Business & MarketingTechnology

How A.I. is Changing the World of Business

Artificial Intelligence (AI) is a broad, all-encompassing term that includes both Machine Learning and Deep Learning. Machine Learning is like a personal assistant and learns over time ways to improve the efficiency and accuracy of the tasks performed. Machine Learning requires supervised or labeled data to work.

Deep Learning, similar to machine learning, can improve over time from experience, but it can learn without labeled data. Deep learning consists of deep, intricate layers of neural networks. The networks use mathematical functions called iterations and back propagations, which gives the systems the ability to process data and improve. Technology has allowed us to collect vast amounts of structured and unstructured data from mobile devices and technology interactions. The business world is exploiting was to gain a competitive advantage by making use of this data in various ways such as marketing, mobility, service, and security.

Types of Artificial Intelligence

Businesses are using AI to satisfy three universal business needs: automation, cognitive, data insight. Each of these needs will play into how the A.I. is set up to run for the business. 

Messaging and Mobility (Cognitive Engagement)

Auto-Generated Messages

The market is in constant demand for more mobility that allows consumers to perform tasks on the go. Auto-generated messages for texting and email replies are changing the way we develop mobile operating systems. Text messaging examples include “appointment reminder message” and “Opt-in or out messaging. Artificial Intelligent algorithms collect data from the user’s interaction with devices and can learn how we respond to specific questions.

Chatbots

AI has changed how online retailers handle customer service. Chatbots have grown in popularity, and this technology would not be possible with AI. Machine learning technology has led to many businesses creating chatbots to interact and answer many of their customer’s fundamental questions. Most people have experienced talking to a sales or customer service rep at some point. In many cases, when we think we are talking to another human, chances are we are talking to a chatbot.

The most widely known auto-generated message is the “out of the office” message, or the “working from home message. Auto-generated messaging increase efficiency and have changed the way mobile application developers design software, which leads to Conversational User Interface.

Conversational User Interface

Conversational User Interface (CUI) is having a significant impact on business regarding software engineering. CUI, which is based on machine learning, is becoming the next step in the evolution of the user interface, slowly replacing the Graphical User Interface (GUI). CUI is replacing the need to click virtual and physical buttons and switches, including how we interact with our cars, home appliances, lights, thermostats, and televisions.

Process Automation

Businesses use AI to automate time-consuming processes relating to various administrative and critical financial tasks. Robotic Automation Technologies (RPA) is a high-level form of process automation, in which the algorithms can process data from multiple locations. Email transfers, customer data migrations, and updates are a few of the processes businesses are utilizing AI technology to complete.

Finance and Banking (Process Automation)

AI is changing the way financial and banking business is conducted. AI now can do the work fo a  CFO! With the capability to perform strict bookkeeping for your business, A.I. becomes an economic tool that makes it more convenient regarding access to customer’s personal banking information while providing a more secure environment to conduct business.

Credit Worthiness

In determining a potential customer’s creditworthiness, financial centers are using AI and are changing the way the underwriting process is conducted. AI algorithms can process vast amounts of data to determine if a potential customer is worth the risk of offering a loan. Machine Learning transforms data points and other factors to get a clear picture and make an overall better call on what is in the best interests of the company.

Cognitive Insight

With the complex AI algorithms, businesses are gaining insight into various aspects of customer behavior and present predictions based on

Predictive Modeling

In the business world, risk management is critical, and predictive models are essential tools that are used to help businesses avoid taking preventable risks. Enterprises are implementing analytical solutions to answer complex questions by combining the power of AI and natural language processing.

Fraud Prevention

AI algorithms are also being used to help prevent and detect fraud through forensic accounting. Businesses are changing their approach to traditional means of preventing fraud with the help of artificial intelligence. Corporations can use AI to create accurate predictive models to detect and prevent fraudulent credit card activity.

Artificial Intelligence is a reality and is being utilized in various aspects of modern life. From automated business processes to predictive learning, deep machine learning has enhanced our quality of life. With AI algorithms learning every day and becoming more efficient and advancements such as federated learning and more advanced predictive modeling, this a trend that is guaranteed to continue.

About the Guest Author

Tarah Mills has always had a passion for writing. Her philosophy is that not only can writing be educational, but it can change the world. While she is dedicated to her work, she still enjoys a good game of basketball, curling up to a good book, and all things Star Wars. She currently resides in the Richmond, Virginia area with her family.

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