Artificial Intelligence is helping the human race in many ways and doing great things and achieving bigger targets. Nowadays, AI has become an integral part of everyday lives. It has become a boon to many industries. Artificial Intelligence has found its applications in the development of businesses also. Before diving deep into the topic let us first discuss briefly Artificial Intelligence.
What is Artificial Intelligence?
Artificial intelligence is making machines that can replicate human behavior by providing the ability of reasoning, prediction, decision making capability. Thus in this way with the help of Artificial Intelligence, machines can perform tasks that humans can perform but more effectively and efficiently.
AI can further be classified into Narrow AI and Broad AI. Narrow AI can perform a single specific task. On the other hand, broad AI can perform many tasks depending on the inputs and instructions.
Increase in Business Revenue
In any business, taking decisions is the most important thing as there is a very thin line between good and bad decisions. And these decisions can make or break the revenue generation of your business. Decision making is a time taking and lengthy process. Humans cannot take a decision on their own. They also need a large amount of data so as to make decisions.
Often due to lack of data or skills, wrong decisions are taken that can lead to a huge loss in business. So what is the solution? What about taking the help of artificial intelligence in decision making.
With the help of artificial intelligence, tons of data can be processed in minutes and useful results can be obtained that help in taking decisions easily.
Artificial intelligence is helping in taking profitable decisions for the business. This is because of the following reasons:
AI can process large data inputs
Taking decisions is not merely a guessing work. A huge amount of money is at stake. One wrong decision and business can have to face a huge loss. Before taking any decision, a huge amount of data is needed to be collected, processed which may not be possible for the human.
But not in the case of artificial intelligence. Artificial Intelligence applications can handle a huge amount of data, breaking it into useful results so that it becomes easy for analysis and more effective and correct decisions can be taken.
No personal guesses
Unlike human beings, AI machine learning does not make a personal guess that affects the decision-making process. The decision-making process in case of artificial intelligence depends solely on the input data. As AI does not have any emotions, so decisions are not affected by emotional factors.
Artificial intelligence also helps businesses in taking smarter business solutions in the following ways:
1. Data Structuring and handling
Data can be of any of the following two types – structured or unstructured. Artificial Intelligence applications help businesses in obtaining results from both types of data. It can handle a huge amount of data at a given time, analyze all possibilities and provides the best possible results. In this case, AI has a great advantage over the human counterpart as it is not possible for humans to analyze a huge chunk of data in a short time.
2. Artificial Intelligence in Financial Market
Artificial intelligence has helped businesses in getting a view of the latest trends in the financial markets. AI helps in getting an exact view of the fluctuating market conditions which helps in making the financial or money related decisions in a better way. Artificial Intelligence as a service has helped to predict the stock market behavior on the basis of which businesses can take decisions.
3. Artificial Intelligence in E-commerce
E-commerce has also been greatly benefitted from the Artificial intelligence in many ways. For example, recommendation systems build in AI helps in recommending the products, services that are associated with previous searches, taste, likings, gender etc of the customer.
Artificial intelligence as a service is helping E-commerce industry by making predictions from the behavior of the user.
4. Artificial Intelligence in Retail
Artificial intelligence is helping Retails by tracking the customer behavior. This can be done by employing cameras to check consumer buying habit in the offline stores. Or often placing sensors on the shelves to check how many times the product was picked-up or put-down or taken. AI is also helping retail in their inventory management and theft protection.
5. Better customer interaction and understanding
The customer is the King. Having said that there is utmost importance that there are a great customer interaction and understanding. Artificial Intelligence is helping businesses in this area of business management also. This is done in the following ways:
Live AI chatbots help customers in getting their queries answered hassle free. Chatbots are built using algorithms that can answer general customer queries. The main advantages of chatbots are that they are available round the clock and does not get irritated by queries.
Moreover, they help in building a strong relationship with the customer because they are programmed to be friendly and informative in nature.
5.2 AI Apps
There are many apps available in the market that are helping people in leveraging their business. These apps help in scheduling, report making, showing advertisements to the target audience using predictive algorithms.
6. Demand Prediction
Many a time we have seen some products having a huge demand in the market. On the other hand, it may not be the case for other similar products of different brands. What is the cause for it? What is the driving force that decides the demand or market value of the product? Well AI is the right technology to ask from.
AI helps you in predicting the demand for your product. It does so by studying rigorously about past consumer behavior, market trends, consumer buying power, competition in the market etc.
So, in this article, we discussed the role of AI in leveraging any business.AI is helping the business grow in many ways by predicting market conditions, processing a large amount of data, and studying market conditions. Thus, Webtunix Solutions is helping businesses to grow by providing various business-oriented solutions. In the field of Artificial Intelligence.