Artificial intelligence: immersion. Part 2. How AI Improves Business Efficiency
More and more companies are using artificial intelligence to optimize processes and increase productivity. This is confirmed by the results of the annual survey of senior IT executives conducted by IBM: the global level of AI adoption in 2022 was 35% — four points more than a year earlier.
According to PwC, the widespread deployment of AI-driven technologies could contribute up to $15.7 trillion to the global economy by 2030, culminating in 14% escalationin global GDP.
Industry frontrunners such as Goldman Sacks, Wells Fargo, Uniliever, At&T, and others are capitalizing on artificial intelligence to bolster efficiency. Small businesses and startups are following suit, taking advantage of AI to accelerate business growth. Artificial intelligence is used both in the format of ready-made solutions, for example, in the form of virtual assistants, as well as being integrated into existing operations.
In this article, we look at nine main applications of artificial intelligence in business.
1. AI FOR CUSTOMER SERVICE AND SUPPORT
One of the most common options for the corporate use of AI is associated with the formation of a high-quality customer experience: customer maintenance, service, and support.
For instance, chatbots use both machine learning algorithms and natural language processing to understand queries and respond to them accordingly. They perform these tasks more swiftly and economically than humans.
AI also uses customer data and predictive analytics to offer products that customers are most likely to need or want to purchase.
Intelligent systems can issue recommendations to employees in the process of customer service. To do this, technologies similar to chatbots and behavior prediction systems are used. The program can suggest which actions are better to take next, how to continue the discussion with the client, and how to present the target option.
2. AI FOR TARGETED MARKETING
Search engine providers, online stores, and other online organizations use AI to create a portrait of users and form customer models. AI also helps companies to carry out targeted promotion in the real world.
Some organizations have started combining analytics with intelligent technologies such as facial recognition and geospatial software. Сompanies first identify the client, and then, based on his personal preferences, offer him goods or services, increasing the effectiveness of promotion.
3. SMARTER SUPPLY CHAINS
Enterprises from various industries use AI to manage supply chains. Machine learning algorithms enable precise forecasts of warehouse needs and optimal restocking times.
In this case, AI helps to make supply chains more efficient and cost-effective, minimizing overstocking and the risk of a shortage of in-demand products.
Gartner predicts that by 2026, more than 75% of suppliers of commercial supply chain management applications will offer embedded advanced analytics, artificial intelligence, and data processing tools.
4. SMARTER PROCESSES
Artificial intelligence is also used in the activities that ensure the functioning of enterprises — personnel management, finance, and law.
Due to the fact that developers of applications for business processes are increasingly integrating AI technologies into their products, employees can use working tools and not even suspect that AI helps them cope with their responsibilities.
For example, AI can process and sort a variety of client requests, and direct incoming calls not only to available workers but also to those who are best suited to meet specific needs.
HR services use natural language processing to filter resumes and select candidates who exactly meet their requirements. This is done by analyzing attributes such as location, skills, education, etc. The AI also recommends other vacancies to candidates if they meet the request. This significantly saves time and manual labor of the HR team.
Retailers use AI to design stores, optimize product selection, and monitor activity in salesrooms. Some use AI to track stocks on shelves, including monitoring the freshness of perishable products.
AI is also being implemented in IT operations. For example, some applications detect anomalies that indicate the actions of hackers and ransomware attacks. At the same time, other AI-based solutions offer self-healing capabilities for IT infrastructure elements.
5. SAFER OPERATIONS
In many areas, artificial intelligence is being introduced to improve security.
Construction companies, utilities, livestock farms, mining enterprises and other organizations operating on a distributed territory and at a distance from each other collect data from end-control devices: thermometers, motion sensors, and weather. The data is transferred to intelligent systems that identify problematic behavior, the occurrence of dangerous conditions, or favorable business opportunities. Systems can also issue recommendations and even take preventive or corrective actions.
In manufacturing, AI and computer vision are used to track the behavior of workers in order to make sure that they comply with security protocols.
Similarly, any company can use AI to process data collected from local IoT (Internet of Things) ecosystems, to monitor facilities or employees. In such cases, the systems monitor and warn companies about dangerous events, such as distracted driving in delivery trucks.
6. QUALITY ASSURANCE WITH AI
Manufacturers have been using machine vision for decades. However, they have now incorporated deep learning capabilities into quality control programs, enabling faster and more accurate monitoring of essential product parameters while maintaining reasonable costs. Moreover, these models continually improve their functionality, elevating quality to new heights.
7. AI FOR CONTEXT UNDERSTANDING
Businesses use AI to understand context. As an example, you can use the insurance industry, where monitoring technologies are used to provide discounts for safe driving. AI processes data on driving behavior to determine whether it is low or high risk. For example, driving at a speed of 90 kilometers per hour is safe on the highway, but not on city streets; AI is needed to understand and communicate when and where fast driving is acceptable and where it is not.
8. AI FOR OPTIMIZATION
Optimization is another way of using AI, which extends to different industries and business functions. AI—based applications employ algorithms and modeling to transform data into useful information about how functions and processes can be optimized – from work schedules to product pricing.
9. AI AND MORE EFFECTIVE TRAINING
The potential impact of AI on education is significant, as many already use intelligent programs to teach people. AI can be used to customize educational plans according to individual learning needs and the level of understanding of each student. Enterprises can also benefit from artificial intelligence training software to improve the skills of employees.