The world is still at a relatively early stage regarding artificial intelligence and machine learning compared to other technologies, such as the Internet. The business world is already cognizant of how radically these technologies can impact business functions. The two technologies heavily rely on Big Data, which has exploded as more devices become part of the Internet of Things.
According to McKinsey Global, more than 125 new IoT devices connect to the internet every second. Data will only continue to grow. According to Accenture, artificial intelligence can improve business productivity by as much as 40%. While the terms artificial intelligence and machine learning can sound intimidating at first, the areas of application and the subsequent impact are quite easy to grasp. Here are 7 things machine learning and AI can do for your business today.
Research and Development Efficiency
If your business has a research and development department, AI and machine learning can help to boost the efficiency of your team. One of the greatest challenges in R&D is finding and analyzing data. Considering that more than 2 million scientific research articles get published each year, sifting through to find useful information can be quite hectic. AI and Machine Learning technologies can recognize patterns in enormous trunks of data. This can save time and help to get new technologies to the market much quicker. Automation huge elements of the data analysis process helps to reduced overall costs of R&D for businesses. Such technology also helps researchers to focus on more productive activities such as strategic decision-making as opposed to repetitive tasks.
Improving Customer Service
There are numerous ways to apply AI in customer service. The first is the use of chatbots. A chatbot system serves customers on your website or mobile app round the clock. It can pull up answers to common customer issues and also process human language to give intelligent answers. If the system is unable to solve a problem, a human customer service representative responds to the client. The impact is that the company can serve a limitless number of customers simultaneously, thus reducing wait time.
Another area of application is tracking feedback from customers. AI technology can track how people feel about a product or a brand in general by scanning through thousands of reviews. The same is also possible on microblogging websites such as Reddit and Twitter where algorithms assess the mood of people towards a brand. Businesses can incorporate such information in marketing and PR decisions.
Artificial Intelligence for Recruitment Process
Recruiting can be one of the most daunting processes for a fast-growing company. Founders who face resource constraints can use AI personal assistants to schedule interviews with potential recruits.
For large organizations that receive thousands of applications for a few slots, there are AI technologies to sift through many resumes to come up with a shortlist of candidates who possess the requisite skills for the jobs. It can be a way of eliminating human bias in the hiring process by letting the algorithm shortlist candidates. In the long run, the company’s hiring process becomes faster and more cost-efficient.
Automation of Operations through Artificial Intelligence
Opportunities for automation through artificial intelligence and machine learning differ with industry. In the manufacturing sector, AI and ML have been used to automate such things as temperature regulation and maintenance scheduling. Installation of IoT devices has also helped to track the useful lifetime of parts, to help replace them before they stall. This makes for better budgeting and averting production halts.
In other sectors, AI and ML technology is replacing humans in areas that we imagined being tech-proof. In Japan, there are AI-powered robots with conversational capability in hotels where they assist guests with bookings and check-ins.
Inventory Tracking and Management
Inventory management goes beyond having items in the warehouse and delivering them on request. The global economy today is such that legacy technologies can no longer manage inventory. AI and Machine learning today can be used to handle the complexity that comes with e-commerce. Algorithms can be used to make demand forecasts which then inform stocking decisions to help avoid stock-outs and overstocking. These algorithms can take numerous variables as inputs, which would be impossible for humans to incorporate rationally in decision-making. These include weather patterns, the economy, consumer preference trends, political events, and many more.
Data Mining and Artificial Intelligence
Whenever your organization needs to go through huge chunks of data for insights, an AI algorithm will always come in handy. Today, there exists SaaS companies that have built algorithms for data mining whereby client companies can get output rather quickly from raw data. It is a big advantage of cloud-based AI solutions. Companies, no matter the size, can benefit by being able to predict industry trends, being able to notice shifts in the market, better recruitment decisions, and much more.
For companies involved in complex supply chains and e-commerce, the threat of fraud and cyber-attacks is constant. It’s one reason cloud computing is attractive because it offers robust safeguards against data attacks. AI algorithms can recognize patterns and flag potentially fraudulent transactions. Humans in comparison, cannot possibly go through all transactions when running a busy e-commerce store. In fact, AI and ML algorithms that detect fraud tend to get better with time as more data becomes available.
Similar algorithms are useful in the finance sector in determining the creditworthiness of potential borrowers. They help minimize risk to lenders. Depending on the risk profile of a person, the AI algorithm decides the best credit terms to offer them. This not only minimizes risk but also helps personalize offerings to customers thus growing revenue.
What Does the Future Look Like?
As indicated, the world is still in the early days of artificial intelligence and machine learning. We are likely to see greater adoption and ubiquity in the use of these technologies. The level of abstraction will be such that most people will not even need to know the underlying technology. We have already seen this in social media apps that can suggest emojis after sensing the sentiments behind words. AI and ML will inform how consumers shop, companies manage assets, and how people consume media and interact with companies.
If your business is seeking ways to integrate machine learning and artificial intelligence to automate tasks and aid decision making, check out Transcendent Software. We are an experienced IT firm with over 20 years of experience in helping companies get the best out of their IT infrastructure.