Introduction : Artificial Intelligence
What is Artificial Intelligence?
Artificial Intelligence can be defined as computer software that aids human activities such as learning, planning, and problem-solving. It has become a household name and presence too.
The world market for Artificial Intelligence will have a value of almost 60,000 million dollars by 2026. Artificial Intelligence is changing the work culture. By integrating Artificial Intelligence, businesses can increase their sales, improve efficiency, optimize operations and thus save money.
As per a 2018 survey, 47% of companies have integrated at least one Artificial Intelligence solution into their business, which was 20% in 2017, and 71% had planned to increase their Artificial Intelligence investments in the next few years.
How can Artificial Intelligence bring about a change in one’s Business?
Given below are some of the benefits that Artificial Intelligence can bring into the business:
- Customer Service– Customers are an important element of a business. Henceforth, customer service is one of the vital functions of a business.
- Artificial Intelligence understands customers’ feelings about the products and services or in other words, they have a better understanding of their customer base.
- Chatbots can read and analyze customer data from the initial touchpoint and gives suggestions on how one can improve customer service.
- Artificial Intelligence bots can easily handle customer queries.
- Artificial Intelligence work 24/7. So, customers get immediate replies to their queries.
- Artificial Intelligence bots resolve easier questions. Thus, customers do not have to wait for experienced customer support representatives for their queries.
- Information Technology and Security– Cylance is one of the top choices of Fortune 100 organizations and government institutions. Cylnce offers cyber security products and services. Some companies are using HANA which is an SAP clouding platform and machine learning solution for managing databases, relational databases, apps, and other sources.
- Business Management- Artificial Intelligence manages business activities such as scheduling team meetings, programming business tips, and supporting decision-making.
- Marketing and Sales– Until a few years, Artificial Intelligence could not be used in marketing and sales departments. But now, it can be done. Adext, which is the first Ai solution, helps in managing ad campaigns on Google, Facebook, Instagram, and other websites related to your product or service through Adwords remarketing.
- Finance and Accounting– According to reports by Accenture, it is stated that 80% of accounting and finance tasks will be done with the help of automation in the coming years.
- Frauds can be prevented with Artificial Intelligence– There is the risk of fraudulent transactions by customers in banks, financial institutions, eCommerce companies, and many other businesses. It is not too easy to prevent fraudulent transactions but Artificial Intelligence can detect them.
Reasons as to why it is hard to prevent fraudulent transactions are:
- Cybercriminals keep upgrading their capabilities. Therefore, it is not a simple task.
- When one fraudulent transaction is prevented, no sooner does another arise.
- There are security vulnerabilities in web and mobile applications, such as SQL injection, cross-site scripting (XSS), etc.
However, Artificial Intelligence can prevent fraud to take place.
- Businesses can make use of Artificial Intelligence to notice fraud.
- Ensemble models use many models for a single task that help in detecting frauds in a better way.
- Supply Chain Management– There are many ways in which Artificial Intelligence can help the supply chain management of companies or businesses.
Challenges of supply chain management
- The demands of customers are complex and they expect better services.
- The costs for supply chain management are high amidst growing competition.
- It is not an easy task of getting the right talent and keeping the top performers.
- There is a need for regulatory requirements and they are very strict.
How can Artificial Intelligence help supply chain management?
- When Artificial Intelligence offers contextual intelligence, it then helps supply chain management to properly manage the inventory in a better manner, thus reducing operating costs.
- Businesses that use Artificial Intelligence in their supply chain can assess the performance of their supply chain management operations, thus improving efficiency.
- Artificial Intelligence can help to analyze a large amount of data, thus improving demand forecasting.
- Artificial intelligence can also improve the selection of suppliers.
- All supply chain management decision-making matters can be improved by using Artificial Intelligence.
- Human Resources– People make up the workforce of a company. Thus, recruitment is another vital function of a business. Artificial Intelligence aids in selecting and recruiting the right talent.
A few challenges that are faced by recruiters are:
- Due to the highly competitive job market, it is not easy to get the right talent.
- Lack of communication prevails between recruiters and hiring managers.
- Businesses do not possess the necessary data analytics for making the right recruitment decisions.
But there are ways in which businesses can improve their recruitment processes with AI.
- Artificial Intelligence recruitment solutions can assess and shortlist resumes.
- Artificial Intelligence recruitment solutions help in assessing social media and like resources to create a candidate profile.
- When chatbots are used to interact with applicants, it makes the recruitment process faster.
- Artificial Intelligence recruitment solutions collect information from voice and text messages which helps in analyzing the vocal tone and body language of the applicant.
Transforming Business with Artificial Intelligence
Artificial Intelligence has ample ways of transforming your business. But, to make such Artificial solutions is difficult.
Also. there arise many questions about whether automation will make millions of people unemployed. Some experts say that Artificial Intelligence will not replace jobs as the structure of the workforce is changing. Instead, it will add more jobs to the economy. Thus, Artificial Intelligence will help in creating more wealth.
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