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AI and Business

Use of Artificial Intelligence (AI) in business

Artificial intelligence (AI) is something we all keep hearing about. It has been spoken about for decades. 

Now, due to greater processing speeds and access to vast amounts of rich data, AI is beginning to make itself evident in all parts of our lives. 

We cannot ignore this anymore in the digital world of ours.

Initially, it was all about natural language generation and voice or image recognition to predictive analytics, machine learning and driverless cars.

 Now, AI systems have applications in many areas. These are the technologies that are critical to bringing about innovation, providing new business opportunities and reshaping the way companies operate.

Essentially, the term 'artificial intelligence' commonly refers to devices or applications capable of carrying out specific tasks in human ways, by mimicking cognitive functions.

These are:

  • Learning for experience
  • Applying reasoning
  • Becoming adept at problem-solving
  • Seeing and using visual perception
  • Understanding languages

We must know there are two types of AI

  • The first one, that is termed applied AI - is more common and includes systems designed to intelligently carry out a single task, for instance, move a driverless vehicle, or trade stocks and shares. This is also known as 'weak' or 'narrow' AI.
  • The other one, called generalised AI - is less common and includes systems or devices that can theoretically handle any task, as they carry enough intelligence to find solutions to unfamiliar problems. Generalised AI is also termed as 'strong' AI. Examples of true strong AI don't are not present currently, as these technologies are still in very early stages of development.

Most modern AI applications use a discipline known as 'machine learning'.

What is machine learning?

Machine learning (ML) is a very important part of AI. This is based around the idea that machines can detect patterns in data and adjust their program actions according to these patterns. For example, ML applications are developed to do the following -

  • They read a text and decide if the author is making a complaint or a purchase order
  • They listen to a piece of music and find other tunes to match the mood
  • They recognise images and classify them according to the elements they contain
  • They translate large volumes of text in real time
  • They recognise faces, speech and objects

Put in other words, ML enables computers to learn without being explicitly programmed.

Nowadays, AI has a massive effect on all our lives, as well as our business. 

Here are some examples of AI that most of us are already using.

Business Management and AI

Some applications of AI in business management include:

  • Filtering spams
  • Checking emails and categorising them
  • Converting voice to text
  • Developing smart personal assistants, such as Siri, Cortana and Google Now
  • Setting up automated responders and online customer support
  • Setting up process automation
  • Setting up sales and business forecasting
  • Using it for security surveillance
  • Developing smart devices that adjust according to behaviour
  • Working on automated insights, especially for data-driven industries (for example, financial services or e-commerce)

E-commerce and AI

AI in e-commerce can be seen in:-

  • Showing smart searches and relevance features
  • Showing personalisation as a service
  • Showing product recommendations and purchase predictions
  • Developing fraud detection and prevention for online transactions
  • Developing dynamic price optimisation based on machine learning

Marketing and AI

The ways AI is used in marketing are the following:-

  • Preparing recommendations and content curation
  • Creating personalisation of news feeds
  • Creating pattern and image recognition
  • Preparing language recognition by digesting unstructured data from customers and sales prospects
  • Analysing ad targeting and optimised, real-time bidding
  • Doing data analysis and customer segmentation
  • Doing social semantics and sentiment analysis
  • Doing automated web design
  • Doing predictive customer service

These are some of the examples of AI uses in business. 

With the pace of development now increasing in this direction, there will likely be much more to come in the near future.

References

https://www.nibusinessinfo.co.uk/


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