Sunday, December 10, 2017
How Artificial Intelligence is Making an Impact on Businesses
How Artificial Intelligence is Making an Impact on Businesses
When people think of artificial Intelligence, they usually think of the ways that it is represented in movies and books. Unfortunately, these are not always pleasant representations. It’s usually something like killer robots trying to take over the world or an AI system that goes wrong and starts harming people.
While this might make for entertaining fiction, the reality of artificial intelligence is very different. Modern businesses use technologies like AI and machine learning to help them make better decisions. For example, a company can use an AI chatbot to help provide better customer support and product designers harness machine learning to develop products that will better serve consumers.
With recent advances in technology, machine learning has come a long way in the last few years, and business leaders have starting to recognize the potential. We are seeing unprecedented growth in the level of investment in AI and machine learning technologies, and we are starting to see some of the new ways that companies are applying these technologies to improve their business.
Applications for AI
Artificial Intelligence is already in use in many industries. AI probably affects your life in a number of different ways, and you may not even realize it. The following are a few examples of different ways that modern businesses are using AI technology.
Chatbots
AI chatbots have changed the world of customer service. With the development of more advanced language processing systems, these chatbots are more useful than they have ever been, and more customers are starting to prefer using them. In a recent study, 70% of respondents said that they already prefer chatbots for simpler interactions.
Self-Driving Cars
Several companies are already developing self-driving vehicles, and it is only a matter of time before these vehicles become a common part of everyday life. Even traditional automobile manufacturers are getting in on the race to build driverless cars. Ford recently made a major investment in Argo AI as a step toward developing the systems that will power their driverless vehicles.
Face Recognition
Face recognition systems use AI technologies like machine learning to provide security for mobile devices and online accounts. Apple’s iPhone X is one such example of how this technology is being brought to consumers, but you also have companies like Google that are investing heavily in AI systems that support face recognition.
Marketing
Artificial intelligence is set to have a major impact on the world of marketing in the near future. With predictive analytics, marketing firms will be able to develop better content, target customers more precisely, and make budgeting decisions that are informed by the most recent information.
These are just a few of the ways that AI is already being used by businesses. You also have banks that are using it to make decisions on investments, hospitals that use AI to provide better healthcare, and engineering firms that use these technologies to improve the design process.
Examples of AI being used by Businesses
Some of the world’s best-known companies are already using AI. Let’s take a look at a few of the ways that large businesses are using this technology.
Pinterest
Pinterest is a site that is all about helping users find the content that interests them. With machine learning, Pinterest is able to provide better and more accurate recommendations, and this helps to keep the site’s millions of monthly active users engaged.
Pinterest uses an algorithm to find the content that users want to engage with, and this algorithm is continually being refined using a machine learning program that analyzes billions of user interactions.
Amazon
Much of the future of smart technology is going to depend on users giving voice commands to AI devices. One such device is Alexa, the digital personal assistant from Amazon.
One challenge for Alexa and other devices that rely on voice commands is the ability of the AI system to understand and respond to language in a way that is natural. Machine learning is one of the keys to offering better voice command services. Companies like Amazon use machine learning to analyze vast amounts of user data that can then be used to improve the language capabilities of services like Alexa.
Netflix
As one of the world’s largest media streaming services, Netflix relies on making smart decisions about the content they provide to their users. With machine learning, Netflix is able to analyze user data to help them gain insights into the content preferences and viewing habits of consumers.
With the insights provided by machine learning, Netflix can then use their budget to deliver more content that users will enjoy. Additionally, Netflix uses machine learning to help the service in providing the best recommendations for users.
These are just a few of the businesses that are using machine learning to improve their services and make better decisions. With more companies recognizing the importance of AI and machine learning, we are going to see continued growth in investment in these technologies, and we are going to start to see more ways that businesses are using AI to get an edge on the competition.
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