Artificial intelligence, otherwise known as AI, was once an idea only seen in science fiction novels and movies. Thanks to the constant evolution of technology, there are several applications of artificial intelligence in the business space. Artificial intelligence is allowing organizations to work smarter and faster.
Here are some of the latest business applications for artificial intelligence.
How Businesses Use AI Today
Artificial intelligence is already widely used in business applications, including automation, data analytics, and natural language processing. Across industries, these three fields of AI are streamlining operations and improving efficiencies.
As cyberattacks continue to increase and become more complex, artificial intelligence is helping under-resourced security operations analysts stay ahead of threats. Because of this, more and more businesses are adopting AI to assist with their cybersecurity.
Banks use various applications of artificial intelligence to detect fraudulent activity. The AI software is given an extensive sample of data that includes fraudulent and non-fraudulent purchases. Over time, the software becomes particularly skilled at detecting fraudulent activities based on what it has learned from previous data.
24/7 Customer Support
Businesses can implement AI-powered chatbots on chat mediums like SMS text, website chat windows, and social media. These chatbots use machine learning and natural language processing to comprehend customer requests and respond to their questions in a human-like way. They’re also able to assist customers and direct them to a relevant web page or person for further support. A chatbot is one of the most advanced types of interaction between humans and machines.
Virtual Personal Assistants
Business owners use virtual assistants, such as Siri or Alexa, to assist them with tasks and reminders, leading to more free time and productivity. Users can task virtual assistants to make phone calls, check flight reservations, find hotels, create text messages, and more.
Additional applications of AI in business include:
- Spam filters
- Sales and business forecasting
- Product recommendations and purchase predictions
- Recommendations and content curation
- Pattern and image recognition
- Ad targeting and optimized, real-time bidding
- Automated web design
Artificial Intelligence and Machine Learning in Business
By implementing artificial intelligence, businesses can create engaging, authentic experiences at every point of contact with customers. Here’s a glimpse into how machine learning works:
AI is used to render relevant product suggestions, which offers a more personalized experience for consumers.
More data results in more accurate predictions and decision making for the future.
Adaption and Filtering
With AI, applications can adjust to new situations and implement filters.
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