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Artificial intelligence is an advance that has allowed machines to perform certain tasks intelligently, using algorithms that allow them to learn through data recognition and thus even control certain manufacturing processes. Therefore, it is being increasingly used to process and answer queries, recognize images, process large volumes of historical data and anticipate a result. In business, this anticipation of a result is known as predictive analysis, and is used by many companies to know the response of their customers to the introduction of a new product and thus make a projection of sales.
With the advancement of artificial intelligence and data analysis in the cloud, it is becoming much easier and more cost-effective for specialists to perform effective analysis and make more informed decisions.
So, what is artificial intelligence doing for business?
There are three factors that artificial intelligence is driving in business:
- Handling large volumes of data: artificial intelligence can be trained to assemble a large database and respond appropriately based on it. The development of different algorithms to tag data together with the facility that AI has for the processing of structured data, is encouraging more companies to develop AI algorithms.
- Competitive advantages: many more companies every day recognize the competitive advantage that the use of AI implies in the commercial objectives of their business. It allows them to make better decisions based on the evaluation of a process in a short period of time, which means running less risks and spending less resources.
- Easier access to information: the computing power available in the cloud has allowed easy access to information. Before this, the only environments where AI could be developed were not within the reach of many organizations.
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And how can AI be implemented in business?
Many companies are already using AI and it is also used daily by many consumers. Among the most applied technologies we can name:
Process automation: the automation of many physical and digital tasks is one of the main applications of AI in the business world. It is increasingly used in administrative activities due to its repetitive nature.
Robotic process automation is more complex than an automated tool, since in these robots are capable of working with information from multiple systems. They have already been seen to take over tasks such as: transferring data from emails and call centers to a registration system or database, for example they can manage the replacement of a lost credit card by accessing the system and managing the customer's request.Chatbots: this type of bot uses language processing to understand customers and respond to their queries, allowing it to manage an increasing number of interactions without adding more staff. Over time, they store new data and responses, adding value to the customer interaction. Among their main applications we can find: personalized product recommendation systems, intelligent 24-hour care assistants, real-time follow-up systems for medical treatments.
Source: PublicDomainPictures.net.Data analysis: today there are algorithms designed to detect patterns and assist in the interpretation of large volumes of information from multiple sources. These systems can be trained from a selected data set, and their analysis capabilities improve as new data are collected. Among its main applications we can find: predicting that a particular person or group of people buy a product, identifying fraud patterns in insurance policies, real-time analysis of product and facility safety, customizing advertising campaigns, auditing documents and contracts.
In conclusion
As we can see, the applications of artificial intelligence in the business world are still very specific and far from taking people's jobs away, but it is more than just a technology, and large businesses that aspire to be successful today should pay attention to it and consider its implementation to improve their processes and products, since better and faster decisions ensure continuity in an increasingly competitive global market. Therefore, the question they should ask themselves is not how artificial intelligence will help them achieve their goals, but what goals can be included and what type of AI is most appropriate to achieve them.
Thank you for reading me. Until the next post!