Why Is AI & ML Important and How Will It Impact Business?

  • Hannah
  • May 13, 2021
  • Comments Off on Why Is AI & ML Important and How Will It Impact Business?

There is no denying the fact that Artificial Intelligence and Machine Learning are influencing every part of the tech industry.

AI and ML are everywhere, from the corporate world to gaming stations, and perhaps, more than our regular lives, AI is impacting the business world more.

Tech giants like Facebook and Google have placed huge bets on machine learning, and they are already using this technology in their products.

But this is only the beginning. In the coming years, we’ll see AI and ML steadily glide into one business after another.

In this article, we’ll review the businesses that’ll witness major changes due to the emergence of machine learning.

But, before we get to that, let’s understand the terminologies first.

What Is Artificial Intelligence and Machine Learning?

Machine learning technology uses Artificial intelligence to continuously learn from data, and then produce algorithms that need to be followed. Since data contains a massive array of numbers and information, people do not easily understand it and if humans were to work on these algorithms, it’d take them a lot more time and resources.

According to Stanford Researcher, John McCarthy, “Artificial Intelligence is the science and engineering of making intelligent machines, especially intelligent computer programs. Artificial Intelligence is related to the similar task of using computers to understand human intelligence, but AI does not have to confine itself to biologically observable methods.”

Machine learning is a subset of AI. It is a science of designing algorithms and applying them further to learn things from past data and simulate human behavior. If some behavior or pattern exists in the past, then the machine can learn from it, predict it, and tell if it can happen again. Put simply, the machines learn from history to predict rational outputs.

Businesses are migrating into AI and ML-enabled systems due to its promise of bringing advancement in respective industries. The changes are bound to happen in multiple sectors due to ML and AI’s capability of transforming the current work inertia.

5 Impacts of AI and Machine Learning on Businesses

Businesses from small medium enterprises to large businesses will need to incorporate machine learning in varying degrees.

Listed below are some of the most obvious impacts and AI and ML would provide for business. It’s not a comprehensive list but it’s something that will give you an understanding of the potential of AI & ML.

1. Personalization & Predication

You’ve witnessed it many times. You visit Amazon, search for an iPad, review the product feature, and get lost in your daily routine. Later that day, you visit Facebook and find ads on the same iPad model. You start seeing that product everywhere.

AI and ML are making these recommendations to you. These technologies are helping advertisers personalize their marketing approach.

The takeaway of this section is that AI will continue to transform the e-commerce space, help marketers personalize their marketing approach, and save a lot of money for business owners.

In the retail sector, AI has reduced the shops’ overstock, improved shipping times, and also reduced refunds by 2,000,000 times. Trends say that ML can be used in the future to boost productivity and augment the weak spots of your staff without going on massive firing sprees.

AI will continue to drive the revolution in the advertising sector. With the help of machine learning, marketers will gain a deeper insight into the customer’s minds and hearts and be able to target them through increased personalized messages.

2. Better Security For Your Business

Cybersecurity remains one of the most common concerns for businesses of all types. Think about the times when hackers and cybercriminals harmed multinational companies and grabbed international headlines. Now, with the advancement in machine learning, cybersecurity issues can be tackled too.

Having said that, we need to keep in mind that hackers may also make use of these technologies to harm businesses. So, cyberattacks will be more sophisticated and smarter in their approach.

However, with the proper implementation of ML-enabled technologies, frauds can be detected, and suspicious behaviors can be tracked. As AI and ML learn over time, apps and software can self-adjust and act accordingly to defend vulnerable systems.

What we’re trying to say is, implementing AI into your business will safeguard sensitive data as machine learning can identify vulnerabilities in advance.

3. Improve Recruitment Processes & HR

AI and ML will most likely dominate the recruitment processes sector as well. Since the advance of this technology, AI has improved greatly. It helps in reducing the need for repetitive tasks, lessening the manual work, and speeding up the operations.

Furthermore, AI-enabled tracking systems are also available in the market – this is helping businesses to develop job search engines, harvest the most appropriate candidates, browse through the resumes efficiently, and even conduct interviews remotely without asking candidates to visit the office premises.

4. Faster Mobile Interaction

Microchips in mobile phones are likely to have AI-enabled hardware and ML-powered processors. These high-performing processes will give consumers abilities such as fast translation and more efficient speech recognition.

Similarly, there will be smartphones and computers with greater memory. The computer size will shrink further, but their capabilities will enhance multi-fold. These features will help businesses become more accessible and globally competitive as well.

Having AI & ML-enabled devices will increase the revenue sources for all types of business because we’ll see the development of apps that’ll support and grow businesses. So, make sure that your business’s visibility is optimized according to the trends in the emerging market.

5. Customer Relationship Management

Artificial intelligence and machine learning are also changing how businesses interact with their customers. We’re already seeing feature-rich customer relationship management systems such as Zoho and Salesforce. However, this software currently requires heavy human intervention to ensure effective use of the tool.

But, when machine learning will be applied to its best potential, these platforms will transform into autocorrecting, self-learning systems that further supports businesses in managing relationships with customers.

Customer service will remain an essential part of all businesses, irrespective of size and industry type. And ML is expected to completely modify customer service or support in the coming years. The AI-enabled systems are also expected to have sentiment analysis technology that will significantly help in responding to customer concerns.

AI & ML will also become efficient at handling customer queries and complaints through chatbot technology. All of this will help businesses to provide accurate and quick answers, and also build great engagement with the target market.

Machine Learning Is Here To Stay

There you have it – all the reasons that explain the importance of machine learning in the corporate world. All of this directs to one conclusion – artificial intelligence and machine learning are here to stay. Most experts believe that all the hype surrounding this technology is really worth it.

Hence, it’s important to understand the value that ML can bring to your business. Whether you’re running a large corporation or small business, ML is poised to impact your business’s operation and productivity. So, view this relationship with this technology as a partnership. For that will help your company evolve and grow with the technology.