Artificial Intelligence for Business
AI programming systems provide an opportunity to learn more about the needs of customers. Schemes built on the basis of information traces that buyers leave in the digital field (on social networks, company websites) collect and analyze data, and then provide companies with a solid background for user behavior prediction. Powerful artificial intelligence subsystems are used to study and predict needs, help make choices, and realize them, shaping a person’s portfolio of needs. Ultimately, it helps the business to do in-depth customer engagement by customizing marketing:
- information can be improved until the offer becomes interesting to the clients and makes then make a choice;
- individualized market segments created for targeted ads.
From an economic point of view, a network effect is clear: the seller pays an incomparably low price for this in comparison with traditional methods. The larger the number of buyers, the lower its average transaction and digital costs.
Thus, using AI programming, retailers can predict demand, improve logistics and internal processes in a store, and form individual offers for customers. For example, AI takes into account the frequency and amount of purchases, lifestyle, acceptable price level, favorite product categories. This knowledge increases the effectiveness of targeted marketing and reduces communication costs. The system generates personal offers for loyalty program participants and generates targeted promotions.
How AI Improves Customer Experience
AI technologies that are focused on speech recognition have amazing opportunities when it comes to customer experience. According to forecasts by BCC Research, the global speech recognition market was estimated at more than $ 100 billion, back in 2016, and it is expected to grow to $184.9 billion in 2021. The main stimulators of such a rapid development are:
- the growing user demand for relevant, intelligent applications (both in business and in the consumer market)
- the growing popularity of smart devices
- increased investment in innovative engineering
- growing demand for M2M technologies
- the activation of the transition business into cloud services for more efficient work with huge amounts of data.
Voice Search Technology
The voice bots can;
- help process the database that has accumulated a large amount of information;
- systematize and optimize the process of working with the database;
- ensure economical use of resources and making a profit.
AI has the potential to completely replace routine processes in many areas of activity – finance, banking, consulting, or internal recruiting (where companies now use analytical systems to match candidate profiles to vacancies).
The opinion that AI programming will completely replace the human mind is still exaggerated. Experience shows that the development of technology hasn’t led to a global reduction in qualified personnel, but on the contrary – from year to year it creates millions of new jobs and creates new professions, but at a qualitatively different technological level.
The knowledge and opportunities gained through innovative technologies can open completely new directions for companies. Artificial Intelligence development can seriously impact your business. Whether this impact will be positive or negative depends on how well you will be prepared.
AI Reads Minds
China, more than any other country in the world, is striving to integrate AI systems into its entire “social ecosystem.” In one of the schools, specialists began testing face recognition technology, which is designed to analyze the behavior of high school students attending classes in real-time. The Intelligent Classroom Behavior Management System scans the room every 30 seconds, registering both student behavior and facial expressions.
Meanwhile, other researchers have taught AI algorithms to distinguish between men and women by their smiles, determine the age of people of any nationality, and recognize a person’s personality by their gait. These developments will help improve security systems. It also turned out that neural networks are capable of “live communication”. AI programming systems, having mastered conversational skills, have learned to “chat” on a par with a person and even find a way out of conflict situations (by the way, better than people). And the computer also learned to predict the outcomes of verbal duels.
In general, AI is able to recognize several types of moods and allow the following:
- Predicting the behavior of objects, as well as the risks of unexpected events.
- Analyzing purchasing activity.
- Forecasting financial dynamics/automation of pricing.
- Optimization of logistics and sales operations.
- Improving the efficiency of operating fixed assets, forecasting repairs.
- Automatic device management based on real-time data.
- Creation of recommendation subsystems (for managers, clients, users).
Sociologists from Princeton University conducted an experiment designed to evaluate the effectiveness of using AI and machine learning for predictive data analysis in relation to people. To understand how AI has learned to “predict the life” of people, the Princeton scientists used the help of about 160 researchers from different countries. They tried to predict several options for the future for members of about 4 thousand families based on an analysis of about 13 thousand of their living conditions and all sorts of factors: the level of wealth, access to education and work, family size, psychological characteristics of family members, relations between them, economic and political situations, etc. This data was taken from the long-term work of one of the authors of the study, a sociologist at Princeton University Sarah McLanahan. The results of the study by scientists from Princeton University were published in the scientific journal of the US National Academy of Sciences (PNAS).
So, does your business need AI? Today AI programming is transforming all industries: in banks – it processes documents, in corporations – it automates the procurement process, in telecommunications and retail – it processes customer requests and comments and protects reputation. In construction and industry, AI reads design documents and finds discrepancies, helping to keep project costs down. The entertainment industry, the media business, and the production of everyday goods, IT giants are gradually switching to AI.
If your company belongs to one of these industries, then most likely, your competitors are already testing or using these solutions.
FPT Software helps to solve applied business problems through the development of analytics and forecasting systems. Such solutions are based on machine learning algorithms and building dynamic mathematical models that allow you to quickly process large amounts of data taking into account real variables.
FPT Software is currently committed to implementing core artificial intelligence technologies to develop solutions that drive our clients’ businesses:
- User Behavior prediction
- Computer Vision & Pattern Recognition
- Sequential Data Analytics.
Contact us, and let’s build the future together!