Artificial Intelligence as a simulation of natural intelligence with the help of machines. Artificial Intelligence is going to replace the majority of humans in performing their work. Without any doubt, we say can that Artificial Intelligence is transforming every sector in this world. From supporting businesses at the time of shortage of resource personnel to perform stringent security measures at highly-secured areas like war zones, airports, etc. Applications of Artificial Intelligence cover all aspects of human life. The next couple of years is going to witness incredible growth in the field as the technical giants like Google and Microsoft have started to invest in diverse Artificial Intelligence initiatives. Google has recently made a whooping acquisition of a start-up, DeepMind for £400 million. DeepMind is an artificial intelligence company of renowned scientists and engineers specializing in Artificial Intelligence to develop applications that have a positive impact in the universe. This acquisition is considered as a major step in making realities come true.
Other tech giants such as IBM, Yahoo and Facebook have already started to focus more on Artificial Intelligence and consider it as a new method of business. Many leading research and study agencies had conducted studies on the impact of Artificial Intelligence in the economy and pointed out that the technology is going to reshape the global business outlook shortly. As per the latest study conducted by Business Insider, Artificial Intelligence is going to replace the majority of humans in performing their work. In fact, they predict that 85 per cent of total customer management tasks will be handled by without human intervention in 2020.
What does Artificial Intelligence mean?
Before going in-depth about the practical applications of Artificial Intelligence, let us first understand what Artificial Intelligence is all about.
To put it simply - The reverse of natural intelligence, but an initiative to act and think as humans do is all about Artificial Intelligence.
As a branch of computer science, Artificial Intelligence is the way to make machines think and act as humans do. In a general sense, we can also describe Artificial Intelligence as a simulation of natural intelligence with the help of machines.
How engineers use Artificial Intelligence in diverse sectors?
Instead of completely replacing humans in performing tasks, Artificial Intelligence is often used as an intelligent support tool in businesses. Artificial Intelligence has an exceptional brilliance in processing and analyzing trillions of data with a remarkable speed than greater than the normal human brain has. But we cannot restrict Artificial Intelligence just as data processing software as it has the potential to make decisions without human intervention and can forecast some situations that cannot be predicted by programmers.
Read how Artificial Intelligence is reshaping the global business sector
Artificial Intelligence’s versatility makes it seamlessly integrate with various business undertakings like healthcare, e-commerce, banking operations, defence sector, weather forecasting, telecommunications & customer support, etc.
1. Creating an efficient sales process system
Gone are the days of old-fashioned door to door sales techniques. In the modern world, customers purchase decisions have a strong influence on these AI-powered marketing techniques. For example, many retail giants are integrating Artificial Intelligence into their Customer Relation Management (CRM) system to respond to customer queries by providing answers for their questions using natural language, solving their problems, finding new business opportunities for the marketing team, etc. Alexa is an excellent example. Alexa uses AI and has natural language learning capability to process customers’ voice input.
2. Chatbots for easier and fast communication
Technological advancement is happening in a sky-rocketing, so is the expectation of the customers. To get mass attention to the products and services provided by business enterprises, they are personalizing the services. Artificial Intelligence applications like chatbots are used by many e-commerce companies to make a conversation with customers easy and productive. Chatbots are software programs designed to carry out a conversation with customers regarding everything about the business. Taking modern-day business to customer communication to a new level, Chatbot system provides accurate and reliable information regarding your product details like the total quantity o the products ordered, the amount levied, shipping formalities, etc.
3. Virtual assistants for businesses
Virtual assistants have been positively impacting the way customers shops and make purchases. In a real-world, talking to machines in our natural language utilizing its ability to understand and making things done on your request is something innovative possible with Artificial Intelligence. Google Now, Alexa and Siri are examples of successful virtual assistants that process natural language in the form of text and voice. From arranging transportation to ordering foods and other services, these Virtual Assistants help people in every walk of life.
4. Employing AI to help bricks-and-mortar stores.
To cut the cost of hiring staffs at business stores, owners can introduce machines that can work more and efficiently than humans. An enterprise named Lowe introduced LoweBot, an autonomous robot that welcomes the customer at the door, assist them in picking appropriate products, guiding them to various counters and also helping other workers in managing the inventories.
5. Artificial Intelligence applications and daily life
Integrating Artificial Intelligence into our daily life makes our living easy. When our household items are equipped with AI, like LG’s smart experiment with InstaView refrigerator, which has an in-built touch screen and virtual assistant in place to get current weather updates making shopping orders, etc. gift customers a different experience.
6. Virtual personal shoppers for precise shopping
Have you heard about specifically designed virtual customers? Well, virtual personal shoppers are your shopping assistant available online to know about your choice of products and manage to get you the perfect option based on your needs. In the case of bricks-and-mortar textile companies, they will send you an assistant to guide you throughout your shopping. But for their online customers, they won’t be facilitated with any support to choose from the large set of products available online. In general, we can say that Virtual Personal Shoppers is an innovative way to provide comprehensive offline facilities to online customers.
7. Introducing assortment intelligence tool
Growth of industries worldwide contributed to the availability of products at lower prices. And so, the customer community always demands the need for reconstructed pricing strategies. So, to retain the existing customers, companies are forced to reduce the price structure of products. Introduction of Assortment Intelligence in the retail market helps business owners to have a close watch on the competitor’s pricing strategy and equips businesses to adjust their pricing structure & product mix to attain a high profit. As an intelligent tool that delivers remarkable insight into the pricing strategies of your competitors, assortment intelligence give you a competitive edge in the market by providing all-inclusive details of all the products manufactured by them with their pricing strategies. When your competitor makes sales at discounted rates, assortment intelligence enables your business to act accordingly.
8. Balancing between privacy and personalization
One of the buzzwords among internet users and IT experts is User privacy. How to provide privacy without compromising user personalization is a heated debate in recent times. Online brands are adopting policies to provide stringent security measures without discarding user personalization with the help of Artificial Intelligence. Applications without performing security breaches collect information from the users to offer valuable services in return. In the case of Google Now, users willingly give their information with the hope that they can avail remarkable services from it. When Google Now accesses a user’s account, it will sync your e-mail accounts, calendar and searching patterns and will greet you with a summary of what is waiting for you today. Helping you do your house chores, forecasting about the traffics and your chance to reach on time, etc. are the incredible advantages of using Artificial Intelligence system in your daily life.
9. Artificial Intelligence and wearable technology
For the last 10 years, we have seen a drastic influence of mobile technology and its growth has, in turn, resulted in the growth of online businesses. Smartphones are the latest channel chosen by customers to make purchases and sales over the internet. But wearable technologies like Apple Watch and FitBit, which leverage the potential of Artificial to rule the global e-commerce market nowadays. They are capable of determining your tastes and the products you like to view. They process your biometric measurement including the dilation rate of the pupil to know your interest patterns. Providing an incredible shopping experience is the main aim of using wearable technology in e-commerce sectors.
10. Managing Fake reviews
-Every online retailer is dealing with this issue - Fake reviews. Irrespective of high-quality services they provide, retailers still want to fight against online fake reviews circulating on the internet through various social media platforms and websites. In this fast-paced world, customer reviews have a strong influence on the purchase decisions of other customers. Fake reviews may cause hindrance in the growth of an online business as they fail to create a strong customer base for achieving business profit. To deal with the issues, online retailers are now integrating Artificial Intelligence machine-learning system to detect fake profiles and fake reviews posted under such profiles.