Successful Use Cases of Artificial Intelligence for Businesses
AI is contributing to the businesses in a huge way. For specifics, check out these successful use cases of AI for business.
Self-learning and Automation of workflow are not new terms in the professional world. In fact, they are the two most basic advice given to humans by their fellow mates. Learning from our past experiences and the experiences of others and getting the work done in a way that reduces the effort while not compromising with the efficiency have been the key contributors of all major breakthroughs in any field.
Nowadays self-learning and automation are not limited to humans only. Computers these days are being made capable to learn from the enormous amount of user data available these days. The extent of learning is not limited to performing pre-defined tasks, but it can also be used to fetch valuable insights from data at hand. This is what forms the basis of future courses of actions. This is “Artificial Intelligence” in a nutshell.
A Brief Introduction:
Artificial Intelligence (AI) is the emulation of human intelligence process by machines be it a computer or an IOT device. The process involves learning (extracting meaningful insights and patterns), predicting (use the gathered information to help devices make plausible future decisions) and self-correcting (the art of getting more efficient every day).
This is made possible by the three major wings of Artificial Intelligence – Machine Learning (ML), Natural Language Processing (NLP) and Deep Learning (Neural Networks).
AI has established itself in every business sphere around the world -encompassing everything from Rule-based machine learning to visual classification. Its applications range from object recognition to preventing high-end cybersecurity threats.
As we are not acquainted with the denotation of Artificial Intelligence (AI), let’s analyse few cases where AI has enabled businesses to secure their core values
Customer Relations via NLP and automation:
Maintaining and continuously improving Customer Relations has always been the core value of any businesses. With the advent of Artificial Intelligence and automation, multiple new avenues have opened to gain more and more traction, personalization in customer reengagement and overall bringing a great impact in overall business revenue. (anchor text ?)
Sending queries via forms or emails and then waiting for your queries or issues to be resolved is no longer the face of the game. Instant Messaging Platforms, Chatbots are the latest trend in the field of Customer Relations. Machine Learning and AI have made businesses more accessible to users on every platform be it Online or Offline. Artificial Intelligence uses Natural Language Processing (NLP) techniques to interpret words, data and apply contextual and reasoning algorithms to aid, run surveys and at the same time generate useful insights and provide relevant data so that analysts can focus on growing data needs and what main attributes need to be tracked.
Certain tasks are more impactful for a business but at the same time may require heavy resources. AI-powered Project Management tools have been helping in the management and prioritization of activities by delving into impact analysis.
Artificial Intelligence has added a valuable feature of detecting any critical tasks or goals and raising reminders for the same. This has changed the workflow of workspace and raised employee efficiency standard. The AI also helps in deciding the deadlines and later generating regular reports for review by management.
Security is the basics:
Long gone are the days when the tasks were done in the sequence they come. Some tasks may impact business less or some may be impacting more but require a large number of resources as well. AI-powered Project Management tools have been helping project and product managers in managing and prioritizing their tasks by analyzing the business impact of each task and available resources.
Artificial Intelligence has added a valuable feature of detecting any critical tasks or goals and raising reminders for the same. This has changed the workflow of workspace and everyone has been contributing more efficiently. The AI also helps in deciding the deadlines and later on generating regular reports for review by management.
Artificial Intelligence in Human Resource and Intelligent Recruitment:
Human resource management has gone through drastic and irrevocable workflow changes with the help of AI and Machine Learning. A pile of irrelevant resumes and manual productivity analysis for retention and appraisals are a thing of the past.
Artificial Intelligence saves HR decision makers from the mundane and tedious process of shortlisting potential candidates for next rounds. It optimizes this process by relevant keyword-based searches. AI aids in analyzing the filled application form and various pre-filled answers by candidates too. It has aligned the recruitment workflow to be more intelligent and data-driven.
Making better hires is just the start, retaining and mentoring them involves a whole another level of planning. AI tools can assess employees (their mindset and personalities), configures and creates a plan on what areas they need to train the employees, how to motivate them, when to reward them and what not.
It is paradoxical but true that the more Artificial Intelligence a company deploys, the more ‘Human’ a company can be.
AI-backed Data Analytics:
Artificial Intelligence has already revolutionized the data-processing workflows and has been delivering actionable insights for quite some time. It helps the employees by presenting before them trends, patterns, relationships, and anomalies which serve as major decision-driving metrics.
It has shifted the businesses’ concept of data from Describing to Monetizing. Ai is not only classifying the data in a presentable form for users but also have been giving business the directions to turn new found knowledge or insights into visible profits. It can help in expanding the business verticals or the type of customers you have been serving. It has also been contributing to making company workflows more efficient and cost-effective.
Sentimental Analysis and textual Analysis play a major role in this data gathering. Parallel Dots has been contributing in this arena for a long period of time (Anchor Text). Their powerful APIs can comprehend a huge amount of unstructured text and visual data to empower various products and companies. It also empowers market researchers to automate mundane and time-exhausting data-analysis tasks and provide them with insightful and actionable data. Currently, Parallel Dots is providing 9 different APIs for various text analysis tasks and changing the way text analysis has been handled to date. They also provide AI consulting services to explore the “what, why, how and who about deploying AI in businesses.
To Sum Up:
Artificial Intelligence (AI) is a high decibel discussion. It has served as a horizontal enabling layer serving all the verticals of business values. But it will naive to say it doesn’t have its own pitfalls. Abuse of AI tools can lead to enormous attacks from hackers and breach of data. Decision taking abilities is also mildly influenced by human emotions in the training set.
But for now, AI has contributed to the businesses in a huge way. And the best part of this technology is that it improves with age. It’s not an overstatement to say that Artificial Intelligence is going to serve every philanthropy in near future. So, AI serves a core in securing business values, but it needs to be approached in a right way so they don’t hit any costly snags.
Read more about how NLP is automating the completed text analysis process for Enterprises.
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Original. Reposted with permission.
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