18 Future Scope of Artificial Intelligence in Business

The demand for Artificial Intelligence in the Business field is endless, in this, we are seeing what are the benefits of using A.I in business and what are the applications, as well as what are the challenges that occur during the usage of ai in business.

“The development of full artificial intelligence could spell the end of the human race….It would take off on its own, and re-design itself at an ever-increasing rate. Humans, who are limited by slow biological evolution, couldn’t compete, and would be superseded.”

Stephen Hawking told the BBC

Artificial Intelligence in Business content

What is Artificial Intelligence:

Artificial Intelligence is the incorporation of human-like intelligence, to perform tasks as that of a human with much efficiency and accuracy, thereby increasing human productivity.

Artificial Intelligence is a combination of complex algorithms, mathematical functions, and techniques like neural networks, deep learning, machine learning, etc.

Currently is used in all sectors of technologies like smartphones, banking, agriculture, healthcare, etc and one of the major uses is Artificial Intelligence in Business which we will discuss later.

Artificial Intelligence mimics human-like intelligence in it’s own way, Artificial Intelligence does not uses creative thinking rather it uses analytical thinking, with the help of data manipulation.

There are three capabilities that makes any system, robot, or software Artificial Intelligent !!!

How does Artificial Intelligence work?

Truly speaking Artificial Intelligence is not a magic, it’s just a complex set of algorithm that uses your data or data provided by you and process it according to our need!

There are many core branches that connects Artificial Intelligence, and they are as as follows:

These are the building blocks of Artificial Intelligence. We will not not cover all the topics for the sake to save your time!!

  • Machine learning
  • Neural Network
  • Natural Language Processing
  • Fuzzy Logic
  • Expert Systems
  • Robotics

Typically machine learning is one of the best known branch of Artificial Intelligence in business, through this it helps Artificial Intelligence through pattern recognition, which could be possible through processing millions of data.

Artificial Intelligence in business industry works on data, what we also call as “Big Data“. Data can be synthesized through the data mining process.

By analyzing the huge amount of data Artificial Intelligence in business uses a statistical learning process to predict the future behavior of many important things.

Importance of Artificial Intelligence in Business:

Artificial Intelligence is not magic (i told you before), all the buzz and chaos that we are hearing about how complex AI is and how to apply Artificial Intelligence in business sector?

The tools that use Artificial Intelligence in business field are readily available in the market (internet), which uses your data and automates tasks that require a huge amount of workers and time.

Future Scope of Artificial Intelligence in Business

Importance of Artificial Intelligence in Business is huge because Artificial Intelligence can automate many business tasks like sending messages and emails, or managing their records and storing, etc.

Artificial Intelligence can help many businesses in marketing and automation, due to this anyone can grow their business by increasing their productivity, accuracy, better services, and many more.

How companies use Artificial Intelligence in Business today?

There are many ways to use Artificial Intelligence in business, many tools that help many huge and small scale businesses to scale their profit margins with the help of ai.

Companies feed data to Artificial Intelligence systems and the software which uses AI processes the information and works according to it.

Currently many businesses uses Artificial Intelligence for the following purposes:

  • Artificial Intelligence in Security
  • Artificial Intelligence in Retail – online customer support
  • Artificial Intelligence in Banking and Finance – fraud detection
  • Artificial Intelligence in Advertisement
  • Artificial Intelligence in profit and loss detection (through previous data)

1)Artificial Intelligence in CYBER Security: By this many companies are using A.I based security systems, to avoid being hacked to get the data stolen, A.I is developing rapidly in the sector of cybersecurity, by integrating old data of many viruses, ransomware, trojans, worms, malware, etc.

These are some notable Cyber Security companies that uses A.I, to provide better cyber security solutions.

2)Artificial Intelligence in Retail – online customer support: It’s mainly used in E-commerce companies and business-like Amazon, eBay, Flipkart, etc.

Future Scope of Artificial Intelligence in Business

Artificial Intelligence automatically manages all the customer support systems, like messaging about the delivery, reporting issues related to the product, and many more.

3)Artificial Intelligence in Banking and Finance – fraud detection: In the future banking industry will be in great demand, and as comes a high risk of fraud and security issues.

Many people try to scam the systems of the banking sector, for that many companies trying to build security systems that detect frauds and scams, by using Artificial Intelligence through feeding previous data.

4)Artificial Intelligence in Advertisement: Today internet world relies mostly on advertisements, whether it’s Facebook, Youtube, Instagram, and many other.

Many companies rely on advertisement, for that many other advertising companies build an A.I that manages their ads systems, accounts, revenue and many other things.

Some of the notable companies that allows A.I in advertising are:

Future Benefits of using Artificial Intelligence in Business:

1)Future Benefits of Artificial Intelligence in Business by Productivity gains:

As Artificial Intelligence is known for its accuracy and speed, hence by feeding the right amount of data we can easily automate our business tasks.

Since A.I works much faster than human and also with much more accuracy so it can directly connected to increase productivity of any company.

2)Future Benefits of Artificial Intelligence in Business by New capabilities and business model expansion:

The future of Artificial Intelligence in business can be beneficial to many small and big companies because Artificial Intelligence works on learning new things and thus it can help by keeping updated with newer technologies.

Future Benefits of using Artificial Intelligence in Business

By keeping updated many small companies can expand their business by modernization and can gradually open more and more capabilities for small as well as for big business owners.

3)Future Benefits of Artificial Intelligence in Business by Speeding up the pace of business:

In today’s world speed is one of the most important aspect for coping with the world, and those business which are acting fast on their plans and workflow will certainly have edge on others.

Artificial Intelligence is well recognized for its speed and accuracy, thus it can help many businesses to attain in a lesser amount of time, which requires a huge amount of time to be completed through humans.

Due to A.I fast speed many companies are gaining huge profits, compared to those who are not using Artificial Intelligence in their business.

4)Future Benefits of Artificial Intelligence in Business by Improve Customer Communications and Save Costs:

Artificial Intelligence helps in automation, through which many tasks can be automated with the help of robotic process automation, through which customer problems can be solved using A.I chatbots.

Future Benefits of using Artificial Intelligence in Business

By using A.I chat bots we can save money on human employee, rather we can use Artificial Intelligence for customer communication.

5)Future Benefits of Artificial Intelligence in Business by Strengthen Brand Loyalty by Improving users personalized shopping experiences

Artificial Intelligence uses previous data to use accordingly, strengthen brand loyalty and shopping experience simply means by the use of A.I more and more customization is added and thereby increased the user experience.

Currently user experience can be enhanced with the help of A.I by using previous data and more optimisation.

6)Future Benefits of Artificial Intelligence in Business by Automating customer interactions:

It’s basically usage of customised ChatBots, through which A.I chatbot can recognise the mood and thinking of customer and view products accordingly.

Future Benefits of using Artificial Intelligence in Business
A.I powered chatbot for better customer services

7)Future Benefits of Artificial Intelligence in Business by Data mining:

Data Mining simply means the extraction of valuable and usable data from a big data repository, Artificial Intelligence is simply working on data, with the help of ai we can extract data easily and at a greater pace.

8)Future Benefits of Artificial Intelligence in Business by Operational automation:

Operational automation refers to robotic process automation, which simply means we can automate our tasks by using A.I in our business, there are many companies that provide RPA such as UiPath

9)Future Benefits of Artificial Intelligence in Business by Predicting outcomes:

Predicting outcomes is just another aspect of A.I, because it works on neural networks so due to this it has the abilities to predict multiple outcome.

10)Future Benefits of Artificial Intelligence in Business by Increase Forecasting Accuracy:

Increased accuracy is one of the main reason why we should use A.I for business, as a.i is a machine so there are less chances of making errors as compared to humans, as humans tend to get tired and bored.

11)Future Benefits of Artificial Intelligence in Business by Reduced error:

As we discussed earlier that A.I makes less error as compared to human so it’s quite beneficial to use artificial intelligence in business and due to this it directly contributes to the profit of the company.

Future Challenges of using Artificial Intelligence in Business:

Lets talk about some of the challenges or problems faced while using Artificial Intelligence in business

Future Challenges of using Artificial Intelligence in Business by techohealth.com

1) Lack of Data:

Lack of data is one of the prime reason why many companies are not gaining huge profit margins, as we know A.I work on previous data and data is the primary requirement of Artificial Intelligence.

Lack of Data leads to insufficient usage of software or integrated system installed in your business that uses a.i, so for overcoming gather as much as data possible to integrate with your A.I system.

2) Trust Issues:

As we heard about the news that Facebook Shuts Down AI System After Bots Create Language Humans Can’t Understand

Future Challenges of using Artificial Intelligence in Business by techohealth.com

It’s difficult to trust A.I because it can develop its own mindset and have a much more advanced brain and high thinking and processing ability as compared to humans. so for currently a.i cannot be used at full-fledged levels.

3) Investment obstacles:

The initial cost to integrate A.I is quite high, and many small companies cannot afford it just because the development cost is extremely huge.

If any small business tries to buy A.I tools for their business then the profit margin will decrease at a rapid rate, and development of A.i also costs huge investment because of huge requirements of computer experts.

4) Malfunctions of A.I:

It’s totally true that A.I can sometimes malfunction, after-all its a piece of machine with complex algorithms and neural networks.

here are some of the “top 10 example of A.I Failures” by medium.com

Future Challenges of using Artificial Intelligence in Business by techohealth.com
source medium.com

Future Applications of using Artificial Intelligence in Business:

These are some of the many applications of Artificial Intelligence in the business field:

1)Application of Artificial intelligence in business management systems:

A.I used as spam filters:

Many companies like google uses spam filters in their gmail, and many website owners and bloggers uses spam filters in their websites from spam comments.

Many companies are developing spam detection A.I like google microsoft, etc.

A.I for email automation:

Email automation is sending customized email to the targeted audience, companies like Mailchimp provides Automated A.I email systems, that send personalized emails to the customers.

A.I for voice to text manipulation:

Many Software provides text to speech manipulation services that uses A.I to fill the required gaps in text and for audio detection and corrections.

Future Applications of using Artificial Intelligence in Business

The companies that uses A.I in text to speech manipulation in business are as follows:

For detailed information please visit “8 Voice-to-Text Software That’ll Help You Work Faster” by hubspot.com

A.I for smart personal assistants, like as Siri, Cortana, Alexa and Ok Google:

Personal assistants are really getting smarter and smarter nowadays, like alexa by amazon, siri by apple, google assistant by google and many others.

These P.A uses specalised speech recognition techniques that is integrated with internet and search engines.

A.I for better online customer support(automated):

Artificial Intelligence for customer support in business includes, messages and customised emails, to keep the user updated about the company’s projects and services.

A.I for process automation (RPA):

This is a very vast and deep field, A.i in robotic process automation.

It simply means automation of daily repeatative and complex with tasks with the help of artificial intelligence.

A.I for sales and business forecasting:

It simply means using previous data to predict sales outcomes, profit margin, loss detection, and another business-related forecasting.

A.I for Better security surveillance:

Currently Machine Learning (M.L) uses a.i engines for face detection to catch criminals and make our life easier and safe.

Future Applications of using Artificial Intelligence in Business
use of A.I and M.L

2)Application of Artificial intelligence in e-commerce industries:

A.I for smart searches and relevance features:

Artificial Intelligence in smart searches is useful for better user experience in search engines of many applications and e-commerce software.

A.I for personalisation in custom services:

Personalised customer services include showing related products and also showing highly rated products to the targeted audience.

A.I for product recommendations and purchase predictions:

Have you ever noticed if you search for any product on amazon or another e-commerce platform all that types of same products you will see on any other websites you visit?

it’s simply because google and other websites are tracking us and through their advanced A.I and then showing their related ads accordingly.

Product recommendation is the way in which the A.I algorithm recommends us the most reasonable products according to our purchase history.

A.I for fraud detection and scam prevention for online transactions:

There are many hackers who tries to scam or tricks the payment systems by using fake credit cards that lasts for hours, or by using other’s cards what we call as “carding“.

It also helps to find out the stolen cards and fraud cards, by the payment mechanism is connected to the cyber crime system.

A.I can be used for dynamic price optimisation of products and services:

Dynamic price optimisation refers to change in purchase value of product or services according to need. 

3)Application of Artificial intelligence in marketing:

There are many marketing fields where Artificial Intelligence for business can be used such as Digital Marketing, Social media marketing, affiliate marketing, etc. These are some of the common applications of Artificial Intelligence in the marketing business.

A.I for recommendations and content curation:

In the marketing field, Artificial Intelligence plays an important role in the recommendation of content according to search intent.

Here the major roles comes under the location of user, the smart A.I bots tracks users previous data and location and also tracks the location data of the user and recommends content as per the user needs.

Future Applications of using Artificial Intelligence in Business

For an example if you search “cake shop near me”, it will show results in you own locality not other’s and it will gradually show results from highly rated to the least.

A.I for personalised of news feeds:

If you are a tech person (like me) you will notice that in your google new’s feed, mostly you will get tech-related news, this is the field in which a.i is used for personalized news feeds.

A.I for ads targeting and optimised:

As we saw we see related ads of what product we searching for, so this comes under ads targeting.

A.I for predictive analysis in customer service:

Predictive Analysis in customer services includes showing appropriate services using Predictive Analysis it is the use of data, statistical algorithms, and machine learning algorithm to identify the future outcomes based upon previous historical datasets.

Top Artificial Intelligence Companies:

  1. Ascent 
  2. TEMPUS
  3. DATAROBOT
  4. NARRATIVE SCIENCE
  5. OpenAI
  6. Sherpa
  7. Sift 
  8. Next IT
  9. Insilico Medicine
  10. H2O.ai
  11. CloudMind

Companies that use A.I in their Services:

1) Twitter:

Twitter uses Artificial Intelligence to identify fake news, verbal abuse words, sexual content, threat messages and many more.

2) Roomba robot vacuums:

It’s a smart vacuum cleaner that uses the power of Artificial Intelligence to scan the rooms and it’s surroundings.

3) Instagram:

Instagram uses Artificial Intelligence to detect Cyber-bullying and offensive VIDEOS AND COMMENTS.

4) Nest smart thermostats:

It’s a smart room temperature controller that uses Artificial Intelligence to calculate and recommends current temperature according to previous data.

What will be the Future of Artificial Intelligence in Business:

“Some people call this artificial intelligence, but the reality is this technology will enhance us. So instead of artificial intelligence, I think we’ll augment our intelligence.”

Ginni Rometty

Future Applications of using Artificial Intelligence in Business

In future many small and huge companies will use Artificial Intelligence in their business, later on in future there will be many companies that will create Artificial Intelligence powered bots, systems and software that will gradually make your business profitable.

Investing in A.I will defenitely be benefitial to all human kind,

till then stay safe, stay healthy, and see you in our next blogs!!!

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