and streamlining processes, businesses that rely on manufacturing and logistics can further enhance their supply-chain management through AI. AI can also monitor supply and demand in the regions that a company serves so that it can automatically change inventories, shifting amounts from markets with low order to markets with high demand. AI can also change the data provided in the pricing. Even AI can improve the actual transportation of goods. The logistics companies use AI to map the most effective routes to transport products physically. For years, UPS has used its ORION program to automate the stops that its drivers make every single day.
Having these applications in mind, businesses can now analyze which business functions they should be using AI for. What’s interesting is that AI is still a field of growth. As it flourishes, we can only expect more dynamic technologies, which will further empower companies and improve consumers’ lives.