AI in Business – How Can It Help You by Michael Osland

Artificial intelligence (AI) has become a real possibility, thanks to the rise in computing power and related big data analytics. AI is based on applying computer science techniques using systems that mimic human reasoning through machine learning or “statistical learning” directed by rules-based inference algorithms.

What does this mean for business? AI can help with everything from better predicting customer behavior to making digital assistants more intuitive. Specific uses include:

Let us look at the 6 different types of AI applicationsMichael Osland

Your personal Digital Assistant! Applications like these are getting smarter all the time – you’ll find them helping you book hotels, find restaurants, schedule meetings, and take care of simple tasks anywhere you happen to be. They’re made possible by the most recent developments in AI.

Personalization – Pushing More Personalized Experiences to Users based on Chat Data. 

Predictive Analysis – Identifying Likely Outcomes for Broad Range of Situations or Customers

Recommendation Systems – Giving People Content They’ll be Interested In Based On Their Behavior. 

Language Comprehension – Understanding Text, Speech, and Multimodal Inputs

Intrusion Detection / Prevention Systems – Finding And Reacting To Threats Before Damage Is Done. 

Clustering & Classification – Organizing And Grouping Big Data Sets Together For Analysis

Nowadays, systems utilizing these capabilities are being widely deployed at many different levels within organizations to support efforts such as:

Manufacturers are adopting AI technologies to optimize maintenance and production, making much greater use of virtual assistants embedded in the products they make according to Michael Osland. They improve customer experiences by delivering an ever-greater understanding of what individual customers want and how to deliver it. We also see a growing number of applications like Udemy (an online education platform) and Augur (a decentralized prediction market network), which utilize blockchain technology secured through AI algorithms. 

They support business processes across departments, including finance, HR, purchasing, legal, etc., with intelligent automation capabilities to take on repetitive tasks like document processing, data entry, and fact checking. Automating such processes frees up human staff time for more interesting work. Studies show that over 40% of senior executives surveyed globally expect the majority of their workforce to be managed by AI systems within 5 years.

Customer care with AI

Intelligent assistants and chatbots that support customer service and other business operations by using natural language processing technologies to analyze voice and text inputs, performing tasks such as answering factual questions or fielding complaints. Smoothing out operational processes through robotics, augmented reality, and virtual reality (AR / VR), such as automated inventory management across the supply chain network. 

Encouraging innovation within organizations, helping them identify new solutions for market problems and run experiments to try them out. This will become increasingly relevant as we learn more about what makes a business truly successful in an AI world. For example, see how Augur uses blockchain technology that is secured through AI algorithms.

Focusing on employees’ personal lives with programs to help them achieve their full potential, either by encouraging healthy living or helping develop skills for the future. 

The purpose of this article was to inform everyone about the different ways Artificial Intelligence (AI) can benefit businesses and companies. Many problems happening in society can be solved using AI, due to its ability to incorporate human-like reasoning into its processes. As time goes by, machines will become more advanced and do everything that humans do now, but better!

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