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The rise of AI and its impact on business

How businesses are using artificial intelligence to drive efficiencies and revenue

SHARE The rise of AI and its impact on business
Someone interacts with a chatbot using a cell phone.

Some businesses are using artificial intelligence, including chatbots, to drive efficiencies and revenue.

Business Wire, Associated Press

What is artificial intelligence? Artificial intelligence, also known as AI, involves using computers to carry out tasks that would normally require human intelligence, such as understanding natural language and recognizing patterns.

AI works by using a number of different methods to mimic human intelligence, including machine learning, natural language processing and artificial neural networks.

The benefits of AI for businesses

Reduce costs

Businesses can use artificial intelligence to reduce costs in a number of ways, including:

  • Automating processes that would otherwise be carried out by human employees, such as customer service and accounting.
  • Using artificial intelligence to improve decision-making, which can lead to increased efficiency and reduced wastage.
  • Generating insights that can help businesses make better strategic decisions, such as where to allocate resources or how to price products.

Improve quality

Artificial intelligence can help businesses improve the quality of their products and services by:

  • Automating quality control processes.
  • Using artificial intelligence to develop new products and services.
  • Using artificial intelligence to customize products and services to individual customers.

Drive efficiencies

Another benefit of artificial intelligence for businesses is that it can help drive efficiencies by:

  • Helping businesses better understand and manage their operations.
  • Automating tasks that are currently carried out manually.
  • Allowing businesses to make faster and more informed decisions.

Generate revenue

Businesses can also use types of artificial intelligence to generate new revenue streams by:

  • Developing new products and services.
  • Personalizing products and services to individual customers.
  • Creating new channels for marketing and sales.

Mitigate risks

Finally, artificial intelligence can be a risk mitigator for businesses by:

  • Automating tasks that are currently carried out manually.
  • Helping businesses to better understand and manage their operations.
  • Identifying potential risks before they materialize.

How to get started with AI in your business

AI-enabled contact center

An artificial intelligence contact center is a customer service center that uses AI technology to help employees respond to customer inquiries. It can be used to automate tasks such as routing calls, providing information about products and services, and handling complaints.

Chat bots and virtual assistants

What are chatbots and virtual assistants? A chatbot is a computer program that simulates human conversation. Virtual assistants are artificial intelligence programs that can understand natural language and carry out tasks such as scheduling appointments and sending reminders.

Media intelligence

Media intelligence is the process of using artificial intelligence to analyze media content. It can be used to monitor public opinion, track trends and identify potential issues.

Visual inspection

Visual AI inspections are the process of using artificial intelligence to analyze images. It can be used to inspect products for defects, identify objects in an image or track the movement of objects.

Forecasting

Forecasting is the process of using artificial intelligence to predict future events. Businesses can use forecasting to make decisions about where to allocate resources, what products to stock and how to price their products.

Cybersecurity

Cybersecurity is the process of protecting computers and networks from unauthorized access or damage. Businesses can use artificial intelligence to improve their cybersecurity by identifying potential threats and vulnerabilities and by responding quickly to incidents.

Case studies of businesses that have successfully used AI

Ford Motor Company

Ford Motor Company is using artificial intelligence to improve the quality of its products and services. The company has developed a virtual assistant called “Fordbot” that customers can use to ask questions about Ford products and services. The bot can answer questions in natural language, track customer preferences and provide suggestions for products and services.

Ford has also gone as far as to invest in an artificial intelligence company, Argo AI, to strengthen its leadership in the release of self-driving cars.

Fraud detection

It is becoming increasingly popular for AI technology to be used to help with fraud detection.

NuData has seen success using AI to increase the online privacy of its customers and prevent unauthorized account takeover fraud. 

AppsFlyer is another business that has used AI to combat online fraud. In their case study, they share how they found success using AI to block billions of potential fraudulent acts.

For more case studies on how AI technologies have been used successfully in businesses, try using this case study finder created by Amazon.

The future of AI and its impact on business

As artificial intelligence technology continues to develop, businesses are likely to see even more benefits from using it. Artificial intelligence in the future is likely to be used for tasks such as automating complex processes, developing new products and services, personalizing products and services to individual customers and identifying potential risks before they materialize.

For many businesses, it is safe to say that AI is the future.