{"id":113999,"date":"2023-03-31T22:10:09","date_gmt":"2023-03-31T22:10:09","guid":{"rendered":"https:\/\/businessyield.com\/?p=113999"},"modified":"2023-04-03T07:43:03","modified_gmt":"2023-04-03T07:43:03","slug":"business-ai","status":"publish","type":"post","link":"https:\/\/businessyield.com\/technology\/business-ai\/","title":{"rendered":"AI Application In Business Explained! (+Top 5 AI Tools)","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

AI is nothing short of revolutionary, as demonstrated by Dall-E image creation and now Chat-GPT – 2022. Can businesses use AI superpowers in their day-to-day operations, though?
They most certainly can!
AI has advanced in more ways than one. It has also grown more approachable to non-tech people. AI is altering the way we conduct business in addition to helping individuals become more efficient. 86% of CEOs say AI is a mainstay in their offices, and it’s not in the form of robots and intricate technology, but rather a software to run their day-to-day operations. AI in business is becoming indispensable in ways never seen, from predicting customer behavior to minimizing manual data entry.
AI enables you to make decisions far more quickly and correctly than ever before.
In this essay, we will discuss seven business applications of AI.<\/p>

AI Definition<\/h2>

Before studying how AI technologies are affecting the business world, the term must first be defined. The term “artificial intelligence” refers to any type of computer software that performs human-like functions such as learning, planning, and problem-solving.<\/p>

What is Artificial Intelligence (AI) in Business?<\/h2>

Artificial intelligence in business simply refers to the use of intelligent computer software with human-like characteristics to raise revenue, improve customer experience, increase productivity and efficiency, and drive business growth and change.<\/p>

Why Should Companies Consider Using AI?<\/h2>

Business processes in the twenty-first century are characterized by a high level of complexity, involving demanding and inefficient activities for humans to perform. The data era has taken over the business in today’s globe. Businesses can gain useful insights from data on initiatives that can significantly boost growth with AI.<\/p>

As a result, in today’s business world, organizations must understand their consumers’ wants and preferences to grow and remain relevant in the face of tough competition. Companies can now use artificial intelligence in business to better understand and engage customers, automate business operations, and increase productivity and revenue while lowering operating costs.<\/p>

Examples of AI In Business<\/h2>

The contemporary data era has fueled the emergence of several artificial intelligence applications in business, such as data analytics, personalized business services, and automation.
Following are a few examples of artificial intelligence in business:<\/p>

AI Customer Service<\/h3>

Another contentious application of artificial intelligence in business is the substitution of AI for people in customer service. With the introduction of chatbots, customers may now communicate with businesses in real-time to address concerns, place orders, acquire information, and do nearly everything they would require from a conversation with a human customer-care professional.<\/p>

According to Gartner, by 2020, 85% of customer contacts will be managed without the involvement of a human. This disruptive innovation in artificial intelligence in business will eliminate the need for humans in customer interactions, cutting business costs and vastly boosting customer care accessibility and conversational experience.<\/p>

Business Information<\/h3>

Finding insights from the data can be difficult with the increasing volume of available AI business data. This has resulted in the widespread use of AI in business intelligence to extract important insights from data.<\/p>

These insights assist businesses in improving marketing effectiveness, better understanding customers, segmenting to provide personalized experiences, developing business strategies to enhance corporate decision-making, and leveraging AI in business management.<\/p>

There are many tools available now that apply artificial intelligence to business intelligence<\/a>. Prominent tools include Microsoft Power BI, which assists businesses in obtaining crucial statistics to determine which strategies and decisions have the greatest impact on business metrics. Furthermore, integrating machine learning capabilities within Power BI may assist firms in creating machine learning models to make valuable forecasts and predictions from data and automate business operations.<\/p>

Personalized and Targeted Marketing<\/h3>

The key to increasing corporate revenue is understanding a consumer’s wants and knowing what to promote to each consumer. Customers have incredibly limited time in a world of rising digital engagement, and there are far too many companies attempting to market their products to them. This explains the growing necessity to sell only what appeals to each client and to know who to promote each of a company’s products.
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Companies can now use AI to anticipate and target who to sell a certain product to boost the possibilities of sales and the efficacy of marketing operations while lowering overall marketing costs. This is done by using data gathered from customers’ online activity.<\/p>

Product Recommendation and Predictive Analysis<\/h3>

To boost the success of marketing efforts and customer engagement with a company’s product, companies must be able to recommend products that will keep their customers’ interest and satisfy their desires. Businesses such as Netflix, Spotify, and Amazon are now using AI to learn user habits\/behaviors to select which product to recommend.<\/p>

Spotify, for example, monitors and understands users’ listening habits and song preferences, and then uses AI to recommend songs that each user may enjoy. Some companies, such as Netflix, use AI recommendation systems to keep consumers amused and addicted to their products by delivering movie recommendations that are tailored to each user’s individual experiences.<\/p>

Roughly 75% of Netflix subscribers watch through these recommendations, and the company’s AI recommendation saves about $1 billion every year. Before processing loan requests, banks and Fintech companies employ AI for predictive analytics, fraud detection, and assessing which consumers are likely to repay loans.<\/p>

Natural Language Processing<\/h3>

If you’re wondering when machines will be able to read, write, and comprehend languages like humans, you’re not alone.
“Well, the answer is RIGHT NOW! Companies now provide smart digital assistant devices to aid customers in ordinary chores thanks to developments in natural language processing.
Businesses are now using AI to generate automated business reports without human supervision, as well as sentiment analysis to analyze people’s perceptions of their brand from various online comments, tweets, and so on.
Companies can continually understand how customers perceive their products and services by using sentiment analysis. This contributes to higher service quality and more personalized product offerings.<\/p>

Benefits of AI In Business<\/h2>

The advantages that organizations stand to gain from the deployment of AI are numerous and include:<\/p>