Artificial Intelligence for Business Purposes
There are many definitions of Artificial Intelligence (AI) on the internet, John McCarthy of Standford University in 2004 defined Artificial Intelligence as “It is the science and engineering of making intelligent machines, especially intelligent computer programs. It is related to the similar task of using computer programs to understand human intelligence, but AI does not have to confine itself to methods that are biologically observable.”
Over the last decade, the use of AI has grown a lot. Some of the fields that are using AI are Business, Marketing, E-commerce, Medical and Health Care, Cloud Computing, Education, Autonomous Vehicles, GPS Systems, Robotics, Gaming, and many more.
And Business is an activity of buying and selling goods or services to make a profit. Therefore, in this modern age known as the Information Age, data and information are the secret sauce for every business organization. Any organization that has important data or information has the upper hand on the market. Businesses today give great importance to information and use it to drive their business ahead.
Use of Artificial Intelligence in Business
Business today uses Artificial Intelligence in many ways to improve their enterprise. Some of the uses are:
Business intelligence (BI) is a technology-driven process for analyzing data, that provides actionable information which helps executives, managers, and workers make informed business decisions.
Business uses AI to get information about their internal and external operation process and improve them. This information is also used to make better decisions in the organization. AI can be used to analyze formal and informal relationships in the business, which can help develop business strategies that increase the exchange of information.
Data Mining, also known as Knowledge Discovery in Database (KDD), is a process of extracting meaningful information or patterns for a large number of Datasets and Databases.
Many Online Business uses AI for Data Mining. Using the information from Data Mining businesses can launch new and better products in the market, and can also advertise the product to the customers in a better way. Much Big e-commerce organization uses Al for Data mining for marketing and selling their products and services.
Using the information from Data Mining, Businesses can identify potential market spaces where they can market their services and products. Data gained from this can be used to advertise new products and services to customers by analyzing their use of previous products.
As the name implies, big data is larger, more complex data sets, especially from new data sources. Because of the large number of new devices connecting to the internet, there is a huge amount of data being generated every second. Devices like sensors in Vehicles, Home appliances, Mobile devices generate a huge amount of data.
Now using AI, Businesses find patterns in the data, like how the product is being used, when it is being used, where it is being used most, and least. Businesses can find patterns on how to improve their product and services.
Using AI for Data Analytics Businesses can correlate data and gain insights that were not visible before and make better decisions for the organization.
Data Analytics can also help in the security of business data. The Information Security team of the organization can use the information produced by the Data Analytics process and secure the organizations’ data accordingly, for example, the information that is less important and can be made public needs no protection but the company’s proprietary information must be kept secure.
Every business need security online because all the important databases of the company including financial data, strategies, private information etc. are stored online. Cybersecurity is essential for all companies and hence, is one of the most important applications of AI.
Data Analytics provides patterns and information that can be used to make market predictions and identify customer behaviors. This helps to make future decisions and analyze if there are any changes that need to be made by the organization.
Automation can help make the Business process smooth and error-free while making the employees free to do creative and decision-making jobs. Repetitive actions like recording data, categorizing transactions, entering and correlating data from scanned reports and invoices, evaluating expense reports, and tracking pricing changes. AI can perform all of these tasks with much fewer errors than a human.
Automation in a production business can save a lot of manual and error-prone jobs, for example, electronics production companies have benefited from the automated process of producing electronic goods with minimum error.
Natural Language Processing (NLP):
Natural Language Processing is used by Businesses to make their Search Engines optimal. Companies like Google, Microsoft, Amazon use NLP to make their searches optimal which lets the users and customer find their results quickly and it improves their users’ experiences.
NLP is used in chatbots to improve customer support; NLP is used for voice bots as well for customer support which helps the Business to have loyal customers.
NLP can also be used to find urgency for a customer by matching keywords like “this is urgent”, “we have a big issue”, “we are not happy”; this can be used to identify the customer and help them to maintain good relation with the customer.
Future of Artificial Intelligence in Business
Artificial Intelligence is changing business as we know. In the past, businesses were only done personally, now in the age of Computers, almost all Business operation can be done through internet. This generated a lot of informational data and with the use of Artificial Intelligence businesses have used this information to improve their products and services.
We cannot accurately predict the future but we can do an educated prediction that AI will be used continuously by the business to improve their operations. A lot of customer-oriented services and products will be available and the automation of the business process will be high.
Artificial Intelligence has revolutionized Business organizations and it will continue to improve business for many years to come. It has helped Businesses to make better decisions, improve internal and external operations, improve the productivity of the organization by automating repetitive tasks, improve product marketing, customer service experience, and user experience as well.
Hence, today’s Business organizations can use Artificial Intelligence in many ways to get ahead in the market.