Artificial Intelligence or AI refers to a machine’s capacity to understand and learn from the world surrounding it and then decide based on the learnings. Devices are getting smarter with each passing day and are contributing to the betterment of the world massively. Many people still associate AI as some high tech tool that is witnessed in sci-fi movies. On the contrary, AI has never been more present in our lives as it is today. It has made its way in our homes in the form of virtual assistants such as Siri and Alexa.
It might be the case that people have started noticing it now, but AI itself is not a brand new concept. It came into being in the late 1950s, but it took years of progress to take its present shape. In the business world, artificial intelligence wears various hats, as it is employed in multiple ways. It is safe to say that it has caused a disruption in the business world and given them a competitive edge.
Presence of Artificial Intelligence in Businesses
AI acts as a supporting tool to human intelligence rather than its replacement as it can analyze and process large amounts of data. It can also synthesize courses of action and then return them to the user. Thus, humans can use AI to streamline their decision-making by mapping out various activities’ potential consequences. AI can make its own decisions as compared to traditional softwares. It is these traits that make it extremely valuable across industries.
We will now look at some top examples of businesses that effectively use AI in their products or services.
- Machine Learning, or ML, a type of AI, is mostly used in systems involving big data. First, management systems collect this data, and then ML algorithms contextualize it. This data is then sent to decision-makers to take further action.
- AI is also extensively used in finding limitations in existing computer network defence systems. It gets overwhelming for cybersecurity experts to personally look into such problems, owing to their complexity and scale. That’s where AI steps in.
- Customer service is another arena where AI has made its presence felt. When you apply AI to traditional customer relationship management systems, they self-update and auto-correct without much human intervention.
- The financial sector uses AI by integrating it with regular day to y day banking operations such as mortgage loans. For instance, if you have a mortgage with your bank, which is bound to be renewed, you will receive a personalized text asking you about renewal when you walk beside the bank. Also commonly found are Ai using online advisors to give out tailored financial advice to customers, which is both accessible and cost-effective. The idea is to make the concept of financial planning more attainable than ever.
- Social media platforms such as Twitter use AI to identify fake news, hate speech, and other illegal content. As a responsible organization, they either flag these or remove them altogether because they realize how dangerous they can be for our society. Instagram follows suit by regularly fighting to cyberbully and taking down offensive and vulgar content.
- Digital strategies are continually getting transformed after the advent of AI. Salesforce experts regularly track customer activity based on their searches, views, and purchases. Then they show relevant items to the shoppers on their subsequent visits, hence increasing the likelihood of conversion.
- Predictive maintenance helps out companies carry out repairs, servicing, and replacement of machinery at an optimum time, sometimes even before the breakdown even happens. Many companies use AI and IOT to make their machines more reliable and provide timely repairs.
- Many food chains are making trials of automated delivery robots to deliver food quickly and more effectively. This approach is a productive and cost-effective solution for short-distance deliveries when compared to cars and trucks. AI plays a huge role to play in its implementation.
- Automated vacuum cleaners, also known as Roombas, are robot vacuums that utilize AI to scan the entire room by pinpointing possible obstacles and then decide how to move across the room seamlessly. They also memorize the most efficient routes inside the room so that they can clean better.
The examples given aren’t exhaustive, and the world is bound to see many more exciting innovations that will involve AI in the years to come. You, too, can boost your business operations by adopting AI into your organization’s functioning. Ensure you follow a strategic approach by creating a dedicated AI strategy that takes care of how you want to use the AI.
Author Bio
Saumil Shah is the marketing lead at InboxArmy, a full-service email marketing agency that specializes in providing email marketing services from production to deployment. In 2014, the digital marketing bug bit him and he fell in love with helping clients succeed in the digital arena. Saumil Shah has helped clients in various niches grow their businesses and revenue through SEO, content marketing, PPC, email marketing, and lead generation.
