In the beginning, a lot of innovation in digital technologies was focused on creating a solution to an ultra-specific problem like editing and storing word documents, designing graphics, etc. As the similarities between the execution of these solutions became more evident, there was an increase in the development of solutions whose attributes could be applied in a wide range of use cases.
A good example of such innovations can be found in the realm of Artificial Intelligence (AI). Unlike ordinary IT solutions, like word processors and spreadsheet software; which enable users to achieve greater efficiency in specific tasks by feeding real-time instructions into an interface, AI takes a slightly different approach.
AI of today is not like the AI mentioned in Science Fiction of the past such as When HARLIE Was One, I Robot, Destination: Void and many others. The AI of the past Science Fiction has been more that of Artificial Consciousness vs. AI which is more about computing processes and machine learning.
AI technology is premised on the desire to delegate tasks to a computer, which can then perform these tasks with a considerable level of human creativity and intuition, while relying less on actual human intervention. To understand how this technology can impact business, let’s take a closer look at artificial intelligence as a concept, its derivatives, and common use cases.
What is AI?
Artificial intelligence (AI) can be defined as the ability of a machine to emulate human traits, such as learning and solving problems through programming. It is important to note that artificial intelligence doesn’t involve emotions and consciousness unlike natural intelligence.
Furthermore, the scope of tasks usually considered as part of AI, evolves as AI becomes more advanced with the earlier and less complex tasks excluded from the definition of AI. There have been a number of sub-disciplines derived from AI such as machine learning and deep learning.
Machine learning is a machine’s ability to discover and respond to patterns in relevant data, subsequently improving the way it performs a specific task. Deep learning deals more with automatic learning that involves very large amounts of unstructured data.
Some common use cases of AI include comprehension of human speech, military simulations, self-driving cars, competing in strategic and imperfect-information games, routing in content delivery networks, etc.
How can AI change your business?
While many people think of robots putting them out of work when you mention AI, the reality is a little more nuanced. AI can positively impact your business in numerous ways:.
Refined market insights
AI can be used to spot trends within data on customer behavior and other market conditions. This can be something like scrutinizing your website traffic and showing how visitors from particular regions, using mobile devices or coming from one social media platform may be viewing a certain product more than others.
Thanks to predictive analysis, business leaders can easily forecast events in the market without having to manually search for patterns and carry out lengthy extrapolations. The result is more accurate consumer insights that can inform various aspects of marketing campaigns, from ad copy, to discounting, to loyalty program administration.
Ultimately, customers can benefit from more resonant offerings, be it in product listings, personalized shopping experiences, and more. Businesses can also end up acquiring clients who are closer to their target customer description.
Increased process automation
One of the most appropriate and effective responses to the pursuit of higher productivity in business has been automation. Vendors have put out a multitude of tools that can perform one or more actions guided by scheduling or triggered by a pre-described action.
While process automation was largely associated with more physical and cognitive tasks like product assembling and packaging, automation is no longer just robots in a manufacturing plant. Process automation applies in various areas, whether it’s communication through email and social media posts, or SEO-related tasks like keyword research, identifying content gaps and link building opportunities, etc.
In the end, you get to save a lot of time usually spent on mundane tasks and focus on those that need a little more creativity and a hands-on approach.
Swift customer support
Earlier approaches to providing customer support involved some unnecessarily lengthy submission processes. Fortunately, a lot of customers inquire or complain about the same things repeatedly, hence the birth of the Frequently Asked Questions (FAQs) section.
Using AI packaged as chatbots, businesses can engage customers in real-time conversations and reply with helpful feedback based on the presence of preset keywords within customers’ queries. Many businesses on the internet serve customers across different time zones. The chatbot approach makes it easier to provide instant customer support for basic queries at any time, and from anywhere.
A business that solves problems quickly and with a human touch may go on to retain customers who would have otherwise left and bought from the competition.
AI can help business leaders spend less in a number of ways. For starters, tasks like data entry are usually riddled with errors, which makes organizations spend more on employees to review the data and correct these errors.
Where errors aren’t corrected, companies may implement misguided marketing campaigns, and even suffer cyber attacks due to laxity in execution of cybersecurity procedures on the employees’ end. A company would eventually waste funds on ineffective strategies, or incur losses settling lawsuits arising from customer data leaks. AI helps to neutralize human shortfalls in various business processes.
Application of AI in cognitive tasks can also reduce the number of human beings needed to complete a specific task quickly, which bodes well for cost-cutting.
All-in-all, AI can benefit different types of business depending on their unique modes of day-to-day operation and overall organizational goals. If you’re looking for a team that can develop the appropriate AI solutions for your business, visit ScreamingBox and learn more about their digital technology development offers.