- Artificial Intelligence Tutorial
- AI - Home
- AI - Overview
- AI - History & Evolution
- AI - Types
- AI - Terminology
- AI - Tools & Frameworks
- AI - Applications
- AI - Real Life Examples
- AI - Ethics & Bias
- AI - Challenges
- Branches in AI
- AI - Research Areas
- AI - Machine Learning
- AI - Natural Language Processing
- AI - Computer Vision
- AI - Robotics
- AI - Fuzzy Logic Systems
- AI - Neural Networks
- AI - Evolutionary Computation
- AI - Swarm Intelligence
- AI - Cognitive Computing
- Intelligent Systems in AI
- AI - Intelligent Systems
- AI - Components of Intelligent Systems
- AI - Types of Intelligent Systems
- Agents & Environment
- AI - Agents and Environments
- Problem Solving in AI
- AI - Popular Search Algorithms
- AI - Constraint Satisfaction
- AI - Constraint Satisfaction Problem
- AI - Formal Representation of CSPs
- AI - Types of CSPs
- AI - Methods for Solving CSPs
- AI - Real-World Examples of CSPs
- Knowledge in AI
- AI - Knowledge Based Agent
- AI - Knowledge Representation
- AI - Knowledge Representation Techniques
- AI - Propositional Logic
- AI - Rules of Inference
- AI - First-order Logic
- AI - Inference Rules in First Order Logic
- AI - Knowledge Engineering in FOL
- AI - Unification in First Order Logic (FOL)
- AI - Resolution in First Order Logic (FOL)
- AI - Forward Chaining and backward chaining
- AI - Backward Chaining vs Forward Chaining
- Expert Systems in AI
- AI - Expert Systems
- AI - Applications of Expert Systems
- AI - Advantages & Limitations of Expert Systems
- AI - Applications
- AI - Predictive Analytics
- AI - Personalized Customer Experiences
- AI - Manufacturing Industry
- AI - Healthcare Breakthroughs
- AI - Decision Making
- AI - Business
- AI - Banking
- AI - Autonomous Vehicles
- AI - Automotive Industry
- AI - Data Analytics
- AI - Marketing
Artificial Intelligence (AI) in Business
Artificial Intelligence (AI) helps businesses to enhance decision-making, increase efficiency, and gain a competitive edge. Its uses extend to various departments within the company, including sales, marketing, product development, and security, with the ultimate goal of improving efficiency and unlocking new possibilities of growth.
Applications of AI in Business
Some of the top applications of AI in Business are −
Hiring and Recruitment
The job market is highly competitive, with hundreds of applications for a single role. This would be quite challenging for the HR team of the company to go through each resume in order to shortlist. Hence, companies use AI and natural language processing to filter through the resumes and shortlist the candidates based on a few attributes like skills, locations, education, etc.
Cybersecurity
While the internet has made storage and management very convenient, there is a possibility of data breaches and leakage. Every company should integrate security online to protect all the important databases, such as financial data, strategies, private information, and user information. With the help of AI, experts can understand and remove unwanted noise and data that helps track abnormal activities and prepare for any cyber attack.
Market Prediction
AI algorithms like Support Vector Machines (SVM) and Artificial Neural Networks (ANN) are used to learn and predict patterns from the data. This analysis helps in predicting financial markets and providing efficient outcomes for companies.
Customer Analysis
Every business runs with customers, so it is extremely important for companies to analyze their customer base and strategize to improve customer engagement. AI helps companies to analyze customer feedback, preferences and past behavior which was manually not possible. These insights help to develop strategies to enhance sales and customer experience.
Billing and Invoice
Every business has its own financial responsibilities. For example, companies might often have bills, payment checks, and invoices exchanged with others. These accounting and financial processes can be stressful if done manually. Additionally, there is a chance of errors and calculation mistakes. Automating the process through AI has simplified and improved financial management.
Evaluating Proposal
Proposals are often exchanged in businesses, and if not checked and analyzed properly, they might lead the company towards losses and wrong clients. AI can easily analyze any given proposal using machine learning models. The company can automatically gain insights by tracking the past source of the proposal to predict the future outcome.
Virtual Assistants
Each company offers a unique range of services that must be described to the public in order to grow their customer engagement and boost sales. By using AI, companies integrate virtual assistants and chatbots into their websites to offer round-the-clock services to address users' inquiries.
Targeted Marketing
Targeted marketing is a strategy in online advertising done with the help of NLP and AI that shows particular ads to specific set of audiences based on their past behavior, preferences and interests.
Social Media Insights
Social Media is one of the strongest platforms for brands to promote their business. If a company uses its social media platform effectively, it can attract a large number of customers. Due to the large number of users, businesses cannot collect and analyze feedback manually. Using AI allows brands to understand their market position and gain insights from their customer base.
Challenges of Adopting AI in Businesses
Some of the challenges that businesses face with the incorporation of AI are −
- Data Privacy − The company has to adhere to strict protocols to safeguard sensitive data and prevent breaches and data misuse.
- Integrating with Legacy Systems − Integrating advanced AI technologies with the existing legacy systems could be quite difficult.
- High Costs − Adoption and incorporation of AI could be expensive, as it includes hardware, software, and the skills needed to design.