How Artificial Intelligence Is Transforming Business

Avinash kumar mahato Avinash kumar mahato
Dec 14, 2020 7 min read
How Artificial Intelligence Is Transforming Business

The mimicry of human intelligence is called Artificial Intelligence. Or The development of intelligent machines, thinking, and working like humans is called Artificial Intelligence. With the help of machine learning, we can develop an Artificial Intelligence. Machine Learning is an application of Artificial Intelligence that study the computer algorithm, learn automatically, and improve the experience. The computer, robotic machines, and machines have to learn how to respond in actions, it uses computer data structures and algorithms to create the Propensity Model. The Propensity Model is a statistical model that is used to predict the behaviour of your customer.

The best example of artificial intelligence that we are using in our daily life is speech recognition like Alexa and Siri, problem-solving, learning, and planning.

How Artificial Intelligence Is Helping In Business Today
Artificial Intelligence In Finance
Financial Services Using Artificial Intelligence
Artificial Intelligence In Marketing
Artificial Intelligence In Logistics
Artificial Intelligence in Retail Market
Artificial Intelligence In Telecommunication

How Artificial Intelligence Is Helping In Business Today

Artificial Intelligence In Business 

Artificial Intelligence tools are supporting tools in our businesses today. It can work in the replacement of humans but it is facing many difficulties to complete the common sense tasks in the real world. Artificial Intelligence is a form of software that can process and analyze data and processes more quickly than human brains. It can also return some actions and present it to human users. Artificial Intelligence can make decisions as opposed to traditional software. It can make the decision even in such a situation that not foreseen by the programmers before. It is very helpful in maintaining the relationship between the customers and the company. Artificial Intelligence is changing the customer relations management system(CRM). High human intervention companies like Zoho and Salesforce have to remain up-to-date and accurate. AI helps these platforms to transform the customer relation management system into auto-correcting and self-updating that makes the best interaction with customers for you.


How Machine Learning is Revolutionizing the Healthcare Industry
What if i tell you that in near future surgeries will be performed by Machines.Yes, machine learning has advanced rapidly that in near future it will bepossible to perform medical surgeries with minimum or no interventions by aPhysician. Machine learning is widely used in healthcare industry in …

Artificial Intelligence In Finance

Artificial Intelligence In Finance

Financial services are very important and too much use of AI in this industry. According to the McKinsey report, some companies have seen a profit of margin of over ten percent higher than the industry average.

Financial Services Using Artificial Intelligence

Some applications that are using in financial services using AI are:-

Fraud Prevention

AI is used to increase revenue and cut the cost of the company. It is also very helpful in fraud prevention. In 2016, $16 Billion was stolen by the fraudsters or identify as theft. The AI detects the client’s behavior, activities, locations, buying habits that seem suspicious and unusual.

Trading

Artificial Intelligence and Machine Learning are very helpful in trading. They can gather data quicker than human that helps to improve each day. It helps to eliminate the emotional aspects of trading.

Personalized Banking

Many banks and fintech companies are using AI to make better customer relationships and better service. AI helps the customer to understand the risk factors of various policies. It can create your financial plan by tracking your spendings pattern, income, and goals.

Artificial Intelligence In Marketing

The marketing industry gets a boom by developing AI. It helps to gather more and more data to create the best marketing plan and able to enhance marketing practices as well.

Marketing Attributes

It is very difficult to quantify the impact of various marketing channels like in offline marketing TV, Radio Billboards. To overcome this problem we need to execute two popular marketing techniques:- Attribution model and the marketing mix model.

An attribution model is a set of rules or analytical science determining the tactics of marketing contributing to sales or conversion. A marketing mix model is a marketing technique that is used to promote the brand product and services in the market.

Customer Profiling

Customer profiling is a way to create the profiles of customers to understand decision concern to your business. By creating profiles the customers are divided into smaller groups and a representative is given to each group with a photo, name, and description.


ADOHM- Seamlessly Optimizing Digital Marketing campaigns for the Indian Businesses!
Digital marketing is not just a trend now, it’s one of the most essentialmediums to drive sales for the company. To optimize this process and to providethe best MarTech products in the market, Kuldeep Chaudhary launched ADOHM in2017. ADOHM is a platform that uses the power of big data and incor…

Artificial Intelligence In Logistics

Logistics is an important part of each industry. With the combination of Artificial Intelligence logistics becomes more efficient by creating AI applications like an automated warehouse and automated vehicles.

Automated Warehouse

In an automated warehouse, thousands of robots are moving from point A to point B to fulfill the demand. The automated warehouse also reduces the cost of transportation, less warehouse space needed, and reduces overall costs.

Automated Vehicles

With the development of AI, it is very important to develop autonomous vehicles. The development of autonomous vehicles is very helpful for humans, they need rest and sleep while driving that leads in late delivery, now no longer transportation is limited. Tesla is the best example of autonomous vehicles. Rolls-Royce and Intel are also in the queue of developing autonomous vehicles but they are very less known. Together they built an Intelligence Awareness System to allow the autonomous chips.

Artificial Intelligence in Retail Market

Retailer industry is one of the most competitive industries. They need new inventions and technology to stand out from the crowd. AI in retail market is applied in various processes of the retailer’s products and service cycle.

Chatbots And Robot Assistant

The chatbot is an application of artificial intelligence which is used as a conversational agent. They communicate with visitors by using two primary methods:- web-based application and standalone applications. For example, Pepper is a social humanoid robot designed by Softbank that is used in physical stores to engage customers and provide personal assistance to the customers.

Artificial Intelligence In Telecommunication

The Telecom industry is one of the biggest industries in the world. The value of this industry is very large so every difference matters. Three main artificial intelligence applications are used in the telecom industry:-

Churn Prediction Modelling

The prediction of detecting customers who are likely to cancel the contract or subscription is called churn prediction, It is very important as it gives a better understanding of future revenue. Churn prediction helps us to identify the areas of lacking customer service in your business.

Network Optimization

The improvement of the network is called network optimization. There are various ways to improve and monitor network performance are:- global load balancing, minimize latency, packet loss monitoring, and bandwidth management. By using artificial intelligence in the network optimization we can increase speed, scalability, and effective result.

Predictive Maintenance

Predictive Maintenance refers to the monitoring of the condition of in-service equipment to reduce the risk of failures. It is also known as condition-based maintenance. By using artificial intelligence it can maintain the historical data, sensors data, and weather data to ensure the proper condition of a machine or when the machine needed servicing.

No one can say the future of artificial intelligence but you can predict the future of artificial intelligence. For example, artificial intelligence is ready to do common-sense tasks and it is easily handled by computers. We can say that robots are going to be a part of our day to day lifestyle in the future. Tesla is also innovating driverless cars and many companies are trying to innovate by AI technology. In future artificial intelligence is going to lead our life.


Still Sceptical about AI & ML? Get Started With These Machine Learning Books
Machine learning has gifted humanity the power to run tasks in an automatedmanner. It allows us to improve things that we already do by studying acontinuous stream of data related to that same task. In this article we haveshort-listed some Machine Learning Books. > ’Machine learning is a core, t…

FAQs

How AI is changing business?

Artificial intelligence allows business owners to provide a more personalized experience to their customers. AI can analyse vast data way more efficiently. It can quickly identify patterns in the information- such as past buying history, buying preferences, credit scores and other common threads.

How does AI affect business?

AI eliminates or significantly reduces mindless and repetitive tasks and bolster productivity. With the use of AI in business certain to continue at pace, use it to improve your standard business processes, streamline strategic output and remove the guesswork from your decision-making. Embrace the future.

What is Artificial Intelligence in Business?

Artificial intelligence (AI) refers to the ability of machines to understand the world around them, learn and make decisions, in a similar way to the human brain. Thanks to AI, machines are getting smarter every day.

What is the future of AI in retail Industry?

The retail industry has benefited a lot from the advances in AI. Be it sales, customer relationship management, recommendations or logistics and delivery, AI has found a way to boost operations under all segments. Moreover, the implementation of AI has led to lower customer complaints and higher sales.

How is artificial intelligence used in marketing?

AI marketing uses artificial intelligence technologies to make automated decisions based on data collection, data analysis, and additional observations of audience or economic trends that may impact marketing efforts. AI is often used in marketing efforts where speed is essential.

How artificial intelligence will change the future of marketing?

In the future, artificial intelligence (AI) is likely to substantially change both marketing strategies and customer behaviours. Finally, the authors suggest AI will be more effective if it augments (rather than replaces) human managers. AI is going to make our lives better in the future.


Must have tools for startups - Recommended by StartupTalky

Subscribe to Startup Talky

Get the latest posts delivered to you right in your inbox

Great! Next, complete checkout for full access to StartupTalky.
Welcome back! You've successfully signed in.
You've successfully subscribed to StartupTalky.
Success! Your account is fully activated, you now have access to all content.
Success! Your billing info has been updated.
Your billing was not updated.