How implementing Artificial Intelligence can improve a business
Artificial intelligence is a segment of computer science that develops and utilizes machine intelligence, as opposed to intelligence showcased by humans. Through this, AI is unlocking new potentials for enterprises to use their resources and data, make tech smarter within deep learning and come up with practical applications of AI in businesses. Artificial intelligence in business has become pivotal in companies’ identification of business opportunities and generating revenue (Digitalsilk,2021).
In today’s article, we are going to be discussing 3 ways Artificial Intelligence can improve a business, as well as discuss a few large companies which have implemented AI into their business plan.
1. Creates a competitive advantage for businesses
Ensuring that a business has a competitive advantage over its competitors can be difficult to achieve. However, the use of AI technology can assist businesses in implementing larger changes due to its ability to take quick action as well as its ability to increase overall productivity within a company. This productivity can be seen within any operational team that uses chatbots to filter customers to a call centre, or to detect fraud within a company, instantly. By using AI technology, the amount of overhead needed to sustain growth can significantly decrease, thus giving smaller businesses the ability to gain a competitive advantage over larger and better-funded industry competitors (Chaudhari, 2019).
2. Decreases the risk of human error
Human error is inevitable to occur in a business, mistakes constantly happen. However, these mistakes can sometimes have long-term consequences and can have a large negative impact on the work being done within a business, by causing setbacks. With this being said, AI can significantly decrease the risk of human error occurring, as well as give employees the ability to have more time to challenge themselves in more impactful tasks within a business. A key example being phishing emails. Although employees will be able to delete emails, they may miss important ones, and while trying to double-check, they’ve lost valuable time that could have been applied to another important task. But, through the use of AI technology, it will have the ability to detect phishing emails before they’re delivered, and therefore will save employee’s time and effort (Technative, 2020).
3. Improves marketing within a business
Artificial Intelligence is a great way for businesses to effectively market their company as well as ensure that their consumers are receiving the best possible experience while using their product or service. In terms of marketing, AI technology assists businesses to innovate quicker. Through its technology, the use of better prediction systems is used to generate and test new ideas at a speed, humans are not able to. An agency like Nordic Morning – that leverages machine learning for testing – is able to help clients out-innovate their competitors (Sjodahl, 2018). Along with this, AI technology assists businesses with One-to-one optimization, by focusing on personalized messages. ROI on marketing campaigns can be significantly improved through the use of robust analytics, CRM and social data. Together, these three capabilities enable a strategic, multi-layered approach that identifies, understands and automatically produces customized messages (Sjodahl, 2018).
Large businesses which have implemented Artificial Intelligence
Chinese company Alibaba is one of the world’s largest e-commerce platform that provides its consumers with multiple products. The use of Artificial intelligence is implemented in Alibaba’s daily operations and is used to predict what customers might want to buy (Forbes, 2019).
With natural language processing, the company automatically generates product descriptions for the site as well as provides recommendations for their consumers as a way to increase their customer satisfaction as well as ensure that their consumer’s needs are being met effectively.
Artificial intelligence is seen heavily in Amazon’s everyday operations. Not only is Amazon in the artificial intelligence game with its digital voice assistant, Alexa, but artificial intelligence is also part of many aspects of its business. Amazon uses artificial intelligence to ship products out to its consumers before they even think about buying them. They do this by collecting data about each consumer’s buying habits and use that data to recommend items to its customers. With AI technology, Amazon then predicts what they need even before they need it by using predictive analytics (Forbes, 2019).
Like other music and video streaming services, Spotify uses AI and deep learning to provide recommendations on similar music that users will enjoy. The application monitors the listening preferences and inserts them into a learning algorithm to make the song recommendations as well as playlists for its users to enjoy. Along with this, Spotify’s AI scans a track’s metadata, as well as blog posts and discussions about specific musicians, and news articles about songs or artists on the internet (Sen, 2020). Predictive analytics and AI algorithms used by Spotify not only ensures that consumers are receiving the best experience while using the application, but it also enhances the overall services ability to effectively produce its purpose as music streaming application.
The final message
Overall, Artificial intelligence is unlocking new potentials for enterprises to use their resources and data, make tech smarter within deep learning and come up with practical applications of AI in businesses. Through observing the 3 ways in which AI can effectively improve a business, as well as analyzing the 3 examples of large companies which have applied AI into their business plan; it is evident that Artificial intelligence is an amazing technology to implement into a company.