AI or Artificial Intelligence has been there for a long time and has made our life much easier. But one area where AI could not contribute that much was in business development. However, from mid 2016 this picture has changed. It has proven itself to be a valuable as well as an efficient way to perform the everyday tasks at organizational level.
While AI may have not yet knocked down at your door or you might have not yet used it, the fact is it is the need of the hour and has all the necessities to take care of your responsibilities. It has immense abilities to reduce all your work burden to minimal by automating several manual task.
There are several business areas where Artificial Intelligence integration can be explored, let’s talk some of the possible integration, underlying challenges and outcome in brief.
In business, AI works as cleaning, analyzing and processing of data and helping human in making decision from that data. AI creates huge opportunity by combining human and machine intelligence together.
AI has the potential to deliver business cases for data initiatives. Several data tools are making it possible to be affordable. Now there is no need to spend long hours in finding or charting out the data, data can be mined from huge document records by natural language processing.
AI is making huge impact by increasing the productivity. From driving down costs and increasing customer focus to incorporating AI in product and services, AI will continue to gain importance in business growth.
AI has redefined the way businesses think about cost optimization.
Within an organization, it is necessary to be familiar with the employee’s performance and productivity. Generally this is made out on the past or ongoing tasks or acts. How about if an organization can predict the performance or a pattern in prior? AI has made it possible to build employee performance review system that uses company data to make logical projections about individual performance.
AI has taken over the minds of not only the businesses but, also the customers collaborating with them. Businesses are customizing their user experiences by analyzing data and user’s browsing history. In the coming future and advances made by AI, there might be a situation
where you don’t have to input your name, address or other personal informations as they would already be available anytime anywhere with AI through encrypted channels from authorized agencies.
Social media usage and presence has always been a matter of great importance while it comes to the business growth. Coming years may see a huge rise in the customized real-time personal contents on the social media. Also, AI implemented with social security systems together can work to provide better security to the users safeguarding their privacy.
People find online marketing to be more convenient. With AI, it would be possible to tell your google assistant to shop for you and get it delivered at your desired address.
To increase productivity without investing any extra workforce can be achieved using AI. One of the best way to do this is using Virtual Assistance. By analysing existing sales data, lead can be generated and can be contacted through emails using Natural Language Processing. Google, Siri, Cortana and Alexa are some of the great example of virtual assistance to help users automate the task from small hand held device to computer.
Predictive analysis is the use of data, machine learning algorithm and statistical data to predict the future output based on historical data. Using predictive analysis, business person can determine customer's response and purchases and these data help to attract, retain and grow most profitable customers. It also helps in improving operations in various sectors like education, healthcare, pharmaceutical, social infrastructure, etc. It can be predicted how much people will visit in certain time and profit can be maximized.
Predicted data can help in responding to challenges before they come in real time business. It becomes really easy to prepare beforehand for any mishaps. Cognitive computing can be used to teach computers how to identify and rectify risks. AI is useful in managing and handling unstructured data.
Fraudsters have taken the market over by laying out trap of providing tempting schemes and several businesses get trapped in there. Earlier, structured data analysis was under use for fraud detection and required hours of investigation. However, with AI world has moved towards cognitive analytics which has made fraud detection model more robust and accurate.
AI fraud-detection tools are now available to safeguard businesses from such fraudulent schemes. These systems leverage machine learning engines, automation, natural language processing, speech and video recognition, etc.
Human medical professionals can't keep track of all the new information about health conditions, treatment procedure, technique and technology. In this situation AI comes into the picture. It will be much easier for a machine to remember all the records and suggesting proper method to treat those health issues.
From a long time, health care industry has started digitizing medical records. Managing those huge volume of data is a problem for existing technology. So any technology that can manage and bring useful information from that data will be in high demand in the coming years.
In the modern world, data is currency. In an era where every day we are producing tons of digital data, there’s plenty of financial opportunity in making sense of that information. Artificial Intelligence has proven itself to operate intelligently and respond as efficiently as humans. AI has laid down an all new scope of growth in the business market. The adoption of AI has proven eminent in trading. Transformative initiatives are being driven by ample number of organizations to improve financial as well as competitive positions in the market.