Artificial Intelligence for Business: Top Applications
Artificial intelligence has seemingly reached its peak of popularity, becoming a media darling on par with other trending topics like IoT and blockchain. However, such praise is justified, with businesses around the world reporting staggering cost savings along with improvements in customer and employee experience. Below is an overview of business domains where the use of AI has the most prominent effect.
Benefits of Artificial Intelligence Development
Early in the course of artificial intelligence development, the interest in it was mostly theoretical. However, as the technology matured, it became clear that AI may be the missing component of holistic enterprise management systems. In a sense, it also offers a similar range of benefits, although with a broader reach and higher value to companies.
- Efficiency: Artificial intelligence automation allows accomplishing routine tasks with higher reliability and in shorter time than human workers, whereas machine learning expands the scope to non-predefined problems.
- Security: AI has already surpassed humans at detecting various forms of fraud, which is indispensable for secure operations.
- Customer Experience: Artificial intelligent companies offer ready-made solutions that provide seamless, real-time customer support essential for service excellence.
- Cost: Delegation of tasks to AI creates significant savings.
- Resource Allocation: Freeing the company staff from routine tasks allows for better talent allocation, which enhances creativity and innovation.
Of course, the extent of these benefits will differ depending on the area of AI application and its role in business processes. For the sake of clarity, here are some real-world examples of its successful implementation.
Business Functions Delegated to Artificial Intelligence Automation
With advancements in the domain of deep learning, the natural language processing capacity of AI has reached a state where it can communicate with humans and provide meaningful responses. Artificial intelligence companies already offer a number of solutions based on it, including:
- Speech and voice recognition
- Running chatbots
- Answering user questions
- Text mining
- Information search and retrieval
However, conversations are not the only area of customer service where artificial intelligence can create value. Some businesses employ AI-powered solutions that help customers make informed decisions. For instance, Shonan Beauty Clinic uses a deep learning-based service developed by FPT Software that shows patients the predicted outcome of aesthetic surgeries. The final product achieved an 88 to 93 percent accuracy on rejuvenation treatment, which reduced risks for patients while also addressing the issue of doctor shortages.
The field of manufacturing has long been subject to improvement through automation, so the inclusion of AI into the mix is hardly surprising. There are many steps in the manufacturing process where smart solutions can improve outcomes, from predicting spikes in demand and adjusting production volumes to detecting setbacks in the pipeline and issuing maintenance recommendations.
One of the prominent examples is process automation solutions from Singapore that perform goods inspection. Compared to manual inspection, this process requires less time, minimizes the human factor, and is capable of self-improvement. While the solution was initially developed with the logistics industry in mind, it can also be applied to any industrial process where human resources and flexibility are in high demand.
One of the main strengths of AI which came to prominence with the advent of Big Data is its ability to process large volumes of information. One of the evident areas to apply this ability is decision-making. The market of artificial intelligence development has already responded with digital platforms that collect business-related data and produce insights based on it.
A good example of this is Domo – a cloud-based dashboard that collects data – both internally as well as from third-party sources – and uses it to assist the strategic decision-making. The diversity of data allows for a comprehensive assessment of the situation, whereas cloud-based hosting makes it scalable for any business, from small startups to multinational corporations.
Business insights are certainly not the only possible outcome of AI-based data analysis. For instance, sales represent a valuable source of information about consumer behavior and preferences. Many businesses are already leveraging this potential to maximize profits while at the same time improving customer experience. Perhaps the most impressive example of this is the case of Target, whose insights on consumer habits had surpassed all reasonable expectations in terms of accuracy and relevance.
This property of AI is particularly beneficial to the field of e-commerce. On the one hand, customer experience in digital stores depends mostly on the platform’s ability to lead the customer to the desired product – which is something at which artificial intelligence for businesses excels. On the other hand, this approach offers a much higher degree of personalization, which seems to be the core aspect of success in the modern digitized world.
Human Resource Management
As already mentioned above, one of the positive outcomes of AI integration with business processes is easing the load on human workers. This can be important both for areas with shortages of experts and for businesses that rely on innovation as a competitive advantage.
In this light, AI can also be used to optimize the use of the newly available human resources. First, submissions of applicants can be processed automatically using the NLP potential of artificial intelligence. Second, the data derived from hiring processes can be analyzed to make informed decisions. In other words, AI can eliminate the most tedious aspect of human resource management, offering more creative freedom to human specialists.
At first glance, the issue of cybersecurity should not be in the range of AI responsibilities since most of the protective measures require only the basic functionality currently performed by simple algorithms. However, while rudimentary threats can be dealt with in this manner, it will not work against more elaborate schemes. On top of that, some security breaches, such as faux document usage, are hardly detectable at all, even by human specialists.
Fortunately, machine learning offers a broad range of creative solutions to foster stronger cybersecurity, from AI-powered antivirus software to multi-layered systems that prevent threats through suspicious behavior detection and persistent vulnerability management. In other words, the defensive approach is superseded by the preventive one to minimize risks.
Intelligent Automation Companies: Reshaping the Business Landscape
The benefits of artificial intelligence for business are numerous and well-documented, and so are their challenges. Despite considerable progress in the area, AI remains a complex technology whose integration and productive use requires investment and careful planning. In this light, artificial intelligence companies become a crucial element in the business ecosystem that aims to adapt to the ongoing trend of digitalization.