How can Artificial Intelligence Applications Increase Business Profits?
Artificial Intelligence, since its debut, has sparked plenty of discussion and debates, ranging from enhancing humans to devastating it. It has generated a certain feeling of anxiety and fear with a specific segment of people, whereas the rest of us are eager to learn the ways Artificial Intelligence applications can transform the way we live.
“AI” or Artificial Intelligence, was first coined in 1956 and was intended to refer to a notion that was “thinking machines” that included automata theory, cybernetics as well as complex information processing.
But, in the present the modern sciences define Artificial Intelligence as a sub-field of computer science. It explains the ways in which machines mimic human intelligence or carry out human behaviors and perform functions.
Artificial Intelligence will enable people to maximize their time which can improve their productivity by up to 40%, which in turn will lead to increasing the productivity of business. The issue is how Artificial Intelligence aid your business to increase profits and help in paving the growth path for your business.
The appropriate Artificial Intelligence application can increase the security of your company and make decisions for leadership easier and ultimately boost profits. Below are some examples of Artificial Intelligence applications that can help you on the direction of growth for your business:
AI-based Analytics can Make Better Business Decisions
They claim that the most valuable resource on earth isn’t oil anymore or even data. Nowadays, huge quantities of data are produced by all businesses and from a variety of sources. With the huge flow of data and data, it is essential for companies and enterprises to take advantage on this data and be able to comprehend the meaning of it.
The data can be derived from consumer behavior and market research and should be utilized to help make better business decisions. Many organizations require analytical tools to make use of this information.
AI-powered analytics can assist businesses to develop and implement their strategies. Basic analytics could assist them understand what’s happened and aid in understanding why but, in order to remain current and connect with their clients All organizations today require AI.
Artificial Intelligence can identify the optimal course of action. Business can choose situations in which they’d like to automate business processes. Amazon is the first to begin providing personalized shopping recommendations and as time has passed its algorithms have become more sophisticated. The recommendations are now based not just on purchases made in the past however, they also consider items others have purchased as well as browsing and searching habits as well as a variety of other factors.
AI-based analytics are a great tool for aiding, enhancing the efficiency of work. In the present, nearly 85 percent of CEOs believe that Artificial Intelligence will enable their businesses to gain or maintain an edge in competition as per a MIT Sloan study.
According to a report from Harvard Business Review, 36 percent of executives stated that their main goal in the incorporation of Artificial Intelligence can be used to improve internal business processes. AI is able to support three types of capabilities for businesses that include automating business processes engaging with employees and customers as well as gaining insight through analysis of data.
Implement Automated Marketing to Make Your Sales Soar
Marketing Automation as the name implies is a platform that allows businesses to efficiently communicate with consumers through automation of marketing strategies across various channels including emails and websites, social media etc, ultimately producing sales leads. Automated marketing is a way to minimize the chance of human error and make marketing efforts more consistent. Additionally, it allows companies to focus on more urgent tasks , by eliminating the mundane tasks.
According to research from Statista 87% of AI users said that they were either using or were considering making use of Artificial Intelligence for sales forecasts and for improving their marketing via email. Artificial Intelligence can follow shopper habits to give them suggestions about products or services consumers might have expressed interest in.
Chatbots can also provide specific questions about the products they are interested in or request to be notified when a product becomes available or receive recommendations based on their previous purchases. Based on research conducted by the consultancy firm Capgemini three of the four companies that are implementing AI as well as machine-learning have increased sales of new services and products in excess of 10.
In the words of Forbes, Netflix implemented a effective machine learning algorithm that recommends personalized films and TV shows to its subscribers based on what they’ve previously seen. This has helped Netflix reduce its costs by $1 billion as customers had stopped focusing in search results within 90 seconds.
There are a variety of automated marketing tools on the marketplace today which allow you to integrate them in your company. For example, Marketo is a marketing automation platform that combines account-based marketing, emails social , mobile, digital advertisements, web and marketing analytics. It allows entrepreneurs to increase engagement across multiple channels using one platform. It is able to handle many millions of tasks every day.
Use AI to Prevent Cybercrimes
In the present, Artificial Intelligence is playing an important role in fighting cyber-crime as well as detecting cyber-attacks. According to an IBM study 95% of cybercrimes are the result of human mistakes. Even with the most advanced security tools that are available today, major hacks target vulnerabilities that are rooted in human behaviour not only within networks and systems.
Artificial Intelligence software can dive deeper into the data to discover whether there was a security breach. AI can also stop cyber-attacks by using a method known as “supervised learning”. Through this method, the algorithm receives various inputs and outputs. It then “learns” to detect threats through making judgements in based on data it is able to be able to see.
Facebook is developing Artificial Intelligence tools to find fake accounts, track down connected networks of fake activities, and shut them down. This will make it harder to promote in ways that aren’t appropriate and, consequently, offering authentic and authentic content to its users.
With AI, Make Inventory and Supply Chain Management a Breeze
Based on previous research that were conducted through the Tungsten Network, it is claimed that time and cash is spent on insignificant tasks that relate to supply chain and are performed by humans. Technology companies like Google, IBM, and Amazon have launched products that make use of artificial intelligence.
Businesses have begun to deploy Chatbots to manage procurement as well as similar organizations are employing Machine Learning for Supply Chain Planning. A company named TransVoyant has a strategy of combining machine learning with using the Internet of things (IoT) to develop applications that can anticipate the movements of Supply Chains.
Artificial Intelligence provides the supply chain with the ability to make decisions that can be utilized by companies to cut operational costs and control inventory. Businesses make use of Artificial Intelligence along with machine learning to gain new insights into various areas, including logistics management, warehouse management and supply chain management.
Implementation of Artificial Intelligence software helps to avoid human errors and guarantees the smoother operation in the supply chain administration. Businesses that rely heavily on transportation are investing in self-driving cars. They lower costs and boost reliability , while also eliminating the possibility of human errors.
Improve Maintenance and Safety
As mentioned earlier The use of AI to stop cyber-crimes has already gained traction. Artificial Intelligence also aids in making maintenance easier and safer for your machines. AI-based software is able to determine the wear and tear on a machine and it can be utilized to plan maintenance of machinery in line with the wear and tear.
The advances of Artificial Intelligence are proving useful to cut down on manufacturing errors and create safe products to consumers. Automobile manufacturers are also using analytics to identify indicators to enhance the safety of their vehicles. According to Forbes the world’s largest energy company BP utilizes technology to achieve new levels of performance and also to improve the security and reliability of gas and oil refinery and production.
Artificial Intelligence can also make “predictive maintenance” of products feasible. This means that AI makes predictive maintenance predictions regarding asset malfunction. This helps reduce unexpected downtime.
Companies invest a lot of money finding the most efficient workflow for their needs. Workflows are generally defined as the execution and the automation of business processes. tasks documents, information, and other items are shared among team members, and are acted in accordance with a rules.
Artificial Intelligence can streamline workflows and help ensure effective management of projects, by eliminating tedious and lengthy manual tasks as well as through the development of intelligent and automated tools. It also lowers expenses by delegating routine tasks. It also eliminates the possibility of human error, and it also helps maintain budgets and schedules.
The growth of AI over the past few decades has been incredibly. According to research firm, IDC projected global spending on AI and cognitive systems to reach $77.6 billion by 2022. While the majority of people think of Artificial Intelligence as self-driving and smart cars, robots drones, drones, drones, and smart home appliances however, the technology has been so advanced that it could transform other industries dramatically.
The majority of industries, including Fashion, Music, Security, FinTech, Travel, to name a few , have adopted Artificial Intelligence development in a manner that aids their profits.