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 behavior 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 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.
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.
Some applications that are using in financial services using AI are:-
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.
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.
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.
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 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.
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.
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.
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
Retailer industry is one of the most competitive industries. They need new inventions and technology to stand out from the crowd. AI 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.
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 Maintainance 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.