Artificial intelligence has come to stay and it will affect your business one way or the other says Peter DeCaprio. This is probably why many people are asking themselves this question “do you need artificial intelligence for your business?”
The answer to this question depends on how prepared your company is to embrace the changes that AI will bring along its path says Peter DeCaprio. According to Forbes, The use of Artificial Intelligence in businesses can be categorized into two broad groups which are the tactical uses and Strategic uses of Artificial intelligence. Let’s take a deeper look
#1) Hiring Employees:
One of the best ways that an individual could have used artificial intelligence was during the hiring process at his company. Peter DeCaprio says many companies have started using machine learning algorithms or even bots while making interviews with their potential employees. This has led to a saving of time and resources as well as an increase in the accuracy of the recruitment process.
Chatbots have continued to gain popularity with many companies adopting new chatbot technology that’s capable of handling customer service on their behalf. A new study by Accenture showed that 85 percent of millennials prefer starting a conversation via messaging apps rather than mobile apps or social media. In fact, Forbes reported that brands that currently use chatbots grew nearly three times faster compared with those that don’t.
#3) Personalizations Of Products And Content:
With consumers becoming tech-savvy most businesses are making use of artificial intelligence to provide personalized content and products to their potential customers. For instance, Amazon has been making use of machine learning to analyze data that is used in product recommendations on its site.
#4) Process Optimization:
By 2020, the world will have over 30 billion connected devices that all need to talk with each other. This is why companies who are looking into business process automation or digitization are taking advantage of recent breakthroughs for artificial intelligence instead of using legacy systems. One major benefit is that they can reduce costs associated with human interactions through robots and software explains Peter DeCaprio.
#5) Predictive Analyses of Customers:
With the advancement in technology, it has become possible for organizations to collect huge amounts of data from customer records, conversations, emails etc. If applied properly, information could be analyzed to help in the planning of marketing strategy, product development, future sales, and so forth.
#6) Chatbots and Voice Assistants:
Google’s CEO, Sundar Pichai predicted that 2017 would be the year when artificial intelligence will “Make Google Assistant More Everywhere “. As a result, companies are currently making use of chatbots where users can interact with products through messaging apps. Other examples include voice assistants like Alexa which are in use to make our lives easier by speaking to smart home products or smartphones through commands by the user.
#7) Customer Service:
Companies these days are looking into intelligent customer service solutions to provide a better customer experience for their clients. For example, instead of having an average customer service representative answering customer queries, businesses are opting. For automated chatbots to help customers with their problems.
#8) Personal Finance:
AI is basically an umbrella term that includes machine learning, data mining, and so on. Similarly, there are various types of artificial intelligence. That can be use in personal finance management which ranges from credit card fraud detection. To more advanced technologies like Robo Advisers that help you invest your money. These new technologies have helped many personal finance companies streamline their business processes. By improving customer experience as well as increasing sales revenue says Peter DeCaprio.
#9) Connected Homes and Vehicles:
Increasingly devices are connecting to each other through the Internet of Things or IoT technology. Through different applications of AI. This progress has led towards the growth of companies like Uber, Tesla, etc whose core business revolves around connected vehicles. On the other hand, appliances like smart TVs, thermostats, and surveillance cameras are using voice assistants. To provide a better user experience.
#10) Revolutionizing The Gaming Industry:
Artificial intelligence has already changed the way we play games. For instance, Google developed an AI that beat one of the best players in the game of go. Which considers one of the toughest strategy-based board games. However, it is not just traditional gaming that can be revolutionized through artificial intelligence. But also video games like GTA where users interact with virtual characters to complete tasks or missions.
Artificial Intelligence has a wide range of applications across different industries. Thus, it would be of no surprise if artificial intelligence becomes the next game-changing technology of this century. Those companies who don’t adapt to the changes brought about by AI will eventually fall behind their competition. Organizations need to stay up-to-date with recent advances in this field.