Technology is rapidly evolving and becoming more ingrained in society than we may even realize. The more data-centric and tech-savvy that we become, the more that advanced technology, such as artificial intelligence, becomes a part of our daily lives.
AI has become a part of standard actions, such as grocery shopping in the self-checkout line or asking a cellphone for directions.
In addition to personal use, AI is significantly affecting the way that we do business. This is a very important topic, which can be both exciting and frightening to those who understand its capabilities.
As Elon Musk, founder of Tesla, said, “I think we should be very careful about artificial intelligence. If I had to guess at what our biggest existential threat is, it’s probably that. So we need to be very careful.”
Here are 3 ways in which AI can be used/is being used by modern businesses today.
One of the most common examples of artificial intelligence is the use of chatbots. Businesses have been able to leverage chatbots to significantly improve their customer service. Many customer service requests are quite similar and often very simple questions.
For example, a frequently asked question is “How late are you open?”
With the help of AI and the info that is needed to answer frequently asked questions, chatbots can save businesses a ton of time by answering the basic questions and channeling the more complex questions to the appropriate department.
AI is helping chatbots become more advanced and effective when figuring out what a customer wants.
Listen and learn
Over the years, social media and other online sources have multiplied the amounts of data that are publicly available. This type of data, called Open Source Intelligence (OSINT) was once considered competition for businesses but was then recognized as a great resource for businesses.
Companies are able to use this data by leveraging machine-learning software and natural language processing to make sense of what is being shared and what that means for business.
Adam Pah, a clinical professor at the Kellogg School, says, “You can now expand your focus beyond what people write and track Instagram as a way to understand when and where you are showing up, as well as whom you should be targeting.”
A platform used by millions of people every day is Netflix. The Netflix site is the perfect example of how artificial intelligence helps some businesses make recommendations for its users.
By acknowledging what customers have recently liked or watched, Netflix is then able to make recommendations and match other television series or movies accordingly.
This use of AI is a great use for businesses that are looking to connect with users and ensure that they are seeing what they want to, massively improving the customer experience.
There are many other ways that artificial intelligence is being used.
Here are a few more examples: automated virtual assistants are managing scheduling and billing, HR departments are using AI to sift through thousands of resumes and select the applicants who are the best qualified, employees are expanding their skill sets by using apps to learn new languages, etc., and more employees are able to work from anywhere thanks to AI.
Modern business owners and managers should be keeping up with all of this and utilize AI to help grow their business and make their business practices run more efficiently.
It is also crucial to do so in order to stay competitive in the market.