Business First Family Business, Accounting, Finance, Investing, Marketing And Management
Artificial intelligence is the creation of technology designed to carry out specific tasks. As a business owner, there is a lot to keep track of, including employee tasks and productivity. With this advanced technology, business owners will be able to take the time to do higher priority tasks. Here are five ways that artificial intelligence companies are benefiting the business world.
Making Everything Easier
Artificial Intelligence (AI) is becoming more commonly used in businesses. For one, it are used to improve customer service. Additionally, it is used to analyze and manage company data, predict behavior and performance, improve advertising and marketing, and increase efficiency. As a business owner, it is your choice of which type of AI you wish to use. Some companies choose Applied AI, which is created to specifically complete one task only. The other type, Generalized AI, is designed to handle any task it is given by finding solutions on it’s own. Both types of AI are beneficial to a business.
Simple Tasks
Applied AI deals with simple business tasks. A reactive machine is designed to just know one thing, and complete one simple job. It does not have the ability to learn from past mistakes or change how it is programmed to complete the job. However, if it is tasked with a simple job, such as email list management, it will have a perfected skill. Limited memory AI is a step above reactive machines. They are also designed to complete one simple test. However, they are able to look into the past and learn from their mistakes. Applied AI is beneficial to businesses because it takes pressure off of the simple tasks that the business has to deal with.
Customer Relations
Some of the most advanced AI technology starts with theory of mind. This is the idea that a machine that understands human emotions and thoughts can be created. This technology would be perfect for customer services, because the machine will have the ability to understand the concerns of customers. Self-awareness is a further step beyond theory of mind. This technology will be able to understand others’ emotions, as well as feel them itself. Not only will this give it the ability to take customer calls and concerns, but it will be able to sympathize with the customers’ concerns. Having AI cover customer service is a benefit for the business because it ensures that you will have more time to complete other tasks, knowing that your customers are being taken care of with great customer service.
AI Marketing
AI has proven to be helpful with company marketing strategies and drawing in business. Cognitive insight is the ability of AI to identify what customers are likely to buy. With this information, it can track each customer and their buying tendencies. By tracking this, a business can promote certain products towards a specific audience. This is why advertisements for things that you are likely to buy will pop up on your screen. Another benefit of cognitive insight is identifying fraud. With this technology keeping track of every business transaction, business owners can be sure that every attempt at fraud will be stopped.
Employee-Like Intelligence
One of the biggest benefits of AI for a business is a human-like presence. This technology will have the ability to field calls, take down information, and make recommendations, just as an average employee would. This cognitive engagement gives the business owner the opportunity to use their employees for higher-priority tasks. Cognitive engagement gives every option that an employee would, and is familiar with any answer or question it will receive. AI is also helpful when handling employee management. It has all of the information that they employee would need to succeed, as well as easy access to the answers they are searching for. This takes pressure off of the business owner, again giving them the chance to handle high-priority tasks.
Artificial intelligence for businesses can be very beneficial. Not only will it complete a specific task, but it will give business owners the ability to focus on other aspects of the company. AI will only have access to what it is allowed, and it is only designed to help the business owner with whatever they need for their company. AI is the future in business, and the technology will help the growth of many companies over time.
