Wednesday 12 August 2020

5 Business Benefits of Modern Artificial Intelligence

5 Business Benefits of Modern Artificial Intelligence

With the advent of modern Artificial Intelligence (AI), there is a wealth of businesses that benefit from this newest, highly advanced technology. These include cyber security, the automotive, healthcare, governmental and e-commerce, virtual assistance and customer service industries.

Five Business Benefits of Modern Artificial Intelligence

There are two schools of thought regarding business benefits of AI: the size of the business and nature of the business.

Large industries such as energy consumption, transportation and health care are still ironing out wrinkles in the use of AI.

However, AI lives up to expectations when the business is involved in routine tasks and transactions. There are five business benefits of modern artificial intelligence.

Smart Software

Not only is modern AI beneficial for data mining but the ripple effect is timely, cost-effective data management as well as articulated, comprehensive data results.

In traditional data mining, the GIGO (Garbage In, Garbage Out) effect affects data coherence and data transformation. You can also have the uses of semantic ontology used for entity extraction. Software can help you with relationship extraction and event extraction. AI clarifies, refines and limits GIGO transference through the process of blockchain technology.

Prediction of Outcomes

When data is entered into the AI system and follows the blockchain process which contains cryptographic hash of the previous block’s file as well as a timestamp and the transaction data. The final result of blockchain in AI is the ability to predict outcomes of originally stated data.

Real-time Assistance

Airlines often perform interactions with millions of customers on a daily basis. AI offers real-time assistance to avoid repetitive customer tasks. AI Chatbots interact without human interaction, such as personal airline traveler information or flight delays AI chatbots manage quickly and efficiently.

Improved Personalized Customer Shopping Experience

Through the use of entity extraction, modern AI has improved personalized customer shopping experience. In tandem with entity extraction AI manages personal data by correlating customer information with their shopping preferences.

Automated Customer Interaction

Prior to the benefits of AI, customer interaction was a labor intensive process. AI’s chatbots allow customers direct interaction by providing immediate answers to customer inquiries. There are four additional ways modern AI is automating customer interaction. These include:

  • Analyze human emotional intelligence
  • Automate customer workflow to predict most advantageous time for engaging customers
  • Automate time of customer engagements such as callbacks to customer inquiries
  • Automation of simple customer interactions with real-time assistance

As the hi tech world continues to reach for more and more ways to reduce unnecessary tasks and transactions and provides greater data security, the conveniences offered in the future of modern artificial intelligence use in business will likely open a more complex data streaming universality based on faster data mining and blockchain processing.

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