We are all very aware that computers are now an integral part of our lives. Today, technology has advanced so much that a computer can perform tasks just like humans and even have a high rate of success in doing so. This is all possible due to Artificial Intelligence.
Artificial Intelligence (AI) is the field of technology that enables the machines to automatically perform tasks that would otherwise require human intelligence. AI is a huge spectrum in the field of Computer Science and is developed and programmed through machine learning and deep learning.
AI is used in many fields for day to day application, making our lives easier than before. The world of Business is one such field where Artificial Intelligence is widely used. AI can help any business in three fields: automating business processes, gaining insight through data analysis, and engaging with customers and employees.
(Must read: 7 types of Artificial Intelligence)
There is a huge competition between different companies in the market and every company wants to be at the top of their game. Successful multinational companies use features of AI like Automation, Big Data Analytics and Natural Language Processing to get insights of their business and make it more efficient and relevant to their customer base. Even smaller companies incorporate AI into their businesses to be successful.
Let us look into the top applications of Artificial Intelligence in Business.
AI Applications in Business
Hiring and Recruitment
There is a lot of competition for employment and everyday, hundreds of candidates are applying for a single position in a company. As a result, it becomes quite a tedious task for the Human Resources team of the company to go through every single resume in order to shortlist the perfect candidate.
To make things easier, companies use Artificial Intelligence and Natural Language Processing (NLP), to filter through the resumes and shortlist the candidates who meet their requirements closely. This is done by analyzing different attributes like location, skills, education etc. It also recommends other job positions for the candidates, if they are eligible.
This way, not only the candidates are selected in a practical and unbiased way, but also it saves time and manual labour of the HR team.
(Also read: Top 10 AI applications)
The Internet has made storage and management very convenient in any business. But with it comes risk of breaching and leakage of data. Every business requires security online since all the important databases of their company including financial data, strategies, private information etc are stored online. Cybersecurity is a necessity for all companies and hence, is one of the most important applications of AI.
With the help of Artificial Intelligence the cyber experts can understand and remove unwanted noise or data that they might detect. It helps them to 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, in order to reduce cyber threats.
Stock markets are one of the most popular and unpredictable markets due to its dynamic nature. Many people invest in Stock markets as they have also proved to be very profitable.
But Artificial Intelligence has made it easier as well. With technologies like Support Vector Machines (SVM) and Artificial Neural Networks (ANN) which are types of Machine learning, the patterns are learned and predicted. This technical analysis is very important in predicting financial markets and providing successful outcomes.
Three algorithms are used in this prediction, namely evenberg-Marquardt, Scaled Conjugate Gradient and Bayesian Regularization. Together they provide around 99% accuracy using tick data.
Businesses run for their customers and customers can make or break any brand. So it is extremely important for companies to analyse their customer base and strategize for more engagement and improvement in any other field . Earlier, it was very hard for companies to get insights of their performance as most of the exchanges occurred in person and the feedback was predicted manually through sales or emotional aspects.
Today, Artificial Intelligence enables the company to perform surveys that could provide customer feedback that run deeper than just historical data analysis. It provides accurate data and helps to perform strategies for better engagement and for facilitating sales by providing better customer experience. Hence AI helps in making the business more customer-centric, ultimately benefiting the company.
Billing and Invoice
With all the businesses come financial responsibilities. It can be imagined that companies might often have bills, payment checks and invoices exchanged with others. These accounting and financial processes could turn out to be very burdensome, if handled manually.
Also, there might be calculation mistakes that could lead to terrible losses. Artificial Intelligence has made financial management very easy and accurate by automating the process.
There are many softwares available in the market for accounting and invoices. For manual paper-based invoices, these softwares provide features like invoice data extraction and segregation which can extract data from paper invoices once scanned and uploaded, and store them.
Electronic invoices are easier to handle as they are analysed and stored automatically. AI powered accounting tools are very accurate and organised and it makes financial management a very easy task.
(Suggested read: AI applications in finance services)
Artificial Intelligence has proved itself quite beneficial when it comes to proposal review. Proposals are often exchanged in the world of business and if not checked and analysed properly, it might lead the company towards wrong clients.
Now, AI can easily analyze any proposal given to the company with the help of machine learning. The company can automatically get a hold of the scope, pricing and track any history of the source of proposal.
AI proposal management softwares is very efficient in qualifying opportunities. It goes through the proposal and determines the best outcome. This is both time saving and often provides correct predictions. Proposal Management softwares also offer strategic planning to the company with which they can grow.
Virtual Assistants and Conversational Interfaces
Every business has their own set of services that need to be explained to the masses in order to expand their customer base and facilitate their sales. It is not possible for the owners to personally explain and clear the doubts of every individual.
With the help of Artificial Intelligence, businesses are inculcating virtual assistants and chatbots in their websites and applications, that can answer any queries that the user might have about the company and provide 24/7 customer service.
Usually chatbots have pre-programmed answering systems and they follow specific patterns while answering questions. These are advancing more and more with the improvement of neural networks and deep learning.
All the businesses nowadays 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 ads to only specific audiences.
The audience is determined by their online activities and if they have recently searched for any similar product/service online, they start seeing the advertisements.
This is a very efficient and beneficial way of marketing as it saves a lot of money for the business. This is done through keyword matching.
Predicting Vulnerability Exploitation
The number of vulnerabilities disclosed in the past few years has been very high. The amount of cooperation shown with machines has been very low, as compared to cooperation that is shown with humans. That exposes AI to be exploited by humans and runs the risk of ruining any business.
This problem is solved by Artificial Intelligence itself. Through AI, companies can predict any sort of malpractices that might risk the system to be exploited and hence saving the business. AI can also help in identifying credit fraud and insurance claim fraud in real time. This saves the company from scams and big losses.
Social Media Insights
Social Media has become one of the strongest platforms for brands to promote their business. It gives them a variance of users to showcase their services. If any company can use their social media platform accurately, they can easily gain a massive amount of customers.
Since there are many users, it is not possible for any business to attain their customer feedback manually. With the help of Artificial Intelligence, brands can know their position in the market and get insights of their customer base.
This will help the brand to strategise and improve and build their social media game!
(Recommended blog: Is Artificial Intelligence (AI) Hype or Reality?)
A lot of emerging businesses are seeing fast growth and success with proper strategies and plans. Artificial Intelligence takes the biggest credit for that. As compared to earlier days, things have become more convenient since we have machines doing most of our work, using AI.
As scientists are researching and learning, the fields of Machine Learning, Deep Learning, Neural Networking etc are advancing at a fast pace and many softwares are being developed that takes care of all the attributes of any business.