There is no denying the fact that Artificial Intelligence and Machine Learning are influencing every part of the tech industry. AI and ML are everywhere, from the corporate world to gaming stations, and perhaps, more than our regular lives, AI is impacting the business world more. Tech giants like Facebook and Google have placed huge bets on machine learning, and they are already using this technology in their products. But this is only the beginning. In the coming years, we’ll see AI and ML steadily glide into one business after another. Here in this blog you will get to know: What is AI & ML and how it impacts the world of business?
What is Artificial Intelligence and Machine Learning
According to Stanford Researcher, John McCarthy, “Artificial Intelligence is the science and engineering of making intelligent machines, especially intelligent computer programs. Artificial Intelligence is related to the similar task of using computers to understand human intelligence, but AI does not have to confine itself to biologically observable methods.”
Machine learning technology uses Artificial intelligence to continuously learn from data, and then produce algorithms that need to be followed. Since data contains a massive array of numbers and information, people do not easily understand it and if humans were to work on these algorithms, it’d take them a lot more time and resources.
Machine learning is a subset of AI. It is a science of designing algorithms and applying them further to learn things from past data and simulate human behavior. If some behavior or pattern exists in the past, then the machine can learn from it, predict it, and tell if it can happen again. Put simply, the machines learn from history to predict rational outputs.
Businesses are migrating into AI and ML-enabled systems due to its promise of bringing advancement in respective industries. The changes are bound to happen in multiple sectors due to ML and AI’s capability of transforming the current work scenario.
Top 5 Impacts of AI & ML on Businesses
1) Personalized Marketing Approach & Prediction
You’ve witnessed it many times. When you visit Amazon and search for an iPad or review the product feature. Then later that day, you visit Facebook and find ads on the same iPad model. You start seeing that product everywhere. AI and ML are making these recommendations to you. These technologies are helping advertisers personalize their marketing approach.
In the retail sector, AI has reduced the shops’ overstock, improved shipping times, and also reduced refunds by 2,000,000 times. ML can be used in the future to boost productivity and to augment the weak spots of your staff without going on massive firing sprees. AI will continue to drive the revolution in the advertising sector. With the help of machine learning, marketers will gain a deeper insight into the customer’s minds and hearts and be able to target them through increased personalized messages.
2) For security of your Business (Cyber Security)
Cybersecurity remains one of the most common concerns for businesses of all types. Think about the times when hackers and cybercriminals harmed multinational companies and grabbed international headlines. Cybersecurity issues will be tackled with the advancement in machine learning. Although, we need to keep in mind that hackers may also make use of these technologies to harm businesses. So, cyberattacks will be more sophisticated and smarter in their approach.
Frauds can be detected, and suspicious behaviors can be tracked with the proper implementation of ML-enabled technologies . As AI and ML learn over time, apps and software can self-adjust and act accordingly to defend vulnerable systems. Implementing AI into your business will safeguard sensitive data as machine learning can identify vulnerabilities in advance.
3) Improved Recruitment Processes and Efficient Human Management Resources
AI and ML will most likely dominate the recruitment processes sector as well. Since the advance of this technology, AI has improved greatly. It helps in reducing the need for repetitive tasks, lessening the manual work, and speeding up the operations.
Furthermore, AI-enabled tracking systems are also available in the market – this is helping businesses to develop job search engines, harvest the most appropriate candidates, browse through the resumes efficiently, and even conduct interviews remotely without asking candidates to visit the office premises.
4) Faster Electronic Devices Interaction
Microchips in mobile phones are likely to have AI-enabled hardware and ML-powered processors. These high-performing processes will give consumers abilities such as fast translation and more efficient speech recognition.
Similarly, there will be smartphones and computers with greater memory. The computer size will shrink further, but their capabilities will enhance multi-fold. These features will help businesses become more accessible and globally competitive as well. AI & ML-enabled devices will increase the revenue sources for all types of business because we’ll see the development of apps that’ll support and grow businesses.
5) Efficient Customer Interaction (CRM – Customer Relationship Management)
Artificial intelligence and machine learning are also changing how businesses interact with their customers. We’re already seeing feature-rich customer relationship management systems such as Zoho and Salesforce. However, this software currently requires heavy human intervention to ensure effective use of the tool. But, when machine learning will be applied to its best potential, these platforms will transform into autocorrecting, self-learning systems that further supports businesses in managing relationships with customers.
Customer service will remain an essential part of all businesses, irrespective of size and industry type. ML is going to completely modify customer service or support in the coming years. The AI-enabled systems are also going to have sentiment analysis technology that will significantly help in responding to customer concerns. AI & ML will also become efficient at handling customer queries and complaints through chatbot technology. All of this will help businesses to provide accurate and quick answers, and also build great engagement with the target market.
Artificial Intelligence and Machine Learning are here to stay. Most experts believe that all the hype surrounding this technology is really worth it. Hence, it’s important to understand the value that ML can bring to your business. ML will going to impact your business’s operation and productivity, whether you’re running a large corporation or small business. So, view this relationship with this technology as a partnership. For that will help your company evolve and grow with the technology.