AI is all around you, from mail filtration or chatbot functionality to Google’s predictive search and personalized product suggestions. Despite this, there is still a lot of misunderstanding surrounding this keyword.
Artificial intelligence is in every part of our life, and we couldn’t be more grateful for it. The tsunami of AI has leveled everything, from personal life to large corporations. We’ll look at what AI has in mind for enterprises and why it’s no longer a luxury but a requirement and beyond. Artificial intelligence has become so ingrained in our lives that it no longer appears out of the box.
In this article we will cover the following topics:
- What is Artificial intelligence and how does it work?
- The role of AI in several industries
- Ways you can turn AI intelligence into success
- Steps to get AI technology for your business
What is Artificial intelligence, and how does it work?
The imitation of human intelligence processes by machines is known as Artificial intelligence (AI). The machines have been designed to think and act in the same way as humans do. In this situation, machines use supervised, unsupervised, or reinforcement learning to learn and solve problems. AI encompasses both artificial intelligence techniques.
The role of AI in several industries
Artificial intelligence has been effortlessly integrated into commercial processes. It not only makes our business lives easier, but it also completes work in a far more efficient manner.
- Customer and market insight – Artificial intelligence (AI) works on vast volumes of data to provide market and customer insight. There is no shortage of data on the market or clients, whether it comes from a system matrix, a web multiverse, or social media. All of the information serves as raw resources for AI systems to make smart marketing decisions for your product or service.
- Virtual assistance – With virtual assistance, businesses may be available to their customers 24 hours a day, seven days a week. Here’s a fact: the majority of customers who contact customer care are looking for general information. A chatbot can efficiently address all of these questions.
- Process automation – Why would a company choose to use its human resources to perform work that can be automated? AI enables the automation of a variety of business operations in different industries. This not only speeds up the procedure but also eliminates the possibility of human error.
- Efficient data usage – Unlike in the past, data is no longer available in structured formats. It outperforms humans’ capacity to process data and extract human meaning from it. AI is a tool that can help businesses navigate this as well. Additionally, organizations may now use this data to gain a deeper understanding of their customers and abandon the one-size-fits-all strategy.
- Customer experience – There is nothing more vital to a business than having loyal customers? To do this, you must not only meet their needs but also engage them more effectively than your competitors. AI analyses their behavior and provides them with actionable insights, allowing them to find exactly what they’re looking for.
5 easy ways you can turn artificial intelligence into success
We’ve gathered some professional advice to clarify the steps firms can take to integrate AI into their operations and ensure a successful implementation.
Meetings made better
So, AI won’t be able to completely remove meetings. Indeed, the coronavirus epidemic has demonstrated the importance of maintaining human relationships, even when they are maintained remotely, implying that gatherings are here to stay. However, AI can assist in reducing the time-consuming administrative tasks that occur prior to, throughout, and after meetings.
Voice assistants, such as Google Duplex, can, for example, arrange appointments for you. Then there’s Voice’s EVA assistant, that can listen in on business meetings, take notes on crucial points and activities, and produce and share practical notes later. Sonia is a comparable program that captures customer calls, transcribing the full discussion and automatically summarising essential topics and actions.
Increasing sales and marketing effectiveness
Many CRM solutions now include AI analytics, allowing sales teams to generate important insights automatically. Salesforce’s Einstein AI technology can anticipate which customers will make the most money and which will transfer their business elsewhere. Salespeople can focus their efforts and time where it matters most when they have this kind of information.
Then there’s the increasing use of chatbots, which is assisting businesses in increasing sales, increasing revenue, and expanding their audience. For instance, UK retailer Marks & Spencer installed a digital assistant feature to its website to assist consumers with frequent issues, a move that is said to have saved millions of pounds in sales that would have been lost otherwise when disgruntled customers bounced off the site.
Improvements to the manufacturing process
The usage of robots in the manufacturing industry is well-known. However, the most recent generation of automated systems is capable of functioning alongside people and interacting with them in a smooth (and safe) manner. The name “cobots,” or collaborative robots, was coined as a result of this.
Cobots are conscious of the humans around them thanks to AI technologies like computer vision and can respond accordingly – for example, by altering their speed or retreating to avoid humans – allowing workflows to be designed to get the most out of both humans and machines. Cobots are a viable option for helping smaller and mid-sized businesses compete with the existing manufacturers. They are simple to program, quick to set up and have an average selling price tag of around $24,000 each.
Choose a certain AI program
The next stage is to pinpoint the precise AI technologies that will help you achieve your goals based on your digital transformation strategy. Given that McKinsey has identified roughly 600 different AI applications spanning the business models of many key sectors, this won’t be easy. Planning and scheduling, assembling and manufacturing, promotion, and a personalized user experience are just a few examples.
AI is not a panacea for business. Your goal is to narrow down five to ten AI application applicants, then choose two or three to serve as pilots. Proceed with one AI application that can give both the business benefits you desire today and the flexibility to serve the people, process, and technology you will require in the future, based on pilot efforts.
HR may not appear to be a natural fit for AI. Nonetheless, AI is quickly finding many applications in HR operations, including recruitment. Finding ways to expedite and improve the recruitment process is critical for large businesses like Unilever, which hires roughly 30,000 workers per year and receives 1.8 million applications. That’s why Unilever teamed up with AI recruitment expert Pymetrics to develop an online platform that allows candidates to complete initial assessments from the comfort of their own homes. According to Unilever, the automated screening of candidates saved roughly 70,000 person-hours of interviewing and evaluating prospects.
Steps to get AI technology for your business
The steps below detail the preparation, planning, invention, and education required to get AI up and running in the company.
Determine your competitive advantage
The metaphorical technology cart always gets ahead of the value-added horse with every significant new technological wave — from desktop computers to the web to Big data to mobile. However, commercial value, often in the shape of new disruptive products, markets, and cost models, reclaims its dominance over time. AI is no different. Begin by collaborating with your business and IT to identify the situations that will give you a competitive edge, and then utilize these scenarios to determine where AI will be most useful.
Obtain AI technology
By definition, AI applications are created with AI technology. The next step is to find the correct AI technology to fuel your AI application. To begin, you can leverage strong cloud-based systems that offer modern AI services on AI-optimized hardware. Three of the most popular and comprehensive platforms are Amazon Web Services (AWS) Machine Learning, Google Cloud AI, and Microsoft Azure Machine Learning. You may utilize these to get a full set of AI capabilities fast and affordably to serve a wide range of AI applications.
Improve your AI abilities
Your employees will need to learn new skills whether you design your own or use an “AI inside” solution. Invest in your early adapters development, but don’t expect them to become AI specialists overnight. All cloud-based AI platforms contain enablement tools to make AI application development easier and faster.
With high-performance algorithms, wide framework support, and one-click training, AWS SageMaker allows data scientists and developers to quickly and efficiently construct, train, and deploy machine learning models. Google’s video, vision, and speech recognition APIs make use of strong neural network models to make it simple to search and extract metadata from movies, comprehend content from images, and convert audio to text.
Artificial intelligence is a must-have that can alter your company by interpreting massive amounts of unstructured data (our biggest asset). The information collected from this data has the potential to revolutionize every industry. It can also help you optimize corporate processes, speed up procedures, eliminate human error, predict problems, and much more. Consider what that could mean for your company. Artificial intelligence has a variety of applications in the commercial world. In reality, most of us engage with artificial intelligence on a regular basis in some way.
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