Application of AI in business

The use of artificial intelligence in business is slowly becoming the norm and a necessity in competition. Today it is a powerful tool for developing companies, solving business problems, deep analytics, and process automation.

This article details how applications of artificial intelligence in business are helping right now and how to introduce smart technologies into business practice.

The importance of AI in modern business

The potential of AI for business is difficult to overestimate. Companies that implement neural networks and machine learning technologies increase profits, improve productivity, and demonstrate their competitiveness and efficiency in the market.

In practice, artificial intelligence is trusted by:

• Solving routine tasks and automating processes;
• ensuring cybersecurity, protection against data leakage and fraud;
• optimization of production to reduce energy and raw material costs;
• forecasting trends, demand, and audience behavior;
• creation of content and creatives;
• customer service, improving customer experience.

And further. When a company implements and actively uses AI technologies, it improves its image in the eyes of customers, partners, and investors. In small and medium-sized businesses, this is a real competitive advantage.

Read: How Can Artificial Intelligence be Used in Education

Basic artificial intelligence technologies in business

Machine learning

This is an AI method that allows you to improve the performance of systems by training on large databases. The key difference between machine learning and standard algorithms is adaptability and constant development. The more data and information the algorithm collects, the more accurate its analytics will be.

Examples of using machine learning in business:

• Chatbots that advise users

Machine learning helps develop the chatbot’s knowledge base, and after 6-12 months, the virtual consultant can answer almost all questions.

• Personalization and improvement of customer service

Machine learning improves customer engagement and satisfaction. For example, it offers a personal selection of products based on recent purchases.

• Checking resumes and documentation

Machine learning allows you to create a profile of the ideal candidate, simplify the hiring process, and speed up resume analysis. As a result, the amount of routine work for HR specialists decreases.

Read: How Artificial Intelligence Predicts Trading Market

Neural networks

The most common representatives of artificial intelligence in business. Essentially, it is a software code that processes data and imitates the functioning of the human brain. Neural networks have found wide applications in design, marketing, copywriting, customer service, statistics, calculations, industry, and banking.

For example, neural networks for SEO have completely changed the rules by which companies work with the Google search engines. Previously, content could only be created by humans. Now that powerful AI-based tools have appeared, it has become clear that neural networks do an excellent job of writing SEO texts, translating articles, and generating all kinds of media. And at the same time, they do everything cheaper and faster.

What can the simplest and most inexpensive neural network do?

• Writes texts using specified keywords;
• creates product descriptions, titles, and meta tags;
• makes excerpts from texts;
• generates images based on text description;
• creates scripts for YouTube.

Natural Language Processing NLP

Machine learning technology gives computers the ability to understand human language. Modern companies have huge volumes of voice and text data – email correspondence, messages, social network news, video, audio, etc. To process all this and use it to benefit the business, NLP technology is used.

For example, NLPs can recognize three basic types of emotions from voices with up to 95% accuracy – positive, negative, and neutral. According to forecasts, by 2025 half of online advertising will be based on this technology. Disney already determines whether viewers like content through its streaming platform. Ping An claims to have reduced financial losses when issuing loans by 60% thanks to new algorithms.

Robotics

By combining robotics and AI, businesses get robotic hotel administrators, goods pickers, and drivers of self-driving cars. Robots with intelligence control their accuracy and performance, train, and improve.

Examples of using robotics in business:

• Medical robots

The most famous is the Da Vinci robot surgeon, with the help of which tens of thousands of complex operations on the heart and brain are performed every day around the world.

• Software robots or robotization

This is software code that simulates the user’s experience. In companies that use CRM, “robots” send letters every day, create documents using templates, and schedule calls and meetings.

• Self-driving cars

One of the most striking and popular technologies in robotics. On the roads, robotic cars show impressive prospects. In the future, most cars will be driven by autopilots, which will significantly improve road safety.