Artificial Intelligence is all about creating pieces of software that perform tasks that humans would otherwise be required to do; and often with much more speed, accuracy, and performance.
AI has grown steadily over the last few decades, being seen now in most facets of our day to day lives. It would be hard to imagine how different our lives would be without artificial programs running in the background of society. Business has been at the forefront of AI adoption, using it to improve their processes, increase their customer base, and earn more money. Here we will look at some of the business applications of Artificial Intelligence.
Customer Targeting and Acquisition: Knowing exactly which portion of the population to target with one’s product or service has always been one of the more difficult pieces of information for businesses to determine. While many people express interest in a product or service pinpointing those who need it or strongly desire it, it is not as simple.
Many advertising platforms such as Facebook, Google, and others have created complicated AI systems that match advertisers with prospective customers based solely on a customer’s internet history and activity.
Security and Fraud Detection: According to the Center For Strategic And International Studies internet fraud costs the global economy 600 billion dollars in 2017, or just about 1% of the global economy. Banks are one of the largest targets of internet fraud, and for this reason, they have developed AI systems that track customer behavioral patterns which can detect irregularities in one’s spending habits to flag as suspicious.
Payment processors have also developed AI programs that check if a website’s payment processing software meets their required safety standards or not.
Help Chatbots And Virtual Assistants: A live helpline is a major expense for many companies. Especially ones where customers may need to contact them at any hour. Many businesses have invested in AI chatbots which help customers with troubleshooting or general inquiries. Even if the system is costly to develop, the company ends up saving lots of money.
Virtual assistants such as Cortana, Siri, and Bixby have gained popularity as AI technology has increased over the last decade. These virtual assistants are now helping people with everything from setting reminds of ordering take out meals.
Data Organization And Analysis: As Brian Weaver CEO and Founder of Torch.ai said The deluge of data, combined with accelerated technologies puts enormous pressure on people and organizations. Before AI programs businesses were finding they were inundated with tons of customer and market data they simply did not have the resources to process and organize. These programs have provided businesses with extremely valuable market insights in regards to their customer base, market trends, spending habits, and competitors which they never could have garnered before.
As can be seen, AI is used all over the world to improve business function and success. It would be hard for us to imagine a world without these types of programs and the tasks they perform.