ARTIFICIAL INTELLIGENCE APPLICATIONS IN BUSINESSES

I think by now, everyone is aware of what Artificial Intelligence or AI is.

If you are, in fact, unaware of what it is, Artificial Intelligence is where machines are programmed to think like humans and mimic our actions. Simply, it is the ability of a computer or a machine to do tasks or assignments that usually go hand in hand with us, humans. It combines computer science and other datasets to enable problem solving. Nowadays, Artificial Intelligence is used for typically everything, from social media monitoring to disease mapping and
conversational marketing bots. Unsurprisingly, Artificial Intelligence is also used in other fields of study too. For example, it is used in businesses! Yes, businesses! You may be wondering, how. How do businesses use Artificial Intelligence in their day-to-day activities? Well, that is what this article will be about, so keep on reading to find out!

Artificial intelligence is already widely used in business applications, including automation, data analytics, and natural language processing. Across industries, these three fields of AI are streamlining operations and improving efficiencies. Automation alleviates repetitive or even dangerous tasks. Data analytics provides businesses with insights never before
possible. Natural language processing allows for intelligent search engines, helpful chatbots, and better accessibility for people who are visually impaired. Other common uses for AI in business include: transferring and cross-referencing data; updating files, consumer behavior forecasting and product recommendations, fraud detection, personalized advertising and marketing messaging and customer service via telephone or chatbots.

The rapid growth of AI-powered social media marketing, for instance, makes it easier than ever for brands to personalize the customer experience, connect with their customers, and track the success of their marketing efforts.

Supply chain management is also poised to make major AI-based advances in the next several years. Increasingly, process intelligence technologies will provide companies with accurate and comprehensive insight to monitor and improve operations in real-time.

On the patient side of the healthcare business, we are likely to see AI help with everything from early detection and immediate diagnoses. On the physician side, AI is likely to play a larger role in streamlining scheduling processes and helping to secure patient records.

Data transparency and security is another area where AI is expected to make a significant difference in the coming years. As customers become aware of just how much data companies are collecting, the demand for greater transparency into what data is collected, how it is used, and how it is secured will only grow. AI-powered tools and automated systems can help companies improve the use of its resources, with visible effects on your
bottom line.

One company that’s successfully integrated AI tech into multiple aspects of its business is Unilever, a consumer goods corporation. In addition to streamlining hiring and onboarding, AI is helping Unilever get the most out of its vast amounts of data. Unilever developed its own platforms to store the data and make it easily accessible for its employees. Augmented with Microsoft’s Power BI tool, Unilever’s platform collects data from both internal and
external sources. It stores the data in a universal data lake where it’s preserved—to be used indefinitely for anything from business logistics to product development.

Amazon is another early adopter. Even before its virtual assistant Alexa was in every other home in America, Amazon was an innovator in using machine learning to optimize inventory management and delivery. With a fully robust, AI-empowered system in place, Amazon was able to make a successful foray into the food industry via its acquisition of Whole Foods, which now uses Amazon delivery services.

It is increasingly clear that AI will only work in conjunction with people, not instead of people. As technologies improve efficiencies and create new insights, new jobs that build on those improvements are sure to arise. Hence, the need for businesses to uniquely understand the needs and preferences of customers is invaluable in today’s business world; to thrive and maintain relevance within the fierce competition. Using artificial intelligence in business, companies can now uniquely understand and engage customers, automate business processes and improve productivity and revenue while reducing operational expenses.

Artificial Intelligence is not just something that you would hear about in the Computer Science or the technology field. It is becoming something that is widely used across all fields of study and is becoming clear that it is indeed important to carry out even some of the simplest of tasks. It is my belief that more advancements in technology and learning could be achieved as a result of Artificial Intelligence.

DINUSHINI PREMAWARDHANA & HESHANI WIJETUNGA