UNDERSTANDING ARTIFICIAL INTELLIGENCE AND ITS IMPORTANCE IN MODERN DAY BUSINESS
Artificial intelligence (AI) is wide-ranging branch of computer science concerned with building smart machines capable of performing tasks that typically require human intelligence. … It is the endeavor to replicate or simulate human intelligence in machines.
Remember the days when the term ‘Artificial Intelligence’ referred to sci-fi flicks, and now a days it is all around us. The world is in realm of the smart technology and knowingly unknowingly we are all contributing to AI everyday ,that’s right did you notice SIRI , ALEXA or GOOGLE NOW , humans are getting used to it and relying heavily on artificial intelligence.
So we at bloggedup.in are structuring the note on artificial intelligence to get you and your enterprise future ready. Be in the business and don’t be left behind
What is artificial intelligence?
Well in short artificial intelligence can be termed as 100% automation with predictive technology to utilize the data and perform the tasks. For AI to function reliably we need a large amount of categorized and updated data to work on different algorithms to conclude the intended results.
In this information age, data collection isn’t complicated and much of the data is available through public portals. It’s also necessary to delete and wipe old data from the records. An updated data feed enables higher quality of algorithms and accurate forecasts. In turn, your AI stays relevant to complete sophisticated tasks. An AI-ready organization must possess a database that’s future-ready. All files should be accessed in under a few minutes and made available in variable formats. Another important aspect of data collection is to enable predictive modeling.
The above are the basic categories of the artificial intelligence, the deeper we get into it the more interesting fact emerge, but what is more important here is its application in business environment.the most common AI used in business is predictive modeling. Now what is predictive modeling and how it is used in our daily management can be understood as follows
If you are unaware of this term, let’s give you a brief overview.
WHAT IS PREDICTIVE MODELLING?
Have you ever used Google Trends? If yes, then you’ve already dabbled in predictive modeling.
For AI, predictive analytics is important to create future forecasts and construct statistical data to determine futuristic advances. Imagine you received information about a winning lottery number ahead of time. Wouldn’t you buy the lottery and avoid the risk of chance?
Predictive analysis is alike. With the data gathered combined with machine learning, a forecast is provided that produces a variety of information for the outcome of your favorite sports team, a trending niche, advancement in technology, etc.Being first is everything and predictive modeling enables you to tap into data forecasts.
Here is the list of information that predictive modeling provides via AI.
Marketing analytical information |Digital sales data |Economic statistics |Public surveys
Customer polls |Digital traffic feed |Ongoing trends |Workforce efficiency (performance tracking)
Managerial efficiency tracker |Candidate evaluation |Behavior and Incentive analytics
The decision-making process for an organization that possesses such a powerful form of technology in the form of AI is unmatched. Imagine having the following perks through data collection.
The ability to promote the right people through employee ranks
Predicting the best training courses to prevent employee burnout
Automated incentive distributor based on performance
Evaluating the top projects available to scale your business
Monitoring the high priority goals to move your organization to the top
Analyzing your competitors to provide maximum data to leapfrog over them
Equipment tracking and maintenance and Predictive financial risks and credit options
All this enabled by investing in an AI-friendly environment with high-quality data gathering.
UTILIZING DATA AND ITS AUTOMATION FOR MAXIMUM BUSINESS IMPROVEMENT
Data collection without application is quite pointless. After all, the data must be put into action. The retrieved data is to be interpreted to make sense and arrive at certain conclusions , in case the business is having a challenge on a particular task ,the data has to be collected keeping in mind the prescribed task as it will then be more relevant , as we see in large public oriented surveys or gathering opinions polls. But since your business has many key areas, it’s impossible to prioritize which field to improve.
Without a doubt, the single largest strength of AI is the power of automation.
- Are there processes in your organization that require automation?
- Are there large amounts of data being summarized by manual labor?
- Does implementing AI reduce the time taken for key operations?
Every passing year, AI are autonomously adapting to tasks without human intervention. It isn’t long for AI to reach a human-like consciousness where they reason and think like humans.With less programming from an engineer, machine learning is entering an autonomous self-improvement phase where it changes its code on the go.
WHAT IS THE BENEFIT OF ARTIFICIAL INTELLIGENCE ON YOUR BUSINESS?
Less manpower, fewer expenses, and the reality of running your entire business with solely the power of AI. On the off chance your business crashes and burns? No problem. Due to the costs limited to AI, you’ll recover quicker over a non-AI-environment.
To demonstrate the power of AI and automation, a program called AlphaGo developed by Google defeated the best human opponent in the world in the board game ‘Go’. An earlier prediction stated that it would take 10 years (2030) for AI to be at the level of expert human players. Yet, here we are with AI defeating experts. This proves that AI has exposed several weaknesses of the human mind without utilizing its full potential.
Imagine the weak spots that AI could search and destroy in your business?
Customer Satisfaction
With technology on our hand, our demands for product specifications has narrowed down to perfection. Which means we aren’t satisfied until they are perfect anymore. Customer satisfaction is now extremely critical and the average customer is hard to please.For customer demands, traditional businesses can’t keep up with simple customer feedback and surveys.With virtual agents and conversational AI replacing the standard feedback forms, Artificial Intelligence-integrated companies are interacting with their customers on a personal level.
Here’s why AI-implemented businesses were a hit with their customers.
1. DETECT CUSTOMER EMOTIONS
A human representative is usually yelled at or receives negative reactions from disgruntled customers. AI, however, directly collect the data and provide accurate responses to develop optimum customer satisfaction.
An AI also detects the variation in the voice of the customer. This allows us to understand how a customer feels during an interaction which a human user would determine.
2. IMMEDIATE ATTENDANCE MEANS ZERO WAIT TIME
Customers have low patience levels when it comes to waiting time. After all, why should they wait when another company can serve them in 1/3rd the time your company does. Whether its product inquiry, problem-solving, or technical issues, a customer that waits is usually a non-returning one.
Instant responses are highly rated over putting customers on hold
Quicker response rate demonstrates little to no misalignment of responses
3. MULTI LINGUAL APPROACH
Globalization is real. Every company must solve the language barrier when cutting across regional boundaries. Different demographics have people speaking in various languages, it’s a costly affair to employ various speakers of distinct languages to service customers globally.
That’s where AI comes in. With AI-powered tools, translation becomes convenient for small and medium businesses. With every product listing translated to the local language of the region, customers are engaged in the products.
Several top businesses like Google and Microsoft have invested heavily in AI-translation tools to aid in regional barriers.
If you believe your company to service a worldwide clientele, AI is a must for communication. Even if you don’t intend to immediately go global, having AI-integrated translation to allow global visitors to understand your products is vital for awareness.
SO summarizing it in a nutshell, AI has a lot to offer then we could discuss on a piece of paper,
“We probably interact with artificial intelligence on daily basis and it’s of someone’s help”
AI is software summarizing data collected from other software’s and interpreting this data to varied conclusions. These conclusions are the reports and summary’s to assist in decision making, strategic planning ,forecasting revenues and controlling the operational cost to greater relevance
The traits make artificial intelligence highly valuable throughout many industries, whether it’s simply helping visitors and staff make their way around a corporate campus efficiently or performing a task as complex as monitoring a wind turbine to predict when it will need repairs.
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