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Ways to Use Artificial Intelligence for Rapid Business Growth
- Use AI-based analytics to make effective business decisions
Network technology improvements and information storage developments have led to the era of big data. But the data collected is useless without analysis. Because of large volumes, it is impossible to analyze data with human intelligence. Machine learning and deep learning algorithms can help in this area.
For example, HANA (SAP’s in-memory database that uses machine learning to analyze and find patterns in voluminous data) is helping Walmart with its information analysis. Walmart has more than 245 million customers visiting its stores and websites around the world.
So, there’s a huge amount of data. HANA machine learning algorithms bring important information to the forefront, so Walmart employees can make more decisions based on it. ML development is a complex process, so it should do only experienced development teams.
- Track customer reviews and manage reputation
Working with reviews is an important part of building a company’s image. It allows a business to understand its target audience.
The AI-based system tracks every review, both negative and positive. The software can compare the number of negative and positive comments to determine how the audience feels about the company.
If you know what consumers are unhappy with, you can improve the quality of service or product. An automated system can be used in the marketing department to determine the needs of actual and potential customers.
- Automate marketing processes and increase sales
AI-based applications are adapted to perform routine tasks. They can customize marketing information and sales data for consumers.
AI-powered chatbots have gone further in development and can now help to increase customer satisfaction and create recommendations for additional sales.
Machine learning can also help with price optimization for different markets. RapidMiner, a data analytics platform, uses information about competitors, suppliers, customer preferences, and risks to automatically create pricing models for individual market segments. This artificial intelligence-based approach helps businesses optimize profitability.
- Simplify inventory and supply chain management with AI
Machine learning algorithms allow retailers and other businesses to manage their assets more efficiently. Such programs automate replenishment requests and optimize supply chains. You can outsource asset management and movement decisions to AI-based applications.
Major AI players, such as IBM Watson, are investing heavily in supply chain management. IBM products help automate order fulfillment. Another company, TransVoyant, combines machine learning and the Internet to create applications that predict supply chain movements.
- Improve maintenance and increase the safety of your equipment
Artificial intelligence is helping the manufacturing and transportation sectors improve maintenance schedules.
For example, the aviation industry is trying to predict the wear and tear on mechanical parts of its fleet to prevent downtime. AI-based predictive analytics can greatly improve this process. This allows the aviation industry to create more optimized maintenance schedules to avoid unwanted delays.
The manufacturing industry is already using AI for maintenance and safety. General Electric (GE) has developed the Predix platform, which applies artificial intelligence to optimize and scale industrial applications.
- Simplify the hiring process and select the best candidates
Finding the right candidates for a job is a time-consuming process. There are new artificial intelligence-based facial recognition applications that can interview candidates and evaluate their performance through emotional cues. This helps companies streamline the hiring process.
Organizations such as Unilever, IBM, and Dunkin Donuts are already using artificial intelligence to screen employees. Unilever has announced tremendous success recruiting its employees using AI.
- Use AI to fight fraud and prevent cybercrime
Companies spend an enormous amount of time trying to detect fraudulent transactions. But the effectiveness of fighting cybercrime relies heavily on pattern recognition.
Deepsense.ai uses machine learning techniques to develop solutions that simplify fraud detection.
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