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What Does AI Mean for Your Business?

18 March 2019 - 12:00am

What Does AI Mean for Your Business?

 

Over time, we’ve seen trends and technologies such as IoT (Internet of Things), blockchain, machine learning and AI (Artificial Intelligence) take on the headlines, but it is only until recently that these advancements are starting to gain momentum. With more and more smart technologies being developed, many people wonder what role AI will play in the burgeoning smart era. The IoT, for instance, was merely a concept a few years ago, however, it has slowly become a reality with some countries adopting smart cities and smart homes.

 

In this Golden Age of Information Technology, AI will definitely play a big role when it comes to businesses. In fact, many smart companies are already using AI to enhance business processes and customer interaction by streamlining data collection and processing. But what is AI anyway? AI programs are more than just rapid computer functions or processing software. Over the course of its evolution, AI has proven to be a valuable and efficient method to perform routine tasks across a variety of industries as it is capable of making informed judgments and decisions by recognizing patterns in data—ultimately providing accurate completion of routine skills. Digital assistants like Amazon’s Alexa and Apple’s Siri are examples of some of the most popular AI tools that are being used today.

 

Since AI is known to be predictive, it helps expand the base of applications of some technologies. Here are some ways AI could affect your business:

 

  1. Create a more customized user experience – with AI’s ability to analyze data, browsing history, and buying trends, businesses could eliminate the process of asking users for their name, email, and other contact information
  2. Prevent fraud – digital fraud is an ever-elusive problem that continues to plague unknowing users. With AI-powered fraud detection tools, businesses could be protected from fraudulent schemes via automation, machine learning engines, speech and video recognition, and more.
  3. Empower IoT – with IoT depending on interconnectivity of devices and people, AI is a considerable component that will enhance IoT technologies and push IoT-related innovations to new heights.
  4. Predict customer behavior – with highly-intense machine learning tools, AI will be able to recognize customer behavior such as seeking support, switching brands or providers, willingness to purchase a product, etc.
  5. Enhance 24/7 customer support – businesses can incorporate chatbot support data into their CRM to collect better customer insights.

 

Essentially, AI will simplify work and help answer data questions in specific business areas. However, like any other emerging technology, it is not without its own disadvantages. While industries are getting prepared to adopt AI and reap its benefits, they should also learn to face the challenges that come with this disruptive technology whether its invasion of privacy, algorithmic bias, or possible environmental damage.