Artificial Intelligence in Business
We all are well aware that the computer has become an integral part of our life now. Today, technology has become so advanced that computers can function like humans and even achieve high success rates. All this has been possible due to Artificial Intelligence.
Artificial Intelligence (AI) in technology enables machines to perform tasks that would otherwise require human intelligence to be automated. AI has a vast spectrum in computer science and is developed and programmed through machine learning and deep learning.
AI is used in many fields daily, making our lives easier. The business world is one area where Artificial Intelligence is widely used. AI can help any business in automating business processes, gaining insights through data analysis, and engaging with customers and employees.
There is huge competition among different companies in the market, and every company wants to be on top of its game. Successful MNCs use the features of AI such as automation, big data analytics, and natural language processing to gain insight into their business and make it more efficient and relevant to their customer base. Even small companies incorporate AI into their businesses to be successful.
Let's look at the top applications of Artificial Intelligence in Business.
AI Applications in Business
There is a lot of competition for employment, and every day, hundreds of candidates are applying for the same position in a company. As a result, shortlisting the right candidate for the company's HR team becomes a daunting task on each resume.
To make things easier, companies use Artificial Intelligence and Natural Language Processing (NLP) to filter through resumes and shortlist candidates who closely meet their needs. It is done by analyzing various characteristics like location, skill, education, etc. It also recommends other job positions for the candidates if they are eligible.
This way, the candidates are selected practically and unbiased, saving time and manual labor for the HR team.
The Internet has made storage and management very convenient in any business. But with it comes the risk of breaching and leakage of data. Cyber security is a necessity for all companies and is one of the most important applications of AI. Every business requires security online since all the important databases of their company, including financial data, strategies, private information, etc., are stored online.
With the help of Artificial Intelligence, cyber experts can understand and remove unwanted noise or data that they might detect. It helps them be aware of any abnormal activities or malware and be prepared for any attack. It also analyzes big amounts of data and develops the system accordingly to reduce cyber threats.
3. Market prediction
Stock markets are one of the most popular and unpredictable markets due to their dynamic nature. Many people invest in the stock markets as they have also proved very profitable.
But Artificial Intelligence has made it easy too. With techniques like Support Vector Machines (SVMs) and Artificial Neural Networks (ANNs), which are types of machine learning, patterns are learned and predicted. This technical analysis is very important in predicting the financial markets and providing successful
This prediction uses three algorithms: Begg-Marquardt, Scaled Conjugate Gradient, and Bayesian Regularization. Together they provide about 99% accuracy using tick data.
4. Customer Analysis
Businesses run for their customers, and customers can make or break any brand. Hence companies need to analyze their customer base and strategize for greater engagement and improvement in any other area. Earlier, it was very difficult for companies to get information about their performance.
Most of the exchanges took place in person, and the reaction was predicted manually through selling or sentimental aspects.
Today, artificial intelligence enables companies to conduct surveys that provide customer feedback that goes much deeper than just historical data analysis.
It provides accurate data and helps strategize to facilitate better engagement and sales by providing a better customer experience. Therefore, AI helps make the business more customer-centric, which ultimately benefits the company.
5. Billing and Invoicing
With all businesses come financial responsibilities. It is conceivable that companies may frequently have bills, paychecks, and invoices exchanged, among others. These accounting and financial processes can become very cumbersome if handled manually.
In addition, there may be calculation mistakes that can lead to terrible losses. Artificial Intelligence has made financial management easy and accurate by automating the process.
There is much software available in the market for accounting and invoicing. For manual paper-based invoicing, these software provide features such as data extraction and segregation, which, once scanned and uploaded, can extract data from paper invoices and store them.
Electronic invoices are easier to handle as they are analyzed and stored automatically. The AI-powered accounting tools are very precise and systematic, making financial management a very easy task.
6. Proposal Review
Artificial Intelligence has proved to be quite beneficial for proposal review. Proposals are often exchanged in the business world, and if not properly scrutinized and analyzed, they can lead the company to the wrong customers.
Now, AI can easily analyze any offer given to the company with the help of machine learning. The company can automatically hold on to scope pricing and track any history of the source of the offer.
AI proposal management software is very proficient in qualifying opportunities. It goes through the proposal and determines the best outcome. It is both a time saver and often provides accurate predictions. Proposal management software also provides the company with a strategic plan with which it can grow.
7. Virtual Assistants and Conversational Interfaces
Every business has its own set of services that need to be explained to the masses to expand its customer base and facilitate its sales. It is not possible for the owners to individually explain and clear the doubts of each individual.
With the help of artificial intelligence, businesses are introducing virtual assistants and chatbots into their websites and applications that can answer any user questions about the company and provide 24/7 customer service.
Usually, chatbots have a pre-programmed answering system, and they follow specific patterns while answering questions. These are advancing more and more with the improvement of neural networks and deep learning.
8. Targeted Marketing
Nowadays, all businesses are taking advantage of the Internet to gain more and more popularity. Targeted marketing or targeted advertising is a method of online advertising done with the help of NLP and AI that shows advertisements only to specific audiences.
Their online activities determine the audience, and if they have recently searched for a similar product/service online, they start seeing ads.
It is a very efficient and profitable marketing method as it saves a lot of money for the business. It is done through keyword matching.
9. Vulnerability Exploit Prediction
The number of vulnerabilities revealed over the years has been enormous. The amount of cooperation shown with machines has been very small compared to humans. It exposes AI to exploitation by humans and risks ruining any business.
Artificial intelligence is the only solution to this problem. It protects the company from scams and big losses. Companies can predict any malpractices that may risk exploiting the system through AI, thereby saving the business. AI can also help identify credit fraud and insurance claim fraud in real-time.
10. Social media insights
Social media has become one of the strongest platforms for brands to promote their business. It provides them with different types of users to showcase their services. If a company can use its social media platform properly, it can easily gain many customers.
Since there are many users, no business can get their customer feedback manually. With the help of artificial intelligence, brands can know their position in the market and get information about their customer base.
It will help brands strategize and build up their social media game!
AI to meet industry-specific needs
Although many AI applications are spread across industry sectors, other use cases are specific to the needs of the individual industry.
Here are some examples: