Artificial intelligence is a constantly trending topic in the business world, shaping the digital marketing industry. As artificial intelligence and machine learning continue to advance, businesses all over the planet are harnessing the technology to secure their place in cyberspace. Those who don’t forgo infinite opportunities for growth and profits in the age of digital commerce.
Artificial Intelligence and Machine Learning Are Created to Solve Business Issues
AI is not a new concept. It has long been integrated into countless aspects of our society, from identifying spam emails to auto-correcting spelling mistakes on word processors. However, we often take for granted just how much it impacts our everyday lives.
When we take a step back and examine the realities of artificial intelligence, it’s clear to see the technology is extremely effective at saving valuable time and resources by streamlining the decision-making process. And in most cases, doing so better than humans.
This results in boundless opportunities for businesses to equip their organizations with vital tools that will help them navigate the digital marketplace.
Below is a list of ways artificial intelligence can help solve various issues and problems in the online business world.
#1 Fraudulent Transactions
A notification that your bank account has been compromised ranks high on the list of calls or emails you never want to receive. Unfortunately, fraudulent transactions and online theft are all too common nowadays. As thieves become much more adept at cybercrimes, businesses are left fending for themselves.
Fortunately, machine learning and AI are helping to safeguard against online fraud. The technology works by using algorithms to recognize patterns based on a user’s previous transactions. If an activity seems unusual or suspicious, the transaction is flagged and the user is notified to check on the situation.
The added security artificial intelligence provides results in peace of mind that capital is not lost due to illegal online activities.
#2 Customer Relationship Support and Management
Artificial intelligence is swiftly altering the way Customer Relationship Management (CRM) programs work. CRM refers to any strategy, protocol, or initiative that is meant to enhance relationships with customers. Nowadays this typically comes in the form of management software. Whether you’re selling a service via your website or solving a support problem through a live chat, it’s crucial to understand consumers’ needs and wants.
Machine learning is aiding this process by using algorithms and self-learning to better predict and address customer-related issues, as well as providing valuable sales insight. Artificial intelligence-backed CRM can also pinpoint the most effective marketing strategies and support protocols.
#3 ID Personalization
Open up any streaming service such as Hulu, Youtube, or Spotify, and chances are you’re immediately met with an assault of recommendations based on your viewing history. The same concept is at work as you scroll through merchandise on Amazon.
Artificial intelligence can endorse content, goods, and services with astonishing precision. Whether it be clicking on a new artist’s latest release, or impulse buying the latest version of a new smartphone, businesses can benefit from personalizing their services.
Netflix utilizes this approach by asking “Who’s watching today?” Upon launching the app. After all, a more personalized user experience equates to more sales and profits.
#4 Big Data Analysis
Perhaps the biggest boon of AI is its inherent ability to sift through and analyze titanic amounts of data. Artificial intelligence and machine learning depend on algorithms to ‘learn’ new information over time. The more the technology is used, the more sophisticated it becomes.
Sure, this might sound like something out of a science fiction movie, but the reality is the information can be used to learn more about consumers. better predict business outcomes and streamline decision-making. Artificial intelligence’s data analysis capabilities far exceed that of a human and can bolster productivity when used in the right circumstances.
#5 Increase Productivity
Artificial intelligence increases productivity by automating certain tasks that would otherwise be performed by a worker. Take the hiring process for example. Rather than scouring through hundreds of job applications to find a suitable candidate, artificial intelligence can quickly and effortlessly scan through submittals to find a viable nominee in a fraction of the time it would take a team of human resources representatives.
But the advantages don’t stop there.
Recent advancements in machine learning have paved the way to streamlined approaches to graphic design and marketing, just to name a few. Relying on technology to address various business elements frees up time and resources that can be devoted to your business’s bigger picture.
#6 Maintenance Can Be Easily Predictive
Imagine booting up your computer fifteen minutes before pitching a potentially life-altering idea to a board of higher-ups only to be met with a sparkling blue screen with the ever-familiar message, “Working on Updates. Do Not Turn Off Your Computer.”
Now imagine being able to predict such occurrences and do away with the risk of unexpected maintenance.
Using artificial intelligence to implement predictive maintenance is essential to businesses by allowing them to offer goods and services for as long as possible without downtime for site maintenance and issue solving. Predictive maintenance through the use of machine learning can decrease inessential maintenance and tech-related frustration, thus decreasing machine downtime from 30% to 50%.
#7 Detecting Email Spam
Spam email is toxic, and nowadays it’s becoming increasingly difficult to decipher between spam and non-spam. According to Statistica.com, at least half of the 300 billion emails sent every day are spam. Luckily artificial intelligence is making great strides in filtering out unwanted messages and emails from your personal accounts.
Thanks to machine learning, a large portion of spam and junk emails are weeded out and exiled into the ether. Don’t believe us? Just check your Gmail’s promotion tab.
While automatically ridding of spam email might seem petty on the surface, successful businesses rely on it to help increase workflows and decrease distractions, thus increasing efficiency.
#8 Replace Boring and Ineffective Manual Data Entry
Let’s face it. Manual data entry is monotonous, time-consuming, and expensive. As data entry is effectively turning physical information into digital data, inputting it manually can easily lead to errors that can be costly and time-intensive to solve. Artificial intelligence and machine learning have the ability to automate this process, thus reducing errors and costs while improving customer service.
Have you ever had a text message auto-complete? Or perhaps you’ve taken advantage of Gmail’s smart reply messages when responding to an email. Both of these are examples of manual data entry, and both are surprisingly accurate. Those who have utilized these features, whether intentionally or not, have without a doubt found value in the function. The technology can go a long way in saving valuable time that can be better used in other areas of your project.
#9 Product Recommendation with Machine Learning Algorithm
We’ve all opened up a web browser or app only to be met with an advert for a product or service we spoke of to a friend ten minutes prior. “Are they spying on me?” “I better disable access to my microphone!”
The reality is that machine learning algorithms are just really good at guessing a specific user’s preference. The technology relies on data collected from browsing history and search engine results to accurately, and somewhat frighteningly, predict users’ next purchases.
The tactic, known as personalized product recommendation, is used widely in marketing and e-commerce to increase sales, revenue, and conversions.
#10 Automate Operation Process
More and more businesses are opting to automate their services rather than rely on hired human resources. Self-checkouts and kiosk-ordering systems have been mainstays in the retail and restaurant industries for some time, but advancements in AI are giving a wider spectrum of industries the opportunity to take advantage of AI for growth and cost-cutting.
Take customer service as an example. Automated chatbots are becoming common on e-commerce sites – amongst others – doing away with costly customer service representatives and their associated costs. This shuffling of operations results in lower operating costs and increased capital to help grow your business.
AI Can Solve World Problems
#1 Transforming Learning Systems
Education is undergoing a paradigm shift thanks in large part to artificial intelligence. As the coronavirus pandemic has placed traditional classroom learning online, educators and administrators alike are becoming aware of technology’s ability to differentiate instruction and streamline directions to fit all learning styles. New technology allows educators to provide both computer and teacher-led learning in the classroom, creating a ‘best of both worlds’ scenario.
An often overlooked aspect of digital learning is that one only needs a smartphone or device to access pedagogical material. This leads to more equitable education worldwide, as people in rural areas only require an internet connection to access learning material.
#2 Automate Drivers for Increased Safety
Autonomous, self-driving vehicles often evoke images of futuristic sleek machines capable of maneuvers that defy the laws of physics. In reality, autonomous vehicles (AV) are simply automobiles that rely on advanced computing systems and artificial intelligence to increase safety. They’re already being used in countries all around the world. For example, cars manufactured by Tesla come equipped with autopilot, resulting in overall less work and increased safety for the driver in certain conditions.
The principal driving force behind the creation of AVs and accompanying infrastructure is that the technology will soon be more capable than humans in preventing deadly and disastrous vehicle accidents, making the road safe for everybody.
#3 Reduce Energy Consumption More Efficiently
Companies around the world are utilizing energy monitoring AI to both reduce emissions and cut energy costs. Google has deployed its DeepMind technology to monitor energy consumption in its twenty-one data centers around the world. These centers – which are the lifeblood of all things Google – benefit from technology that can expertly predict how various actions will affect the amount of energy being used in the facility. The technology’s neural networks can identify optimal energy uses and implement them flexibly while still adhering to strict safety protocols.
Similar apps allow average consumers to monitor their home or small business energy usage and adjust their habits accordingly.
#4 Improving Wildlife
Implanting microchips in animals and wildlife to better know and track their location is nothing new. However, big data is2 transforming the way scientists understand migratory patterns and are helping tremendously with the conservation of endangered and threatened species. Zoologists can make use of artificial intelligence to track seasonal changes in wildlife movement and analyze changes in the population of any given species. This data can then be used to understand areas of illegal poaching and help guide public policy that could put an end to illegal wildlife trades. Such laws could also help bring back decreasing populations of threatened species worldwide.
#5 Saving Time for Healthcare Improvement
Artificial intelligence will have incredible impacts on health care and could drastically increase the average human’s lifespan. Research is paving the way for cutting-edge medical treatments that can both pinpoint the cause of an illness and provide insight into the best treatment for patients. For example, the result of cancer treatments can be more easily predicted through new advancements in technology. Patients will no longer have to wait to gauge a treatment’s effectiveness. Rather, data can be utilized to forecast if a procedure will result in the desired outcome, saving valuable time and money for those suffering from life-threatening diseases.
Conclusion
Artificial intelligence is unquestionably altering the way business is done all across the globe. Understanding the advantages and disadvantages, current trends, and the future of the technology is the first step towards earning more profits and growing a successful enterprise. With technological advancements growing faster than profits, there remains unfathomable potential in utilizing AI to create a prosperous business.
