artificial intelligence helps businesses

What is Artificial Intelligence and How It Helps Businesses?

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You have probably heard about the possible impacts of Artificial Intelligence that thought leaders talked about. In fact, from processes to tasks, everyone is in the business world today is being powered by AI. The best examples we can cite here is sales automation, marketing automation, and robotic process automation. They are already buzz words.

On the other hand, when it comes to the viability of artificial intelligence, thought leaders have their own opinions. Recently the Russian President Putin stated it as the power of the future, whereas the Tesla owner stated it as a threat to the world. However, artificial intelligence has the potential to minimize errors in operational areas and complete tasks 10x faster than what human do.

What is Artificial Intelligence?

Artificial intelligence is a method of adding human intelligence to machines. Such machines can learn from previous experiences and adapt to changes. Artificial intelligence can be in the form of a chatbot, sales bot, or robots. Machine learning and deep learning are the essential technologies that are powering artificial intelligence.

How Artificial Intelligence Helps Businesses?

As quoted above, artificial intelligence can help businesses bring agility to the processes, reduce errors, cut down costs, improve productivity, enable faster decisions, avoid risks exposed to humans, and provide cognitive assistance. But how all this work? Let us tell you.

Chatbots

A chatbot is a bot that communicates with users on its own without being helped by a human. Chatbots are deployed on the already existing platforms like Facebook Messenger, Slack, Skype, and Telegram. Chatbots can help businesses solve their queries and can make product recommendations. With natural language processing power, they can mimic human conversations and deliver 5x faster results compared to customer support executives. Chatbots are developed using machine learning and other associated technologies.

AI in mobile applications

Artificial intelligence can be fed into mobile applications so that they can recommend products based on past purchases. Amazon, Flipkart, and Big Basket are already making use of this.

Uber app leverages artificial intelligence to intimate drivers about the best route that is traffic-free. When a user requests a drive, an AI-powered algorithm that is integrated into the app analyzes the route based on the other drivers’ drive in the same route. In case if it found the route is congested, it suggests the driver an alternative route, so he can take passengers to the destination as earliest he can. This concept is called “Automated Reasoning”.

Sales bots

AI can be used as a sales bot. The sales bot can differentiate qualified leads from junk leads and can communicate with customers more effectively. It can send introductory emails, greetings, and do manual data entry. It can support sales and post-sales support objectives. It can also connect customers via audio and video calling. It can get more qualitative feedback on customer sentiments and customer satisfaction. With access to previous purchases, it can upsell or cross-sell products and services.

Fraud Detection

Banking and financial firms use AI to detect fraud. AI fight fraud mainly in three ways: through rules and reputation lists, supervised machine learning, and unsupervised machine learning. These practices can be used in identifying credit card frauds and other commons frauds in the banking and financial sector.

Technologies Used in Artificial Intelligence

  • Automatic Speech Recognition (ASR)
  • Natural Language Understanding (NLU)
  • Visual Search and Image Recognition
  • Text-to-Speech (TTS)
  • Machine Learning (ML)
  • Deep Learning (DL)

Conclusion:

Artificial intelligence has really been a buzz word in the tech world. Forward-thinking businesses are increasingly ardent to build AI solutions to reduce costs and achieve outcome accuracy. Subsequently, there is an increased demand for mobile app development companies who develop chatbots and dedicated artificial intelligence solution companies.

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