AI is no longer just a science fiction dream, now being a part of everyday life. It’s everywhere from your home to your business, too. Artificial Intelligence offers business owners all kinds of new benefits that they haven’t been able to take advantage of before. That means that business is experiencing a shakeup the likes of which have never been seen. Here are just 7 ways AI is changing up business tech this year.
1. Machine Learning
Machine learning is one of the main ways a business can benefit from AI. Machine learning is the act of an AI learning patterns and behaviors, based on the data they receive. This is highly useful to many businesses, as they often can’t sift through all that data by hand. As people buy the latest tech gadgets, more and more data is collected. Machine learning helps you make sense of the data.
For example, a factory will have machines hooked up to the network. As time goes on, the AI will learn how the machines should work at peak efficiency. If there’s a drop in output, they can highlight this, and even show where the problem is stemming from.
2. Deep Learning
This is a more in-depth version of machine learning, that is being used in several ways by businesses right now. The most commonly known version of deep learning is the type used in self-driving cars. Deep learning algorithms are used to help a car make sense of what their sensors are picking up. They need to contextualize distance from other cars, the speed at which the car is moving, and more, all at once. Those algorithms ensure the car can do the correct maneuvers, such as changing lanes, at the right time.
Deep learning is seen to be a more advanced version of machine learning, as the latter reaches a plateau at a certain point. Deep learning, on the other hand, can keep learning and evolving as time goes on, making it a useful business tool.
3. Fraud Detection
In many businesses, it’s difficult for a regular person to spot what’s a fraudulent transaction, and what’s a regular one. That’s why many banks and financial companies are using AI to help them track down fraudsters. To do this, they give their AI software examples of both regular and fraudulent transactions. Over time, the software learns what makes a transaction fraudulent. Then, if one crops up it can spot it and highlight it to business owners right away.
4. Online Chat Support
As you look to automate with business technology, you’ll see that many aspects can be automated. Email newsletters, social media posts and so on can all be automated. What you may not have realized though is that your online chat can be automated, too.
You’ll see on many sites that their online chat services are automated by bots. These are powered by AI that’s capable of understanding natural language. As they’re used, they learn more terms that help them assist customers. Using questions from customers, they can direct them to the right product page, to contact details, or even to the right person for support.
5. Online Security
As businesses are spreading online, and more and more business is conducted online, the threats also increase. It’s simple for a determined hacker or other threat to attack a business. This can lead to DDoS attacks bringing websites down, to leaks of customers’ private data. Of course, you’re looking for ways to prevent that happening to your business. AI is offering businesses the chance to predict and stop these threats before they even occur.
Security AI is fed large amounts of information, to allow it to learn how threats can occur. The AI can monitor activity, and quickly spot a breach or weakness in a business’s security. This is making AI an invaluable tool in keeping a business safe from attack.
6. Personalize Your Brand Experience
Something that AI is being used for more and more is marketing a brand towards customers. An AI can learn from customers who buy from you, so it can improve your branding and outreach as they buy. For example, if the AI learns that more people in a certain area are buying a product, it can feed that data back to you. That helps you improve your marketing in that area.
This is also done through customer tracking software, such as apps. If a customer uses an app when they shop with you, then you can use that data to give them deals if they buy the same product again. You can get a better picture of what the customer wants, and tailor the buying experience to suit them. It’s a good way to edge out the competition with business tech.
7. Predicting What The Customer Needs
In the recent past, you would have to rely on customers searching for just what they need, to give you that data. These days, you don’t have to do that thanks to AI technology. You can use it to help you predict what your customers need, and offer it to them before they even think about it.
A good example is in the financial sector. If a customer has a home loan that’s due for renewal in 90 days or less, the AI will take note of this. If the person walks past a branch of the lender, they’ll get a notification on their phone, inviting them in to discuss the loan. AI helps you keep in touch with your customers, allowing you to predict their needs and give them what they want. This drives up customer satisfaction and helps you retain business. If you’re looking to learn more about how to use artificial intelligence to drive your business, click here!
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