Artificial intelligence (AI) for Businesses

Numerous innovations in technology have transformed the way we live, technological innovations are fueling economic growth. We use AI in many aspects of our lives, AI in businesses, AI in education, and throughout the day. Artificial intelligence (AI) uses tools such as machine learning, natural language processing and computer vision to improve the execution of tasks, increase employee productivity and add value in business. Many tech giants like Alibaba, Amazon and more, are racing to lead in AI and are using it to create next level products and services to capture the market. This article will discuss the use and impact of AI in businesses and how it helps them grow.

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Business with artificial intelligence

Artificial intelligence (AI) has been developed to mimic human problem solving and decision making abilities. It affects many business processes. Organizations use AI to enhance data analysis, improve decision making, boost customer experience, generate content and optimize IT operations, sales, marketing and cyber security. With the advancement of AI technologies, new business applications emerge in the market. AI supports human workers by making workflows more efficient and business operations smoother. It automates repetitive tasks, generates insights with machine learning, processes large data sets instantly, extracts insights and predicts future outcomes. AI systems enable business automation, including enterprise and process automation and reduces human error which allows workers to focus on higher-level tasks.

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Artificial intelligence impact on business

Using the right AI technology can help your business save time and money by automating and optimizing routine tasks. AI increases productivity and operational efficiency. It makes business decisions based on cognitive technology outputs faster than humans. AI reduces mistakes and human errors, if set up correctly. It predicts customer preferences and delivers a better, personalized experience. AI mines vast amounts of data to generate quality leads and grow customer base. It increases revenue by identifying and maximizing sales opportunities. AI enhances expertise by providing analysis, intelligent advice and assistance. Businesses commonly use AI for competitive advantage. Other reasons include executive decisions, specific business or technical problems, internal experimentation, customer demand, unexpected solutions or a branch of another project.

Artificial intelligence in business 

Artificial intelligence (AI) is everywhere. We use it in our daily life, while surfing the internet or while checking our social media feeds. AI has a significant impact on our life and our business, whether we realize it or not. Here are some examples of AI you can use every day.

Artificial intelligence in business management

Applications of AI are used in business management, including spamming filters, smart email categorization, voice to text features, smart personal assistants like Siri, Cortana and Google Now, automated responders and online customer support, process automation, sales and business forecasting, security surveillance, smart devices that adjust according to behavior, and  automated insights, especially for data-driven industries. All of the applications are driven by AI, which helps businesses smooth their regular tasks and makes the environment more interactive.

Artificial intelligence in e-commerce and marketing

In the e-commerce industry, AI is used in smart searches, personalisation, product recommendations, purchase predictions, fraud detection, and dynamic price optimization. AI is used to make recommendations, content curation, personalized news feeds, pattern and image recognition, language recognition to analyze unstructured data, ad targeting, optimized real-time bidding, customer segmentation, sentiment analysis, automated web design and made for the anticipated customer in marketing.

These are just a few examples of AI in business. There are many other potential applications and uses of generative AI. With the rapid pace of development, we can expect even greater progress soon. The emergence of the latest technologies in the artificial intelligence industry in the artificial intelligence industry also brings many new examples of digital innovation in business.

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Application of AI in business

Here are some real life applications of AI in business. 

1. Alibaba

Alibaba is the world’s largest e-commerce platform. It sells more than Amazon and eBay combined. AI plays an important role in Alibaba’s daily operations , it predicts what customers want to buy. The company uses natural language processing to automatically generate product descriptions. AI is also used in Alibaba’s City Brain project to create smart cities, reducing traffic jams by monitoring all vehicles in the city. Additionally, through Alibaba Cloud, the company helps farmers monitor crops, improve yields, and cut costs with AI.

2. Amazon

Amazon is popular for its AI driven digital voice assistant, Alexa. It uses AI in many aspects of its business as well. Amazon uses AI to collect data of each user’s shopping habits and use predictive analytics on collected data to suggest and predict what customers want to buy. Amazon has introduced a new convenience store concept called Amazon Go to remain relevant in an ever changing market. These stores use AI technology to track the items that have been picked up and automatically charge users through the Amazon Go app, which eliminates the need for checkout. Customers bring their own bag and cameras track every item they put in the bag to make sure they are charged correctly.

3. Apple

Apple is one of the world’s largest technology companies. It sells consumer electronics such as iPhones and Apple Watches, as well as computer software and online services. Apple uses artificial intelligence and machine learning in products like the iPhone. AI is used to enable the FaceID feature and in products like the AirPods, Apple Watch or HomePod smart speakers, AI is used to enable the smart assistant Siri. Apple is also growing its service , it is using AI to recommend songs on Apple Music. AI also helps users find their photos in the iCloud or navigate to their next meeting using maps.

4. IBM

IBM has been a leader in artificial intelligence for years. IBM’s Deep Blue computer became the first computer to defeat a human world chess champion 20 years ago. The company continued this legacy with other human versus machine challenges, including its Watson computer winning the game show Jeopardy. IBM’s latest achievement in the realms of AI is Project Debater, a cognitive computing engine that competed against two professional debaters and produced human-like arguments.

5. Microsoft

Microsoft is one of the world’s largest AI as a service (AIaaS) providers. Artificial intelligence is central to Microsoft’s vision for the future. The company focuses on integrating smart machines into everything it does. They are adding intelligent capabilities to all of their products and services, including Cortana, Skype, Bing  and Office 365.

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Benefits of AI in business

AI is excellent at handling low level, repetitive tasks, but the greatest improvements in businesses often happen when humans and machines work together. To get the most out of this technology, use AI as a way to enhance human abilities rather than replace them, as research shows that AI doesn’t always perform at its best. Every transition and invention comes with its own pros and cons. If we figure out a way to incorporate AI into our regular lives without impacting our lives negatively, it will work as a boon to humanity.

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