Applications of Artificial Intelligence (AI) in business

artificial intelligence in business

With modern ingenuity and technology, Artificial Intelligence (AI) has become an integral part of society with immense applications in different sectors. Right from the matches on dating apps to stock performances on Wall Street, AI has been the front-runner in tackling complex and convoluted tasks in any business setting.

Some of the applications that AI represents in business are discussed below.

Security of a business:

The most crucial element in any business, overlooking this aspect will place the business in peril. With digital warfare being a looming threat from an individual to an entire nation, cyber-security has donned its cape to take on this problem head-on.

Even though Artificial Intelligence (AI) and Machine learning are still in the embryonic state in this domain, many strides have put us in a better position. Developments and research in sectors like:

  • Bot technology
  • Active contextual modeling
  • Data protection
  • Data and Analytics
  • Forecasting and many more.

All these sectors have advanced greatly due to the implementation of AI.

Human Resource:

Taking out the Human element and replacing it with a machine, might seem like a sci-fi plot but it isn’t. Well, quite the contrary, in fact, the benefits AI brings to the table is superior in terms of quality and quantity.

A LinkedIn survey had shown that 83% of candidates showcase a dislike to a company they had once liked due to a bad interview and 80% had the reverse result after a good interview.

This clearly showcases how the human element can interfere in the process. However, with advanced algorithms and data-driven processes, better and adequate talent can be employed. So, using AI for HRM can help in:

  • Hiring better resource
  • Reducing the time of screening candidates
  • Utilization full bandwidth of the resource available
  • Forecasting the need for resources for future operations.

Marketing strategies:

The right marketing can boost a company to great heights, but with a complex audience and trends, this can be a challenging task. But with the help of AI, you can reach your audiences in an efficient manner.

  • Artificial Intelligence (AI) can effectively pick up trends in the marketplace withbig data solutions and with data analytics the right crowd can be targeted.
  • Even with the content presented, with advanced AI tactics the entire process from content creation to publishing can be automated.

Customer Service:

A good customer service is the key to ensuring that customers stay well connected and well informed. Currently, this region is dominated by manual operators and with it being a monotonous activity, human errors can be present. This pain point can be solved by implementing AI.

  • AI chatbots are steadily overcoming this issue with reduced wait time and better response.
  • With deep learning, AI can track the history of a customer’s previous inquiries and by picking up certain keywords and voice tones, a natural conversation can be achieved.
  • AI picks up the likes and dislikes of the customer and accordingly present the solutions.

E-commerce:

We prefer shopping online because it offers all kinds of products which we need. But have you ever wondered, that every product that is displayed on a site is some way related to your choice? This is the magic that AI has bought into the e-commerce industry.

  • Artificial Intelligence (AI) latches on to the preferences of individuals, and previous choices and presents similar products and services.
  • It continuously scans for the best deals and products as per search patterns and displays it on your screen. In this way, even if you do not need the product, you will still buy it.

Facts you should know!

It is estimated that around 25% of the population engage in digital shopping and this number will be a whopping 2.14 Billion by 2021.

Keeping this figure in mind, it would make perfect sense to streamline the e-commerce experience bringing in more revenue.

Accounting:

This is an area that deals with very sensitive data, but even with moderate AI inclusion, it can drastically increase productivity and reduce time.

  • AI can significantly reduce any fraudulent practices in relation to company capital, by tracking purchase history.
  • AI can also eliminate favoritism or partiality that can have a bad impact on employee morale and respect.
  • Besides this, robotic tasks like data entry or bookkeeping can be entirely automated.

In a case study, it was noted that around 55% of accountants will include AI in the next three years.

Testing:

When a product or a service is set to be published in the market, a thorough testing phase has to be implemented. This could include

  • code checks,
  • market trends,
  • trial runs, etc

But manually executing most of these can take forever and may not even be accurate. Therefore incorporation of an AI system can significantly elevate the number of tests run to better improve product quality.

Conclusion:

Implementation of Artificial Intelligence (AI) into any industry will increase profits and growth in greats and folds. It surpasses human limitations and restrictions and hence is the perfect option in various operations.

The incorporation of AI is imminent it’s just that how we process and utilize it effectively.

Author Name: Eric Smith
Author Bio: Mr. Eric Smith is the Head of Sale & Marketing in Accely. He has decades of experience under his belt.  He worked as a SAP professional with expertise in a wide range of SAP Solutions. With a knack for technology, he loves to write on the latest SAP developments and share his knowledge with the readers.

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