What is Artificial Intelligence?
The science of mimicking or simulating human intelligence through machines, computer programs, and robots to perform a variety of tasks is called Artificial Intelligence or AI.
When a machine completely accomplishes a task just like its human counterpart would, it is no longer AI. Such a machine is generally considered as a type of technology aided by computer science principles.
Artificial Intelligence started with the intention of creating similar intelligence in machines that we find and regard high in humans. To Create Expert Systems − The systems which exhibit intelligent behavior, learn, demonstrate, explain, and advice its users.It is useful for companies to look at AI through the lens of business capabilities rather than technologies. Broadly speaking, AI can support three important business needs: automating business processes, gaining insight through data analysis, and engaging with customers and employees.
Artificial intelligence in business management
Applications of AI in business management include:
- spam filters
- smart email categorisation
- voice to text features
- smart personal assistants, such as Siri, Cortana and Google Now
- automated responders and online customer support
- process automation
- sales and business forecasting
- security surveillance
- smart devices that adjust according to behaviour
- automated insights, especially for data-driven industries (eg financial services or e-commerce)
Artificial intelligence in e-commerce
AI in e-commerce can be evident in:
- smart searches and relevance features
- personalisation as a service
- product recommendations and purchase predictions
- fraud detection and prevention for online transactions
- dynamic price optimisation
Artificial intelligence in marketing
Examples of AI in marketing include:
- recommendations and content curation
- personalisation of news feeds
- pattern and image recognition
- language recognition – to digest unstructured data from customers and sales prospects
- ad targeting and optimised, real-time bidding
- customer segmentation
- social semantics and sentiment analysis
- automated web design
- predictive customer service
These are only some of the examples of AI uses in business.