With all the buzz around big data, Artificial Intelligence (AI), and Machine Learning (ML), many organizations are implementing these new technologies for their better customer experience. They are leveraging their benefits and making out a great profit. Many of them have probably heard of Machine Learning, but not aware of its usages. They are still in the dark sight that how ML can solve their business-related problems or add value to their business.
As per the Bloomberg report, in 2014, there was about $300 million investment in AI startups by venture capital, a 300% increase over a year. Therefore, in recent times, you can see many AI-enabled applications and devices everywhere around you.
From gaming stations to maintaining complex information in business, AI has made everything possible and easy. Computer experts and technocrats are working day night to impart intelligent behavior in the machines making them think like a human and respond to real-time situations accurately.
Many big giants like Google, Amazon, and Microsoft Azure are launching their Cloud Machine learning platforms. With the help of ML algorithms, ML data analysis processes learn from the existing data and help computers find hidden insights without being programmed for.
By using many devices and technologies, however, we have witnessed ML without getting it noticed. What if we tell you about the ‘Spam’ detection by your email provider. Got it now? Gmail actually recognizes the selected words or the pattern to filter out spam. Let’s give you another one.
Do you remember ‘Face Recognition’ tagging done by Facebook? Facebook automatically tags uploaded images using a face recognition technique. Businesses can leverage plenty of benefits from Artificial Intelligence and Machine Learning.
Not just Google and Facebook, but many other big giants have placed huge bets on Artificial Intelligence and Machine Learning and we are already using it in their products or apps. But, hold on! This is just a beginning, over the next few years, we may see AI covering the major industries and products one after another.
So, if you are planning to build and grow your business knowledge, AI should be the top priority. It’s changing every horizon of business and technology.
Before we go ahead let’s know the history of AI and also understand some of the key definitions.
Artificial Intelligence is a machine that understands human behavior and interacts in the same way as a human. AI fetches the information and data from the systems, analyzes and processes it. If it encounters any problem then it recognizes a pattern and makes sure this problem doesn’t occur next time.
Sometimes, AI is used with different terminology and incorrectly. But AI is a parent factor which comprises various forms and methodologies of learning. The main methods are Machine Learning, Deep Learning and Neural Networks.
What’s Machine Learning?
As we can see, Machine Learning is a subpart of AI. Using their techniques, computers are able to learn and analyze without programming or coding for it. Classifying pictures is the right example of this. I mean, a computer cloud automatically bifurcates pictures of apples and mangoes and stores into different folders. And having more data over time, the machine will learn from it and become smarter. This way, they can do better at the job.
One of the AI’s pioneers, Andrew Ng, has given us some points on what machine learning can do:
Machine learning algorithms are divided into two different categories:
With human intervention, Supervised algorithms provide input and output to the machine. On the other hand, to provide input and output, human intervention is not required for unsupervised algorithms. This iterative approach is called Deep Learning. This helps the machine to read and analyze data and arrive at conclusions all by itself.
In short, machine learning completes your complex tasks easily that cannot be done easily by humans.
Business Advantages of AI and ML
Now you have figured out the definition of Artificial Intelligence and Machine Learning, let’s proceed further and hear how AI and ML can be beneficial to your business? Let’s explore the areas and points.
Artificial intelligence opens a door of opportunity in the field of process automation. One sector in the industry would be human resources and recruitment. In this, various tasks like onboarding and administration can be automated.
Generally, internal employee resources are maintained by human resources. As per the review by Harvard Business, with artificial intelligence, it’s easier to maintain “internal forum sites (open discussion) which answer to the employee questions on various topics like IT, employee benefits, and HR policy.” That’s why, by implementing artificial intelligence, it becomes easier to find data and information related to specific problems or queries which empower natural language search. And AI cultivates answers to queries very quickly and more accurately.
Sales and Marketing Analytics
Using artificial intelligence, anyone can easily do analytics with much larger data sets. This has created a great impact on every data analysis, including business and financial decisions.
Sales and marketing are quickly changing and transforming areas. AI understands the customers’ behavior and their patterns to predict what they are supposed to buy. Also, based on users’ history, trends and many other aspects of their persona, AI helps you automate the personalized targeting of ads to your buyers.
Even, the report by Forbes shows that “87% of current AI users said they are using AI which helps them for sales forecasting and improves their email marketing strategy as well.”
Machine learning can help you improve your customer experience and customer loyalty. Based on the previous call records, ML analyzes customer behavior and their requirements will be correctly assigned to the most suitable customer service executive. This definitely decreases the cost and time invested in managing customer relationships. This is one of the main reasons, major organizations use predictive algorithms to offer the best customer services with suggestions of products they enjoy.
Cloud-based AI apps are so advanced that they can easily and quickly find out the important information and relevant findings during the processing of big data. This provides businesses with previously undiscovered insights that give them a major advantage in the marketplace.
Artificial Intelligence plays a vital role when it comes to communicating with high volumes of customers during the course of each day. It never disappoints the6 business nor customers with their accurate and quick answers. For example, in the transport industry, train, bus, and airlines companies, which have millions of passengers a day, can use AI-enabled apps to interact, in real-time, send personalized travel information and provide travelers with real-time updates about where the bus or train is going, its estimated arrival time, and its route. Customers can receive this information directly from the company’s app.
AI is a great element which could predict outcomes based on data analysis. For example, it identifies patterns in customer data that shows whether the existing products on sale are likely to sell, and the volume in which they will do so. It can give you insight and predict when demand for such products will increase or decrease. This piece of information will help organizations to get the right track of data and outcomes and purchase the right stock in the right amounts.
However, this benefit of predicting the outcome is not just limited in the retail industry, but the banking sector is also leveraging the benefits of AI. It is used to predict currency and stock price fluctuations. Moreover, it’s being used in healthcare to predict outbreaks of infections with the help of social media post-analysis.
As we can see through this article that, AI and ML can provide a wide range of benefits, including personalized marketing, customer services, operational automation, inventory management, recruitment and what not! However, it’s not feasible for small business enterprises to sideline the usages and benefits of these emerging technologies which could help in their business. Businesses that have a vision, invest their time with good research and money in the latest technologies like AI, can leverage many benefits and take their business to the next level in the world of the future.
Artificial Intelligence and Machine Learning will together provide a massive thrust to businesses in every sector. The game has begun and these technologies hold a very wide spectrum where we could explore the potential of businesses. Some businesses have started implementing AI and ML and many are yet to adopt everyday business decisions and unless they do so, we are not really doing much to step into the future.
Kiran Beladiya is the co-founder of web design company The One Technologies. He is managing everything from discussing project ideas with clients to its release. Due to the hectic schedule, he could not get enough time to nurture and sharpen his writing skills but he is an avid writer.