Do you know about the significance of AI in business analytics? Let’s find out.
Artificial intelligence has taken over the business world. In multiple industries, the increasing volume of complex business data has encouraged organizations to make use of artificial intelligence to gain insights and identify trends. With the use of Artificial Intelligence, businesses are able to make faster decisions and are able to stand out from their competition.
The Significance of Artificial Intelligence in the Business World
Before moving toward the use of artificial intelligence in the business world, let’s spare a few minutes and talk about what AI is.
Artificial intelligence is the terminology used for equipping your computer system with human intelligence traits, such as learning, decision making and problem solving. The application of AI in the business world has been powered by machine learning, which is used for the following tasks.
- Enabling product recommendations and facial recognition.
- Classifying and recognizing visual images and photographs.
- Reading and comprehending large chunks of text.
Many applications of AI in businesses include:
- Pattern recognition
- Business intelligence bots
- Virtual assistants
- Chat bots
- Voice recognition
- Predictive analysis
5 Ways Businesses Can Benefit from AI
- With AI, you can provide a personalized experience to online shoppers, which is based on valuable insights. These insights are derived from online purchasing patterns and customer behavior.
- You can automate business communication with customers through online chat systems. This also includes internet marketing and social media messaging.
- You can achieve operational efficiency in several ways. For instance, you can make use of AI for automated inventory management and robotics for automated check-ins.
- You can use customer data and buying patterns to make sales forecasts.
- You can provide real-time help to customers through mobile applications, thus communicating with a large number of people at the same time and providing personalized services.
3 Major Applications of AI in Business
If you conduct a thorough research, you will find out that more than 25% of all online transactions are made through mobile applications. With mobile apps growing in popularity, messaging and social media apps are two of the top applications used by online users. Businesses these days are using AI chat bots to communicate with their customers.
Marketing and Sales
AI has also transformed marketing and sales activities throughout various industries. Using AI, marketing professionals are beginning to automate their day to day tasks through the data they acquire. This allows them to focus on other aspects of the business.
Manufacturing companies of today have started using AI to use their resources smartly. One of the latest examples in this regard is that of General Electric. They have started reducing machine downtime through the data they collect from AI powered censors attached to manufacturing equipment.