At the current stage of economic progress, companies’ main goal is to improve efficiency, which can be easily achieved by introducing various modern technologies. According to many authoritative subjects of international business relations, artificial intelligence (AI) is a set of universal tools that ensure the digital transformation of businesses.
Using AI technologies, it is possible to improve businesses and change the format of the country’s competitiveness in the modern world market. They cause a diversification of various international trade objects, which contributes to a radical, fundamental renewal of the production strategies of the country’s main companies.
And this is just one of the artificial intelligence applications. In fact, the list is huge. Learn more about this from the paragraphs below.
Artificial Intelligence and the Benefits of Its Use in Business
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Artificial intelligence is a set of automatic methods and means of purposeful information processing in accordance with the experience gained in the learning process and adaptation during solving various tasks. The application of AI in business is an opportunity to streamline and optimize activities with great accuracy. By integrating AI with cloud technologies, companies can easily collect, monitor, and share information between internal and external stakeholders.
If you are interested in AI solutions and would like to apply one or more to your business, please contact an ai development company that will provide you with quality software within a set time frame. Here are the benefits you can get:
- Reduction of operating costs ─ A business using artificial intelligence can experience a reduction in operating costs by streamlining processes and eliminating unnecessary expenses;
- Better data-driven solutions ─ Artificial intelligence works on the basis of big data. As more data is collected, AI can help managers make better decisions;
- Ease of doing business ─ AI continuously collects customer data and creates clear profiles for potential and current customers. In this way, sales and marketing teams are provided with complete and reliable information before they start negotiating or attracting new customers;
- Error reduction ─ Artificial intelligence works the way it is programmed. If the algorithms are entered accurately, AI can reduce the number of operational errors that occur in everyday business;
- Improved fraud protection. Businesses often use AI to detect and prevent fraud.
AI Application Areas and Main Tools
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Artificial intelligence is widely used in such different business areas as retail, information technology, education, etc. Each of these business areas uses AI technologies for managing consumer behavior, studying future market trends, and automating various routine processes.
As for the tools used, they are also diverse. Let’s consider some of the most popular in the business industry.
Machine Learning
Marketers regularly analyze huge volumes of data to keep their businesses running efficiently. This allows to determine the fundamental cause and likelihood of the recurrence of certain actions.
Machine learning platforms make it much easier to identify general trends and predict key ideas, reactions, etc. They can also be used to learn and incorporate discovered insights into new effective PR campaigns that optimize consumer reach by targeting only relevant users.
Forecasting
Artificial intelligence systems, based on the study of previous sales and in-depth market research, predict development scenarios. In addition, AI analyzes the behavior of competitors in order to compare effective and unsuccessful decisions and actions. This allows companies to develop and implement competitive marketing strategies.
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Data Analysis
Big Data is the concept that allows marketers to process huge amounts of data while spending minimal manual effort. AI provides a great number of data points, which can be accurately parsed by bots to identify what kind of message a particular customer will like.
Search
As advanced technological solutions become more progressive, so does the audience. Thanks to social networks and search engines, consumers find what they are looking for faster than ever before. Artificial intelligence and Big Data solutions can actually analyze these search patterns and help marketers isolate the key factors to focus on.
Chatbots
These are services based on artificial intelligence. Interaction takes place through the interface of a special program. Chatbots make the process of automating answers to common questions of potential buyers easier, giving them the opportunity to search for the product or service they need.
Chatbots have many advantages, including being able to serve customers 24/7, answer multiple requests from different customers simultaneously, etc.
Examples of AI Technology Implementation in the Company’s Work
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The global artificial intelligence market was $62.35 billion in 2020 and is expected to reach $360.36 billion in 2028. Every day, more and more companies use its tools in their activities. Here are some vivid examples:
- Apple ─ Apple is constantly introducing AI functions into the operating systems of its devices and individual programs such as Apple Music. In addition, Apple began to more actively integrate AI into its products starting in 2017, as evidenced by Apple Silicon chips (A-series and M-series), equipped with a dedicated Neural Engine neuroprocessor for processing artificial intelligence tasks;
- Microsoft ─ Azure cloud services are the main source of income for Microsoft Corporation today. They provide services in the areas of data analysis, computer vision, speech processing, etc., and allow developers to use the company’s resources, including artificial intelligence algorithms. According to the results of the 2022 fiscal year, the revenue of the Intelligent Cloud division amounted to $51.9 billion (more than 26% of total revenue);
- Tesla ─ Tesla has been actively implementing artificial intelligence technologies since 2021. In addition to popularizing electric cars, the company is actively developing unmanned technologies, robots, and its own supercomputer. According to CompaniesMarketCap, the tech giant generated revenues of $410 million in 2012, $53.82 billion in 2021, and $67.16 billion in 2022.
Conclusion
Artificial intelligence is the basis of digital business transformation. AI tools can be applied to industries where complex, interdependent systems need to be modeled, as it is effective in identifying patterns in large amounts of data.
