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Artificial Intelligence and Machine Learning Are Changing The Way We Do Business

Machine Learning and Artificial Intelligence technology can provide more efficiency to most companies, regardless of their field.

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1) How Artificial Intelligence and Machine Learning Change Traditional Businesses in 2020

We can see the impact of artificial intelligence (AI) and machine learning (ML) by looking at our daily activities. Have you noticed the accuracy in their personalized recommendations, for example, when looking for a video on YouTube or Netflix? How does it even know what you like? Or, maybe you’re going to a new store but don’t know where it is located. So, you turn to Google Maps to find it. Have you ever wondered what makes the program so effective?

These are just some of the things powered by ML and AI technology we use daily. In addition, companies are leveraging these trends to implement new techniques to make their companies more efficient and increase customer engagement. Here, we’ll show you how ML and AI (artificial intelligence development services) are changing traditional business.

2) Machine Learning for Business Forecasts

Today, most companies rely on data science to make wiser business decisions. As a result, significant companies producing vast amounts of data need something to make selecting and filtering data more efficient.

ML allows companies to conduct complex statistical operations in a matter of minutes. Therefore, companies can efficiently analyze patterns, detect trends, and spot errors in their dataset. Most companies now leverage this trend to analyze customer behavior to develop the best strategies.

3) AI-Driven Biometric Security Solutions

Biometrics is not science fiction anymore. Today, the number of companies using biometric solutions for security is increasing. Companies like Xiaomi are now implementing this trend in their mobile devices, which now feature AI-powered facial recognition technology. And if you’re wondering if people can imitate human faces to unlock security systems, don’t worry; it will not happen. Most companies that implemented this trend went through several tests to avoid failure.

But this isn’t the only example of biometric technology used in electronic devices. If you’ve ever used the latest version of Alexa, you’ll notice that it recognizes the voices of different speakers and provides customized answers to each one. This is a massive innovation in our security systems, and it’s all powered by ML and AI technology.

4) Customer Relations and Personalization

Remember what we commented above about YouTube and Netflix? Personalization is just one of the significant changes that Machine Learning has brought to how businesses communicate with customers. This process is done by using ML and sentiment analysis. First, it analyzes a user’s habits, behaviors, and tastes through data provided by the viewer. After that, YouTube and Netflix can easily recommend what you prefer to watch.

But this isn’t the only ML and AI application in business-to-people communication. For example, customer service is one of the most vital areas of digital marketing. However, the need for a vast team to reply to messages has dropped. Thanks to ML and AI, chatbots can handle the high load of customer notes and queries. But, of course, the best thing is that they’ll be available to customers 24/7.

5) Staffless Stores

In the past, we used to go to the stores, ask the employees about the best items, and try them on to see which apparel was the right match. However, the retail business could change a little by the end of this year. First, more companies have started implementing augmented reality (AR) in their stores. Through technology, instead of trying clothes on, customers can scan clothes and virtually see how they would look in them. Although AR and AI are utterly different software development technologies, the former uses the latter for image recognition.

In addition, automation has become more popular. For example, more companies have started to use self-checkout technology, meaning that users can buy stuff without the need for a human manning the cashier. Some of the companies that began to use this trend are Amazon and IKEA.

Final Thoughts

ML and AI technology can provide more efficiency to most companies, regardless of their field. Automation will also reduce costs they could otherwise spend on salaries and staff.

However, the initial investment is pretty high for most AI-driven devices, yet, the revenues will be higher due to the numerous benefits the technology provides. This doesn’t mean that AI and ML will replace humans in the work field. Instead, they’ll help people be more efficient and hit business goals.

Contact the team at My Web Programmer for a free consultation if you’re looking for artificial intelligence (AI) and machine learning (ML) services and solutions.

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