One can now encounter radically opposing views on the power and feasibility of AI involvement in the business. Some fear the loss of jobs and the downgrading of human labor. In contrast, others see AI as a blessing and a real opportunity to improve the operational performance of the companies that have implemented it.
So let’s explore the primary function of Artificial Intelligence in its most superficial aspect. Its algorithms are set up so that a conditional AI software development can collect massive data, process it, and then make predictive assumptions. Implementing such a feature is relevant where there are already established rigorous repetitive processes with new data coming in all the time. Artificial intelligence is a broad concept that includes many directions, methodologies, tools, algorithms and systems. In this article, we will discuss exactly how businesses can benefit from implementing AI-powered tools.
AI technologies used in software creation include Machine Learning, Deep Learning, Natural Language Processing, and Computer Vision. They are used alone or in combination to improve processes and better decision-making. In any decision-making process, it is crucial to correctly assume, i.e., try to predict the future outcome of those decisions. Decisions are made based on the information gathered, not by pointing a finger in the sky.
The Power of AI Software Development
AI software development has long been actively used in some business fields, and many of us must realize that we’ve already encountered this technology. For example, in business management, AI is used in tools for spam filters, mail categorization, voice recognition or search, sales process automation, security monitoring, etc. Likewise, the e-commerce industry uses personalization tools, recommendations, and dynamic price optimization. But in reality, AI can do so much more:
Improve Customer Service
Most often, AI is used in company contact centers because the technology can optimize communication with audiences. In this way, the system can distribute customer calls to tech support according to customers’ personal experience, specialists’ experience, and even the operators’ performance. Thus, customers can get in touch with those specialists who understand them and can provide the best possible help. In addition, the new chatbot models become more intelligent thanks to the built-in “intent recognition” feature.
Chatbots are more than just helpdesk or call centers. These AI development services can act as sales consultants, server assistants, personal secretaries, translators, and more. Language recognition enables them to function outside messengers. They can be built into smart devices, communicate through an earpiece, and be available to the user anywhere at any time.
By analyzing historical user data, AI can determine demand. Using information like this, companies can generate forecasts without the risk of failure, offering customers based on their actual needs. Providing desired products can significantly increase customer loyalty, improve user journeys, and lower abandoned chart levels.
In addition to customer wants, AI can predict prices, competitive growth, company scaling, and even make investment assumptions. Based on data from the analysis of online searches, views, and engagement, AI provides a lot of material for more effective marketing campaigns.
Image and Video Recognition
With AI-powered computer vision technologies, users can send images from their smartphones directly to virtual assistants. The AI identifies the product model from the image. Then, the system sends the user information about warranty conditions or tells them what they can do to fix the problem themselves or by contacting a service center. This feature provides customers with a convenient self-service option. Employees don’t have to be involved in customer interaction.
Computer vision is also used in other industries for image optimization, color processing, morphological analysis, and even reconstruction. For example, it can distinguish individual frames in an image and edit only what is necessary, augment or change images partially or entirely.
AI can counter cyber fraud, identity theft, document forgery, sensitive data leakage, etc. Machine learning algorithms learn from historical data and detect suspicious activity in real-time. They are ideal for dealing with today’s sophisticated methods of fraud because they detect false activity and rate of engagement. AI uses IP addresses, sign-up dates, website behavior, and other gadgets to identify the crime.
Increase Company Productivity
AI-based software can provide a ton of helpful information for companies to improve productivity. For example, smart sensors in factories and warehouses can track equipment status, inventory levels, and the need to replenish them in a timely manner so that production or logistics don’t stall. In addition, by tracking status in real-time, a company can avoid wasting time and resources on scheduled inspections and inventories. AI technology fits perfectly into supply chain processes because it automates purchasing and costs.
Artificial Intelligence is no longer fiction but a genuine tool for business development. Artificial intelligence in business helps you develop faster and eliminate routine tasks in favor of more important ones. Companies can outsource all of their data processing, reporting, and forecasting to machines and turn their development efforts into growth using these forecasts.
What do you think about trusting AI solutions? Or is it still worth relying only on “human” experts?