We live in an age of disruption. Industries are in a phase of transformation. Small companies are able to capture market share and also establish their brand. The businesses which have the right strategies and unique and innovative product, obviously enjoy more revenue share.
Artificial Intelligence is the buzzword today. Artificial intelligence or machine learning depends heavily on the amount of data.
Importance of AI
Artificial Intelligence is getting more diversified and hence there is huge diversification in the companies or industries who are using Artificial Intelligence. Artificial intelligence helps in analyzing data across multiple functions, fraud detection and high class customer relationship management.
Artificial intelligence helps in finding solutions to complex business problems in a more human way. Artificial intelligence adopts characteristics from human intelligence and implement them as algorithms in a computer friendly way.
Role of AI in business
There is a lot of panic mongering going on Artificial Intelligence. It is being said that robots will take over human jobs in the near future. Inspire of all this AI will play an important and huge role in being an enabler, than a disruption.
Market & Customer Insights
AI can play an important role when it comes to analysing market and your customers. You can take customer experience to the next level through customer insights.
AI gives a great boost to the start ups. Through Artificial Intelligence and Machine Learning, startups can explore, different opportunities, work on a different thought process and innovate new solutions for their business growth. Before hand maintainence through regular quality checks.
AI based systems helps businesses in optimizing marketing strategies and can reduce marketing costs by providing effective marketing tools for your business and also helps in filtering unlikely customers from the list of potential customers
Data mining techniques can be used to analyze different types of social media traffic. Approach to the social media platforms can be classified and the people who can influence more, can be identified.
Artificial Intelligence software gets adapted when the market behaviour changes and also improves performance with inflow of more data.
Chatbots are a very apt example of usage of Artificial Intelligence for Virtual Assistance. The most important vertical is customer service. Many people think that it is an outdated idea of customers speaking with a machine, as it might stop working at some point. But a very few people know the potential in machine driven assistance with human driven customer service.
Since last few decades, the technology in automation has become very advanced, which makes business processes agile. Home appliances are the first example of automation tool. Later Industrial robots were invented. In the present day, we see advance robots working alongside humans in many places
Previously the amount of data, a business was generating was less and so it was structured. It was easy to capture and store data in a database.
Efficient Sales Process
As against the old sales techniques of approaching a potential customer by way of cold calling, nowadays people tend to approach with snapchats and chatbots.
Personalized Customer Service
Personal touch is most important to businesses. AI can analyze vast data more efficiently. It can quickly identify patterns in the information- such as past buying history, buying preferences, credit scores and other common threads. Millions of transactions can be analysed every day to provide personalized services to each customer.
With the entry of Artificial Intelligence, business owners can provide a more personalized experience to their customers. AI quickly analyzes customers past buying preferences, credit scores and other threads.
From serving as a robot in a manufacturing unit to self driven cars and voice activated resource in difficult medical procedures. Artificial Intelligence can do it all.
This Artificial Intelligence has become an essential part of reality.