HailyAI Explains Why AI Is Important For Your Business
Artificial intelligence (AI) is the next big thing in business. It will transform how we do everything from marketing to customer service and product development.
To understand why, let’s look at what AI is, where it’s going and how it can help your business.
What Is Artificial Intelligence?
The term artificial intelligence refers to a broad range of technologies that enable computers to think like humans.
These technologies are used for a variety of purposes including:
Natural language processing (NLP): enables computers to understand human speech and text. This technology is behind Siri, Alexa and other virtual assistants.
Knowledge representation and reasoning: enables machines to store information and make inferences about it. For example, Google uses this technology to power its search algorithms.
Machine learning: enables computers to improve their performance without being explicitly programmed. Machine learning is the basis for many of today’s successful applications such as Facebook’s facial recognition software.
Where Is Artificial Intelligence Going?
There are three major trends driving the adoption of AI across industries.
Big data: The availability of vast amounts of structured and unstructured data has led to an explosion of use of AI and machine learning. This includes the ability to mine large databases for insights.
Cloud computing: With cloud computing, businesses no longer need to own or manage their IT infrastructure. Instead they pay only for what they use. As a result, there’s been a surge in interest in using public clouds based on Amazon Web Services (AWS), Microsoft Azure and Google Cloud Platform (GCP).
Internet of Things (IoT): The IoT provides another source of big data by connecting devices and sensors to the Internet. This allows them to communicate with each other and share information.
These three factors have created an environment where AI and machine learning are becoming mainstream tools for solving real-world business problems.
How Can AI Help You?
In terms of business, here are five ways that AI can be applied to help you achieve your goals.
- Improve customer experience. By analyzing customer interactions, AI can provide better customer support and enhance the shopping experience.
- Reduce costs. AI can automate repetitive tasks and eliminate redundant processes.
- Enhance product quality. AI can detect potential issues before they become problems.
- Increase sales. AI can analyze social media engagement and content consumption to determine which products and promotions resonate best with customers.
- Develop new products. AI can create new products and services by combining existing ones.
- As a marketer, you must adapt your strategy to take advantage of these opportunities.
Here are three steps to get you started.
Understand the different types of AI.
There are two main categories: rule-based systems and neural networks.
- Rule-based systems are easier to implement but require more programming skills.
- Neural networks are more complex but can learn from past experiences.
Determine what type of AI is needed for your business. Depending on your needs, you may want to combine multiple types of AI.
For example, you could use NLP to extract key phrases from customer reviews and then apply machine learning to predict future product usage.
Select the appropriate AI toolset.
At a minimum, you need a platform to run your AI and a set of APIs to feed your AI with relevant data.
While AI is still in its infancy, it’s already changing how we live our lives.
The same is true for your business.