by Sameer KapoorWe all are aware of and most probably habituated with popular devices such as Alexa or Siri or any other device which serves multiple purposes such as playing news or music, creating reminders, shopping lists, and whatnot. But, what is the science behind it? What technology makes it possible? Well, the questions are many, but the answer is one, Artificial Intelligence.
By definition, Artificial Intelligence is a special branch of computer science that studies the abilities of a computer system to perform general human life-related tasks with intelligence and efficiency. With more scientific advancements in this field, the common perception towards AI is changing with the former being more and more common in our lives. At present, AI technology is capable of performing common human tasks by processing and analyzing data and presenting the same to the user.
Artificial intelligence is the latest scientific technology that has brought revolutionary changes and a lot of studies are going on for extending the human applications in our everyday lives. The technology is enabled through specific algorithms which assist the technology to function in a specified range of activities. From weather forecasts to traffic situations, from playing music to specific moods to Netflix movie recommendations, from self-driving vehicles to language translations, our life is surrounded by the applications of Artificial technology.
What role can AI play in transforming businesses and other business mannerisms?
Not only in the personal space, is the AI slowly making its space in the business mannerisms bringing ease and convenience. To know more, let’s try to understand the role of AI across various business sectors in India-
AI driven Marketing
Considering the age of advanced technology, marketing of products or services being offered by the businesses is inherently important and AI can help you achieve customer attention towards such products/services. It could be used to develop marketing strategies, to manage preferences in accordance with customers’ interests. Also, browsing history and personal information collected from customer use could be used for target ads. It includes user recommendations, content curation, and content optimization. Some other applications in marketing may include-
- Real-time Bidding & Breakdown of customers for specific targets for ads;
- Pattern & Image Recognition feature for news feed personalization;
- Sales Prospects Language recognitions for unstructured data processing;
- Customer Prediction in web-design automation
- Semantics Analysis;
AI driven Sales
Next in the list is the sales business where AI technology can help the professionals with the insights to target specific customers and improve sales functions effectively by forecasting consumer behaviors and the latest trends.
The Sales businesses might find the AI business useful for a lot of functions such as understanding customer needs and preferences, improving communication, and ensuring coordination. Further, it will allow businesses to manage their business activities better by being able to dissect and follow up with converted customers. Further, most of the businesses looking for understanding customer preferences or to entertain their queries do use chatbots and other tools like speech & vocabulary recognition, text mining, search, and retrieval of information through AI technology.
AI for Operation
At present, tools like data science and machine learning along with artificial intelligence are being used to solve internal issues under IT Business related operations. It is due to artificial intelligence, that businesses can do automation of routine processes and take measures to resolve issues before any unfortunate failure of any IT system happens.
HR & Recruitment Services
In modern times, there is a lot of competition for every job and companies find the process of shortlisting and recruiting employees out of a large of applications tedious based on different job requirements even for a single position in a company to find the perfect candidate. However, with the use of the technologies like artificial intelligence and Natural language processing, the whole process of analyzing profiles and resumes of applicants based on criteria like their education, experience, locations, necessary skills, etc. has become much easier. Not only does it saves time and efforts of the HR team of the company, but it also recommends ideal candidates, and selection of resume in a transparent but efficient manner.
Accounting and Finance
For businesses providing accounting and financial services, AI technology helps them to get done with the repetitive smaller tasks faster with lesser errors, which saves them more time for activities requiring a more focused approach such as advisory or consultancy. Not only this, the AI technology is making its space in the stock-market analysis too, by helping to collect genuine information, data mining & crunching, classification, market pattern recognition, and making stock analysis for people intending to make stock-market investments.
AI driven MIS and Business Management
For businesses needing support with business management, the artificial intelligence technology may offer a wide range of services such as planning business schedules, sorting important emails, writing emails or preparing presentations, making quick responses, making automated insights, or even security surveillances, etc and many more. Some other examples may also include-
- Sorting emails through spam filters and email categorization
- Fixing business schedules and putting reminders through smart devices such as Google Now, Siri, Alexa, etc.
- Customer Support through automated responders
- Automated Insights for Businesses that are data-driven.
Banking services
Lastly, AI technology has made it convenient for banking businesses to have a better reach of people and ensure a wide range of services along with security. A lot of the applications of AI technology include digital payments, AI bots, and detection of frauds through bio-metric systems, etc. which makes it possible for banks and financial institutions to offer high-quality services to a broader range of customers. Some other services that apply AI technology for better serving customers include-
- Customer engagement and handling inquiries through chatbots
- Enhancing cybersecurity and detection of frauds
- Checking credit scores for lending purposes.
Therefore, it could be safely said that AI technology has a bright and long future for easing smaller daily life problems around human life and further a huge scope for enhancing its scope in every arena of human life including businesses in order to better understand market trends and customer preferences in an efficient manner.
