It’s a daunting task to understand how artificial intelligence (AI) and machine learning (ML) is affecting our business in this technology-driven world. They have a myriad of applications in our life. By applying the techniques of artificial intelligence and machine learning in business, we have made our business efficient, effortless, and competitive. Also, artificial intelligence in business extracts the hidden insight from data. Additionally, through artificial intelligence in business, a company may use its resources effectively, and AI-powered automatic tools make the system more efficient than a manual system. Truly, artificial intelligence and machine learning have a significant impact on making our life more comfortable in this modern business world.
Examples of Artificial Intelligence in Business
The buzzwords artificial intelligence (AI) and machine learning (ML) has been applied in a wide range by innovative AI and machine learning companies. These companies use the power of artificial intelligence in business to bring a new dimension. Below we are narrating 15 examples of artificial intelligence and machine learning in business.
1. Image Classification
One of the applications of machine learning in business is image classification. Image classification is a way of categorizing a set of images into some predefined categories. Image classification has myriad applications in business such as social media, i.e., facebook photo tagging, medical image diagnosis, a 3D plan based on 2D image designs, etc.
For image classification, deep learning methods like artificial neural networks can be used. Deep learning methods can effectively extract features and identify potential complicated features like illumination, the volume of clutter, point of view, and so forth from an image. Supervised and unsupervised machine learning methods can also be used.
2. Help Desk
The online help desk is one of the exciting applications of artificial intelligence in business. When we visit a website, then we find a chatbox has opened automatically. We can ask queries about the website content to the chatbot. It would be more interesting if we can speak with the chatbot rather than sending a message.
Now, artificial intelligence (AI) is working on the voice-activated front on helplines. If AI can able to do this, then the traditional help desk will be a memory for us. No human will be work in the helpline; the only machine will work.
3. Customer Segmentation
Customer segmentation for campaigns is another powerful machine learning application in business. Its a tedious process of dividing customers into groups manually when the institution or business is too big. So, data scientists are using clustering and classification algorithms to segment customers based on specified criteria like browsing history. This personal based campaign is more effective than traditional campaigns.
4. Market Research
At present, analytics are trying to apply artificial intelligence (AI) into all kinds of business fields. Market research is one of them. Its notable applications of artificial intelligence (AI) in business. AI tries to connect customer’s behavior with business marketing. So, the business may evaluate more precisely than the traditional market research process.
Moreover, AI Photoshop replacement is coming. So, it will create a new dimension in branding a product and campaigning. In forthcoming, AI will replace all human work into machine work.
5. Dynamic Pricing
Another most splendid application of artificial intelligence (AI) in business is dynamic pricing or demand pricing. It is a process of e-commerce pricing strategy of a product or item based on the interest level of the target customer through the use of big data. AI in e-commerce is a proactive approach. A proactive reach through AI can search patterns based on customer’s behavior and then can take appropriate actions to achieve the desired goal.
In e-commerce, artificial intelligence can also be used for making predictions like which item will purchase a customer, which time they prefer to purchase, which kind of device they use to visit the site, and many more.
6. Cybersecurity
Nowadays, cyber threat is a significant issue for the business owner. Whether the business is small or big, cybersecurity is essential for a business. As to breach cyber defense, there are numerous sophisticated tools available. The manual QA is a time-consuming as well as a laborious process. Human operators are no longer also enough.
Artificial intelligence does a splendid role in managing cyber attacks. Using machine learning techniques, its easy to remove data breaches and malicious activities. AI can deliver real-time threat detection and can respond to the threat and also identify the anomalies.
7. Real-time Interactions with the Customer
In this technology-driven world, we are most addicted to the virtual world rather than our real life. Now, we prefer online shopping rather than going to a shopping mall. That’s why real-time interactions with the customer are very much crucial for an online business owner.
The most powerful application of artificial intelligence in business is making the customer experience better and comfortable. Through artificial intelligence (AI), we have got chatbot: which is an AI-based virtual conversation agent, virtual assistant. They are designed in such a way that they can answer customer queries 24 hours.
The chatbots are capable of understanding and interpreting natural languages. So, they can understand human conversations and can guide the appropriate customer in finding out the appropriate items or guidelines by extracting the inflammations from the website or web page.
8. Recommendation Engine
A recommendation engine is one of the most interesting and widespread applications of machine learning in business. The recommendation engine is an automation of a shop counter boy. You ask the boy for a product or an item, and he will see you not only this product but also the related products.
Today many companies are using big data and also a variety of recommendation algorithms to develop a recommendation engine. Collaborative filtering (CF) is one of the most common recommendation algorithms. Matrix decomposition is another elegant recommendation algorithm.
9. Customer Churn Modeling
Have you ever thought about why your customers are not interested in buying your products or in taking your service? This is known as customer churn. Customer churn modeling is the process of identifying which customers are likely to stop to engage with your business. It is one of the most common applications of machine learning in business.
By using machine learning in customer churn modeling, the company may be benefited. It can increase revenue. Also, the company can get back its business and can avoid loss. Moreover, using machine learning in customer churn modeling helps to retain more and more customers.
10. Effective Data Management
With the rapid growth of using IoT (Internet of Things) in business, we are getting redundant data using sensors. By employing artificial intelligence, these data can be analyzed meaningfully. So, we should be thankful for artificial intelligence that gives us a great application in business. With artificial intelligence, we can get a better insight into data.
A startup company developed an AI app that can scan user’s social media account like Facebook to detect offensive content, i.e., violence. Therefore, you don’t need a human to find out the violent person. Your smart algorithm will find out the person. Besides, a human cant finds out the violent post which posted several years ago. So, this artificial intelligence application will save your HR’s time and labor.
11. Trend Prediction
Once, artificial intelligence was found in science fiction movies, research papers, or science fiction novels. But, now, AI has become a buzzword and its a significant impact on our business. Today, we get numerous applications of artificial intelligence in business. Trend analysis or trend prediction is one of them.
In artificial intelligence (AI), for trend prediction, all data is checked once and complied once. And it provides an optimal logical solution that is beneficial for a business. If you are confused that your marketing techniques will be overlapped your budget, then you should employ trend analysis using artificial intelligence.
12. Customer Life Time Value Modeling
Customer lifetime value modeling is one of the essential criteria for e-commerce business. It is one of the most prominent applications of machine learning in business. Customer lifetime value models are used to allocate the company’s resources effectively and identify and retain potential customers. Companies are using these models to supervise the marketing and overall progress of the business.
13. Recruiting Automation
The recruiting process is one of the tedious act for any large business. Finding an appropriate candidate for the appropriate position is a daunting task. Nowadays, some innovative artificial intelligence companies are trying to employ artificial intelligence to make the recruiting process autonomous.
If a company recruits a wrong candidate, then a company can lose millions of dollars. Leveraging artificial intelligence in business can reduce the operational burden of the recruiting process. Artificial intelligence automates tasks and makes decision making faster and precise. AI will decide who is the best candidate for the job.
AI for recruiting is an amazing application of artificial intelligence which automates some part of the recruiting process like repetitive tasks or high-volume tasks. By employing artificial intelligence, a company can save time by automating repetitive tasks. Also, it improves the quality of hire.
14. AI in E-Commerce
Nowadays, artificial intelligence is used in every sector. Among these sectors, e-commerce is one of the most prominent cutting competitive area. The key elements of artificial intelligence are NLP, machine learning, and data mining. These elements help the e-commerce business to get better results.
Leveraging machine learning techniques, a machine with artificial intelligence can tag, search, and organize automatically by labeling the product’s image or video. With AI, machines can perform manual tasks effortlessly, and that’s why it becomes a reliable approach to a company, whatever the company’s size and budget.
In an e-commerce business, customers often get irrelevant product results. AI improves search results by using natural language processing (NLP) techniques. Therefore, the business becomes more customer-centric. Another more significant benefits of using artificial intelligence in e-commerce business is that re-targeting the potential customers. Moreover, artificial intelligence improves the overall sales process.
15. AI Improves Business Workplace and Automates Workload
At present, the business workplace is overloaded with several tasks like channels, tools, contents. These tasks hamper work-life balance. Artificial intelligence improves the business workplace and the communication ins and outs. Smart AI programs help companies to use their resources effectively and efficiently.
In forthcoming years, the automation of work will lead to a company. For example, the London-based National Free Hospital and the company DeepMind develop algorithms to detect kidney injuries and sight conditions with little without human interference. With AI solutions, a company can reduce maintenance and operating costs and also enhance business productivity.
Ending Thoughts
Artificial intelligence (AI) is the study of engineering which develops a computer-based system that can think like a human brain. And, machine learning (ML) is the study of developing an intelligent and autonomous machine or device. Undoubtedly, there are numerous unimaginable applications of artificial intelligence and machine learning in business.
Through AI and ML, your business will be benefited as they will make your business operations more efficient. Also, they will remove the unwanted process, which may slow down your business. You may also read our previous article that is about how artificial intelligence and automation will change the workplace in the upcoming years.
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