Artificial Intelligence and Machine Learning Are Changing The Way We Do Business
How Artificial Intelligence and Machine Learning Changes Traditional Businesses in 2020
We can see the impact of artificial intelligence (AI) and machine learning (ML) by just looking at our daily activities. When looking for a video on YouTube or Netflix, have you noticed the accuracy in their personalized recommendations? How does it even know what you like? Or, maybe you’re going to a new store, but you 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 that we use in our daily life. Companies are leveraging these trends to implement new techniques that’ll make their companies more efficient and increase customer engagement. Here, we’ll show you some of the ways that ML and AI (artificial intelligence development services) are changing traditional business.
Machine Learning for Business Forecasts
Today, most companies rely on data science to make wiser business decisions. Major companies that produce vast amounts of data need something to make the process of selecting and filtering data more efficient.
ML gives companies the ability to conduct complex statistical operations in a matter of minutes. Therefore, companies can analyze patterns, detect trends, and spot errors in their dataset efficiently. Most companies are now leveraging this trend to analyze customer behavior to come up with the best strategies.
AI-Driven Biometric Security Solutions
Biometric 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 facial recognition technology powered by AI. And if you’re wondering if people can imitate human faces to unlock security systems, don’t worry, it is not going to happen. Most of the companies that implemented this trend went through several tests to avoid any 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.
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 the way businesses communicate with their customers. This process is done by using ML and sentiment analysis. What it does is analyze a user’s habits, behaviors, and taste through data provided by the viewer. After that, YouTube and Netflix can easily recommend what you would prefer to watch.
But this isn’t the only ML and AI application in the business-to-people communication. One of the most vital areas of digital marketing is customer service. However, the need to have a vast team to reply to messages has dropped. Thanks to ML and AI, chatbots can handle the high load of messages and queries from customers. The best thing is that they’ll be available to customers 24/7.
In the past, we used to go to the stores, asked the employees there about the best items and tried them on to see which apparel was the right match. By the end of this year, the retail business could change a little. First, more companies have started implementing augmented reality (AR) in the stores. Through the use of the technology, instead of trying clothes on, customers can scan clothes and virtually see how they would look in them. Although AR and AI are completely different software development technologies, the former uses the latter for image recognition.
In addition, automation has become more popular. 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.
ML and AI technology can surely provide more efficiency to most companies, no matter their field. Automation will also reduce costs that 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.