Today, Artificial Intelligence (AI) is becoming mainstream in our daily lives. Most of us interact with AI-powered technologies in one way or the other on a daily basis. From smartphones to home automation systems, the presence of Artificial Intelligence is virtually everywhere. As this technology is advancing rapidly and is increasingly being incorporated into new systems, experts around the world predict that there will be an increased penetration of AI in users’ daily lives and businesses in the coming years. In this blog post, we will deliver you with more insights on how AI can literally change the future of global businesses.
In today's business world, Artificial Intelligence is becoming an unavoidable component for new and existing enterprises that want to outpace their competitors. Artificial Intelligence, Machine Learning, and Deep Learning systems have a lot to offer for enterprise and are evolving day by day to enhance their existing offerings and deliver more performance to users/customers. From process automation to predictive intelligence, AI has already made a big impact on virtually all verticals that you can possibly imagine. AI-enabled technologies are evolving insanely fast and are widely adopted into business ecosystems.
What is AI?
AI has enough potential to disrupt conventional business practices , approaches, business processes, and consumer behaviors in the near future. But, what is the technical definition of Artificial Intelligence? AI can be defined as a computer program that does activities that only a human can do such as problem-solving, predicting, learning, and planning. However, AI is not limited to itself, there are two more sub-categories in AI that we need a look into. They include Machine Learning and Deep Learning. Both of these technologies are increasingly used by enterprises along with Artificial Intelligence. We will explore them in more detail below.
Exploring ML and Deep Learning:
Machine learning: Most businesses today rely on this key technology to rapidly analyze huge sets of data and derive meaningful insights that can positively impact their business process. We usually learn things from experience and get better in it by doing them more often, usually at our own pace. Machine Learning algorithms do exactly the same. They mimic our learning techniques such as trial-and-run methods or doing repetitive tasks to infer critical pieces of information that help in process improvement. Machine learning algorithms have more thirst for data. Hence, feeding more data helps them to derive more meaningful insights from raw data. Moreover, ML systems can collect data from a variety of sources such as your mobile device, sensors, IoT devices, and much more. Today, ML technologies are increasingly being adopted by enterprises as a solid way to predict user needs and precisely deliver/fulfill the needs of the customer in an intelligent way.
Deep learning:
Deep learning algorithms are engineered in a way that simulates our brain. Similar to our brains network of neurons, deep learning algorithms use artificial neural networks (ANN). These neural systems mimics the way our brain interprets and analyzes responses and information to deliver meaningful and actionable outputs. These networks learn from large sets of data and have self-learning capabilities that help them to deliver better outcomes. Similarly to how we learn from doing repetitive tasks, the deep learning algorithm does exactly that to enhance the outcome. Autonomous robots in a car manufacturing assembly line is one of the best examples for deep learning systems.
Possible benefits businesses get from AI:
Produces intelligent insights and predicts precise outcomes:
When compared to our brain, AI based systems can predict outcomes more precisely by analyzing patterns of data. Moreover, it can also produce intelligent and powerful insights from raw data. Most of the time, these data can act as an important asset in improving business performance and predicting customer behaviour.
Improves customer interactions
It can be a challenging task for a business that has a million users visiting their website to respond to customer queries and enquiries rapidly. This is the reason why most of them use chatbots on their site. However, their major limitation is the fact that they cannot interact with users in a way a human does. This is where AI powered chatbots come into play. AI powered chatbots are capable of collecting and analyzing previous interactions of customers and can interact and initiate conversations with them based on these data.
Minimizes time, effort and costs
AI enabled systems can greatly reduce businesses time , effort and costs by increasing the productivity of their existing systems. One of the best examples for this is the popular online streaming platform Netflix. In 2017, Netflix saved a whopping one billion dollars just by incorporating machine learning into their platform to predict audience interests.
Increases user experience
AI powered systems can deliver users personalised and more immersive experiences. As AI and ML systems draw critical pieces of information from their previous behaviour(purchase or search), it will be easy to recommend new products or services based on their particular needs and interests. Along with improving the user experience, they can also increase your company's sales and generate higher ROI.
These cool features and benefits of this technology makes AI, ML and Deep Learning technologies core components that are mission critical for businesses success. In the near future, these technologies will reach a point where it is so advanced that future businesses can operate more efficiently, attain total customer satisfaction and deliver faster.
AI is advancing aggressively and is completely reshaping the competitive dynamics of business platforms. To dominate among your competitors, outsourcing your AI requirement to a software development company can be a cost effective option in the long run. It's better to hire software developers in India, the hot favorite of clients who prefer AI development services at an economical cost.
Vofox Solutions is one of the reputed offshore software development companies in India which provides software outsourcing services across the Globe. You can discover a lot of similar other businesses that provide software development services as well as hire opportunities to support you find the most skilled programmer who can deliver you the perfect resolution.
We hope you enjoyed this post.
Helpful Resources: How To Start Your B2B E-Commerce?
