Artificial Intelligence (AI) is a broad field of study, and its technological benefits are unlike any other. In the simplest form, AI simulates human intelligence processes conducted by machines, more specifically by computers.
However, unlike humans, computers benefit from removing certain human limitations. This is what makes it so interesting and beneficial. Modern-day AI is useful for businesses in many ways.
Today, we will discuss six examples of how AI is transforming business for the better to give you some idea of the incredible benefits AI has for business.
6 Examples of How AI Is Transforming Business
Here are six examples of how AI is transforming businesses today.
- Sales and Marketing Solutions
The recent global increase from physical shopping and banking to online shopping and mobile banking is creating a massive amount of unstructured data every day. Unlike structured data, this data is complex for businesses to interpret and turn into meaningful information.
This is where AI in data mining and data analytics can help make sense of what consumers want, need, and feel. AI-based sales and marketing solutions accurately identify which consumers are the most likely prospects for a particular business.
It can make business sales and marketing more efficient by helping them prioritize target audiences and improve their effectiveness.
2. Keeping Up With Demands
All businesses want to meet demands and match them with their supply as it is an efficient and cost-effective business practice. However, this is easier said than done because demand depends on many external factors, whereas supply is more manageable for most businesses.
A business can control and predict what its supply chains provide, but it cannot control and predict demands as easily. Modern AI solutions are changing how businesses analyze demands. They can help companies analyze external data from multiple sources and accurately understand market demands.
In most cases, historical data and current trends are the two key data elements used by AI solutions to produce such information for businesses. The historical data allows AI to reveal insights about upcoming demand patterns, whereas current trends allow it to make realistic adjustments.
These AI processes are not limited to the demand for products. They can even work to manage labor demands for human resources. This allows businesses to allocate staff or workforce according to demands accurately.
3. Verification Processes
Artificial Intelligence provides excellent solutions for verifying identifications, documents, licenses, etc. This can make manual verification tasks faster, inexpensive, and more efficient.
For instance, a bank that regularly needs human observation to verify documents or customer data can comprehensively automate the process using AI solutions.
By using technologies like face recognition and advanced data mining techniques, AI verification solutions can quickly identify the type of document or ID, match it with the right person, recognize all the security features of the document or ID, run background checks, and much more.
Automating verification processing is nothing new, but with AI solutions, businesses can take it a huge step forward and do things previously impossible without human intervention.
4. Cyber Security
Cybercrime is a billion-dollar criminal industry, and cyber threats to businesses of all sizes have been on the rise for years now. Most hackers and cybercriminals never get caught even when they are found because cybercrime can be committed remotely; this makes it attractive and profitable for criminals.
Cyber security is the only effective solution, which is essential for any business. Business cyber security can now leverage AI tools and techniques to identify and respond to potential cyber threats autonomously.
Not only do they actively help prevent cybercrime for businesses, but they can take the necessary actions needed to delay, stop, or overcome potential cyber threats for businesses. They do this through multiple methods like detecting malware, running pattern recognition, and detecting malicious activity before reaching a business’s IT systems.
5. Reporting
Many businesses rely heavily on real-time reporting, accuracy, and analysis of large volumes of raw and processed data. AI solutions like machine learning and adaptive intelligence heavily improve these reporting processes.
AI reporting solutions are incredibly popular and effective, especially in the finance sector, where developments like AI-powered hedge funds, algorithmic trading, and personalized portfolios are all the rage these days.
6. Social Media Trends
In a single decade, social media has taken over almost every aspect of life and business. No modern B2C business can function without input or influence based on social media trends. However, accurately identifying, predicting, and taking advantage of these trends is not easy.
This is another aspect of business that is being transformed by AI solutions, specifically through AI and machine learning-based data mining techniques. AI helps businesses organize large quantities of relevant social media data, accurately recognize trends, and even predict shifts in demands and culture.
Conclusion
These were just six examples of how AI is transforming business in the modern world, and there are plenty more such as energy efficiency and risk analysis, which we can discuss another time.
This article has mentioned some key ways businesses take advantage of modern AI technologies and solutions. Whether large or small, you should try to benefit from AI solutions if you run or own a business, especially in today’s competitive markets.
We highly recommend consulting the professional experts at deltAlyz to deploy effective Artificial Intelligence solutions for your business. They are experts in Business Intelligence and can help your business with data mining, data analytics, and machine learning.
If you want to learn more about how AI is transforming business, or if you’re going to deploy the best AI and Business Intelligence solutions for your business, please visit our website today.
