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How can you boost your business through Artificial Intelligence?
Hello entrepreneurs, Are you using artificial intelligence for your business ??? Otherwise, you are already behind. So, let’s go into the blog to learn more about artificial intelligence and how it can help your business.
Know about Artificial Intelligence
When most people hear “artificial intelligence”, the first thing that comes to mind is “robots”. This might be due to the movies and stories that have been made about them. However, this could not be further from the truth.
Artificial intelligence is often used to refer to the replication of human intelligence in machines that are designed to think like humans and imitate their activities. This relates to any machine that demonstrates human characteristics connected to the human mind, such as learning and problem-solving. Machine learning is a subtype of artificial intelligence that refers to the belief that computers can learn and adapt to new data without human intervention.
Artificial intelligence is constantly evolving these days to benefit a wide range of industries. Machines are designed by adopting a holistic approach that includes mathematics, computer science, linguistics, psychology, and other disciplines.
Generally, businesses utilize artificial intelligence, which uses intelligent computer software with human-like capabilities to improve revenue, enhance customer experience, increase productivity and efficiency, and drive business success.
Artificial Intelligence is categorized into various types based on its functionality. Below listed are the types of artificial intelligence
- Reactive Machines
- Limited Memory
- Theory of Mind
- Self Aware
Reactive machines are the most fundamental kinds of AI systems, performing basic operations and possessing the ability neither to create memories nor to utilize prior experiences in decision-making. In this type of artificial intelligence, no learning takes place here, and the system just responds to some input with some output. If you remember “Deep Blue- IBM’s chess-playing machine” is purely reactive. Static machine learning models are the best examples of reactive machines. Here is an example of a simple reactive machine, the machine learning system that takes the human face as an input and displays a box around the face in the output to identify it. Basically, this model does not store any results, and no learning happens here.
Often, these models have a simple architecture that can be easily downloaded and loaded into the developers' toolkit, which can be found on GitHub repositories all over the internet.
Limited Memory is a type of artificial intelligence that often has a transient memory that retains past experiences and predicts future actions. A limited memory learning system can make better decisions by analyzing past data records stored in its memory and has complex machine learning architectures. Though the creation of a machine learning model requires limited memory, the model is deployed as a reactive machine type only. We often come across the term “Self-driven cars”. In fact, these self-driven cars are the best examples of limited memory artificial intelligence type.
These self-driving cars make apparent decisions based on data gathered from recent past experiences. They are coupled with a variety of sensors that identify civilians crossing the road, steep roads, traffic lights, heavy traffic flow on the roads, and so on to avoid road accidents and make better decisions.
Theory of Mind is a sort of advanced artificial intelligence that is not yet implemented but is in the beginning stages as of now. This kind of AI focuses on emotional intelligence to understand human beliefs, feelings, and thoughts. Typically, these machines are considered to play a significant role in psychology. Artificial emotional intelligence and developments play a vital role in decision-making in this type of AI.
When it comes to the theory of mind AI, Alexa and Siri are wonderful examples. Nevertheless, these models presently only have a one-way relationship with AI. At present, this AI is not yet completely evolved, but serious research is being conducted in this field.
This type of AI occurs mostly in novels, tales, and films. At this stage of artificial intelligence, machine systems have their own consciousness and are self-aware of their surroundings. We can correlate this concept with the movie “Robo”, wherein the machine is self-aware and conscious of its surroundings. A nonhuman self-aware intelligence has its own cognition, which has not yet fully matured, although achieving this superintelligence may be possible in the future.
The following techniques can be used to adapt artificial intelligence to resolve real-world problems
- Machine Learning
- Neutral Networks
- Natural Language Processing
- Robotics
- Expert Systems
- Fuzzy Logic
Now let’s have a glance at these technologies
Machine Learning
Machine Learning (ML) is a domain of Artificial Intelligence (AI), and they are interrelated with each other. ML works by thinking, processing data, and learning from past experiences to provide appropriate results. It employs a variety of learning strategies, including unsupervised learning, supervised learning, and reinforced learning, to learn and improve from previous experiences.
Neural Networks
We are all aware that our brain has millions and billions of neurons. These neurons form a massive brain network that assists every living organism in learning new things and making decisions. Similarly, the human nervous system inspired the artificial neural network. Artificial neural networks are made up of nodes that assist machines in identifying patterns and learning from them.
Natural Language Processing
National Language Processing (NLP) software understands both spoken and written language. We are all familiar with voice assistants such as Google, Alexa, Siri, and others. These voice assistants use the human voice as an input and then convert the audio into the text to process the information. Later, text-to-audio conversion is used by AI machines to respond to humans. This type of technology can also be found in Google Translate, Word, and other applications.
Robotics
AI programs and technologies govern AI robots. They are usually connected to one another. They are composed of various technical streams like electrical, mechanical, and computer science for the design, manufacture, and application of robots.
Expert Systems
An expert system is a computer software that is supposed to solve complicated issues and make decisions in the same way as a human expert does. It accomplishes this by pulling knowledge from its knowledge base using reasoning and inference rules based on user queries.
Fuzzy Logic
It is a type of thinking that is similar to human reasoning. This method is comparable to humans’ decisions that include all possible outcomes between YES and NO. Generally, fuzzy logic systems are used to control machines and customer products.
Adoption of artificial intelligence in business can have a major influence. So, let me go through some of the significant advantages of AI for businesses
Smart Pricing
The most challenging task for any business is determining the price of a product or service. Using artificial intelligence and machine learning, working together can help businesses plan the perfect pricing. Entrepreneurs can use AI to collect and analyze customer actions, competitor pricing, consumer willingness, customer reviews, and many other factors. With this knowledge, AI and ML can generate a better pricing strategy for your product or service.
Increased Productivity and Efficiency
Employing artificial intelligence in your business allows your employees to focus on activities that technology cannot accomplish, while technology focuses on tasks that people cannot do. This helps businesses to reduce the expenses associated with monotonous, repeated tasks that technology can accomplish while utilizing the talent of their human workforce.
Enhanced Customer Satisfaction
Customer service, experience, and support are important in business marketing and success. Integrating AI with traditional customer support services can help both the organization and the consumers save time. Chatbots and customer executions can assist customers with quickly resolving their concerns and redirecting them to the necessary steps. This helps customer service avoid unnecessary calls and save time. AI makes customer support simple, reliable, and faster, which is available 24/7 throughout the year.
Improved Security
Many businesses experience security issues regularly. We are human, and we make mistakes. A single code mistake might lead to cybercrime. Customers are concerned about the security of their personal information since businesses store a huge amount of it. Nowadays, the quality of your cyber security helps to develop trust with your consumers. Adding AI to your business will help you overcome all security problems and safeguard your customers’ information. It also helps to reduce cybercrime and improves customer security.
Greater monitoring
Artificial intelligence uses information collected by various devices on equipment to discover faults in machinery and anticipate maintenance services, lowering maintenance costs and emergency failures. The monitoring capabilities of AI can be implemented in other domains as well, such as business cybersecurity operations, where large volumes of data must be evaluated and interpreted.
To summarize, merging AI with traditional techniques in any aspect of your business will undoubtedly set you apart from your competitors, increase your growth, and gain the trust of your consumers. Many businesses are using AI in their operations to improve sales, marketing, and manufacturing. If you are seeking an AI implementation for your business, there are abundant software and product development businesses that can implement AI based on your requirements.
I hope you found this blog informative, and do let us know if we missed anything vital. Please share your thoughts with us.