For years, people have been fascinated, exited and concerned by the increasing use of artificial intelligence in our day-to-day lives. But many tend to be imagining a talking robot with plans to take over the world when they think of AI. As Skymind CEO Chris Nicholson says, however, “AI is just a box. Math and code… That is the simplest way to describe it.” A.I many not be as menacing as Sci-fi movies have us believe, but it is a powerful new development, and it could be said that its real transformation of the business world is unknown by those not up on the subject. Here are just some of the real uses and different types of AI affecting businesses today.
One company known all over the world and used by millions, which relies heavily on A.I technology, is Netflix. Through A.I algorithms, the smart search enables millions of users to get to their favorite programs headache free. Often suggesting other films or series that might be of interest based on their previous viewing habits.
Another common example of artificial intelligence use within different businesses is the chat bot. The chat bot is a game changer in the world of customer service. Customer behavior has shifted over time and businesses are constantly trying to improve their ability to work with customers and make them happy (so that they may become long-term customers). Human resources are often split between trying to answer a repeat customer request while putting in the effort for more complex requests. Chat boxes can help by answering the more simple requests and freeing up the human workers to attend to more complicated matters.
As these examples show companies utilize artificial intelligence to help mainly with marketing, service or even products. However, there are even more ways for businesses to use A.I and that is exactly what they are doing. Companies have been able to leverage one or a combination of the many areas of AI specialization including: speech recognition, expert systems, gaming, machine learning and robotics.
SAP, a German multinational software corporation that makes enterprise software, has its own cloud platform, HANA. HANA is used by companies to manage databases of information that they have collected. Artificial intelligence is essentially used in order to turn databases into useful intel. Utilising A.I has reduced infrastructure costs and increased operational efficiency when applied to business intelligence. Some organizations that use HANA have even claimed to expect a return on investment of 575%.
Domo, a business management software company is using artificial intelligence for business dashboards. It enables companies using Domo the ability to pull data from applications, such as Salesforce and Shopify, in order to gain insight on their customers or product inventory. David Katz, Univision’s VP general manager for programmatic revenue and operations said, “By launching Domo, we were able to quickly optimize and achieve an 80 percent growth in yield during our first quarter.”
Companies such as Expert System offer organizations an advanced management information system. Their technology is based on artificial intelligence algorithms and they have cognitive technology Cogito able to apply human-like comprehension to understand big data and unstructured information such as research, reports, news and articles, documents, customer interactions and emails. Expert System has recently been recognized for its work by Gartner in the 2017 Insight Engines Magic Quadrant. The ability to analyze and extract knowledge helps organizations gain strategic insight, a major benefit of artificial intelligence.
Artificial intelligence is developing and improving every day and will soon become the norm everywhere. However, some caution must be taken in order to keep A.I technology for positive use. Like any powerful source of information, it could be used by the wrong people for the wrong things, but rather than fearing or avoiding artificial intelligence, it is time to start learning more about it because this is a trend which isn’t going to stop any time soon.
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