The way businesses work has changed because of artificial intelligence. AI has grown at a rate never seen before as data analytics, computing power, regression methods, and artificial networks have improved. Since Artificial Intelligence has rapidly progressed, businesses can no longer ignore its potential.
AI can make a big difference in the quality of any business and open up new growth opportunities for that business. 19% of businesses, according to a recent survey for 2022, think that an AI-based, data-driven culture should be set up in the enterprise.
And more than 56% of the people who answered the survey thought that AI and data analytics could drive innovation. AI is used in the financial sector, education, pharmaceuticals, industry leaders, automotive, and pretty much all tech businesses.
We think it’s high time for startups, SMEs, and businesses to get on board with AI, so here’s a guide to help you do it right. To explain AI and other modern technologies and figure out how any business can use them virtually, you need to research and take a practical approach.
This AI guide goes over the basics of AI, explains how to use artificial intelligence in Business, why AI is important for commercial business platforms today and gives many real-world examples to encourage your business to use AI solutions. Several business applications of AI will also be discussed.
how to use artificial intelligence in Business?
In any of the following situations, you can look at this guide:
- If you want to create a project that uses AI.
- If you know nothing about artificial intelligence (AI).
- Read on if you want to use AI in your business but don’t know where to start.
- You know what AI is, but you don’t know if it can help a business like yours.
- You already know about AI but want to learn more about how it works in the real world.
The introduction of Artificial Intelligence and associated technologies
AI and ML are not as hard to understand as they seem from a business point of view. But we can’t get into them if we don’t know their main ideas. So let’s get our terms straight before we move on to the important part.
What is AI?
As the name implies, AI is the science of making machines that function like humans in thought, action, and problem-solving. To give these machines intelligence, we need a lot of input and experience from the world around them.
In 1956, when data scientists were trying to figure out how to use computers to solve everyday problems, they came up with the term. However, AI didn’t truly take off in the technology and software development sectors until the early 2000s. Today, Artificial Intelligence is a big part of everything we do.
Machine learning vs. AI
The three technologies are related and often get mixed up with each other. Let’s be very clear about the difference.
Related
What Is The Difference Between AI And Data Science?
Artificial intelligence
AI – Artificial intelligence is a branch of computer science where machines try to think like humans by reasoning, learning, and fixing their mistakes on their own.
Machine learning
Artificial intelligence is used in machine learning, which is based on the idea that systems can learn independently from the data they are given. With certain tasks are done repeatedly, the systems can change with the least amount of manual work.
Why AI is essential for your business
Your company process may be greatly simplified and made more effective by several AI tools and software. Examples include software that recommends products in eCommerce, software that automates content marketing, chatbots, software that predicts sales, and so on.
Aside from this, AI protects your business from cyberattacks, helps with customer service, cuts energy costs, analyzes data, and makes an organization more customer-focused.
The applications and use cases for AI are almost limitless. Here are the top ten reasons why your business should use AI;
Chatbots to make customer service better
A chatbot is a piece of artificial intelligence (AI) software that talks to customers like a real person through mobile apps, websites, smartphones, etc. It’s a digital assistant powered by AI that businesses use to answer customer questions.
Chatbots are the best way to talk to customers now that people want quick, easy, and personalized solutions.
Chatbots are one of the most promising trends in customer engagement and user experience, and they are directly helping digital businesses grow. This is probably why the global market for chatbots is expected to reach USD 1.25 billion by 2025.
AI-based emotion analysis
Businesses employ sentiment analysis, a common automated approach in data science and analytics, to track and examine the views and feelings of their consumers in different texts.
Businesses have found that AI’s use in sports, healthcare, and online shopping to analyze feelings and emotions has been the most useful. The texts can be in any form: on a website, on social media, as comments on a product or service, etc.
With AI and sentiment analysis, you can look at a huge amount of data and determine how customers feel about your services or products. Also, you can combine all kinds of social data to find out what customers like, what they want, and what they need.
AI sales forecasting to increase revenue
Sales forecasting is an important way to estimate and plan for future sales, which is important for the long-term growth of a business. With sales forecasts, you can see problems that might happen in the future and still have time to avoid them. Accurate sales forecasts can also help your business determine how likely customers will buy from it again in the future and predict its long-term and short-term performance.
Putting AI-based CRM software in a business that can look at CRM data, purchase history, etc., can help with sales forecasting. The software can figure out how each piece of data, like mail, customer calls, etc., affects sales.
Price Optimization
The price of a product or service is the main reason people buy it. Even though we live in the age of “value,” “price” is still the most important thing. Many things affect the price, such as the reputation of the brand, the history of the product, its demand, time of year, quality, operating costs, and so on.
Artificial intelligence is good at determining the best price for a product by considering all of the above factors. Simply put, AI can help you determine the best price for every product.
Uber is a real-world example of how AI can be used to find the best prices. The AI decides on the ride price, the route, and the closest driver. In the same way, Walmart and Amazon use AI technology to figure out how to price things.
Improving in-store experience
Even though online shopping is very popular, most sales still happen in physical stores. AI has the potential to completely change the traditional in-store experience and take personalization to a whole new level.
Appinventiv made it easier for IKEA, the largest furniture store chain in the world, to sign up new customers in-store. This is a real-world example of how AI can be used in business. The development team made an ERP solution that helped IKEA find out about its customers and what they liked. At the same time, the company’s marketing efforts were helped by the solution. Smarter purchasing choices are made possible by instant access to goods and services, quick checkout, and tailored suggestions.