The field of artificial intelligence has made great advances since the turn of the millennium. We often think of artificial intelligence as powering the robots of the future and giving machines the ability to think and act like humans. However, the applications of artificial intelligence are in fact much broader than this and it is already a part of our lives in a number of ways. The voice assistants which are now included in smartphones as a standard feature are one example, but not all artificial intelligence is even as sophisticated as this.
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Most of us don’t immediately associate artificial intelligence with the realm of business, but in fact, some of its most promising potential applications are as tools with which to help businesses to grow and develop their strategies. Businesses don’t need to go to the great lengths and expense required to develop their own artificial intelligence programs. Instead, they can outsource their needs to third-party artificial intelligence experts.
Artificial intelligence can be used as the basis for smarter and more efficient sales software. Sales software that can record and analyze information about what your business sells and who they sell it to can then be used to increase efficiency in a number of ways. For example, if certain products are being sold much more frequently at certain times then, by identifying these times, you can begin to plan more efficient practices for managing and ordering stock. By having stock levels automatically adjusted according to what is going to be needed, you can reduce the workload placed on your staff in managing it for themselves.
Marketing is a significant, but necessary, expenditure for any business. Anything that businesses can do to make their marketing more targeted and efficient will save them huge amounts of money in the short and long term. Big data offers businesses unprecedented insights into the demographics and behaviors of their customers, insight which would be unattainable through other means and methods.
However, collecting vast amounts of data isn’t enough. Businesses also need a way of analyzing and making use of that data. Data analytics is the science of analyzing data, and it is a powerful tool on its own. However, it is when it is partnered with artificial intelligence that data analysis can truly come into its own. The addition of artificial intelligence means that the analytics program can begin to learn and to refine the techniques it uses without any human intervention.
An increasingly common sight on many different websites is the live chatbot. This is a bot that users can direct questions to and receive a response. These bots are becoming more and more sophisticated, whereas they were previously only able to pick out individual keywords and offer stock responses, they are now capable of intelligently responding to user queries by analyzing the entirety of the question or issue put in front of them.
By implementing artificial intelligence programs, businesses can grow in new and unexpected ways. The power of artificial intelligence shouldn’t be underestimated and neither should the opportunities that it can bring.
Photo by: Alan Simpson