Using Artificial Intelligence In Business
Uploaded on 2020-11-16 in TECHNOLOGY-Key Areas-Artificial Intelligence, NEWS-News Analysis, FREE TO VIEW, TECHNOLOGY--Developments
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Artificial Intelligence (AI) is passing into everyday use. From driverless cars to virtual doctors, AI is transforming the way we live, work, travel, and do business in the 21st century. It can be used to solve commercial problems such as helping businesses to increase sales, detect fraud, improve customer experience, automate work processes and provide predictive analysis. In the business world, AI is enabling businesses to work smarter and faster, doing more with significantly less. As technology and society continue to advance, more organisations are looking for powerful, sophisticated solutions that will improve and streamline operations.
AI has quickly become a key component in any organisation’s cybersecurity infrastructure, providing a multi-layered security strategy that is robust and sophisticated. From workflow management to trend predictions, AI has many different uses in business. It also provides new business opportunities. Here are some examples of AI use in business:
Improve customer services: Use virtual assistant programs to provide real-time support for example, with billing and other tasks.
Automate workloads: Collect and analyse data from smart sensors, or use Machine Learning (ML) algorithms to categorise work, automatically route service requests.
Optimise logistics: Use AI-powered image recognition tools to monitor and optimise your infrastructure, plan transport routes.
Increase manufacturing output and efficiency: Automate production line by integrating industrial robots into your workflow and teaching them to perform labour-intensive or mundane tasks.
Predict behaviour: Use ML algorithms to analyse patterns of online behaviour to, for example, detect credit card fraud or target appropriate adverts.
Manage and analyse your data: AI can help you interpret and mine your data more efficiently than ever before and provide meaningful insight into your assets, your brand, staff or customers.
Improve your marketing and advertising : Effectively track user behaviour and automate many routine marketing tasks.
Industries Applying AI To Their Daily Operations
In some industries, AI is capable of automating business intelligence and analytics processes, providing a holistic end-to-end solution. In others, computer vision is being deployed to map and navigate terrain, contributing to the development of smart, self-driving cars that are learning to drive as humans do. Below are just a few examples of how AI is being used to improve efficiency:
Banking and Finance – fraud detection: Many banks use the various applications of artificial intelligence to detect fraudulent activity. The AI software is given a very large sample of data that includes fraudulent and non-fraudulent purchases and is trained to determine whether a transaction is valid based on data. Over time, the software becomes incredibly adept at spotting fraudulent transactions based on what it has learned previously.
Retail – online customer support: Many websites now offer some form of ‘chat’ functionality where you can talk to a customer support representative or sales representative. In most instances, it is some form of automated AI that begins these conversations. As these AI chat bots are capable of understanding natural language, i.e.. human conversation, they can readily assist customers in finding out what they need to know, extracting information from the website, then directing them to the appropriate web page or person for further support.
Security: As cyber-attacks increase in frequency and more sophisticated tools are used to breach cyber defences, human operators are no longer enough. Top firms across the world are investing heavily in cybersecurity to ensure their data is protected. Real-time threat detection, mitigation, and ideally, prevention, are what’s needed for businesses, and AI can deliver. Using ML algorithms and feeding those algorithms great quantities of data, IT and security experts can teach the AI solution to monitor behaviour, detect anomalies, adapt and respond to threats and issue alerts.
Integrating AI-based solutions Across Different Departments
Organisations that respond rapidly to opportunities in AI application will have the advantage in the landscape of the future. The optimum strategy is to observe, learn and experiment with current AI. Investing too much into AI which turns out to be ineffective will be damaging for the business’ adoption and utilisation of future AI solutions. Create a strategy and determine how your business can benefit from AI, and how it can be built into core processes to drive efficiency. Start with the outcomes you want to achieve to modernise your IT environment.
AI isn’t immediately replacing humans, but it is changing things employees do and enhance work-time results and it will empower organisations to do much more.
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