Across the globe, Artificial Intelligence continues to gain momentum in numerous company structures. So really, what is this technological phenomenon and how is it broadening the horizon for organizational structures and business operations?
Artificial Intelligence Defined
AI as a concept refers to computing hardware being able to essentially think for itself, and make decisions based on the data it is being fed. AI systems are often hugely complex and powerful, with the ability to process unfathomable depths of information in a short time in order to come to an effective conclusion.
Thanks to detailed algorithms, AI systems are now able to perform mammoth computing tasks much faster and more efficiently than human minds thus helping making big strides in research and development areas around the world.
Various Types of AI
Below are some of the various types of Artificial Intelligence:
- Reactive Artificial Intelligence– Machines and systems based on this type of AI neither have a concept of the past, historical data, and inferences from it nor the ability to conceive a future. Such machines work on the present, a scenario or a task that is right in front of them.
- Limited Memory– These AI systems use past experiences to inform future decisions. Some of the decision-making functions in self-driving cars have been designed this way.
- Theory of Mind AI- This type of AI is able to understand people’s emotion, beliefs, thoughts, and expectations. On top of that, it is able to interact socially.
- Self-Aware AI- In this type of artificial intelligence, machines or robots are aware of who they are, understand their internal traits, states and conditions and even perceive human emotions. Self-aware artificial intelligence is an extension of the Theory of Mind class of artificial intelligence.
How Is AI Helping Companies Across the Globe?
Just in the past couple of years, AI technologies have been seen revolutionizing the scope and reach of business. Here are some of the ways AI continues to help companies:
- Improves Customer Service
Many companies across the globe are aware of the importance of good customer service and how it significantly affects the success of their company.
In fact, people are likely to cut ties with a brand after just one poor customer service experience.
With the help of chatbots, you can easily identify your weaknesses with regards to your customer service and figure out how you can improve them. Chatbots begin reading and analyzing customer data from the initial point of interaction, moreover, they provide smart insights on how you can effectively assist your customers.
For instance, companies far and wide use chatbots like Nano Rep to enhance their customer service by integrating their customer support with popular messaging platforms to ensure customer messages are responded.
- Used to Enhance an Organization’s Information Technology and Security
The top way businesses are using AI right now is in IT and security. As of last year, around 44% of 835 companies surveyed by Tata Consultancy Services were already using AI to detect and deter security intrusions. Others are using AI technologies to either resolve users’ technology problems, reduce production management work by automating it, or using it to gauge internal compliance for approved technology vectors.
In regards to security, organizations are using solutions like Cylance that offer cybersecurity products and services that proactively prevent, rather than reactively detect, the execution of advanced persistent threats and malware.
There are also cloud platform and machine learning solutions that companies are using to manage their databases of information such as sales transactions or customer info, relational databases, apps, and other sources.
- Facilitation of Business Management
From scheduling conferences and team meetings to programming business trips and decision-making support, AI can help with business management activities.
Domo is a fast-growing business management software company that has raised over $500 million in funding and has created a dashboard that gathers information to help companies make decisions.
The cloud-based solution can scale with the size of your company and can be used by teams with as few as 50 members.
- Increases Efficiency of Technical Procedures
Companies all over the world are busy implementing AI due to its ability to increase the efficiency of technical process within an organization.
For instance, French multinational energy firm, Engie, is using a combination of drone and AI image processing technology to inspect its infrastructure to prevent damage to their high-pressure network. On the other side of the world, Japan insurance firm Fukoku Mutual Life Insurance made the move to replace 34 members of their staff with IBS’S Watson Explorer. The artificial intelligence system calculates insurance policy payouts by analyzing medical certificates, surgery and procedure data and hospital stays and calculating the relevant payout. Watson Explorer is expected to increase the firm’s productivity by 30 percent.
- Improves Marketing and Boosts Sales
In today’s technological era, companies can now leverage AI systems to revolutionize their marketing and sales departments.
Platforms like Adext AI apply Artificial Intelligence and Machine Learning to digital advertising to find the best audience or demographic group for any ad. Automatically managing budgets across different audiences on multiple platforms (like Google AdWords, and Facebook Ads), and optimizing every single ad about 480 times each day, which makes its current average improvement of +83% more conversions by the 10 days mark, a no-brainer.
Not only that, but it also guarantees Adext Partner agencies that it will get them a better cost per conversion (lower cost per sale or cost per lead) for all their accounts and campaigns, or the service will be FREE, and no management or optimization fees will be charged.
Currently, Artificial Intelligence is everywhere you go. So, companies might as well use these technologies to boost their sales and improve on their overall structure. The technology is widely used by companies and so far, they are enjoying the benefits.
If you are interested in elevating the efficiency of your organization through the use of AI, there is definitely a solution out there that can help yo