In this age of technology, businesses that aren’t leveraging AI and machine learning are businesses that are falling behind. Data is becoming increasingly important for modern business functions. Through proper data optimization organizations can improve all of their business processes. They can target customers better, increase their overall efficiency, and help the business grow exponentially.
The advantages of leveraging these technologies in the business are evident to many. Understanding how to use AI for your company or what are the applications of machine learning in business, can really help you take that coveted next step towards accelerated business growth.
Keep reading to learn more about the power of AI and Machine Learning in business.
Understanding AI and Machine Learning
AI and machine learning have quickly become buzzwords in the tech industry however, there still remains a lot that needs to be understood about these two innovative technologies.
In the most simple terms, Artificial Intelligence is a set of technologies that allows machines to display human intelligence and problem-solving capabilities. The applications of AI are endless, organizations can use them to generate content, analyze data, perform highly specific tasks, and much more.
Machine learning on the other hand is a subset of Artificial Intelligence. The relationship between AI and Machine Learning goes hand in hand. For a layman’s definition, Machine learning refers to the development of machine systems capable of learning on the go and don’t require explicit instructions to perform a task. These systems rely on the use of massive datasets and complex algorithms to further aid their learning and become increasingly more efficient over time.
How Businesses Are Using AI and Machine Learning
Let’s take a look at how businesses might utilize AI and Machine Learning in their daily functions, in each department in an organization.
AI and Machine Learning in Marketing
There are many different uses of AI and Machine Learning in an organization's marketing department. One of the main uses is customer segmentation to build more personalized and effective marketing campaigns. Additionally, you can also ask AI to perform predictive analysis on your marketing campaigns and monitor social media!
Artificial Intelligence in marketing can also help massively with the content creation for the department. AI content creation is steadily increasing in quality and can help improve your marketing department significantly.
AI and Machine Learning in Customer Service
Customer service is arguably where AI and Machine Learning are most commonly used. Almost every organization is now employing chatbots and virtual assistants in some way or form. These AI-powered chatbots can grow and effectively answer consumer queries. They can also easily categorize customers to help provide a more personalized customer experience.
AI and Machine Learning in Operations
Another major application of AI and Machine Learning in organizations is the operations department. Through the use of AI and Machine Learning, organizations can effectively optimize their supply chains and improve overall efficiency. AI can also help with predictive maintenance and fraud detection.
AI and Machine Learning in Finance
AI can also play a massive role in finance. Thanks to its ability to go through massive amounts of data, AI can expertly perform risk assessment to a much higher standard than a human counterpart. AI also plays a major role in fraud prevention.
Organizations can also benefit from machine learning to engage in algorithmic trading. Algorithmic trading consistently evolves as it gets more and more data. The more data becomes available, the more effective algorithmic trading becomes!
AI has reached such a level, it can also offer clients personalized financial advice. After the client feeds their data into the system, the AI software can go through that data and provide customers with personalized financial advice. The advice can be diverse and help clients manage their finances much better.
AI and Machine Learning in Human Resources
Lastly, the human resources department can also take full advantage of the benefits of AI and Machine Learning. One of the main areas where HR can make use of AI and Machine Learning is in the form of talent acquisition. With a massive repository of CVs, it can become challenging for HR to manage, it’s much easier for AI to go through the dataset and pick the best possible candidates.
Additionally, you can also use AI to measure employee performance and check whether or not they’re meeting KPIs. The performance analysis can help HR identify where employees need support and encourage improvement.
While there are many other business applications of AI and Machine Learning, these are the most common ones.
Machine Learning for Small Businesses
Another misconception that people have when it comes to machine learning is that it only applies to large-scale organizations. However, that’s really not the case as there are definitely applications that small businesses can also use.
CRM systems are a dime a dozen in the market these days and the very best offer some level of machine integration. Small businesses can use these systems to improve their overall efficiency through predictive analysis, understanding customer behavior, and being able to better segment their customers.
Additionally, there are applications that can help small businesses with inventory management as well. A machine learning system can learn when the quantity for a certain product is getting low and place the order, so you don’t encounter any issues with the supply.
AI is becoming more and more accessible with new affordable software released almost every single day. Pretty soon almost every small business will be employing AI in some way or form.
How to Use AI for Your Company
After learning more about the significant benefits of using AI, you’re probably interested in learning how to use AI for your company. However, it’s not about just getting the first AI platform you see and letting it take over your operations.
Here are the main things that you must consider, before getting an AI platform for your organization.
First and foremost you’ll need to identify the business aspects where you’ll be applying the AI, this could be your sales, marketing, finance, hr, or operations departments. After identifying the department, analyze the specific actions or tasks that will be performed by the AI platform.
After you have these details down, you can start looking at the AI platforms. What services do they offer, what’s the pricing, how flexible the models are, and how regularly they’re being updated? All of these will give you a better idea of which AI platform will be the right pick for your organization.
Conclusion
If you’re looking for how machine learning and artificial intelligence technologies help businesses, then this article will have cleared many of your questions. AI and machine learning will readily become a mainstay in every type of business.
That means organizations need to embrace AI and Machine Learning to stay competitive with other businesses.
