• Goutham Ravikumar

Role of Artificial Intelligence in Business:

Introduction: The growth of AI in the organisation’s development is sky high. It appears to be unstoppable and can undoubtedly contribute to the success in a short medium and long term aspects of the business. We will now see how Artificial Intelligence will change the future of business and why. Artificial Intelligence (AI) has been one of the a topic of conversation in organizations for quite some time now, especially for those who work on innovation inside their firms. In the field of innovation space, the professionals are required to agree that AI will be one of the leading technologies in helping corporations on their path to success. Now a days, we can see improvements in number of organizations looking for the application of Artificial Intelligence in their business and no doubt that it will grow at a rapid pace. The main reason behind this is that machine learning is gaining a lot of prominence in its ability to make work a lot more easier, simplified processes, and drive products. As a result of this, the inclusion of Artificial Intelligence in business strategy is to see the increased productivity, opening a pathway towards a company’s potential triumph on a longer run.

What is the meaning of Artificial Intelligence? AI is originally said to be a process of mimicking the human brain’s way of processing with the possibilities and improvements that technology can offer. The combination of the logical and scientific processes lets Artificial Intelligence analyse and solve the most complex problems and it also incorporates the continuous learning process. As we all know, AI is all based on the algorithms and paradigms from the human nature. Its mai objective is to facilitate the operations in the way the human’s does it or want to do it and this indirectly makes human life more manageable and more comfortable to complete the task. How does AI help businesses: Now that we seen the way Artificial Intelligence works, we will now have to question ourselves as to why would the businesses need to implement artificial intelligence in their processes. It is a known fact that many organizations are ready to invest or have already invested in it, some may be wondering about the opportunities it creates by including the in Artificial Intelligence technology. Fortunately, we have some examples on how could you can use Artificial Intelligence in your business.

  • Automate processes: Introducing specific machines can help automate manual tasks to execute them in less time with fewer resources. Improvements in the automation can also lead to increased business productivity and achieve scalability of your organization’s processes and jobs.

  • Analyze data: Big Data is one of the main character in today’s business world, which is characterized by the immense amounts of information reaching companies that they can use to make strategic business decisions. AI helps the companies to properly organize the data to figure out what pieces of information are useful and exciting for the business model.

  • Help Customers: Having something that can automatically answer/solve the queries coming form the customers is way of advancing the critical relationship while we can save the little time and resource to it by doing manually. Chatbots are one such technology that provides an increasingly-optimal virtual customer service to bring the customers with more and more personalised care. Google Assistant is a classic example which deployed a Google Duplex robot calling service technology in several markets which even includes US, Spain etc. The US was considered to be the pilot market for this technology.

  • AI assists team members: While Artificial Intelligence replaces the tasks that humans were once performing manually, it is not an enemy for workers. It instead acts as a worker’s ally because AI provides them with the information that is required and support them in some of their tasks. One such example is that the employees can have more direct contact with customers who have previously gone through the filtering and studies through the enterprise’s AI technology.

  • Advancement in Innovation: Saving some time and resources will lead to more and more exceptional ability to work on the innovation, growth and creativity.

  • Learn from Mistakes: AI along with Machine Learning has the most indisputable capabilities, they can register any type of error to make sure it doesn’t repeat again. This capability will definitely help in boosting the productivity by ensuring mistakes occur only once.

How businesses are actually using this Technology: The possibilities with the inclusion of Artificial Intelligence into the business are immense, though there is a long way to go when it comes to training. For Example, according to a study IBM tells is that the AI's inclusion in Spain, 39% of organisations believe that the most significant roadblock towards developing AI is the lack of expert knowledge. Also, 82% of companies have already implemented or are implementing, or contemplating the application of the AI technology in their processes, putting Spain at the front of the pack in the Europe.

This is just one part of the world and this growth is understandable if we consider that AI can be the perfect ally for organisations. Along with optimising processes and empowering the growth, it will require more predictive learning to figure out what’s the best marketing action for a firm to deploy, who are the most unsatisfied customers or who is the most willing one to buy a product. AI is definitely more than potential to be applied in all possible areas of an enterprise.

We can see the benefits that AI can provide in the following three important contexts:

  • In customer service: Like we already saw, chatbots are changing the way in which the enquiries and complaints are being solved, and this intern is saving thousands of hours.

  • In Finance: With the help of deep learning, AI can help detect and alert institutions to potential outstanding payments.

  • In Marketing: By using some of the predictive algorithms one can learn from mistakes and also predict consumption trends. Not only this, but also digital data aggregation systems’ analytical capabilities are also entering a new era, and a perfect example of that is the arrival of Salesforce Einstein Analytics. When speaking about the marketing and algorithms, we can’t ignore SEO which is a discipline that is increasingly incorporating AI algorithms and the Python programming language to perform some of the keyword and search intention research in much lesser time than before.

Where will AI and ML head to in the future? With the amount of impact AI and ML has created over the past few years and the way it has changed things, we can easily tell that over the next few years, AI & ML will become more powerful than ever. We can even expect new applications and challenges and we should be ready for the upcoming and never before thought of changes. Without a doubt, we can easily say: - The Future is Now! If you're looking to start a career in AI and ML, we at Infimind Institute offer top-class training on Artificial Intelligence and Machine Learning for both programmers, and non-programmers, please contact us to know more!

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