In the present business world, artificial intelligence is becoming one of the prime drivers of exponential growth. This is because various types of sectors use technologies like deep learning, machine learning, data analytics, visualization, and automation which are directly or indirectly related to artificial intelligence. According to a Gartner report in 2021, artificial intelligence is at the center of widening the horizons of both analytics and business intelligence. It is important to observe how businesses are restructuring their analytics capabilities amid growing data volumes and data streams. With the help of artificial intelligence tools, machine learning, and data analytics, the scope of business intelligence is being widened to a large extent. This article aims to understand the vitality of artificial intelligence to business operations in general and business analyst courses in particular.
Importance of AI to businesses
In simple terms, artificial intelligence is used for modeling business platforms that are able to solve complex problems and become capable of quantitative decision-making. The most notable application of artificial intelligence in the business domain has come through machine learning techniques. Be it the management of e-commerce or the satisfaction of customers through effective grievance redressal mechanisms, machine learning answers it all. Statistically speaking, there have been five prime application areas of Artificial Intelligence and machine learning that have relevance for almost all business forms. The first one is various types of virtual assistants that are equipped with state-of-the-art natural language processing capabilities. The second AI capability that has generated constant revenues for companies is targeted advertisements and personalized recommendations. In addition to this, it is predictive analytics that acts as a torchbearer for businesses amid a changing and dynamic business market.
Businesses reaping the benefits of AI
Businesses are reaping the benefits of artificial intelligence in a number of ways. The first and foremost priority for any business is to establish a natural connection with its customers. Artificial intelligence helps in automating the process of communication between a business and its valuable customers with the help of online chats and instant messaging. It also helps in email marketing and prioritizing social media campaigns. With the help of artificial intelligence techniques, we are able to derive valuable insights about customer behavior and recognize their transaction patterns. This valuable data can then be utilized to provide an immersive and personalized experience to all customers. In this way, artificial intelligence improves the operational efficiency of a business and helps in inventory management and logistics control. Such applications of Artificial Intelligence are extremely useful for large hotel chains and mechanized factory premises. These are also helpful for business process outsourcing units and subsidiaries dealing with customer product delivery. Similarly, artificial intelligence is able to forecast business growth, estimate overall revenues, and even provide recommendations related to product demands. For companies that deal with breakthrough innovation and smart products, it is artificial intelligence that helps in the engineering and testing of their applications.
An overview of AI applications in business ventures
The application of artificial intelligence in business ventures has been broadly divided into three categories for the purpose of simplicity. The first category is work automation. The second category is sales and marketing and the third category deals with customer service. According to a report by Gartner, more than 10 million jobs would be automated in the manufacturing sector in the next five years. This suggests the importance that artificial intelligence would command in the coming time. Not only will it help in reducing costs but will also help in improving productivity and lead to business growth. In the domains of sales and marketing, artificial intelligence would induce significant transformation. With the help of artificial intelligence, marketing tasks would be automated which would improve sales and customer satisfaction in the long run. Artificial intelligence would also allow precise targeting of customers with personalized products and enhanced recommendations. This would not only help in brand positioning but will give rise to an open market where different players can compete with each other. Finally, artificial intelligence would improve customer service with the help of next-generation chatbots. Chatbots would be equipped with higher cognitive capabilities and would take care of various needs of the customers by processing customer data in real-time.
Concluding remarks
The rate at which artificial intelligence is influencing businesses suggests that the formalization of cloud analytics and cloud visualization is not far enough. In fact, businesses would love to leverage the capacities of cloud-powered analytics in addition to artificial intelligence technologies for sustainable growth in the future.
