ai Software

there are many applications available to businesses that use artificial intelligence. They make it possible to work faster and more productively, completing tasks at a much lower cost.

The use of artificial intelligence in business is the most discussed topic today. The findings of experts indicate the widespread use of this technology, especially in the service sector. And surveys of businessmen prove the value of artificial intelligence for them: 80% of large companies invest in its development.

In 2021, the global artificial intelligence market was estimated at $87 billion. It is expected to reach $1.6 trillion by 2030, with a compound annual growth rate of 38.1% from 2022 to 2030:ai Software

Definition of artificial intelligence

Artificial intelligence (AI) is a field of computer science and a technology for creating software that can use and analyze data, algorithms, and programming elements to perform various independent actions. Such software is capable of self-learning, predicting, and adapting to changing conditions. Simply put, if a machine exhibits human-like cognitive abilities, then it is considered to have artificial intelligence.

Based on the functions and capabilities, artificial intelligence is still of two types:

Narrow-purpose AI , or "weak" AI. Sharpened to perform one or more specific tasks. This type includes all known applications that use AI, even if they are based on neural networks or deep learning.

General purpose AI , or "strong" AI. Theoretically, it can go beyond learning and extrapolate knowledge to any task. This type does not yet exist, but scientists and developers from IT corporations are already trying to create such near-sentient machines.ai Software

In applications with a declared function, which everyone is already using, “weak” AIs work. Although they closely interact with people, find or generate rational answers to any questions, they do this thanks to programmed algorithms. The potential of their "intelligence" is not revealed to the human level, because such capabilities are not required.

For example, narrow-purpose AI works in virtual assistants: Amazon Alexa, Google Assistant, Cortana (Microsoft), Siri (Apple), Alice (Yandex). These intelligent software agents parse queries and then return appropriate responses or perform desired actions, such as searching for and ordering products. They do not have a mind, unlike people who work as personal assistants for businessmen, but they are quite capable of coping with the tasks.ai Software

Directions in ai Software

Artificial intelligence is already good at imitating humans. This is the merit of the developers who are trying to develop human abilities in it, albeit limited so far. Based on this, in AI, as a field of science, directions or disciplines have arisen that focus on different abilities.

Machine learning

These are input data analysis methods that automate the construction of an algorithmic model. After training, the model is trained on additional data sets and improved based on experience, not code. Compared with a person, this is the ability to analyze, remember, and solve problems.

Benefits of artificial intelligence in business

The potential of AI in business is limitless. Here he excels in customer service and process automation such as data updates and real-time billing. AI also understands and predicts customer preferences well, personalizes ads, and works around the clock in support services.

Here are concrete examples of the benefits of artificial intelligence in business.ai Software

Advertising personalization

Displaying personalized ads to a client increases his interest and loyalty, which improves sales. That is why companies are working so hard to achieve this.

Here, AI is useful in that it is able to identify patterns in the habits and actions of customers by studying their buying behavior. Then, using terabytes of data analyzed in the cloud, the AI ​​will present customized product or service offerings to customers.

Automation of interaction with clients

Most customer interactions, such as sending emails, chatting or social networking, or phone calls, usually require human interaction. AI, on the other hand, allows companies to automate these methods of communication, and transfer workers to places that only a reasonable person can handle.

By learning from the data obtained from previous conversations, AI ​​can more accurately respond to customer requests and process them automatically. Today, AI already provides 65% of interactions with customers, while communicating in such a way that it is difficult to recognize a machine in it.

Labor automation

If your company passes a large stream of customers or employees through its systems every day who need help, then you can shift some of the processes to machines. Artificial intelligence in the service of business will cope with routine work faster than people.

For example, AI is useful for rail and air carriers that serve hundreds of thousands of people (they often have problems with tickets). AI is also useful for fleets that track the geolocation of their trucks, buses, and taxis. Here he can report information about the time of departure/arrival, where the transport is now, and what route it follows.ai Software.

Business automation

AI can use related technologies to increase the percentage of automation in business. Due to the exclusion of the human factor, at the same time, the number of erroneous actions is reduced to a minimum.

For example, car factories are using AI to control a robotic system when assembling cars, and factories are using AI to maintain the ideal temperature with smart heating. In Japan, robots are already working as hotel administrators: artificial intelligence in the hotel business automates check-in and booking, and processes guest requests.

Predicting results

AI is able to predict results with high accuracy based on data analysis. He can see certain patterns and patterns in the data, for example, in the behavior of buyers. These findings will tell you which products will sell better, in what volumes, in what season.

Machine forecasts are useful not only in retail but also in many others. Take, for example, trading and investment management: here AI can predict price fluctuations for stocks, commodities, currencies, and cryptocurrencies.

Areas of application of artificial intelligence in business

AI is everywhere: people use it on their smartphones, and companies also use mobile applications with artificial intelligence (but more often web applications). For some businesses, this is not enough and they order the development of applications for their specific tasks. Let's list the areas where our customers come from most often.ai Software

Banking and credit services

Banks are using AI to detect fraudulent activities. They train models on a very large sample of data that contains the transactions of both fraudsters and legitimate users. By identifying patterns, machines are able to determine whether the next transaction is carried out by the real owner of the account/card or an outsider.

Credit departments are increasingly adopting AI to more accurately assess customer creditworthiness. According to bankers, machines already make more than half of the decisions on loan applications, which reduces the consideration and issuance from several days to half an hour.

Retail

Every second online store has a chat through which visitors contact sellers and support. As a rule, the first contact occurs with a smart chatbot. The AI ​​that works in most chatbots understands natural language, so it is as natural as a person to advise customers, respond to requests, and offer goods or services.

Another common use is automated recommendation systems on major marketplaces like Amazon with its SageMaker. They self-learn by analyzing the preferences of customers in order to make them individual offers, as well as take into account the demand for goods.

Cyber security

As cyber-attacks grow and hacker techniques become more complex, there are not enough specialists who would protect against them in advance, and not deal with the consequences of hacks. In the current realities, not only leading IT companies but also other businesses have begun to increase the cost of cybersecurity.

Businesses need someone to detect threats and repel attacks in real-time, in the worst case, instantly fix problems caused by a hack. All this can be provided by AI trained in cybersecurity.ai Software

Fintech

AI is becoming the basis for building the next generation of financial services. It helps fintech companies compete with traditional credit and insurance organizations, or interact with them in B2B. And in B2C, Robo-advisers for financial planning and savings management have proven themselves well.