Artificial intelligence technology has come a long way over the past several years. Starting as a tantalizing possibility, AI has become useful for businesses of all types. AI has many exciting functions that can help your business improve its performance.
Robert K Taylor, a consultant from Sanger, California, shares some of the best ways to use AI in your business, pointing out some of the advantages over traditional methods.
What is AI, and How Does it Work?
AI or artificial intelligence works by applying advanced computing processes like machine learning to business data. Machine learning, also known as deep learning, uses algorithms that generate insights from the computer’s data.
Machine learning teaches computers to think like humans. It allows computers to learn from past experiences. It lets them explore data and identify patterns, and minimal human operation is needed.
Nearly any task that involves analyzing data can be completed using machine learning. This allows businesses to automate processes that could previously only be achieved by a human, like reviewing resumes, bookkeeping, and responding to customer service calls.
Three Categories of Business Needs
AI is useful for three different categories of activities that you may need to complete to do business. These three categories analyze data to gain insights, engage with employees and customers, and automate business processes.
One of the best functions of AI in business is analyzing data. Computers that are equipped for machine learning are excellent at recognizing patterns. These patterns can be used to provide an overarching analysis of the dataset presented to the computer.
AI analysis can predict what an individual customer is likely to buy, helps identify fraud for both credit card companies and insurance claims, and help target digital ads.
The insights provided by AI systems continually improve over time as the system has more access to the data and more experience with its analysis. This is what sets AI systems apart from traditional analytics.
Interacting with Customers and Employees
Natural language processing allows AI-based computers to communicate with humans seamlessly. Many websites and company intranet servers use chatbots to answer common questions and help with customer service.
As AI systems advance, they will be able to answer even more complex queries in natural language. This means that human chat operators’ time can be preserved for the most difficult queries.
Some of the uses of this type of processing and chatbots are product recommendation systems. AI systems can also produce health treatment recommendations based on previous record data and create customized plans for these patients’ care.
Automation of Processes
Finally, perhaps the most useful function of AI in business applications is automating processes that are otherwise time-consuming and tedious for human employees. Automated processes are completed by a server that acts like a human employee, inputting data and integrating information from multiple systems.
Some of the tasks that AI can automate include transferring customer information from call centers and e-mail to update customer files.
It can create follow-up recommendations for a human employee to call customers back when they leave a voicemail, prioritizing their concerns.
AI tools can improve workflow by analyzing the time it takes to perform specific tasks. Using machine learning, the AI tool can identify situations, forms, and data that tend to bog human employees down and cause inefficient use of their time. The system can flag troublesome processes and ask the user whether they should be automated.
Applying AI to Your Business
Sitting down to decide what types of information you may want to receive from an AI system should be your first step in engaging this type of computing service. Each type of information has specialized computer packages that accomplish these goals in the most efficient way.
AI Use Cases
Alibaba, a Chinese company, sells more than eBay and Amazon combined. AI is used daily in Alibaba’s operations and predicts what customers will buy. Natural language processing enables the AI system to generate product descriptions automatically.
Google and its parent company, Alphabet, are also heavy users of AI technology. The subsidiary Waymo is attempting to make self-driving taxis commonplace. Self-driving AI technologies can move passengers around, making routes efficient and minimizing crashes.
Using AI in the Workplace
Robert K Taylor wants company leaders to understand how much AI could benefit their businesses. Having AI technology at the ready means that employees’ valuable time will be preserved and that they will be able to prioritize their work. AI systems can provide excellent insights into customer behavior that are in some cases better than the insights provided by human data analysts. Using natural language processing, AI systems can talk to customers and solve their problems autonomously.
Robert K Taylor encourages all companies that depend on data to consider acquiring AI systems. These systems can enhance the way they do business and make the workplace more productive and efficient.