Artificial Intelligence and Machine learning capabilities used in business development and marketing applications
The use of Artificial Intelligence (AI) and Machine Learning (ML) is expanding than ever before. Let us learn how modern enterprises are leveraging these high-end technologies for driving maximum success.
The use of Artificial Intelligence in business development is showing significant signs of acceleration. As many as three-quarters of organizations across the globe are nowadays using AI or exploring the use of this revolutionary technology.
In response to the given survey, IT professionals reported changing business requirements in the wake of the ongoing pandemic as a major factor in adopting AI and ML in the respective organizations. It is estimated that around 43 percent of companies revealed that they have accelerated AI adoption due to the pandemic.
Rapid advancements in AI and ML tools have made these technologies highly accessible for modern businesses. Companies listed customer services, process automation, and data security as the topmost domains in which AI and ML applications are used. NLP or Natural Language Processing remains at the forefront of AI adoption.
Importance of AI and ML in Business Development
It is reported that Artificial Intelligence can significantly help in lowering the overall costs, improving efficiency, and boosting productivity while creating avenues for new products, markets, and services. The technology works depending on business management reviews, analytics-based implementation of details, and focusing on business expansion. Artificial Intelligent serves fruitful not only for mega enterprises but also for young professionals and startups looking forward to achieving competitive gains.
Applications of AI and ML in Business Development Processes
Some core areas wherein Artificial Intelligence and Machine Learning find their applications are:
#Customer Support, Service, and Care
One of the most common use cases of AI applications is with respect to customer care, services, and support. The use of Artificial Intelligence that remains forefront for any organization out there is with respect to the customers.
For instance, chatbots make use of both NLP and Machine Learning algorithms for understanding specific customer requests and responding accordingly. Moreover, these applications are capable of executing such processes faster than human counterparts and in a cost-effective manner.
AI is also capable of powering recommendation processes. These processes make use of relevant customer-centric data along with predictive analytics for suggesting products that customers might need or want, and therefore, wish to purchase. Intelligent systems are helpful in allowing employees to serve end customers better. The system can come up with the next-best-action recommendations to drive maximum customer satisfaction.
#Smarter Supply Chains
Companies across different industry verticals make use of AI for improving the management of supply chains. They are now making use of advanced Machine Learning algorithms for forecasting what will be required when while ensuring optimal time for moving supplies.
In the given use case, Artificial Intelligence helps business owners in creating a highly cost-effective and efficient supply chain by minimizing and eliminating the chances of overstocking along with the risks of running short on specific products.
As per another study report, it is estimated that around 50 percent of supply chain organizations will be investing in applications capable of supporting advanced analytics and AI in the coming times.
#Safety of Operations
Artificial Intelligence, in combination with Machine Learning, is being utilized in a number of industries for ensuring the overall safety of operations.
Utilities, construction companies, mining, farms, and other business entities working on-site or in specific geographical areas are collecting relevant data from end-to-end devices. These include thermometers, cameras, weather sensors, and motion detectors. Organizations can look forward to feeding the respective data into intelligent devices or systems for coming across problematic behaviors, business opportunities, or critical conditions. Based on the same, they can take up proper recommendations or execute preventative actions.
There are several other industries as well that make use of AI-enabled software applications for monitoring safety conditions. For instance, manufacturers across the globe are making use of advanced AI software solutions for monitoring the behaviors of employees to make sure whether or not they are following safety protocols.
#AI for Targeted Marketing
Online retailers, online search providers, and other service providers make use of intelligent systems for understanding users along with their specific buying patterns. This allows marketers to select ads for specific products that consumers most likely need.
Every ad is placed through machines. Moreover, these ads are designed to optimize the process of click-through rates. AI is also helpful in aiding businesses to deliver targeted marketing in real-world scenarios. Some organizations have started blending intelligent technologies, like geospatial software and facial recognition solutions along with advanced analytics, for identifying customers. Then, they use the same to promote sales, products, or services to match the personal preferences of the end customers.
#Smarter Operations
As business process application developers make use of AI-enabled capabilities into the respective software products, AI is getting embedded across enterprise-grade applications and operations.
You can come across Artificial Intelligence in almost all functions capable of supporting the entire business –including legal, human resource, and finance operations. The software for business processes itself makes use of AI. Moreover, the team members also make use of revolutionary AI and ML tools for enabling a myriad of functions.
For instance, AI is capable of handling multiple requests and functions. It is also capable of routing customer calls for handling their specific needs. At the same time, retailers are making use of AI capabilities for ensuring intelligent store design, in-store activity monitoring, and optimized product selection. Some of them are also using AI for monitoring inventory in different ways –like for the freshness of items that are perishable.
AI also tends to impact IT operations. For instance, some intelligence software tools or applications come across anomalies indicating hacking activities as well as ransomware attacks. Moreover, there are other AI-embedded solutions delivering access to self-healing applications for infrastructure problems.
Conclusion
In recent times, the upward trajectory of revolutionary technologies like Machine Learning and Artificial Intelligence has allowed the global business market to improve efficiency, productivity, and security.