The current world is running at a jet speed. New technologies are coming into existence which is far greater and efficient than the previous technology. If someone doesn’t adapt to the newer technology, then they surely gonna land nowhere. Gone are the days where everything depends on the manpower. The technology now is completely out of the imagination. Present engineers, scientists are digging out their brains and inventing things that are beyond the imagination. These days to live and compete with the world, what we need is a superpower. The power which can do all the works in lesser time and more efficiently. The world today is running with the machines, we can say. Not to mention, all of them has made our world,”THE SMARTER WORLD”.
One of the greatest inventions in the ocean of the smartness world is the Artificial Intelligence. That intelligence that can assist us through our mobile phones by face recognition or voice recognition also can reach us to our destination without a driver. The use of artificial intelligence is growing rapidly not only in one field but many other fields too.
What is Artificial Intelligence?
According to the father of the artificial intelligence, John McCarthy, “The science and engineering of making intelligent machines, especially intelligent computer programs. The artificial intelligence is a way of making a computer, a computer-controlled robot or a software think intelligently, similar to the human thinking. Artificial intelligence also called as machine intelligence is the area in which the human intelligence is processed by machines usually the computers.
While talking about other fields, the business field, one of the fastest growing field also needs new technologies for more progress. The business needs more power to grow efficiently. And that power is not just through the humans, but also with the machine help. It truly can improve the growth of your business. The biggest companies like Google and Amazon are using Artificial intelligence and we can say how successful and popular they are?
Here, we will see “How does artificial intelligence can help your business grow?”
Customer service (virtual assistants)
The customers are the backbone of any business. One of the important factors in the business is the relationship you have with your customers. The better relationship the better your business is. The relation in which you connect with your customers is what matters the most. Asking for their reviews, suggestions and responding them is maintaining the relationship.
But the problem here is this whole situation of handling all the customers is really a hectic one. Instead, the artificial intelligence can make this work more easily. The artificial intelligence powered digital solutions are prepared to improve every factor of the business including the online customer services. These digital solutions can support customer support agents online. The AI technology does have the power to replace the human agents. The chatbot feature is very much helpful for standard customer services. These chatbots gather information which is useful to help your customers. The AI works on the basis of machine learning and Natural language processing.
- The machine learning learns the data from the attributed computing system. The few examples of the AI machine learning process are the request suggestions, spam folders.
- Natural language processing supports your daily interactions using the ability to process and interpret spoken or written messages with AI software. The few examples are Siri, Cortana.
The artificial intelligence uses the above capabilities for the job of customer support agents. This computing power enables businesses to offer efficient customer services.
Using AI, the service can be provided by multitasking, quick responding with automated queries. It provides a platform where the responses can be given with a great speed and accuracy which is impossible by a human. In this, the AI does many services more than just responding to their queries. It helps in identifying the issues of the customers and then learn from the information gathered before, responds with solutions of a real-time support all in all it decreases the rate of complaints. The customer relationship management(CRM) is also performed by artificial intelligence. The CRM systems enable many automated functions like data recording, control management analyzes and provides the predictions of customer’s lifetime value.
The artificial intelligence can also be made useful for marketing. There is a marketing leveraging AI concept called as artificial Intelligence Marketing (AIM) to achieve marketing goals. There is a vivid range of applications of AI in marketing and advertisements. The first and foremost we get in mind when we come across the marketing and advertisements is the search engine optimization. You can use AI concept for increasing your business in your search results. The other greater development we got here is even when you give the spelling of the keyword mistakenly, the search engine provides the correct suggestion of the specific keyword using artificial intelligence. This created a great impact on e-commerce sites.
The artificial intelligence technologies have algorithms that analyze the visitor’s behavior and allows recommendations and campaigns to target the audience more precisely. This is called as programmatic advertising. The example is SEM advertising on Google and Twitter. This is considered as an efficient and effective platform. The artificial intelligence has the ability to predict the future of your business through the intelligence data. It provides you the information of the advancements in marketing reducing the effort on you. Many companies like Rapidminer, Sisense, and others are aiming to become industry standards for business intelligence and predictions. The main advantage of this is the company can make more effort in marketing based on the company results. The other application of artificial intelligence in marketing is image and voice recognition. The image recognition helps when you click a photo of what you want on certain platforms that have artificial intelligence directly takes you to that particular sites that sell those products. Here there is no need of typing anything just snap the photo and there you go.
The other interesting fact is it can also write your contents. How awesome it is! right? Many contents based on sports or other fields are being written by the systems that are using artificial intelligence.
The other main factor when it comes to business is the ability to make decisions. Sometimes, it may go right, sometimes it can invert your whole business, so, one should be very much careful while making these decisions and this job involves a lot of complexity and risk. You must take into considerations of past, present and future statuses of business, understand the customer needs and think in their perspective, make predictions, there is actually a lot to consider for a long run. The artificial intelligence also does help in making the decisions. It collects the data of the status of your business in the market, analyses the progress, and the advancements that are in the market, the data trends you need to adapt, the market forecasting is also possible through Artificial Intelligence. By learning the required data, it suggests you with the decisions that are to be taken for your business to grow. The artificial intelligence offers the financial service companies in validating real-time business decisions within seconds. In the automotive industry, the AI helps in decision making from vehicle design to marketing and sales decision making. It provides a huge opportunity and support for better decision making.
There is nothing that is not possible by the Artificial Intelligence, it has many applications that are practical and can also be adaptable in real time. The ability of learning and solving the problems takes much time and effort for a human to do, but not for the machines. It makes each and every work in the fastest way. The other advantage is we can reduce the human errors which leads to so much loss, but with the artificial intelligence, we can actually reduce those errors and the repetitive tasks. However, it can be a bit costlier, but when we think of its effectiveness and advantages it doesn’t matter a much. So far, many companies have been using artificial intelligence and been successful. In the future, there will be more advancements in the artificial intelligence, that makes more improvements in the business fields. It also improves the competitive standard in the present market.