A typical customer can hardly recognize Artificial Intelligence (AI) and machine learning in action. But the truth is that these two technologies are responsible for all sorts of business processes in the 21st century.
Most of the business tools you’re using daily are based on AI and/or machine learning because it reduces time-waste and increases professional productivity. According to the report, 80% of emerging technologies will have AI foundations by 2021.
While it all sounds very impressive, the critical question is: How to use AI machine learning software in your business? There are tons of possible applications, but we will show you 12 use cases that proved to function well. Let’s take a look!
AI and Machine Learning Explained
Before we start explaining the practical effects of AI and machine learning, you should learn what these two concepts mean.
The easiest way to define AI is to say that it represents the ability of a digital system to run cognitive operations like a real human being. Of course, the main difference is that AI platforms come with a much greater computing power than the human brain. It means they can process millions of operations simultaneously.
On the other side, machine learning is an application of AI that provides systems the ability to automatically learn and improve from experience without being explicitly programmed. In other words, machine learning is getting better over time as it learns from real-life cases.
As such, AI and machine learning revolutionize entire industries, but let’s analyze the most common applications.
12 Ways to Make Use of AI and Machine Learning
We can mention thousands of use-cases, but the goal is to discuss popular features of AI and machine learning software. Here are 12 examples.
Talented people are the foundation of a profitable business. But it’s getting increasingly difficult to identify and attract the most promising job candidates. AI machine learning software augments recruiting because it automatically scans resumes and explores alternative information sources such as social networks.
That way, HR managers don’t need to do the dirty work. They can focus on the best candidates exclusively and make data-driven decisions based on AI-induced insights.
The only way to impress a customer is to know everything about him/her and deliver a perfectly tailored product. You cannot do this without market research, but it would take ages to complete the job manually.
AI and machine learning platforms make it easier to analyze audience groups and segment prospects based on various characteristics, including personal interests, gender, relationship status, etc. For instance, you can learn that a given client is looking for my assignment help Australia, so you can craft an offer that matches specific location preferences.
We mentioned it a few times already, but it’s necessary to discuss task automation as one of the most significant aspects of AI machine learning software. With this tool at your disposal, you can eliminate the vast majority of manual tasks. Instead of wasting time on boring administrative duties, your team members can focus on the business essentials and spend time more productively.
Calculating Customer Lifetime Value (CLV)
CLV is an incredibly useful business concept, but it still makes a lot of entrepreneurs confused. To put it simply, CLV is just a prediction of the entire profit a company can expect from all the future interactions with a given consumer.
Jake Gardner, an editor and essay writer at the best writing service, says that CLV is by no means easy to calculate: “Although it sounds fairly simple, CLV often involves thousands of more or less important variables. Human agents find it difficult to measure CLV, but AI-powered systems can do it quicker and much more accurately.”
Manufacturing companies spend a lot of money trying to keep their factories alive, but traditional maintenance methods proved to be costly and often inefficient. AI machine learning software can cope with this issue much better because it introduces the concept of predictive maintenance.
Instead of waiting for a problem to emerge, AI-powered manufacturers can identify common failure patterns and recognize possible risks well in advance. They can react instantly, prevent further damage, and cut operational costs.
This benefit of AI and machine learning is commonly related to the banks and other financial institutions, but it can be applied to all the other businesses as well. Namely, AI machine learning software can analyze potential clients or customers and discover hidden risks. It helps businesses to distinguish between good and underperforming clients, so they can carefully choose who to work with.
This is the aspect of AI machine learning that almost anyone can see daily. Of course, we are talking about AI-powered chatbots that help consumers solve practical problems through a series of questions and answers.
You can find chatbots on pretty much every website on the Internet – from dissertations services to eCommerce stores. Users love this feature because it works non-stop and answers questions almost instantly, which is a great solution for companies eager to increase customer satisfaction levels.
Every time you notice prices changing on your favorite booking website, bear in mind that it’s just AI doing its thing. The system is designed to analyze the parameters of supply and demand in real-time, so it can adjust prices to make the most of every transaction. This helps numerous businesses to maximize profitability with little to no effort at all.
AI machine learning software enables personalized marketing campaigns that target each customer individually. What does it mean? Well, it means you can display promo messages that you know will fit the needs of a given consumer.
This is what you see on eCommerce websites such as Amazon. They always display product recommendations based on your history of purchases. It’s a clever marketing trick that helps companies to increase their cross-sales activities.
The process has all sorts of applications in businesses that work with lots of visual content. You can use image classification in areas such as social media marketing, 3D planning, automated image organization, stock photography management, visual search, and many more.
If there is one part of the business that depends on AI machine learning software, it must be cybersecurity. With the number of malware threats growing year by year, human teams can’t keep their companies protected around the clock.
However, AI and machine learning can pinpoint suspicious activities and identify unusual behavior automatically. It prevents unauthorized access and eliminates security threats, thus making the whole system practically impenetrable.
The last tip on our list is to use AI machine learning software for trend prediction. Today’s consumer behavior insights can help your company to predict future trends. So you should take advantage of AI to learn where the industry is headed. It’s a superior way to design better products or services, while you can also go one step ahead of competitors and outperform businesses that are not as agile as your firm.
The Bottom Line
AI and machine learning give a brand new boost to businesses worldwide. Thanks to their unmatched efficiency and data management abilities, the two technologies can help almost every company to drastically improve services and take customer satisfaction rates to a higher level.
In this post, we showed you 12 ways to use AI machine learning software in your business. Have you ever tested any of these applications? Do you think AI-based adjustments can make a significant impact on your organization?
Make sure to send us a comment, so we can discuss this intriguing topic together!