Artificial Intelligence and Its Growing Presence In Business

Aakriti

25th Apr'23
Artificial Intelligence and Its Growing Presence In Business | OpenGrowth

Artificial intelligence is becoming increasingly popular and useful. Artificial intelligence refers to a system's or program's capacity for thought and experience-based learning. Applications for artificial intelligence (AI) have greatly developed over the past several years and are now used in practically every industry. 

 

What do you understand about Artificial Intelligence?

Artificial intelligence (AI) is intelligence demonstrated by a machine and can mimic human behavior or thought processes. Deep learning and machine learning methods create artificial intelligence. A variety of artificial intelligence models can reason and be trained using enormous amounts of data.

 

Why are businesses increasingly using AI?

Since there is more work to be done every day, people use AI's advantages. What are the uses of artificial intelligence in business, you may ask? Automating routine operations makes sense. This boosts output while preserving company resources. The organization may also locate qualified people for business expansion by applying artificial intelligence. 

Businesses believe that all recurring and daily processes should be automated. They also believe that these types of tasks can be automated with a simple program. It is because automation is becoming more commonplace as data science advances. Internet chat services use this AI. You have seen the welcome message when visiting websites. The real conversation usually starts after that.

 

How is AI penetrating e-commerce?

What are the uses of artificial intelligence in business? Here are the benefits of AI in business in e-commerce along with artificial intelligence examples:

  • Customized Retail

Artificial intelligence technology enables recommendation engines, which improve customer communication. These recommendations consider the user's browsing history, preferences, and interests. It enhances brand loyalty and strengthens relationships with your customers.

  • AI-Powered Helpers

Chatbots and virtual assistants enhance online consumer experiences. To make the dialogue sound personal and real, real language processing is used. Additionally, these assistants can interact in real-time with your clients.

  • Avoiding Fraud 

Credit card fraud and fake reviews are two of the major issues e-commerce companies encounter. By considering usage trends, AI can reduce the likelihood of credit card theft. After reading user reviews, many shoppers decide whether or not to buy a product or service. The use of artificial intelligence (AI) can help identify and manage fake reviews. 
 

Artificial Intelligence

 

Artificial Intelligence in Social Media Applications 

Here are some major examples of AI in our beloved social media applications:

  • Instagram

Instagram artificial intelligence (AI) considers your likes and the accounts you follow to decide which posts to display in your Explore tab. 

  • Facebook

Along with DeepText, Facebook also uses artificial intelligence. Facebook can better interpret discussions with this tool. It can automatically translate postings in multiple languages.

  • Twitter

Twitter uses AI to identify fraud and remove hateful and propagandistic posts. Twitter also uses AI to suggest tweets to users depending on the kinds of tweets they interact with.


 

Artificial intelligence applications in marketing

What are the uses of artificial intelligence in business, other than automation? You shouldn’t be surprised to discover that applications of artificial intelligence (AI) are common in the marketing industry as well.

  • With behavioral analysis, pattern detection in machine learning, etc., marketers may use AI to create highly targeted and personalized ads. Additionally, it retargets viewers at the right time in order to achieve more effective results and lessen sentiments of annoyance and mistrust.

  • AI may assist with content marketing in a way that complements the brand's tone and aesthetic. It can be used to manage normal duties like campaign reports, performance, and many others.  

  • Chatbots analyze the user's language using AI, NLP, NLG, and NLU. These chatbots can then answer in a manner like a human. 

  • AI can adjust and optimize marketing efforts to meet local market needs and offer users real-time personalizations depending on their activity. 

 

Use of AI in the Automotive Sector

More of a science fiction writer's vision than a reality a century ago. This is the idea of machines comprehending, executing complex computations, and coming up with efficient answers to critical problems. As we enter the third decade of the twenty-first century, we cannot envision our lives without the manufacturing of robots, intelligent assistants, virtual travel agents, and other discoveries made possible by these fields of artificial intelligence and machine learning. AI and machine learning are important to the automobile sector.

As AI pushes new applications into the automotive industry, more businesses consider AI and machine learning models in manufacturing.

 

Manufacturing

By incorporating AI into the production process, automakers can benefit from smarter factories that increase efficiency and reduce costs. AI can be applied to designing automobiles, supply chain optimization, using robots on the factory floor, using sensors to improve performance, auto assembly, and post-production tasks.

 

Chain of supply

In 2021 and 2022, supply chain issues and disruptions plagued the automotive industry. AI can help with this as well. By anticipating and replacing supply chains as necessary,  AI enables businesses to identify future challenges. Several issues, volume estimates, and other issues could be helped by AI.

 

Driver and passenger experience

We all want to travel in our cars and trucks comfortably. Artificial intelligence can be useful in this regard. Artificial intelligence (AI) may help drivers stay focused while driving by reducing distractions, examining driving patterns, and improving the entire customer experience. Customized accessibility and in-car delivery services are available to passengers owing to AI.

 

Inspections

Automobiles are subject to very subjective and manual inspection by a rental company, insurance company, or even a mechanic. Auto inspection may become digital using AI due to contemporary technology to assess a vehicle, locate defects, and generate an in-depth status report.

 

Quality assurance

Everyone wants a high-end car and experience. Wouldn't it be better to be aware of a problem with your car before it breaks down? AI in this application makes it possible to perform other tasks like fracture identification and exceptionally accurate predictive monitoring.

 

impact of AI

 

Something to consider!

There are several advantages and disadvantages to artificial intelligence in business. Humans may be quickly outpaced in fields where AI is used more. Impact of technology on human live is instrumental to our businesses' future. However, people can still outperform AI at challenging jobs. AI computers cannot engage in creative activities.

A screenwriter, for instance, created new episodes of the TV sitcom "Friends," all difficult to read. While some writers employ AI writing tools to generate ideas for poetry and fiction, AI is not a substitute for human creativity. 

Furthermore, despite significant developments in natural language processing, AI still struggles to fully understand what it reads. Language is often predictable enough to be included in dependable conversations in specified settings. However, unexpected phrasing, sarcasm, or complexity may confuse AI. AI is not yet capable of critical thinking, which is similar to human empathy. Humans continue to do better at tasks that require these abilities.

AI has rapidly advanced and is already an essential part of our daily lives. But it will take some time before AI takes care of everything and we can spend our days unwinding or learning. Artificial intelligence still needs to advance in areas like language processing, creativity, problem-solving, and nuanced comprehension. If you're concerned that machines will replace you at work, develop these qualities in yourself to ensure your employment in the future. How artificial intelligence affects business is something we'll only truly understand as time passes by.


 

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A student in more ways than one. Trying to feed her curiosity with news, philosophy, and social commentary. 

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