Artificial Intelligence – Changing the Landscape for Businesses

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Cubix

3 Mar, 2020

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8 min read

Artificial Intelligence and Machine Learning are more than just buzzwords now! The concepts have come a long way from the time they were first coined, from the everyday e-commerce purchase to service providers such as banks devising services and products offered to the customers. Artificial Intelligence is now a part of our daily lives.

From software to e-commerce to entertainment, AI has escalated its way into every industry. Technology companies are now heavily investing in the research and development of AI and trying to incorporate it into the products and services for a superior end-user experience.

Let’s explore how Artificial Intelligence is revolutionizing the development arena.

AI-benefits-for-business

Artificial Intelligence (AI), big data, and machine learning technologies are increasingly becoming ingrained in our daily lives. This is no longer the future but rather a present reality.

Even if individuals have mixed opinions about AI, it is impossible to deny that it provides us with enormous prospects. This is especially true in economic terms since both commercial enterprises and government agencies are interested in this subject.

Here are a few of the most important artificial intelligence benefits that can have a significant impact on a company and employment.

1. Artificial Intelligence Aids Web Development

The artificial intelligence concepts that are in vogue today not only help make machines intelligent but also help developers in learning modern coding techniques. Developers may struggle to understand project requirements or grasp the real essence of the project. Some may not know where to start. Artificial Design Intelligence is the answer to this. ADI not only puts the basic framework together but also creates basic code for the first kick.

Using AI techniques significantly reduces development costs. The use of Artificial Intelligence minimizes the requirement for manual effort. Companies will require fewer developers to complete the project with AI taking care of different processes. Not only that, optimizing code with AI saves a massive amount of server space as well. Less server space means fewer rentals, which have a direct positive impact on the operating expenses of a company.

Some of the tools which are AI-driven and which are also of immense help to a software developer are:

AI Canvas: It is a strategic decision-making tool that helps with feasibility change analysis and with deploying machine learning models

AskBayYou.com: It is an AI-based programming assistant which is developed based on the codes available on platforms like GitHub

2. Artificial Intelligence Helps in Exploring the Audience

You need to know your customers before launching the website or mobile app development project. Understanding metrics such as demographics, psychographics, time on page, the journey of the customer on the site, and more, is the key to developing the right content for your website. Artificial Intelligence helps businesses know their audience, including their characteristics, behaviors, and preferences.

Artificial Intelligence also helps in making intelligent decisions when it comes to user interaction. Adobe, one of the biggest software developers in the world, conducted a survey and concluded that 47% of digitally mature organizations have a clearly-defined AI strategy.

AI can now track and analyze website visitors and their behavior to assist companies in serving their audience better. The Intelligence generated by the AI code deployed on the website will help in various consumer-related decisions.

3. Artificial Intelligence Improves User Experience

AI techniques help in providing a superior user experience. Users explore the website of the business before making a decision, and this is where the user experience comes into action. AI can track user behavior not only on the company’s website but also on other platforms on the internet. It identifies users’ interests and shows relevant content to influence the buying decision.

Artificial Intelligence helps businesses in providing a personalized experience to their users. It helps analyze vast amounts of data efficiently and identifies patterns of buying, user preferences, credit scores, search history, and more. It analyzes billions of transactions to offer a highly-customized experience.

Consumers facing brands such as Netflix and Amazon use AI techniques to push the right service to the right consumer. For example, Netflix recommends shows based on the users’ previous watches. It even informs the user that the recommendation is made because the user previously watched the X show. Similarly, Amazon recommends shows based on the user’s search history and interest in particular product categories.

Some of the popular tools leveraging AI to enhance user experience include:

Artisto: It is a video-processing app with movie and art effect filters, grounded on neural network algorithms. It was created by Mail.ru Group machine learning experts in 2016. The application processes video up to 10 seconds long with 21 filters. It is the first app ever that uses neural networks.

Prisma: It is a photo-editing mobile app that uses neural networks and Artificial Intelligence to apply effects and transform photos. The app was launched in 2016 and used a neural network with AI to add the effects.

AutoDraw: It converts doodles and rough scribbles into symmetrical icons and clipart that are downloadable for free. Google launched AutoDraw as an AI experiment.

4. Artificial Intelligence enables virtual assistants

One of the most exciting implications of Artificial Intelligence is virtual assistance. The technology helps in replacing human assistants with virtual assistants, enabling faster communication between the company and its audience. Businesses are now deploying chatbots as part of their high-end customer service.

Although businesses are still reluctant to replace human-interaction with machine-driven interaction, AI’s tremendous Intelligence will soon take over. Artificial Intelligence allows bots to deal with customer queries, such as the availability of a product, order status, and more. AI-driven assistants deal with customer queries right away, while it is impossible for humans to be available for assistance throughout the clock. Even if humans require at least a few seconds to respond. Chatbots can help the very second a query is posted. which contributes to higher customer satisfaction.

Examples of Artificial Intelligence in business

You have come across artificial Intelligence if you have an Alexa device, have used a chatbot to ask customer service a question, or have ever wondered why you see so many product adverts that mirror your passions. In fact, since AI has grown so widespread in business, even if you don’t have smart devices or smart assistants in your home or workplace, there’s a good chance you’ve engaged with it.

  • Using AI in sales

Sales may be difficult, especially in B2B. Deal closing takes time, and conversion rates are poor. Customers do not just pull out their credit cards and make purchases. They require direction and validation. Take the time to meet your consumers, answer their concerns, and continue to provide advice later to foster a strong connection.

  • Healthcare

Artificial intelligence is proven to be a game-changer in the healthcare business. Enhancing nearly every element of the industry, from robot-assisted operations to protecting personal information from cyber hackers.

  • Self-Driving Cars

The self-driving automobile industry’s future is actually being driven by artificial intelligence. These vehicles are equipped with sensors that continually monitor. what is happening around them and use artificial intelligence to make the necessary modifications. Every millisecond, these sensors gather hundreds of data points (such as automobile speed, road conditions, pedestrian location, other traffic, and so on) and then utilize AI to understand the data and act on it—all in the blink of an eye. We may still have a long way to go before we’re entirely capable of driving autonomously, but the firms listed below are helping to pave the road.

  • Finance

The banking business and AI are perfect marriages. Intelligent robots excel at precision, real-time reporting, and processing large amounts of quantitative data to make judgments in the financial sector.

The banking industry and artificial Intelligence are an excellent match. Intelligent robots thrive on inaccuracy, real-time reporting, and processing of enormous volumes of quantitative data for making financial decisions.

How will AI change the business landscape?

Artificial Intelligence (AI) is possibly the most fascinating and divisive of the “disruptive” technologies.
As AI advances in sophistication and technology, it will progressively assist in completing more complicated activities, whether for personal or commercial purposes.

Today’s AI computers can replicate certain aspects of human mental capacity, and they are always seeking to improve. Autonomous cars, household and industrial robots. surveillance and security, automation, personal assistants, forecasting, data analysis, and other applications are included.

How is Artificial Intelligence AI changing the marketing landscape?

Artificial Intelligence is revolutionizing marketing techniques, and for a good reason: it can gather, analyze, and use data to improve marketing strategies and deliver relevant customer insights. According to experts, AI will be critical in future digital goods, mainly marketing. So let’s look at how artificial intelligence (AI) has progressed from the movie “The Matrix” to Google AI and self-driving vehicles to the realm of marketing.

What are the pros and cons of Artificial Intelligence?

Artificial Intelligence, or AI, is a computer program that learns from its experiences.
It can adapt to new inputs on its own, allowing it to do activities in a manner comparable to that of a person. The way we define AI has evolved, as have the jobs we’ve asked these computers to do.

How does Artificial Intelligence impact society?

  • 1 RISK-TAKING FOR HUMAN BEINGS

Humans can employ artificial intelligence devices such as robots to accomplish tasks or even go to regions that would be dangerous for humans to attempt. They are more useful in the depths of the seas, oil collecting, and bulk. They assist in overcoming some of the risks identified in the study and findings. For example, digging gold to a great depth is always dangerous; most likely, individuals have died in those areas by being buried alive by the dirt when gold diggers do it manually.

  • 2 PREVENTING HUMAN-CAUSED ERRORS

Humans are not immune to making mistakes, which means they are prone to do so. Artificial Intelligence (AI) will aid in the reduction of such incidents by ensuring data correctness, but only if the accuracy is maintained. They don’t get weary as people do so that they won’t get mixed up.

  • 3 RESPONSE TIMELY

Unlike humans, Artificial Intelligence responds quickly to input. Computers are never less than smart. It is programmed to accept input with a single button press. Computers are capable of performing many jobs at the same time. Because it is quick and clever, it helps decrease the amount of time spent doing activities.

  • 4 HELP WITH REPETITION OF SIMILAR JOBS

Some professions are constantly tedious and monotonous; computers and other devices can assist in doing the work without becoming bored or confused. A daily email, or even continuous data that has to be written and transmitted, for example, with the aid of computers, it may be done automatically and without boredom. Moreover, it can speed up the process of copying and printing comparable work.

PROS of AI

  • 1 Cost-effective

Robots and machines, like people, are not required to be paid monthly for the labor they perform. Although machines are used to maintain costs, the cost of maintenance is insignificant compared to the costs that a business incurs for its personnel.

  • 2 Improve efficiently

Artificial Intelligence boosts productivity. Work would be completed more efficiently since machines would replace labor, depending on the sort of Intelligence.

Without a doubt, if machines were created without flaws, they would be capable of doing even the most challenging jobs without error.

  • 3 Don’t take a rest

One of the most significant advantages of using Artificial Intelligence in the workplace is that machines and robots can more efficiently do complex and time-consuming activities.

Even the machine does not require a break to complete extensive work. This is because machines, unlike people, do not require rest or breaks.

Cons of AI

  • 1 Machines Cannot Feel Compassion and Sympathy

There’s no denying that machines are more efficient at work, but they can’t replace the human connection that brings a team together. Humans and machines cannot form a relationship.

  • 2 Increase in Unemployment and Job Security Issues

There will be a sharp increase in unemployment and job security as more machines are built. Because robots are increasingly replacing human resources, many individuals who lose their employment will rise.

  • 3 Risk of Loss of Important Data

Because we live in the twenty-first century. We’ve seen and even experienced our essential information being lost owing to technological concerns such as machine failure, or our system’s software being corrupt.

Almost all of our crucial papers, data, images, and videos are stored on computers, cellphones, and other devices. It is impossible (or extremely difficult) to recover this information after it has been lost.

Artificial Intelligence is futuristic!

Artificial Intelligence is revolutionizing business processes with high-end automation and developments. It will reduce costs by minimizing manual work, making bots smarter for intelligent customer service, and more.

Our experts at Cubix leverage modern technologies to help clients utilize Artificial Intelligence in their software and mobile apps. We were wondering how AI will drive your business growth. Talk to our experts today and discuss your idea!

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Cubix

Spanning a diverse range of content, our Editor keeps a close eye on all published materials while publishing and making edits to existing posts.

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