Artificial intelligence in business

Artificial intelligence (AI) is directly related to Data Science, the science of data that aims to extract business value from an array of information. For example, its value may lie in expanding the possibilities of forecasting, knowledge of patterns, and informed decision-making. In a narrower sense, AI is algorithms and methodologies for processing information. Artificial intelligence operates on huge arrays, analyzes incoming data and develops adaptive solutions based on them.

Artificial intelligence can quickly bring business to a fundamentally new level, this is one of its key functions and tasks. Here are a few problems that can be solved with machine learning algorithms:

  1. Prompt response. In some areas of business, the fundamental condition for success is to quickly analyze incoming data and instantly respond to them – for example, in stock exchange transactions. Unlike conventional algorithms, which are not capable of adapting to new conditions and data without prior training, artificial intelligence provides such an opportunity.

  1. Development of a marketing strategy based on the provided data and goals. Artificial intelligence helps in the work of a marketer: it not only analyzes the experience of previous sales, but also uses forecasting to “predict” future ones, and also takes into account the behaviour of competitors and the overall situation in the market.

  1. Human factor. Even the most professional and experienced employee has a bad day and bad decisions. Artificial intelligence does not, instead of emotions, it has functions, and technology and information replace a changeable mood.

  1. Fight against fraud. Self-learning neural networks help analyze user behaviour and identify suspicious transactions, as well as create algorithms to prevent financial losses. Result: the system becomes less vulnerable, and this is a key condition for customer confidence.

  1. Increasing profit. The use of machine learning in the pricing system alone can provide a 5% increase in revenue, and with an integrated approach, company revenues can grow several times.

Artificial intelligence and business processes

With the help of AI, businesses gain almost unlimited access to new opportunities to expand their operations and increase profits. Even one algorithm can significantly improve performance and an integrated approach, giving pretty good results.

What AI does:

  • Routine administrative tasks, which we have already discussed above.

  • Increasing the productivity of specialists by optimizing work processes.

  • Technical and informational customer support.

  • Reducing the role of the human factor in decision-making.

  • Improving communications within companies, including overcoming the language barrier.

  • Control of financial transactions, and detection of suspicious user activity.

  • Information security control, data confidentiality.

  • Development of marketing strategies.

  • Forecasting both in the short term and in the more distant future.

Applications of artificial intelligence

  • Banking (risk management, forecasting, chatbots in mobile banking applications).
  • Information security (anti-fraud technologies, analysis of old threats and prevention of new ones, information to create a common database).
  • Industry (control of production processes, their optimization, equipment diagnostics, information about breakdowns, preventive measures, automation).
  • Trade (analysis of consumer activity and the effectiveness of marketing strategies, procurement management, development of personalized loyalty programs, deep analytics).
  • Medicine (documentation, diagnostics).

The use of artificial intelligence is gradually becoming a necessity in all business sectors. The only question is who will introduce modern technologies the first and get a quick result, and who will catch up at the very end to at least just stay on the market.

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