Artificial intelligence is revolutionising the technology sector and transforming how the world works. This technological innovation in companies means reducing operational costs, boosting efficiency, increasing revenue and improving customer experience.
Artificial Intelligence in technology
What makes artificial intelligence an essential technology, is its ability to apply to any sector. On the one hand it can help farmers find the most efficient farming techniques, and on the other hand it can develop the potential of banking and insurance sectors.
It is not a new technology, but advances are bringing out its full potential. What’s more, merging artificial intelligence with cloud computing technologies will make it accessible to any company operating in the cloud.
Voice recognition functions using natural language processing have improved so much that Cortana, Siri, Alexa or Google Assistant can book a flight to New York without any problem, and according to Microsoft this technology will become the new user interface. Biometric technologies such as image recognition are advancing every day and their application is extensive, from autonomous vehicles, to the interpretation of emotions on the human face. And problem solving using artificial intelligence allows PayPal to use Machine Learning algorithms to detect fraud, also applicable to Wall Street investors.
And from theory to practice, these are 8 ways artificial intelligence can improve your business:
Know your market better:
Artificial intelligence can detect the search and purchase patterns of customers, and using the large amounts data stored in the cloud, can offer personalized marketing to increase customer loyalty and improve the sales process. In addition, biometric technologies can identify and measure customers’ touch, image, voice and body language interactions, an important tool in market research.
Revolutionize communication:
With artificial intelligence, programs such as chatbots can provide intelligent responses to an unlimited number of queries, and in real time, allowing human agents to attend to more complicated or urgent requests. Also, when artificial intelligence is combined with machine learning, the more these programs interact, the better they understand. It is estimated that by 2020 85% of online queries will be carried out by these intelligent machines.
Make smart decisions:
Data is considered the petrol of today. Thanks to artificial intelligence, used with natural language processing techniques that understand unstructured data, or Deep Learning that imitates the human brain; the decision process will be transformed to be more informed, quick and relevant. IBM estimates that decision-making will cost $1 billion in artificial intelligence by 2025.
Increase efficiency:
Artificial intelligence is not a threat to workers, but a helpful tool. It Improves business performance by automating routine tasks, reduces human error and allows employees to focus on the most demanding work. Its application goes from maintaining the ideal temperature with intelligent heating, to robots that are used in some hotels in Japan to attend customers in 4 languages. It is predicted that medical and legal professions in which it is necessary to handle large amounts of information, are the ones that will increasingly use artificial intelligence as a diagnostic tool.
Predict the future:
Artificial intelligence can predict future results thanks to the analysis of immense amounts of data. In the retail sector for example it can see patterns in customer’s purchase data and calculate which products are going to be sold and in what quantity; helping to calculate how much stock is necessary – it is believed that in 10 years there will be no seasonal sales because there will be no excess stock to sell. It is also applicable to sectors such as banking where it can predict fluctuations in the price of shares or the behavior of debtors; or in the health sector where it can predict an outbreak of infection by analyzing social media posts.
Select the best talent:
Artificial intelligence allows you to review numerous job requests to find the most suitable profiles for a company, and reject those that do not conform to the job specifications. This saves time and money in human resource companies, and guarantees an impartial selection process.
Increase security:
Artificial intelligence is being used to develop new security solutions against cyberattacks and identity theft. Recurrent neural networks are capable of processing input sequences that, with Machine Learning techniques, reveal suspicious activity in users and detect up to 85% of all cyberattacks.
Create content:
The online world demands constant content creation, be it videos, adverts, blog posts, infographics or other visual or written resources. Brands such as USA Today, Hearst and CBS, are already using artificial intelligence to generate their content.
All eyes are on the new possibilities this technology offers and how it will affect digital transformation in companies. For more information on innovative technology solutions for your business, do not hesitate to contact our technological consultancy, we will be happy to assist you.