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How Artificial Intelligence Can Change Business Operations
Posted Jun 9, 2022
In Business Analytics, Business Intelligence, Data Science, General, Performance Management
Technology makes our lives easier. Because of this, technological innovations are constantly being done as time passes by. All aspects of our lives are improved by technology, including the companies that serve us in this regard. However, technological innovations are a bit different since it’s all about efficiency in operations for them.
Technological innovations are often about artificial intelligence (AI) and machine learning in business. Both are still in their relative infancy in terms of business applications, though many companies are already using them. However, the boundaries could still be pushed because there’s still a lot of room for improvements, not to mention that businesses could use them to cut costs without sacrificing quality.
Some companies are still oblivious to what AI, and machine learning can do for them, so we’ll discuss how they can be transformed with these technologies.
More about AI
AI is the capability of machines to perform tasks that humans can generally do. Machines can use their memory and judgment to complete functions that humans usually do. In terms of business applications, AI can perform tasks that can also be done by humans, like marketing, sales, accounting, and others.
Companies widely use AI through chatbots, image recognition, and data processing. Some companies are already using AI to provide customer service, where chatbots are programmed to respond to customer inquiries naturally. In terms of image recognition, AI can recognize objects, people, signs, and text. Data processing can analyze your business data to give you insights.
How Machine Learning Works
Machine learning refers to algorithms to study patterns and data that can then be used to improve personalization and prediction. It’s already being used to make predictions and recommendations on your smartphone to enhance your customer experience.
A good example would be Amazon, which uses machine learning to make product suggestions based on the customer’s browsing and purchasing history. On the other hand, Google is using it to predict which page you’ll click next if you’re using their search engine or email service. Facebook is also using machine learning to make suggestions on your News Feed.
On the other hand, some companies also use machine learning to improve their search results, including Netflix and Spotify. Spotify is using it to recommend music based on your listening history, while Netflix is using it to recommend movies and TV shows based on your viewing history.
Deep Learning: A Sophisticated Form of Machine Learning
Deep learning refers to a special kind of machine learning where you feed AI lots of data on a particular subject or task. You let the AI study the data, then it gives it a value, which is the probability of how well it will perform that task. It’s like a test.
After that, you feed it more data, and it will adjust its value. The AI will do this process until it gets a value as close to 100% as possible. It’s better than what you can get from machine learning by just feeding it the data.
How AI and Machine Learning Can Change Businesses
Now that you know the basics of AI and machine learning, let’s see how these technologies can change businesses:
Get Better and Faster Customer Service
The whole point of using AI and machine learning is to improve your business processes without hiring extra employees. For example, your company could use AI to process customer service requests. Your customers can send inquiries through emails, chat services, and social media, so you can use AI to handle all of them.
Use Machine Learning to Increase Sales
You could use machine learning to create sales deals and better campaigns for your business. It can also be used to process your business data to create the best deals and campaigns for your customers.
On the other hand, AI can process your customer behaviour and buying history to create a profile for each of them. The AI can then use the profiles to predict what others with the same profile would want.
Makes Informed Financial Decisions
If you use machine learning for your business, you’ll be able to make informed financial decisions like how much to invest in marketing and what kinds of customers to target. In terms of AI, you could use it to predict trends and events in the market that could affect your business.
Innovation is always an ongoing process, and AI and machine learning are the perfect solutions for improving operational efficiency. If you still aren’t using these technologies, you should start thinking about them because they could give you the edge in the market that could turn your business profitable. Just remember to use it properly and scale it to suit your needs.
If you’re looking for a machine learning company, look no further than Newcomp Analytics! We specialize in providing comprehensive AI and machine learning solutions to ensure that your company’s operations are as efficient as possible, all for fair prices. Reach out today and allow us to build your strategy!