Demystifying AI: A Beginner’s Guide to Business Applications
Who would have thought that 77% of people interact with AI systems daily without even realizing it! Artificial intelligence is embedded everywhere, from robotic purchase recommendations to customer consultations. But what exactly is this AI, and how is it applicable to your business?
Many people have the misconception that artificial intelligence is a complex and expensive technology intended only for large corporations. However, this is not the case! In this article, we debunk misconceptions about artificial intelligence to show how even the smallest business can use AI transformation services to solve problems and gain a competitive edge. Let’s go!
What is AI and How it Works in Simple Terms
Artificial intelligence (AI) is not some gadgets from the realm of science fiction, but a very real working tool that any business, regardless of its size, can use. Simply put, artificial intelligence is information processing algorithms that can interpret received data to learn from it, perform logical and other tasks, and make decisions. Nowadays, we encounter artificial intelligence every day. Devices like Siri or Google Assistant, chatbots on company websites, product recommendation systems in online stores.
Although automated intelligence has grown with many myths and technical terms that can be difficult for the average person to understand, the ideas behind its operation are simple to grasp. Suppose you want to tell your child what cats look like and what kinds there are. You will show him numerous pictures, and eventually, he will get an idea of what cats are. In a general sense, artificial intelligence functions similarly. It is shown a lot of information (pictures, texts, numbers, etc.), and it finds patterns in them and thus learns.
What Opportunities Does AI Open Up for Real-world Applications?
In the case of business applications, AI performs various business tasks towards simplifying procedures. To this end, modern platforms for integrating artificial intelligence into an existing IT environment, such as Kindgeek, provide extremely simple and intuitive interfaces that allow communication with intelligent systems. The target audience ranges from startups that cannot allocate large budgets to large businesses whose tasks may include process automation, data analysis, and sales forecasting to improve customer experience. Read more about 15 amazing uses of AI on Forbes.
How AI Solves Business Problems
Let’s leave AI’s creative abilities out of this discussion and focus on the ways in which AI transformation services can improve business processes and company performance.
- Chatbots: Automated dialogue with customers provides efficient and fast answers to frequently asked questions, provides information about products and services.
- Personalized recommendations: Artificial Intelligence can track customer activity and suggest products or services that are most likely to interest them, increasing the chances of a customer taking a targeted action by 20%.
- Targeted advertising: Artificial Intelligence allows marketers to develop personalized advertising for specific target audiences; this approach yields better cost results.
- Customer data analytics: Artificial Intelligence is able to analyze huge customer databases to offer relevant services, including targeting and advertising.
- Forecasting: Artificial Intelligence predicts the future! In commerce, forecasts relate to sales, expenses and other financial parameters that allow companies to make well-thought-out business decisions.
- Anomaly detection: Artificial Intelligence detects patterns of fraudulent activity and other financial irregularities to immediately block the activity of suspicious users.
Many organizations face the challenge of adapting and automating their business processes with AI. Mistakes in this aspect have the potential to lead to loss of customers, reduced efficiency and increased costs, and in the medium term, reputational loss. In case of problems with Artificial Intelligence integration, such as data quality or ethical and legal issues, in all cases seek advice from experts in the given field. For example, Kindgeek experts have proven to be a packaged solution for Artificial Intelligence-driven transformation. Their intuitive interfaces make it easy for users without technical experience to interact with Artificial Intelligence. How much does AI integration cost? Read on WebFX.
Why AI is Accessible to Everyone
Small companies mistakenly believe that they can’t afford to implement AI because it requires a lot of time and money. However, there are solutions that make it possible to start using Artificial Intelligence at minimal cost. Artificial intelligence platforms that offer flexible subscription models provide services. Their pricing plans allow even small online shops to utilize artificial intelligence technology without large upfront costs. With off-the-shelf solutions and cloud services, the integration of Artificial Intelligence into existing business processes (so-called hybrid) can be realized with great simplification and without major infrastructure changes.
| Advantage | Description | How to Measure Effectiveness |
|---|---|---|
| Cost Reduction | Automate routine tasks, reduce errors, and labor costs. | Comparison of costs before and after AI implementation. |
| Increased Efficiency | Fast data processing and improved speed of business processes. | Time to complete tasks before and after integration. |
| Personalization of Customer Experience | Using AI to analyze customer preferences and offers. | Increased sales and customer retention rates. |
| Improved Decision Making | Real-time data forecasting and analysis. | Accuracy of forecasts and reduction of time for data analysis. |
| Scalability | The ability to adapt intelligence solutions as your business grows. | Speed of implementation of new processes and reduction of downtime. |
As an alternative, you can consider creating internal development for your business. But practice proves that trying to create AI models from scratch is not an easy task that only a large corporation can do. And there is no need to develop your own when the existing ones already cover all the needs of your customers.
Conclusion
Regardless of the size of your business or the industry in which you operate, you are guaranteed to benefit from the use of AI-driven transformation: increased efficiency of business processes, reduced operating costs and increased profits are just a partial list of the advantages Artificial Intelligence offers over your competitors. With the company’s competent services to integrate Artificial Intelligence into the existing IT infrastructures of businesses, it has canceled the monopoly of large companies with endless budgets to use Artificial Intelligence.
Artificial Intelligence is no longer the future, but the present. It is available to anyone who is willing to be evolved in their business. You already know enough to take the first step towards AI through counseling.
