Before going to the article, shall we ask you a question? What are the Hollywood films which specified that machines are going to rule or harm humans in the future? You are right. They are the Terminator Series and IRobot. But in these films, robots with advanced software applications try to harm humans. Both the movies were blockbusters – but they were dubbed as fantasy. Two decades and after thirty to forty years, software applications more intelligent than humans and implemented in robots have been introduced in the market. One of the most popular new technologies is artificial intelligence. The other few are machine learning, cloud computing, and blockchain technology. In recent times, Artificial intelligence has been accepted in almost every sector of business and industry.
Let us go into the details one by one. To sustain in the market, a business has to adapt to the recent changes in technology. Or else, the company will be left behind. AI has provided assistance in every aspect of the business ranging from customer service to security to marketing and even healthcare.
1. AI in Today’s Business World – E-commerce Advertising
Have you ever shopped on an e-commerce website such as Flipkart? Then after you select an item, notifications appear on your screen. For example, if you have bought a saree or any other apparel, you will get a notification stating the previous customer who bought the same item also bought other items. It is human psychology to check the other person’s wants and dislikes. Who knows? You can buy another item. In recent times, every e-commerce website has implemented this kind of algorithm to make more revenue.
There is another factor if you have checked the details with precision. An e-commerce website has thousands of visitors every day. Yes, you enter the data, and then make the purchase. Now, the data gets stored in the central system. But just note down, can a human keep a record of all the transactions, preferences of every visitor? This is where AI assumes prominence. Through its algorithms, the AI application keeps track of every visitor preference. And yes, the e-commerce website makes money.
2. AI in Today’s Business World – Selling Products/Services
It is not only the fashion industry but every industry which sell products that have made the best use of AI. Now let us imagine a situation. You are an entrepreneur having a mobile service centre in Mumbai. You have entered in partnership with one of the best companies which provide home services in Mumbai – in other words, handyman professional services for all home electronic appliances. In addition, you also have another company which stitches dresses and sells clothes. In fact, this company has become a brand name to reckon with. Now how do you get to know the pulse of the audience? It is because you have installed the AI algorithm on your website.
Before introducing a single design to the market, your team works on ten designs and advertises on your website. Based on the comments made by the public, and due to checking by AI search tools, it is easy to know the preferences of the public. Based on the hits, every web page gets, you can design the new dress which will become a rage and the talk of the town.
3. AI in Today’s Business World – Fraud Prevention
There was a time in India when every Indian bank was not connected. So, anyone
Can get a loan and then go to another place to start a new life. Came the internet and Aadhar card, now it is impossible to take a loan from any bank.
Let us imagine the situation. Mr. A wants to get a loan from a reputed bank. Now, he has to produce his salary slip and other documents. In the bank, it will be difficult for a person to check into every detail and suggest the availability. But an AI algorithm can just check every detail, including the salary part, loans and determine if the customer has the ability to pay the loans or if he will go for bankruptcy.
4. AI in Today’s Business World – Home Improvement
Have you heard about Alexa, Google Home, and Amazon Echo? These are gadgets which work on the concept of AI. If you have bought smart home appliances, you can control them by the Virtual Assistants. And yes, there are many appliances which work on the concept of AI.
Do you have seniors for more than sixty years in the family? Then they will find it difficult to do the routine manual tasks such as switching on/off the ceiling fan. Now, you can make their life seem easy when just by voice recognition, they can switch on/off many electronic appliances.
The smart home appliances also have their own share of benefits. A smart washing machine can send a text to your mobile if the wash has been completed. If you have gone to the mall and forgotten to look into the contents of the fridge, you can log into the app, and then check the contents. These aspects work on the concept of AI.
5. AI in Today’s Business World – Customer Support
Two decades ago, India was the hot hub of customer service centers for organizations in the globe. Now, the trend has fallen. Automation systems have come to the fore, where they can give prompt answers to simple queries.
AI has stepped even in customer support. AI chatbots can send apt responses to simple queries. For the complex questions, they will reroute the customer to a human. The future is bright for customer care service companies. If machine learning is implemented to the chatbots, the software applications can learn on their own and can reply to even the most complex queries.
6. AI in Today’s Business World – Robotics
There are some jobs where humans have to work in unsafe environments. AI robots can work in those environments and do work with more efficiency. Also, if a person has to do the same manual tasks again and again, then it is better to have a robot. So, AI is taking great steps towards replacing the low-level jobs with robotics.
Have you read the article on the benefits of AI in Today’s Business World? Liked the article? Then please put a comment in the Reviews Section.