Since its conception, Artificial intelligence has come a long way. The significance of Artificial Intelligence has grown so much that, per a report from
Statista, the revenue from the artificial intelligence (AI) software market worldwide is expected to reach 126 billion dollars by 2025.
AdvertisementTo understand the various ways that AI is being adopted into business, one can take a look at the uses of AI listed below:
Market predictionWith highly volatile stock markets, the risk vs returns is exceptionally high. According to research by
Forbes, it is evaluated that the total world market for algorithmic trading will expand by 10.3% by 2020. Technologies like Support Vector Machines and Artificial Neural Networks can learn the patterns that occur and predict the future of financial markets and High-Frequency Trades with high accuracy.
Customer Analysis
The analysis of the reception of the customer base towards their engagement and products can be done quickly by Artificial Intelligence. In addition, AI helps with various surveys that the companies undertake, which allows minimizing inaccuracy, emotional aspects, and any errors that could have occurred in understanding the feedback overall. This allows the business to create better strategies and make more customer-centric engagements.
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Targeted Marketing
Using algorithms and NLPs, a business can create targeted ads that can be customized and shown to specific market groups. This can also be achieved through SEO and keyword matching. Overall, targeted marketing positively impacts the growth of a business.
Social Media Insights
Using a social media platform, a business can boost its services and marketing, either in the form of engagement or targeted marketing. AI can help ensure the same is achieved by sifting through the feedback received for its social media and creating a report on the brand’s position. As a result, the business can optimize its marketing strategies, thus enhancing its overall revenues.
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Virtual Assistants and Conversational Interfaces
A business must be able to assist the customers and maximize sales. However, it is not feasible to close every query manually answered in a set time frame. Therefore, to ensure that there are no service delays, AI and virtual chatbots are being availed, which can answer the basic queries and reduce the workload for the company. As per a survey done by
Juniper Research, more than three billion voice assistants are now in use, and eight billion will be by 2023, showing a positive trend towards using chatbots and AI in conversational interfaces.
Hiring and Recruitment
With the volume of resumes and requirements that are coming in every day, it is far easier to use AI and Natural Language Processing (NLP) to shortlist candidates based on the company’s needs and the candidate’s qualities. This also creates an unbiased selection while processing larger volumes of data effectively.
Billing and Invoice
With the automation of billing and invoice generation, financial management has become highly simplified while decreasing any potential losses from errors. Various software can be used for multiple purposes, namely, invoice generation, internal debits, payments, and compliance regulation, which make managing finances easy.
Proposal review
A business can check the scope, pricing, and track history of any proposal, along with determining what the best outcome for the proposal would be with the help of machine learning and AI. Not only does this save precious time for the business, but the customer analysis can also ensure that the business adopts the best strategies for the company to grow.
Predicting Vulnerability Exploitation
A vulnerability in the system can cause significant damage to the business, and an AI can be used to expose these possible frauds and shut them down. This can also help the company prevent any potential scams and losses and ensure a more substantial chance of preventing any future exploitation.
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Cybersecurity
Minimizing risks is essential to any business, especially in data and security breach management. With companies going on the cloud, it is vital to have the highest form of cyber-security to safeguard the information. With AI, cyber experts can sift through the data, remove any unwanted noise, malware or even detect any activities to ensure maximized cyber security.
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Source: https://www.businessinsider.in/tech/enterprise/news/artificial-intelligence-benefits-in-business/articleshow/92538071.cms
