Artificial Intelligence, also referred to as machine intelligence is the simulation of human intelligence using machines that are programmed to think like humans and mimic their actions and behavior. AI is present everywhere now from facial recognition to spam detection to fraud detection. Artificial Intelligence is of two differing kinds: Narrow Artificial Intelligence and General Artificial Intelligence.
Narrow AI is artificial intelligence that can handle only one particular task. It simulates human cognition by automating time-consuming manual tasks that are applied in visual inspection of various infrastructures, responding to customer queries using a chatbot, gathering data from IoT devices, and converting them into information for analysis. On the other hand, General Artificial Intelligence is a much more sophisticated and flexible form of intelligence, which is capable of carrying out a variety of tasks from simple like data entry to complex and complicated problems.
The greatest strength of AI is its potential to learn from complex scenarios they are exposed to. This potential can be beneficial to businesses where past mistakes are the key to future breakthroughs. A recent survey conducted by Havard Business School found around 75% of the top executives believed that AI has the potential to radically transform their business.
AI can support three kinds of business needs which include automating the process, data analysis and insights, employee, and customer engagement. Robotic Process Automation an AI-driven technology that automates periodic and routine tasks helps save time and enhance the efficiency and effectiveness of the work. This would enable humans to much focus on work which requires creativity, diplomatic engagement, and decision making. AI is changing the practice of customer relationship management in businesses. AI can predict future customer behavior, automate customer reports, data capture, and much more. It helps businesses to send personalized emails to reach customers based on their interests and recommend the most relevant and personalized content. Also, AI-assisted emails enhance customer engagement.
AI has also the capability to extract patterns and insights from data and thereby make predictions based on the analysis. Thus the use of AI as a competitive tool is increasingly used by businesses to be a step ahead of their rivalries.
