Top AI & Machine Learning Applications in Business
Ever pictured a world in which everything is handled by devices? You would get up and converse with a machine for fetching your breakfast. You would not need to worry if you forgot to switch off the lights in your bedroom. It would be simple and hassle-free to order a sentient robot for this chore. Life then would not be less than a dream! Well! Fortunately, this is progressively becoming a reality.
This is the year 2021 and artificial intelligence (AI) and machine learning (ML) has already unlocked many avenues in our real life – be it business, health sector, ICTs, or any other industry. A high level AI algorithm offers far superior speed and reliability at a much lower cost when contrasted with its human partners. In fact, its human-like practical implications are taking over our lives and our world in such a faster pace that we are scared AI might just slay the human race.
For now, let’s just look at the positive outlook of AI and ML. What they have done to our business and how will they mould the way we do our businesses? We have listed down 10 applications of AI and machine learning that are commonly being used in business today and reaping in tangible advantages:
AI – powered Chatbots
AI is a tech buzzword for quite a long time now and AI-powered chatbots are probably the initial form of automation by AI. The chatbots have connected humans with technology in a way that individuals can converse with machines. Those machines would then be able to make decisions as per the requests or demands voiced by people.
In businesses, chatbots are being incorporated into interfaces to communicate with the customers and smartly collect data in less time. They enable businesses deliver smart and flexible analytics and provide solutions for the benefit of the organization. Thereby hastening the pace of business and restructuring the way analysts use their time to cater data need for the coming future. Following are some of the examples of chatbots in businesses today.
The music streaming platform’s bot for Facebook Messenger allows users to tune in, search and offer music and get suggestions.
Riders demand service by voice or by means of chat on Uber and similar ride booking services are sent the driver’s name, number plate and vehicle model to recognize their ride.
AI imparting healthcare benefits
AI and machine learning applications have also proliferated in the realm of medical sciences. Doctors are now more empowered with the AI-enabled tools such as wearable sensors and devices. The intervention of these systems have saved cost and time as these can monitor everything from sugar levels, blood pressure levels to pulse rates and steps strolled to oxygen and sleeping patterns. The precision in the data gathered through these artificial intelligence devices have led specialists to evaluate their patients’ health and before time. One new AI algorithm help doctors identify harmful tumors on mammograms; another recognizes skin cancer; a third can dissect retinal pictures to analyze diabetic retinopathy – thus enabling doctors to take quick decisions as well as saving lives of the patients. So, it’s a win-win situation for all the stakeholders in the healthcare industry.
AI automizing recruitment
Managing human resources is a prime pedestal in any organization. AI and machine learning are irrevocably going to change the way recruitment and HR is performed in any organization. The hassle of data entry, tedious screening tasks, annoying documentation and all other worst tasks for HR professionals are surely going to take over with the help of apps sharing and file sharing in artificial intelligence. Now, the resumes of candidates can be stored in the form of digital forms – saves cost as well as time and HR team can also acquire data in the future without much hassle. Based on a study published in an international journal, as of now; most of the organizations are successfully integrating AI-based tools in recruitment but in near future we will see AI in every aspect of HR: these could be in recruitment, training, on boarding, performance analysis, retention etc,.
AI in Marketing & Sales
AI is altering the marketing research area as numerous organizations have effectively executed machine learning (ML) and AI to increment and upgrade consumer loyalty by more than 10%. Indeed, as indicated by Forbes, “57% of big business managers accept that the main development advantage of ML and AI will be improving customer experiences with the AI-based analytics and algorithms.
AI in eCommerce
Online shopping has become the talk of the town in Covid times. eCommerce, retail businesses and social media sites get advantage of AI by recording the search and buy history of the users and use the digital footprints analyze customers’ data. Shopping on the web makes rich information impressions with respect to the individual preferences, buying behavior and favored spending habits of individual buyers.
Taking care of these computerized breadcrumbs into an AI-based tool brings curated shopping excursions to massive audience. Automated chatbots can make similar, consistent customer support, tending to the customer on their buy history and known preferences.
Bottom Line – to AI or not to AI
After reading through the whole article, you must be pondering on a point. Is this hype really worth it? Will AI and machine learning stay in the future to come? Well, as we have seen that the usage of AI-based tools and devices is pervasive in almost all aspects of human life. Most experts say that AI will bring death to the human race. The caveat here is to understand that AI and machine learning are not the magic spells for every situation. On one hand, if it is significant to realize the benefits and pros of AI for businesses then, on the other hand, it is also necessary to know that human efforts, intellect and brain power cannot be truly replicated – and that’s kind of humans’ competitive edge!