5 AI Technologies That Help You Meet Business Needs

[Artificial Intelligence] AI Technologies

AI Technologies: The subject of AI was for a very long time the domain of science fiction. Hollywood gave us very dramatized and overt impressions of Artificial Intelligence. Consider SkyNet bringing about nuclear Armageddon, sentient biomechanical Terminator robots, and renegade spaceships. The creation of AI was hailed as the next electricity, but its effects are much less visible than in Hollywood. AI, machine learning, deep learning, and language processing have quietly integrated themselves in our daily life. A simple Google search for WOW Internet makes Google’s sophisticated AI spring into action to bring you accurate results.

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AI technologies are helping Facebook, Google and others mine social data from their users. AI is helping big businesses unlock the full use of the data they collect. Even in smaller businesses, AI applications are certainly but surely taking over.

In the business world, there are many practical applications that are based on Artificial Intelligence algorithms. These applications analyze huge amounts of data from different sources and compile them into comprehensive and actionable results. The extent and range of AI use in business depend on the specifics of a particular business like size, operations, and management. However, undeniably more and more businesses are getting onboard the AI wagon.

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Here are 5 ways AI technologies can be incorporated into a business for significant results

1. Facebook

Facebook for business is an obvious example of AI being used in a business setting. Facebook’s machine learning algorithms are used to build user behavior profiles and target ads accurately. Facebook for Business offers businesses the opportunity to access this valuable data gathered by AI as well as advanced tools. A good example is the Insights section on your business’ Facebook page. It provides a detailed analysis of page activity, performance, impressions, and reach.

These insights, made possible by AI, can be used to gauge the effectiveness of marketing and branding campaigns. Using them, it is easier to tweak the content and information you post for better business value and conversions. It even gives a detailed analysis of videos, showing how much time users spent viewing particular videos. This is especially useful for small businesses, which need their content reaching as many people as possible. This data is crucial for defining target demographics and social media campaigns and even matching your performance with competitors.

2. Smart Recruitment

Most business owners are well aware of employee turnover and the troubles of finding appropriate candidates. The area of recruitment is one in which AI is proving itself to be vastly useful. Interview bots, passive identification of candidates and candidate shortlisting are just some of the applications that AI is helping with. But that is not all. AI applications can help create accurate job listings and post them in all the right places.

They can also use language appropriate for the required caliber of candidates for a listing. On a larger scale, big data is used in tandem with behavioral recognition to create a curated list of relevant candidates. In short, AI takes out most of the grunt work from a recruiter’s job. In a few years, we may see purely AI based recruiting, with the human element limited to the interview process.

3. Customer Service

Traditionally, customer service has been a human-dominated field. Many businesses pour a lot of resources in customer service to ensure around-the-clock staff present to deal with customers. This is a massive drain on resources, and human operatives are known to be inefficient as well. This gives rise to a unique opportunity for AI applications, namely, chatbots. Chatbots are being widely used to support customer service in a variety of industries including banking, telecom, and logistics. The Chatbots can be used as independent channels for customers to put forward their issues and receive assistance. Chatbots can also be used to support human operatives, putting forward suggested responses, and dealing with simple queries. Ultimately, introducing chatbots and other AI tech improves the efficiency of the customer service function and helps save money.

4. Asset Management

Industries that rely on heavy, sophisticated machinery like automated plants are gradually beginning to see the usefulness of AI. AI comes in handy when analyzing the smooth functioning of these assets and discovering any faults for corrective action. For machine-intensive businesses, a sudden breakdown can upset production schedules and be potentially catastrophic. Every sensor and part provides critical information to the controlling AI. The AI uses this information to assess functional efficiency, mechanical failure predictions, scheduling maintenance and yield optimization.

5. Written Business Communication

AI writers are a very useful aspect of advanced AI technology. IE – they can be used to generate technical reports based on specific data. Instead of humans manually preparing these reports taking hours, AI collates the data and generates the report automatically. The collated data is obtained using defined objectives that focus on strategy derivation from statistical information. Many financial service providers like Price Waterhouse Cooper and Deloitte are using sophisticated AI. The AI is so sophisticated in generating reports that it’s impossible to discern it from human reports.

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AI Technologies for Applications

AI applications are useful but are not simple add-ons or bolt-ons for your business. Incorporating AI in business processes is as easy as getting FiOS Internet only if you have a definitive plan. You can build your own AI using certain resources online, but it’s best to use AI that is proven in the field. A business owner does not only need to keep up with tech but also has to ensure it adds value. So keep your eyes open for AI applications that can significantly help your business.

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