The Role of AI in Modern-Day Business

Progress has significantly accelerated in the last few years. When we look back at the nineties, we can’t but be amazed at how far we’ve gone in twenty-five years when it comes to technology. However, the pace is about to pick up. Artificial Intelligence is no longer a prospect for the distant future — it’s already here, and it’s about to change our lives.

AI will most definitely improve all aspects of the way we handle business too, from marketing and advertising, customer service, and even the way we scout and hire new personnel. Chances are, the improved technology will act as the new major equalizer, by offering equal opportunities to all companies to excel. Let’s take a close look, shall we?

Marketing and Advertising

Any marketing specialist is well aware of the impact that AI has had on the industry. Artificial Intelligence algorithms can identify prior Google searches and tailor advertisement routines for particular users,  based on their interests and online behavior. This is how businesses can save a lot of money on their campaigns, by not going the “spray and pray” route, but instead opting for intelligent advertisement.

All marketers know about Adwords. It’s a prolific auction platform that facilitates advertisement distribution, which ensures the lowest possible rate per conversion.

AI and Service and Support

Chatbots have been a very popular means of improving customer service throughout a broad spectrum of industries. Similarly, consumers all over the world have become passionate about virtual assistants, since they tend to simplify our everyday tasks.

Some businesses have implemented AI-based technology to improve customer support, by relieving their clientele of having to waste time on the phone, when a vast number of issues can be solved via virtual assistants, such as Alexa, Google Home, Siri, and so forth.

Furthermore, the data collected from the customer-assistant interactions lets businesses better understand the demands of their clients, understand trends, and make improvements for future interactions.

Marie Fincher, a digital content director at Trust My Paper, suggested that: “Artificial Intelligence allows businesses to personalize emails with offers that are relevant to each customer in particular, thus drastically increasing conversion and engagement.”

Stronger Cyber Security

Artificial Intelligence has been gradually entering a large number of fields. One of them that worries us the most is security, especially cybersecurity. We care a lot about the safety of our data, be it personal or financial. AI has now become an impressively strong weapon against security breaches and attacks.

AI also works as a preventive measure, not just a way to deflect the attacks. Due to the fact that AI- and ML-based technology pretty much automate the entire process of threat and suspicious behavior detection, it becomes much more efficient and cost-effective

A company that provides services in the field of cybersecurity—Darktrace states that their AI and ML-based technology has pinpointed nearly 64000 threats that have not been previously diagnosed in more than 5000. Even though technology isn’t really developed just yet, there is immense potential for improvement.

Hiring

When it comes to hiring people in an unbiased and fair way, AI may probably be our best bet. Despite the existing cases of AI equidistant to gender in the hiring process, the source of the problem was in the datasets that were used to train the algorithm. A case like this took place in the hiring process of Amazon. Although it has had its issues, it provided us with a lot of food for thought on how we should be training our AI.

However, besides that, it’s really complicated to overestimate the benefits that artificial intelligence will bring to business within the recruitment routine, simply because it makes the process considerably faster, much more cost-efficient, with less pressure on the Human Resources personnel.

App Development

One of the most lucrative facets of AI implementation is taking place in the mobile app development scene, simply due to the fact that we’re spending a whole lot of time staring at our phones. While it may be argued as a bad habit, there is a broad spectrum of apps that improve the quality of our lives.

There are now five essential functions that AI serves in app development today:

  • Personalizing content
  • Improve user experience and productivity
  • Connect to the Internet of Things
  • Recognize pictures
  • Problem-solving and automated reasoning

AI can be a bit scary, we’re not all versed on its capabilities and not yet ready to surrender our business operations to it. However, once we invest a little time into using the technology correctly, it will make our lives significantly more comfortable, along with making our businesses considerably more efficient.

It’s not an overstatement that AI will find its way into many industries, to serve businesses in executing both simple and incredibly complex tasks; and it’s safe to say that artificial intelligence isn’t going anywhere and is here to stay.

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