7 Applications of Artificial Intelligence in Business
7 Applications of Artificial Intelligence in Business
Artificial intelligence is becoming more useful and more popular every day. Artificial intelligence is when a system or program can think for itself and learn from what it does. In the past few years, AI applications have changed a lot and are now used in almost every business sector.
This article will teach you about the best ways that AI is used in the real world.
What Is Artificial Intelligence?
The intelligence demonstrated by machines that can be taught to solve certain issues is referred to as artificial intelligence (AI). AI attempts to replicate human behavior or to think in order to accomplish this goal. Artificial intelligence (AI) is a product of the intersection of Machine Learning and Deep Learning. Artificial intelligence models that have been trained using enormous amounts of data have the potential to make intelligent judgments.
Why Artificial Intelligence Is Important for Businesses
AI is used in many areas of life, making our lives easier than they were before. Artificial intelligence is used a lot in the business world, for example. AI can help any business in three ways: by automating business processes, gaining insights through data analysis, and connecting with customers and employees.
There is a lot of competition between businesses in the market, and every business wants to be the best at what they do. AI tools like Automation, Big Data Analytics, and Natural Language Processing are used by successful multinational companies to learn more about their business and make it more efficient and relevant to their customers. AI is so important to business success that even smaller companies use it.
Artificial Intelligence Facts
- By 2025, the worldwide market for artificial intelligence (AI) software will bring in 126 billion dollars.
- 37% of organizations have put AI to use in some way. In the last four years, the number of businesses that use AI has grown by 270%.
- By 2025, AI will be in charge of 95% of customer interactions.
- The global market for AI software is expected to grow by about 54% each year and reach a size of USD $22.6 billion.
What Are the Applications of Artificial Intelligence in Business?
1. Invoices and Bills
With each business comes a financial obligation. Bills, payment checks, and invoices could be sent back and forth between companies all the time. If these accounting and financial tasks were done by hand, they could be very time-consuming.
Also, there could be mistakes in the math that would lead to huge losses. By automating tasks, artificial intelligence has made it very easy and accurate to manage money.
There are a lot of accounting and bill-making programs on the market. These software types have features like invoice data extraction and segregation that can pull information from paper invoices that have been scanned, uploaded, and stored it.
Electronic invoices are easier to deal with because they are automatically read and stored. Accounting tools that use AI are very accurate and well-organized, which makes managing money a very easy task.
2. Social Media
Social media has become one of the best ways for businesses to get their name out there. It lets them show off their services to a wide range of people. If a business knows how to use its social media platform well, it can easily get a lot of new customers.
Since there are so many users, it is impossible for a business to get feedback from customers by hand. With the help of AI, brands can find out where they stand in the market and learn more about their customers.
This will help the brand come up with a plan, improve its social media community, and build the brand.
3. Customer Analysis
Customers are the lifeblood of any business, and they have the power to make or break any product. In order to increase customer engagement and boost performance in any area, businesses must first do a thorough analysis of their consumer base.
Historically, it has been challenging for businesses to get an understanding of their performance since most interactions took place face-to-face, and feedback was manually forecasted by sales or emotional factors.
Thanks to AI, businesses can now conduct in-depth consumer surveys that can provide light on areas of improvement beyond simple trends. It delivers reliable information and aids in the execution of initiatives for increased engagement and sales facilitation via enhanced customer service. That's why AI is useful for businesses: it makes them more customer-centric.
4. Market Forecasting
Due to its inherent volatility, the stock market is among the most well-known and volatile financial venues. The stock market is popular among investors because it has historically produced high returns.
Also, AI has simplified the process. These patterns are learned and predicted with the use of Machine learning technologies like Support Vector Machines (SVM) and Artificial Neural Networks (ANN). This kind of technical analysis is crucial for making accurate predictions in the financial markets. By processing data with AI, the prediction accuracy can reach up to 99%.
5. Human Resources
There are lots of rivalry for jobs, and every day, hundreds of people apply for a single post at a firm when there are only a few positions available. As a consequence of this, the work of going through each and every resume sent to the organization in order to compile a shortlist of candidates to consider for the position of the ideal employee becomes rather laborious.
Companies utilize Artificial Intelligence (AI) and Natural Language Processing (NLP) to simplify the process of sifting through resumes and selecting individuals that come closest to meeting their criteria so that they may go on to the next round of interviews.
This is accomplished by doing research on a variety of aspects, including location, expertise, level of education, etc. In addition to this, it makes suggestions on other employment opportunities for the individuals, provided that they are qualified.
Not only does this ensure that the applicants are chosen in a manner that is useful and objective, but it also helps the HR managers and specialists save time and reduce the amount of manual labor they have to do, thanks to Artificial Intelligence platforms.
6. Cyber Security
The use of the internet has greatly improved the efficiency of any company's storage and administration processes. However, this opens the door to the possibility of data breaches and exposure.
Every firm has to implement online security measures due to the fact that the majority of their organization's vital databases, such as financial information, business strategy, and personal details, are maintained online. One of the essential uses of artificial intelligence is now in the field of cybersecurity, which is a must for all businesses.
Cyber professionals are able to comprehend and get rid of any undesirable noise or data that they may notice with the assistance of artificial intelligence (AI). It is beneficial for them to be aware of any anomalous activity or viruses and to be ready for any assault that may come their way.
In addition to this, it does in-depth analyses of massive volumes of data and modifies the system appropriately in order to lessen the risk of cyberattacks.
7. Targeted Marketing
All of today's companies recognize the need to use the internet so that they may achieve ever-increasing levels of success. The approach of internet advertising known as "targeted marketing" or "targeted advertising" is carried out with the assistance of natural language processing (NLP) and artificial intelligence (AI), and it displays advertisements to just certain audiences.
The audience is decided by the activities that they engage in online, and if they have recently conducted an internet search for a product or service that is comparable, they will begin to see adverts for it.
Because of the significant amount of money that can be saved by using this kind of advertising, it is not only advantageous but also incredibly effective. The matching of keywords is how this is accomplished.
Bonus: Participation Tracking
Artificial Intelligence has already begun to be used in crowded meetings, business organizations, fairs, and even office life. AI has many uses, from employee entrances and exits to checking the attendance rate at events.
Thanks to a Computer Vision-based AI platform such as Cameralyze, it is very easy to reach solutions such as human detection and face recognition.
For instance, the Human Detection App of Cameralyze lets you detect the number of people in an environment and gives you an insight into the participation level. It doesn't require to have knowledge of coding because Cameralyze is a no-code platform allowing users to build applications easily in minutes.
We see that "Artificial Intelligence" is automating routine tasks in the workplace, which enables humans to achieve greater levels of self-awareness and creativity by welcoming ongoing states of change and innovation.
There is even the possibility that artificial intelligence can make our cities less crowded, less dirty, and generally more habitable in every manner. To reiterate, the influence that AI might have on the world has the potential to be far higher and more beneficial than that of the invention of electricity.