How Artificial Intelligence can Improve your Business Analytics Better
The world is constantly heading towards a revolution in the technology. Artificial Intelligence is certainly going to play a huge role in this revolution. Artificial Intelligence is the branch of computer science that trains machines to make decisions on their own and replicate human behavior.
Applications of artificial intelligence are endless and have infinite possibilities. Now let us first discuss some of the advantages of Artificial Intelligence.
Advantages of Artificial Intelligence
- The various advantages of Artificial Intelligence are:
- Replace humans in tedious and cumbersome tasks which human find boring.
- AI machine can work in any environment or any geographical conditions.
- AI machines do not require breaks, so work gets completed more efficiently and quickly.
- AI machines also are more cost-effective than human because the machine requires less time than human to learn new things.
- The margin of error in Artificial Intelligence is very low. So we can expect high accuracy results.
Applications of Artificial Intelligence
- There is a wide range of applications of Artificial Intelligence. Some of the following are:
- Artificial intelligence systems are used in high-frequency trading price prediction systems
- Artificial Intelligence helps in predicting the stock markets.
- AI finds application in face detection systems.
- Artificial intelligence systems help in predicting sports results.
Artificial Intelligence in Finance
Artificial Intelligence has helped Finance and Banking sector to a great extent. The financial sector has a huge amount of data associated with it. Artificial Intelligence as a service has helped the financial sector by crunching a huge amount of data into meaningful results.
The financial sector is largely based on the fluctuations in the market. AI machine learning can help in predicting the market behavior from past trends.
Reduction of Risk in trading
Artificial Intelligence application includes reducing the risk of trading. Before the use of artificial intelligence, trading was based more on guessing work and personal past experience of the experts.
However, humans are not perfect and tend to make mistakes.
Artificial Intelligence has helped in accurately predicting the stock market by analyzing the past trends in the market.
Fraud Detection and Prevention
Online payment, online money transfer has become an integral part of our lives. But this also has given a chance to fraudsters to peek into your information and get access to your account. This seems to haunt all of us. But this is the reality.
In the recent years, online fraud is gaining momentum. Someone somewhere can have access to your account and perform illegal activities. Artificial Intelligence systems help in reducing the risk of fraud. It has pieces of information about your location, past payments, amount of payments etc.
If at some point in time it detects some deviation or breach in your account, it immediately alarms you or the concerned authorities in the bank. In some cases freezing your bank account making further transactions impossible.
Marketing gets better
As we all know how difficult it is for the businesses to market their product. Traditional methods of marketing require a huge amount of investment. Small businesses having less budget cannot spend that much amount on marketing, which hinders their sales. But Artificial Intelligence applications in marketing are helping small organizations as well as large organizations in marketing their product better.
Artificial Intelligence systems help in predictive marketing where brands follow their target audience only. Predictive marketing is done by analyzing the past searches, locations, and interests of the user. In this way by following target customers only, marketing becomes cost effective and result oriented.
AI Chatbots for customer support
One of the applications of artificial intelligence systems in improving business analytics is providing better customer support to the user. AI-powered chatbots are build using algorithms that can understand, analyze and respond to the queries of the customers. A potential customer wants to know about you, your products and services.
Chatbots performs this task for you that too by being available 24x7 in customer service. Chatbots are designed to make a friendly relation with the customers. Also, chatbots can handle multiple users a single time.
Artificial intelligence in Healthcare
Artificial Intelligence has also revolutionized the healthcare sector also. Healthcare is a crucial sector. AI Machine Learning helps in analyzing the huge amount of patient data at one place. In this way, the physician is aware of the past healthcare issues of the patient and also can diagnose serious health issues.
Also, it can analyze X-rays, CT scans etc and make the reports that make it easier for the doctor. In this way, treatment of patient becomes faster, efficient and easier.
Another application of Artificial Intelligence is handling the human resource for the organizations. Artificial intelligent systems shortlist most appropriate candidates, performs initial filtration base on tests and questionnaires. This makes human resource department faster and efficient.
Moreover, AI-based systems help in managing resources, in an efficient and better way.
Improving Security Systems
As all the businesses are going online, proper security systems are something that is lacked by many organizations. This can cause a serious blow to the organization as it can expose confidential data to the competitors. Moreover, if security systems are not proper, a hacker can breach the bank accounts of the organization.
Artificial Intelligence research has enabled businesses in improving the security systems by identifying potential threats, deviations in the transactions. Artificial Intelligence systems immediately alarm the concerned authorities in case of any security breach making better and safer security systems.
Artificial Intelligence systems help in forecasting the sales for the organizations. AI Machine Learning applications analyze the past trend in sales of the organization. It gathers a huge amount of data like previous sales, competitors’ data, the customer’s buying power etc and analyses the data using machine learning techniques.
By accurately forecasting the sales, organizations can easily allocate their budgets to the various departments.
Artificial intelligence research in the business domain has revolutionized the way businesses are done. Businesses using artificial intelligence have shown a steep growth in their sales graph. This has become possible by the use of AI in every department like Finance, Human resource, customer support etc. At Webtunix AI we provide all the business related software solution under one roof.