Artificial Intelligence or AI, as it is commonly known, has matured into a global phenomenon in recent years. The initial days of mere hype and false assumptions have long been subdued through its proven statistics and growth potential. Today, a vast number of companies use the transformative power of AI for business growth. With the advent of digitalization, organizations are striving to implement AI-based systems in their business operations to gain an advantage over their competition.
What is Artificial Intelligence?
In simple words, Artificial Intelligence is the ability to show intelligence by machines. This intelligence can be on par with human intelligence as it is developed by human beings. Computers equipped with AI can learn, reason, and solve problems using mathematical and logical algorithms fed to them by Data Scientists. AI is a scientific field with advancements being made every other day. The concept of AI has been around since the 1950s, however, it has gained popularity in the digital age. This can be attributed to the advancement in science and technology especially machine learning and deep learning.
Both machine learning (ML) and deep learning (DL) are subsets of AI. Artificial Intelligence is impossible without either of them. ML allows the software to learn patterns and respond to them. This is done by programming the application to find similar data and processing them accordingly. The predictive analysis of machine learning allows AI to make calculations based on past data and help businesses optimize their processes. Deep Learning is a subset of ML as it uses the same predictive analysis of machine learning but modifies it further to allow machines to make decisions on their own. It mimics the neural network of a human brain to some extent and is based on artificial neural networks.
Application of Artificial Intelligence
AI is everywhere; from our smartphones to other digital devices, we are surrounded by intelligent technologies that can assist us in our day-to-day life. However, providing directions and playing the requested song are not the only applications of AI. The superior calculation and algorithm-based decision-making powers of AI are used by organizations to expand their business operations. Nowadays, the executives and stakeholders of organizations rely on AI to assess their business processes. It helps them identify past losses and avoid them by creating a well-planned risk mitigation strategy.
Here are 5 ways AI can be used to leverage your organization’s business processes:
Automate Manual or Repetitive Processes
Data entry and other similar manual and repetitive processes can be eliminated completely using AI. Organizations also use AI for their back-office tasks. AI-enabled technologies like RPA (Robotic Process Automation) and optical character recognition are being used in the manufacturing and automobile industries to automate daily operations. Data analysis and Big Data Analytics have seen tremendous growth through the analytical strength that AI provides. Business enterprises use the information generated through data analysis to make smart decisions for business growth. This helps them meet their business objectives and deliver good ROI (return of investment) as well.
Another huge advantage of using AI is forecasting. The predictive analysis and prescriptive analysis of AI have allowed business enterprises in understanding their customers’ buying behaviors. AI helps in finding patterns in the business process and getting crucial information about improvement. Thus, organizations can use this information provided by AI to create products and services that meet their customers’ requirements.
Optimize Supply Chain
AI-based systems power organizational operations as well as the supply chain process. Forecasting data provided by AI can be used to predict demand and increase supply whenever it is necessary. This allows organizations to reduce overproduction and improves productivity based on AI’s algorithms. Tracking and monitoring shipments across the globe is also made easy using GPS and other AI-enabled tracking systems.
Through efficient forecasting and promotional techniques organizations ensure continuous delivery of quality products and services to their consumers. Efficient workflow and improved business productivity allow customers the opportunity to pay for what they want and nothing else. Tailor-made and personalized products and services provided through AI-enabled information generation keeps the existing customers happy and attract new customers.
AI plays a huge part in safeguarding the organization and its customers’ information in the digital age. The banking and finance sectors have implemented AI-based systems in their daily operations to identify theft, fraud, and other cybersecurity threats. Data theft and hacking have increased due to the increasing reliance on digital devices for our day-to-day needs including education and healthcare. Cancer tumor cell detection and traffic violation detection have become possible using the deep learning and machine learning features of AI.
Apart from the above-mentioned applications, there are various other benefits of AI. With more organizations implementing AI-based systems in their daily business operations and new discoveries made in the field of AI, we can certainly see more applications and advantages of AI in our lives. Those organizations that have yet to apply AI in their business processes are facing the tall challenge of falling behind in the race. Therefore, it is necessary to equip your business by implementing AI and leveraging its growth potential. Our Artificial Intelligence Consulting Services allows organizations to gain insights into the benefits of AI and guide them in its successful implementation. Businesses can use this service to improve their operations and make it future-proof.