Artificial intelligence has come a long way from being a mystified scientific study and a bunch of algorithms into a more common everyday intelligence that has found its way into virtually every aspect of society with evident and tremendous functions.
In simple terms, Artificial intelligence (AI) involves a process of stimulating a human response from computer systems. Machines and computers are set up to generate or collect information, process information, and use information as might be required.
Artificial intelligence is often of two broad categories; Narrow and Strong AI.
The narrow AI is usually streamlined and designed based on specifics to fit into a particular role or perform a given function, however, when the system is given a task outside of its streamlined design, it cannot find a solution to it.
The strong AI, on the other hand, has a more generalized setting and functions and can work on tasks outside a familiar setting. Where narrow AI would need human intervention to perform a certain task, the strong AI would be able to work on its own without human input.
More companies; technical, health, consumer-based, and the likes are beginning to get involved in artificial intelligence with the aim of developing their companies on multiple levels as well as getting the job done more efficiently and effectively. RPA (robotic process automation) is fast becoming the industry standard for assembly line production.
Many business owners today are finding it difficult to understand how to incorporate artificial intelligence into their businesses as well as what it has to offer them. But the benefits of this branch of intelligence has a wide range of benefits that if explored would make a lot of things easier on the business front.
One proven benefit of Artificial intelligence has to offer is efficiency in carrying out operations and tasks with speed and accuracy. Artificial intelligence helps one to work fast and smart while doing much in little time.
With the advancement in technology and with more investments into machines and computerized duties, persons are now delving into making use of artificial intelligence to get work done.
At this point, it is important to know how, why and in what areas Artificial intelligence helps businesses.
Like earlier stated, efficiency and speed are the major reasons businesses consider artificial intelligence in running their businesses. Other such reasons could include the reduction of operational costs and an increase in revenue.
So far, these are a few uses of artificial intelligence as well as their applications
Improve marketing and advertising: Artificial intelligence can help in monitoring and streamlining advertisement messages to users or customers. This is carried out through tracking the online habits and buying behavior of a certain customer or target consumer in order to know what kinds of advertising messages to send to them. In such cases, with the use of artificial intelligence, you know which audience to target which message to.
Detect security intrusions: Artificial intelligence software and applications can help to identify security threats in a system and deflect such threats. They also help to prevent crashes or system outages.
Data Analysis: AI has data analysis as one of its strong functions as it is able to process and interpret data about customer preferences, needs, sales, and purchase trends as well as financial information bringing many variables to play. Often times, artificial intelligence makes research and consumer studies much easier and more detailed.
Set up and perform automated duties: with artificial intelligence, you are able to set up duties that can be attended to by an automated system; for examples, voice machines can take calls and provide directives on available services rendered by an organization as often used in customer services. one can also assign duties to an automatic system such as a collection of data from visitors of a site or persons who call into
Customer services: virtually every modern business or firm makes use of machines to take calls and provide assistance to their customers. On online platforms, automatic service systems are often set up to answer questions regarding an organizations products and services or to perform simple tasks like billing or other payment options. Chatbots are now present on many online platforms and engage in conversations with customers to attend to their immediate needs.
Predict online behavior: from information given by online visitors to an online site, systems can use algorithms to analyze the preferences and behaviors of persons so as to tailor certain products and services to the appropriate persons. Credit card fraud can also be detected through artificial intelligence to prevent fraudulent payments and other activities.
Monitor infrastructure and logistics: transportation routes, infrastructure, locations, and other business logistics can be monitored by the aid of image recognition systems.
Increased production output: a lot of machines and industrial robotic processes are very effective in carrying out duties related to production, manufacturing as well as labor-intensive tasks. It is also common to find robots and machines performing human duties.
Voice to text features: artificial intelligence systems offer voice to text features on devices and sites where one can use voice commands to get things done. Google voice is an example of such features where one can make dictations and get them into worded documents or get voice orders from persons and transfer them to text.
Customer segmentation: based on available data, it is possible to classify and segment your audience based on certain criteria or variables such as age financial capacities, occupations, preferences and the likes. Such segmentation makes it easy for you to tailor products, messages, as well as other promotional offers to the right audience thereby getting required purchase and even higher response than you would have when directing the message to a wide range of audiences.
These are just a few of the Uses of Artificial intelligence in business as a large variety of functions exist in the sphere of artificial intelligence technology. Bear in mind that regardless of your demands from artificial intelligence, it has great potential to improve both operation and success of your business.
Persons who have been open minded enough to try artificial intelligence can vouch for a few impacts it has had on their businesses.
Impacts of RPA (robotic process automation) and AI (artificial intelligence) on business:
- Insightful information on consumer preference leading to better and more informed service.
- Large data assessment and processing for more streamlined services.
- Increased and efficient productivity both on a technical and management level.
- Proper and in-depth analysis which offers a knowledge base for understanding market trends, making relevant changes and prevailing over competition.
- Faster and easier decision making which hinges on information and data produced from technology related surveys and observations. One can now tell what step to take in relations to their business after knowing how the market scene looks like, what problems they have and what solutions they need to seek for. SWOT analysis is made possible and easier through artificial intelligence.
- Saves time and money which would have been spent while carrying out repetitive taxes or paying persons to carry out routine taxes which can be done with the use of Automated set ups.
- Absence of human error while carrying out assignments and duties. Although this is also subject to the setup of the system as well as the errors or absence of the same in the installation and setup process of the AI technology.
- Maximization of opportunities identified by the system to increase revenue. Once data has been gathered through artificial intelligence about consumer preference, products in demand as well as other marketing opportunities, it is then easy to maximize such information already available to make more sales and increase profit
Artificial intelligence and human factor
Before now there has been palpable fear in the society that artificial intelligence and other modern technologies will take the place of humans thereby leading to loss of employment and cut down of human capital, however that is not the case as humans and artificial intelligence can work hand in glove for best performance. Research has shown us that as great as artificial intelligence might be, it cannot stand alone but it needs human input to perform at its best. To ensure your business is at its best, it is important to combine both human intelligence and artificial intelligence as neither of them can totally replace the other.
At this point and with the relevant information you have, it is important to make a decision on what artificial intelligence can do for your business as well as which of its uses you intend to explore.
Make a list of what AI you would want to explore, take note of whatever form of AI your competitors and other relevant businesses are using as well as available artificial intelligence companies which can help you set up such technology for your business and then begin by implementing your own artificial intelligence project for your business.
If you are not yet fully convinced on just how successful artificial intelligence has been for other businesses and companies, by the end of your project, its massive success will convince you beyond doubt!
Impact Tactics is a leading RPA and AI systems integrator located in Toronto, Canada and Accra Ghana. When you are ready to discuss the very real ways AI, RPA and the human factor can transform your business please visit www.impacttactics.com/contact