What does Artificial Intelligence (AI) mean?
Artificial intelligence (AI) is an arena of software engineering, where, the creation of intelligent machines that work and react like humans takes place.
The research involved in artificial intelligence is extremely technical and specialized. The main problems of artificial intelligence involve programming computers for certain attributes such as:
- Learning
- Knowledge
- Planning
- Perception
- Problem-solving
- Thinking
- Ability to manipulate and move objects
Knowledge engineering is a soul of AI exploration. Knowledge engineering is a field of artificial intelligence (AI) that tries to imitate the opinion and behavior of a human expert that has expert knowledge and experience in a particular field. If the machines have plentiful information with respect to the world, they can often act and react like humans. Artificial intelligence should have access to objects, categories, properties, and relations between all of them to enforce expert systems. Introducing common sense, thinking, and problem-solving power in machines is a tough and tiresome task.
Moreover, robotics is also a major field related to AI. Robots need intelligence to deal with tasks such as object handling and navigating, along with sub-issues of positioning, motion planning, and mapping.
“AI offers the opportunity for businesses to automate routine tasks so that humans can better use their time, providing higher value contributions.
—Ellie Mirman, CMO, Crayon
Over recent years, Artificial Intelligence has acquired strength in every industry. Agriculture, healthcare, manufacturing, transportation, logistics, retail, and more have started to use AI-based applications to enhance efficiency and performance.
The most ideal approach to assess any arising technology is to discover and understand its practical use in your business. Some organizations have already generated huge profits from their AI initiatives. Global information services and publishing company utilized machine learning to drastically improve its clients’ capacity to acquire insights from thousands of legal documents they processed. A leading communication service provider has directed an AI program to refine its network uptime by opening a cognitive intelligent platform that combined machine learning, analytics, and robotic automation to predict and prevent network failures.
But, despite such AI and automation success stories, most organizations we know are not pretty sure where to direct their AI investments. That’s why, they move forward with caution, whereas a distinct minority runs forward. Market research companies are taking advantage of AI’s image recognition capabilities by using it to gather market data. Data providers use AI to evaluate legal documents and detect potential problems. Telecommunications companies implement AI to diagnose network problems. CPG companies use AI to anticipate and avoid fraudulent invoices. And, retailers use AI-enabled chatbots to help customers on the internet.
A leading airline gives another example. In this industry, on-time functioning is a principal customer experience indicator and flight delays are a major concern. As an airline cannot control the climate, reduction of the impact of delays and proactive communication with customers can make a difference. For instance, quick insights into forthcoming delays can enable an airline to implement more accurate schedules for airport gates, ground crews, flight crews, and other crews.
Another one major airline utilized advanced machine learning techniques to establish two predictive models—one for flight takeoff delays and the other one for arrival delays of flights—to predict whether a flight departing later in the day would take longer than scheduled. The resultant analysis led to a more distinct understanding of the reasons for flight delays and the effect of delays on the flight network. The airline was able to enhance operational effectiveness by adjusting staffing and other resources for predicted schedule changes, thus strengthening brand impression.
Organizations, that have empowered AI at the business level are growing operational proficiency, making faster decisions and innovating new products and services. However, challenges remain for those who aren’t expanding AI in this potential. Because of the lack of clear AI strategy, support from the c-suite and a specific set of metrics, businesses struggle to make progress.
Advantages of AI in Business
Artificial Intelligence in business will keep on offering numerous advantages.
AI can now process and pass on data a lot quicker than any human can. This extreme ability of AI can have great impacts in business if we figure out how to maximize it.
Client Understanding
Organizations can utilize AI to better understand clients and connect with them. In today’s digital world, there are such huge numbers of approaches to associate with clients that there is an astonishing size of information available with respect to customer patterns, trends, and preferences. AI helps you to sort through data to identify the consistently changing image of your clients while measuring how your brand is recognized on social media and other important channels.
When you have a clearer understanding of your client, it enables you to improve your strategies to use the best channels, create effectual marketing campaigns, and communicate with clients even more effectively. Using AI and machine learning can improve the way you connect with your clients, giving you a better advantage over a competitor that lacks updated or accurate information.
Data-Driven Marketing
In order to find new customers, marketing departments need to learn how to use engaging and instinctive strategies. With the help of big data to analyze marketplaces, businesses will be able to gather huge amounts of data with respect to buyer consumption and behavior. Without the help of AI, there would be no real way to effectively analyze market insights unless you’re willing to dedicate number of hours and your valuable assets onto it, which could be utilized to do other important tasks.
Using artificially intelligent machines helps you give exact forecasts about qualified leads and market trends, allowing you to build and segment your audience based completely around data-driven analytics. It also helps you better predict actions you will need to take in the future, enabling you to become more flexible in adapting to your client’s journey so you can suggest right product at the right time.
CRM & Sales
Imagine a world where technology so involved and it helped you save your valuable time by telling you which emails to concentrate on, and which to ignore for later? These systems such as Knowmail do exist and you would now be able to depend on AI to help you keep monitor your email, calendar, and to-do list more effectively than ever. Think of AI as a precious associate for sales that encourages you to concentrate on the tasks that matter most and get more out of your day. AI can likewise help automate CRM systems and produce targeted information compiled from market insights, enabling you to make more predictive forecasts.
Market Insights
The raw material of current digital economy is data. However, just like physical raw goods, it is worthless without special instrument that can retrieve and then process it, so as to convert it into useful goods. Think of AI as a tool that helps you in abstracting, analyzing, and decoding data so that you can use it almost immediately and can result to better decisions.
Automating Systems
The use of automation has expanded rapidly in the past few years. As more jobs can be replaced with AI, we can now assign the common and repetitive jobs to machines. AI technology can now automate regular tasks in the same way that the industrial era presented automated labor. From emailing to chatbots, booking systems, and more, AI is driving rapid growth.
Adapting to AI technology shouldn’t be viewed as any different from adapting to email or digital from paper-based systems. The best approach to success lies in building the right attitude and teaching your team to try to do the same; succeeded by an actionable step-by-step process. In the future, an increasing number of businesses will be using AI, potentially guided by a proficient AI Development Company, and it’s up to you to beat the competition. The earlier you adopt, the better for your business.