Artificial Intelligence in Business | eBook | AudioBook

About this Book

Artificial intelligence has a widespread application in the business domain. In reality, a major chunk of the human population is engrossed in communication in some form or the other with the help of AI. As the concept of AI is taking root in the global socio-economic territory, so is it becoming more and more imperative for the businesses to retain their existence to maintain a competitive edge. AI systems have apps in many areas, ranging from natural language generation and image recognition to predictive analysis and machine learning. These technologies are crucial to bringing about sustainability, creating new business opportunities, and redesigning the way businesses operate.

Artificial intelligence (AI) is a branch of computer science. AI technologies aim to replicate or surpass capabilities in computational systems that are usually considered intelligent when conducted by a human being. These abilities include:
Learning
Pattern recognition
Reasoning
Visual perception
Problem-solving
Language interpretation
Machine Learning

The roots of machine learning (ML) are in statistical analysis. ML utilizes algorithms and statistical models to conduct a particular task without using precise instructions and depends instead on patterns and inferences. ML applications can:
Read a textual substance and come to a conclusion whether the writer makes a complaint or prepares a purchase order.
Recognize images and categorize them in accordance with the components they contain.
Interpret a large number of texts in real-time.
Recognize faces, voices, and items accurately.
AI And ML In Business
Over the years, AI research has allowed several technological developments, and that includes:
Suggestive web searches
Virtual agents and chatbots
Pattern recognition
Targeted advertising
Voice and speech recognition
Predictive analytics
Machine translation
Face recognition
Automatic scheduling
Autonomous driving

Many of these features are now widespread and facilitate alternatives to a large number of business challenges and complicated day to day issues.

Application of AI In Business

Artificial intelligence is constantly moving into everyday operative areas of business. AI has many distinct uses in a business house from workflow management to trend predictions. It also caters to new business opportunities.

AI technologies can be used to:
Improve customer services, using virtual programs to facilitate customers with real-time assistance like billing and after-sales services.
Automate workloads such as collect and analyze information from intelligent sensors or use ML algorithms to categorize jobs in hand, instinctively route service requests, etc.
Optimize logistics such as use AI-powered image identification devices to track and streamline the infrastructure, schedule travel routes, etc.
Increase production output and effectiveness like automating the production line by introducing industrial robots into the workflow and train them to perform labor-intensive or day to day repetitive tasks.
Prevent outages such as use anomaly detection methods to detect trends which are likely to disrupt the business functions viz., IT outage. Specific AI software might help identify and thwart security threats.
Predict performance – use AI apps to assess when performance goals are attained, such as reaction moments to attend desk calls.
Predict behavior – use ML algorithms to analyze online behavior patterns such as serving customized product offers, tracking credit card fraud, or targeting suitable advertisements.
Manage and analyze information – AI can be of immense help to interpret the required data more effectively than ever before and provide significant insight into the company assets, products, employee strength, or customers.
Improve marketing and advertising – monitor user behavior effectively and automate many routine marketing obligations.

AI And Business Benefits

Several business entities use artificial intelligence (AI) technology to attempt to reduce operating costs, increase productivity, improve revenue earning capacity, and develop a customer base. Businesses should consider placing the complete variety of smart technologies, including ML, NLP, and many more, into their procedures and product range for the optimum benefits. By engaging the relevant and perfect AI technology, a business may reap so many benefits such as:
Save time and money by automating and streamlining routine assignments.
Increase productivity and subsequently reduce operational costs.
Arrive at prompt decisions based on cognitive technology inputs.
Avoid human errors provided the AI systems are installed properly.
Use proper understanding to foretell customer preferences and offer them a quality personalized ambiance.
Deal with large scale data to create quality leads and develop a customer base.
Enhance revenue by detecting and maximizing sales opportunities.
Increase knowledge by allowing analysis and smart suggestions and support.

Whatsoever the reason for considering AI, it has the potential to alter the way any business works. What is more important is to get started with a generous mindset and readiness to adopt new avenues of opportunity as and when possible. One important thing to keep in mind is that AI is an evolving technology. As such, it is changing at a rapid pace and sometimes may come up with some unwanted hiccups.

In the business world, artificial intelligence enables businesses to operate smarter and quicker, doing volumes with less input. As both society and technology continue to progress, a majority of business entities are searching for strong and sophisticated alternatives that will upgrade and streamline the business functionalities. However, it is essential to recognize that artificial intelligence is a canopy under which a large number of technical skillsets take shelter. Machine learning, deep learning, computer vision, robotics, artificial general intelligence, cognitive computing, natural language processing, and knowledge are only some of the major components of artificial intelligence.

Even so, many of the elements of artificial intelligence applications are hailed as weak AI as the real potential is still needed to be unlocked. Weak AI, also termed as narrow AI is a non-sentient AI, which focuses on one task alone.

Strong AI, on the other hand, relates to artificial intelligence applications that can easily formulate their own choices without inducting manual input, apply intelligence to various issues and operate more like a human being.

In some commercial sectors, AI is able to automate business intelligence and analytics processes, giving way to a holistic end to end solution. In others, computer vision is incorporated to navigate terrain, entailing the development of intelligent, self-driven vehicles that learn to drive as humans do.

The AI application has touch-based every corner of the business domain. The following sectors have a huge impact in relation to an effective AI application:
Banking and Finance – fraud detection
Security
Retail – online customer support

Organizations that respond faster to possibilities in artificial intelligence applications will have an advantage in future business prosperity. However, as said, since AI is developing at a rapid pace, the immediate onus is to ensure that a particular organizational structure has the necessary strategies and roadmap to support AI capabilities as and when these are available and the proper technical infrastructure to cater to AI implementation.

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