5 ways Artificial Intelligence (AI) is being used in business

Artificial Intelligence has been named one of the biggest tech trends of 2022, and the demand for jobs involving AI has increased 161% over the past year. Companies are adopting AI technology to help improve customer experience, increase efficiency, reduce costs, and develop processes and strategies to help stay ahead of the competition.

We have put together five different ways AI is currently being used by businesses.

1.    Personalisation

AI-based personalisation allows companies to target their customers through data. It uses personal information to optimise what the customer is seeing. They receive content, products, and services to match their preferences. Data includes location, browsing history, and purchasing decisions. AI has allowed companies to reach their audience quicker, which results in increased customer engagement and loyalty and increased sales.

Companies that have developed Apps use personalised push notifications. They are sent straight to customers’ mobiles, considering the timing and messaging so they are more likely to interact with them. For example, at the end of the month, many eCommerce apps send out ‘Payday push notifications to try to encourage users to make a purchase.

2.    Process Automation

Also known as Robotic Process Automation (RPA), RPA removes time-consuming and tedious tasks from employees, enabling them to concentrate on more valuable and rewarding work. RPA is being used in businesses to increase efficiency and productivity. It removes the potential risk of human error in tasks. It can help with scalability, for example, if your company grows and you need to conduct the same process, machines will be able to cope with the increasing amount of data and demand. An example of RPA is data migration or credit card applications.

3.    Cognitive Insight

Cognitive insight is an analytics tool powered by deep learning. The application is used where human insight is limited. These machines are able to process enormous amounts of data, at high speed. They find patterns and insights that will predict outcomes to help the company run more efficiently. For example, they find customer buying patterns, identify fraud in real-time and automate targeting for advertising. Cognitive insight applications are used to improve performance on jobs only machines can do.

4.    Customer Service

One of the most common uses of AI in customer service is the use of chatbots. Chatbots are being used to help drive efficiency and reduce costs. They function as an automated virtual assistant that interacts with humans via text messages, live chat, and forums to help solve everyday customer care issues. AI-powered chatbots use natural language processing (NLP) and advanced machine learning (ML) algorithms to learn from data insights. NLP allows computers to interpret and analyse human speech and react in a language that people understand, this gives the impression that the interaction is between two persons.

5.    Data analysis

Most businesses rely on data for insights, therefore adopting AI can help drive growth and profits. AI can be used in data analysis to help find patterns and relationships within big data, in a much faster time than humans. AI uses predictive analysis turning data into useful insights that businesses can use to their advantage. For example, AI tools can be used in healthcare to analyse copious amounts of data to track the spread of chronic diseases.

As you can see AI can be used by businesses to gain a competitive advantage and therefore companies will continue to employ highly skilled professionals who are capable in AI.