Last updated on October 24th, 2020 at 05:05 pm
AI brings automation to a new level along with a host of other applications.
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Artificial intelligence is here. While your first thought when seeing the term AI might be Skynet from The Terminator, the reality is much simpler and safer. In fact, for business, machines that think and learn are making industry-rocking waves.
AI can power and automate more processes all the time. In modern business, AI and machine learning — a subset of AI that learns and improves based on data input — are bridging human and machine processes to enhance customer experience and improve outcomes.
The new tech makes possible fraud detection, chatbots, and efficient planning all with the help of AI. Integrating these processes has massive implications for the business world.
Here’s what you should know.
The New Tech
A host of advancements in AI and machine learning are improving the safety and efficiency of a variety of business processes. From the security of data to a future of automated vehicles for goods transportation, these innovations are increasingly shaking up the business landscape to highly beneficial results.
Here are just a few of the areas in which AI and machine learning represent the future of business.
Automated smart tools have the potential to protect data at a rate no human moderation can match. AI can scan thousands to millions of data points, looking for entry points or potential instances of fraud. These systems can then shut out the hack or flag problematic information for human review.
AI and machine learning have immeasurable potential when it comes to fraud protection. The process starts with a system of data mining techniques to generate a model of fraud instances. Then, machine learning tech can match suspicious patterns to the models to prevent unauthorized access.
This technology is improving all the time. With the ability of AI to monitor systems at a level impossible for humans to match, the complete integration of this tech in the cybersecurity sector is inevitable.
Automation has come to customer service in the form of chatbots. These helpful systems operate using artificial intelligence, scanning databases of queries to comprehend what a human user is attempting to ask.
These tools enhance the customer service experience because they allow customers to receive assistance without the wait. We’ve all struggled on hold attempting to communicate with a representative. AI chatbots can currently provide only simple help upfront. However, the future looks bright for these bots.
As linguistic AI improves to better comprehend the natural ways in which humans communicate, AI systems will potentially be able to solve a wide variety of customer service and IT problems. This can save businesses costs in managing a customer service team while providing a better experience for customers overall.
Another key element of AI usage in modern business is in the personalized ads and recommendations you see all the time. Every time you log onto Amazon or Netflix, you likely see product recommendations based on your history with the site and its offerings. This feature is powered by AI tech, making individualized levels of product offerings possible.
Personalization relies on the collection of vast amounts of data to make better suggestions. While some see the collection of this data as intrusive, the ability of personalization in marketing makes a massive difference. Eighty-four percent of marketers found the use of personalization in their strategies to make a measurable improvement in their business. Additionally, more consumers are coming to expect such an experience.
The value of AI in product personalization is impacting the industry of software as a service. Every business wants a piece of the action that can be had through AI and data use. In the future, it is almost certain that personalized tools will be a part of every shopping experience.
Perhaps one of the most talked-about uses of AI and machine learning is automated vehicles. Taking the driver out from behind the wheel might sound absurd, but the tech is improving all the time.
With the advent of automated vehicles on the horizon, changes to goods transportation are nearly here. This means more efficient routes that will save companies gas costs, enhanced safety of all vehicles on the road through AI awareness, and ultimately reduced costs for consumers as delivery savings are passed on.
Artificial intelligence is affecting fleet management already. With AI systems able to sense and improve driver behavior, fleet managers are integrating this tech for results like:
- Reduced idle times
- Fewer miles driven
- Improved routing
- Increased efficiency
All these benefits mean reduced costs and increased sustainability benefits in goods transportation and logistics. In the future, integration of tech like AI will likely transform the industry into something unrecognizable from what it is today.
The Business Impact
The integration of AI systems across industries will have untold effects on business processes and the people that operate them. Smart tools mean a bridge in communication between people and machines, prompting new tools and enhanced systems. In some cases, this integration could cause lost jobs and a new definition of modern workplaces. In others, the future of AI could improve the job experience through machine learning and prescriptive analytics.
The benefits of tech innovations for startups and established businesses alike are many. Here are just a few of the positive impacts AI and machine learning will have on business:
- Improved workplace productivity with management tools
- Boosted customer satisfaction through chatbots and CRM analytics
- Easier online outreach and marketing
- Streamlined business process through automation
AI can also be a tool for human resources and hiring practices, expanding the pool of available workers in an increasingly remote environment. The power of AI to assist in finding the perfect candidate can assist in acquiring new and specialized workers for the changing business world. This does, however, mean a workforce shift whose ultimate consequences have yet to be determined.
Negative impacts of increased automation mean the loss of jobs in some sectors. Undoubtedly, AI will have this effect. The extent, however, will depend on how these technologies are integrated into the workplace and the complexity of managing them.
While artificial intelligence and machine learning processes are coming to virtually every industry imaginable, fully automated sectors are a long way off if they will ever come about. AI systems need a host of human workers to manage and improve business functions.
For now and in the future, these tools will help us run more efficient workplaces while improving customer experiences. For any business looking to get a step up on the competition, integrating this tech now might be your best bet.
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