The Industrial revolution 4.0 has led to the speed of light evolution of technologies. Innovative breakthroughs that make life easier have emerged, especially in the field of deep learning and machine learning. This enables the easy analyzing and processing of data that has surpassed the existing methods by leaps and bounds. It has to be noted that in the revolution, Artificial Intelligence or AI, has played a major role.
Contrasting the intelligence displayed by Humans, AI is machine intelligence that thinks, acts and reacts like a human. AI mimics the cognitive abilities of humans in learning, problem-solving and the decision making the process. AI has the ability to revolutionize how business is run and this completely reforms the way business decisions are taken.
Artificial Intelligence as a Boon to Business
AI enables the automation of intellectual and physical tasks that helps in the completion of the task at hand quicker and better. As it excludes human intervention it yields better results. AI leads to a direct reduction of human labor and extensive work hours put in by humans. AI acts as a bridge between data scientists and companies which provides the opportunity to predict the future of business and avoid or tackle any threats. AI helps the growth of humans and the economy by boosting the world economy by many folds by 2030. It is expected to provide an additional boost to the GDP by 1.2 percent per year. This will revolutionize the decision-making process. From economy to advertising and from military to art, AI is set to revolutionize the way that we see the world.
As the Game Changer:
Man’s quest to predict the future of business and self has been relentless. With AI, taking decisions with the knowledge of the outcome has become a reality and led to reform of the decision-making process in business.
Over the last few years, man has come to accept and embrace decision making through analytics. The ever-expanding data and the computing power has given AI the potential to build upon human intelligence that led to the smart decision-making process. With smarter decisions, the costs that are risen by a single wrong decision can be easily eliminated. With the exclusion of human bias from the decision-making process, the speed of business processing speeds up.
How AI Affects Business:
1.Marketing
Today, the market is customer-driven which has led to an increase in the complexities of making decisions. Understanding the customers’ needs and wants and catering to them accordingly has become a challenging task. This increases the need for a grip on understanding and predicting the changing human behavior to take any marketing decisions.
For this purpose, Ampcus implements AI simulation and modeling techniques. This provides a stable insight into the consumers’ persona and helps in the prediction of customer behavior. AI helps clients’ take insightful marketing decisions by real-time data collection, analysis of the trends and provide a view of the wants and desires of the customer.
2.Recommender Systems
Working of a Recommender System
A recommender system is a technology that records the searches of the user and based on the data, provides future recommendations. Initially used by the music industry, recommendation systems have spread into different industries. Based on the ‘explicit and implicit’ feedbacks, AI understands and predicts the consumer’s preferences. This helps in the reduction of bounce rate and create better content to target the customer.
3.CRM
With the help of AI, Ampcus helps the client identify the lifetime value of their customer by creating a persona modeling. With the ability to manage multiple outputs, a complex decision-making process becomes easier as AI can manage and control multiple factors at the same time. The client can gain business insights that improve the ability to source and process a large amount of data in minutes. Unlike humans, innovation does not face fatigue or roadblocks. This enables faster and better business decisions.
4.Mining Opinions:
Decision-makers require a reliable source to provide insights. Over the last few years, AI has emerged as the source providing invaluable insights into customer behavior that improves their communication with the consumer. These insights also help in predicting the demand and respond appropriately to it. AI uses automated mining of opinions to help understand why humans behave and react the way they do. When diverse opinions are mined and analyzed correctly, the client can predict and address the major concerns of the consumers. Hence the decision-making process becomes quicker and reliable.
5.Augmented Analytics:
Augmented Analytics has been predicted as the next big thing. It is expected to transform how analytics is expanded, shared or is advanced. When there are reliable data and recommendations available at hand, business executives and decision-makers can make decisions that are not only wise but also provide a competitive edge to the business. The calculated analytics help in improving the performance of not only the individual members but also help the team as a whole.
Substantial, Agile and Exceptional decisions with AI
With the changing business environment, it is no longer enough that the decisions involve common sense and experience. It is essential that risks and their effect on the business require substantial, agile and exceptional solutions. With its various applications, Artificial Intelligence helps a business make efficient choices that lead to positive repercussions.
Ampcus makes the process of induction of AI into clients’ business quicker and seamless and also enhances existing applications.
Get in touch with Ampcus experts to learn how your business can avail the best of AI!
