Artificial intelligence (AI) is progressing by leaps and bounds, and it's having an impact across all industries. At one time, artificial intelligence was predominantly in the realm of video games and science fiction. According to research from Gartner, AI revenue is expected to reach $37 billion in 2018 and $155 billion by 2021.
Artificial intelligence is making a huge impact in the world of business today, but how can you tell if your business needs it? It's all about finding out what exactly AI tech is and understanding the different ways it can be applied to your company.
Also Read: Benefits of Using AI for Your Business
Artificial Intelligence (AI) is everywhere these days, but it can be hard to tell if your business needs it. Luckily, there are many ways that AI can help businesses across all industries. Here are some of the most common uses for artificial intelligence:
Chatbots
Chatbots are a type of AI, and they can be used to automate customer service. They are also great for generating leads, personalizing your experience with customers, and building trust.
Chatbots can be used in several ways:
As an automated customer service system that answers questions without the need for human interaction. For example, if you're trying to get information about a product or service through your website or app and it takes too long to get through (or doesn't respond), chatbot technology could help speed things up by answering basic questions instead of having them go unanswered forever!
To generate leads for marketing campaigns by helping users find what they need quickly within an application (such as when someone asks "what does this button do?"). This helps businesses save time because there's no need for them to spend hours manually typing out every word on their website; instead, just give users quick explanations so they understand how everything works together without having any prior knowledge required which makes it easier than ever before."
Chatbot technology is a relatively new innovation, but it’s already changing the way we interact with each other. We’re seeing more and more chatbots in our everyday lives, from ordering food at restaurants to making purchases online.
Voice assistants
Voice assistants are a type of AI that can perform voice tasks on your behalf. They're the perfect addition to any business, especially if you want to save time and money by delegating tasks.
Here's an example: you could have an assistant read out customer emails or send out invoices automatically based on their value. You could also ask for directions when driving outside of town, or even schedule meetings with clients via text message!
The most common uses for voice assistants include customer support (answering emails), scheduling meetings/appointments (texting), sending emails (e-mail), and making phone calls (calling).
Messaging Bots
Another popular use for artificial intelligence is messaging bots. Bots are programs that can respond to messages and questions in real-time without human intervention — they're more than just chatbots (which provide canned answers).
Bots can be programmed with AI so they can make decisions based on inputs from users and then send responses as needed (or even initiate conversations on their own!).
This kind of functionality has huge potential for businesses because it makes customer service easier and more efficient while reducing costs associated with hiring customer service employees.
Prediction and Decision Making
AI can predict what might happen next based on past data sets. For example, if you know someone's birthday, you could use that information to predict their next birthday party and plan accordingly (for example, by sending them reminders).
AI can also help businesses make better decisions about what products to sell and how much they charge for them.
For example, if you want to sell a new product and don't know how it will do in the market, an AI system could help you predict what will happen based on past sales data.
This kind of functionality is especially useful for businesses that sell a lot of different products or have many customers but only one employee.
Recommendation Engines
One of the most common uses of artificial intelligence is to recommend products, services, and content.
For example, Netflix uses recommendation engines to help you find things you’ll like.
You can also use these engines to recommend your friends and family members movies or shows that might be similar to what they enjoyed in the past.
Microsoft’s Xbox One console also utilizes this technology for its “OneGuide” feature on its home screen where it displays recommendations based on previous viewing habits as well as your own preferences.
Image Recognition
AI can be used as an image recognition tool, allowing you to identify objects in photos and videos.
This can help businesses scan items on shelves or check for accuracy when processing bills. AI is also used to improve the quality of images.
It can be used to correct distortions and make sure that your photos are clear and free from blurring.
This is especially helpful in industries where products must be photographed for catalogs or promotional materials.
It's also helpful for reading the text on a product label and matching it up with what you're looking at in your photo of the item, which can help businesses ensure that they're accurately representing their product.
Voice Recognition and Transcription
Voice recognition is a way to input text by speaking. It can also be used for dictation (inputting text into an application by typing it), which is similar, but usually involves typing on a keyboard instead of speaking.
Voice transcription is the process of converting audio files into written text so that they can be understood by humans without having the original audio file available.
Voice transcription has been around since at least the 1970s and has grown in popularity over time as technology has improved and made it easier for businesses to use this technology effectively.
Voice recognition and transcription are two very important tools that many businesses use today—and not just because they're necessary for effective business operations, but also because they help people communicate better with others via text messaging or email messages!
Spam Filtering
Spam filtering is a common use of artificial intelligence. It's used to identify unwanted emails so that you can block them from your inbox.
For example, if you're on Gmail, you can set up filters that will automatically delete any messages from unknown senders or those with certain words in their subject lines.
If you have an email address that's already associated with another service like Yahoo Mail or Outlook, there are tools for whitelisting emails from those services and getting them into your inbox without triggering spam filters by default.
Fraud Detection
AI can be used to detect fraudulent transactions in several ways. One way is by using machine learning, which allows machines to learn from past experiences and make predictions about the future.
For example, if you have an insurance policy with your bank and they use AI technology to detect fraudulent transactions on your behalf, then they might send out emails or texts when there are unusual patterns in the data (such as large numbers of claims).
This helps keep you safe from identity theft or credit card fraud—and it's something that humans would have no way of doing themselves!
AI can be used in many Practical Ways for Business
There are many ways in which AI can be used to benefit your business. In fact, it’s one of the most popular uses for artificial intelligence today.
AI can help improve customer service and make sure that each customer receives the same level of care regardless of their needs or time constraints.
AI is also being used by businesses to increase efficiency, so they don't need as much human resource (HR) help during peak times—and it allows them to focus on things other than manual labor like marketing campaigns or sales pitches.
Finally, AI can be used to improve quality control over products and services offered by companies like yours—helping ensure that everything delivered meets high standards so customers will keep coming back!
Bottom Line
There are many ways that artificial intelligence can be used in businesses. It’s an exciting time to be a software developer or engineer and there’s so much innovation potential when it comes to technology. One thing is certain: if you want your business to succeed, then you need innovative solutions from people like yourself who understand what works and doesn’t work well with other companies today—so make sure you use artificial intelligence as part of your strategy!