AI is directly impacting society as we know it, both in the labor market and companies. So we’re going to explore how artificial intelligence can be used in business and go deeper into all of it.
It is not a futuristic or science fiction term that we will enjoy in several years, it is part of the present and is becoming popular.
Artificial Intelligence
Artificial intelligence is a set of systems that attempt to provide machines with the knowledge to perform tasks that humans can perform. Definition, for example, learning, thinking or creative activities.
By combining a series of algorithms, systems are created that imitate human intelligence to perform tasks. These programs analyze the context of the situation, allowing you to perceive the environment and solve problems.
Furthermore, they improve iteratively over time thanks to the amount of data they store, providing them with more information to act on.
It is strongly related to the acceleration of Industry 4.0 or the Fourth Industrial Revolution. Where the production, distribution and sales process of companies is being modified thanks to automation, process improvements, maintenance… The use of custom business software development trends such as IoT, the cloud, or, of course, AI causes all of this.
AI Technologies: Codes, Algorithms and Machine Learning
To create artificial intelligence, algorithms and data are required to configure them. The former gives instructions to the machine and the latter makes the machine know how to use the instructions provided by the algorithms. Likewise, among the most popular technologies for AI programming, we find Python, C++, R or Java.
Big Data directly influences AI, since a large volume of data is necessary for its creation. The larger the amount of data, the more accurate and efficient the machine learning will be.
Machine Learning
It is an application of artificial intelligence that allows machine learning without the need for someone to specifically program them. Identify data and make predictions from it.
Machine learning is based on statistics through algorithms that analyze large amounts of data to deduce the best result. Likewise, it is the precedent for various applications of artificial intelligence in business and globally.
Deep Learning
It consists of going deeper into machine learning and using more complex algorithms to simulate the neural functioning of the human brain. Improving the ability to process data and generate intelligence.
Computer vision and natural language processing
Computer vision gives machines the ability to see like humans through codes, identifying the environment. Natural language processing allows computers to communicate through human language.
Techniques and Applications of Artificial Intelligence in Business
Cybersecurity
Guaranteeing the security of a company’s software and content is essential today. Artificial intelligence is presented as support in this situation to guarantee the security of information.
Continuously review user behavior in company applications and software, as well as company data. If it detects any strange action, such as emails or unknown links, the AI eliminates or reacts to the threat.
Likewise, thanks to Machine Learning, faults in the network can be located and corrected. Also, prevent future threats to data or protect the system when configuration changes are made.
Chatbots
They are mainly used to offer efficient and dynamic customer service in which the consumer feels heard. These robots understand customer requests and provide solutions to their requests immediately and through text messages.
Platforms like Slack are betting on them to get closer to their customers with chatbots. This type of natural language processing is one of the most popular applications of artificial intelligence in business, although there are other methods.
Speech Recognition
Like chatbots, it focuses on creating communication between users and machines so that they can provide them with information and responses. But, in this case, the smart device deciphers the spoken data provided by the individual and uses grammatical rules for live analysis.
This helps to understand the complexity of people and see if elements such as tone, humor, or context alter the meaning of the phrase. Siri, Cortana, or Alexa are very clear examples of this way of using AI through virtual assistants created by the big brands of Apple, Microsoft, or Amazon, respectively.
Image Recognition
It should be noted that, although the user is shown a photograph, computers do not read images, they only see codes. For them to understand its content, they must learn the characteristics of each element and associate it with a specific form.
They must recognize the color patterns and shapes of any object, from a building or utensil to a face. Google Photos organizes images in the gallery based on what appears in them, such as family or friends. We also find Google Leans, which allows you to search through a photograph.
Smart Pricing
This technique consists of price variations based on demand and supply at specific times due to machine learning.
Hotels and airlines used it years ago, but it depended on the prediction of user behavior. Now, thanks to artificial intelligence this process is much more accurate and in real time. Machine learning comes into play to recognize patterns and forecast the future accurately and quickly.
Uber uses this practice to modify its prices, for example, increasing them in a certain area at the end of a concert. Or Airbnb when uploading them on busy dates such as summer holidays, Christmas and Easter.
Personalized Recommendations
One of the applications of artificial intelligence in business is that most enhances the user experience. Depending on your tastes and the content you have previously viewed, similar content will be displayed. Providing suggestions through a filter where user behavior is processed.
YouTube, Spotify, Netflix, or any online store makes recommendations for their products, music or videos based on the user’s cookies. Spotify takes it to the next level, with lists like “Discoveries of the Week.”
Applications of Artificial Intelligence in Business by Sector
Although we have only mentioned a few examples, the truth is that AI can be applied to multiple sectors to improve their profitability.
It is expected that in 2035 its economic impact will be 14 billion dollars in gross value added (GVA) and will increase business profitability by 38%. – Accenture.
Financial Industry
It is used to control fraud, money laundering, or suspicious activities, detecting them automatically.
It also provides transparency and objectivity in the granting of credits and selecting optimal candidates. Or it is used for automated investment funds recommending where to invest thanks to its predictions.
Health
AI is used to carry out actions such as telediagnosis, virtual nurses, surgeries performed by robots or individualized genetic service for the patient.
Marketing and sales
Thanks to enterprise solutions development such as AI, patterns in user behavior are identified, which allows for very precise segmentation. The data reflects the type of consumer based on the content they view, so it is more effective when carrying out campaigns.
Google Ads already offers automatic smart bidding models that use machine learning. It also does the same with adaptive ads where the descriptions and titles provided by the advertiser are combined to obtain the best results.
Retail
Thanks to AI, assembly lines have been optimized and production systems have been given autonomy. In addition, it has established itself in operations related to omnichannel.
In turn, improving the experience at the point of sale. For example, in physical stores with smart mirrors that are combined with augmented reality to try on clothes virtually.
Energy
Artificial intelligence is implemented to forecast energy supply and demand through the creation of intelligent networks in the supply chain.
Likewise, these networks perform intelligent analysis in real-time and predictive maintenance, detecting errors and fraud.
Education, banking, insurance, transportation … These are other sectors where different applications of artificial intelligence in business are also observed. Also in the tourism sector, the use of chatbots as travel assistants has become popular.
Benefits of Artificial Intelligence Applications in Business
Artificial intelligence offers greater security to companies. Thanks to the large volume of data it handles, it creates highly organized and optimized processes.
The predictions are much more accurate and allow for detailed and realistic segmentation. All of this in real time and with a constant update, to take into account the context of the environment and any additional events.
Thanks to these characteristics, companies’ margin of error is reduced and many processes can be automated, improving their productivity. Without a doubt, this technology will become increasingly popular.
Source: Applications of Artificial Intelligence in Business
