Artificial Intelligence in Business

We all are well aware that the computer has become an integral part of our life now.
Today, technology has become so advanced that computers can function like humans
and even achieve high success rates. All this has been possible due to Artificial
Intelligence.

Artificial Intelligence (AI) in technology enables machines to perform tasks that would
otherwise require human intelligence to be automated. AI has a vast spectrum in
computer science and is developed and programmed through machine learning and
deep learning.

AI is used in many fields daily, making our lives easier. The business world is one area
where Artificial Intelligence is widely used. AI can help any business in automating
business processes, gaining insights through data analysis, and engaging with
customers and employees.

There is huge competition among different companies in the market, and every
company wants to be on top of its game. Successful MNCs use the features of AI such
as automation, big data analytics, and natural language processing to gain insight into
their business and make it more efficient and relevant to their customer base. Even
small companies incorporate AI into their businesses to be successful.

Let's look at the top applications of Artificial Intelligence in Business.

AI Applications in Business
1. Recruitment
There is a lot of competition for employment, and every day, hundreds of candidates
are applying for the same position in a company. As a result, shortlisting the right
candidate for the company's HR team becomes a daunting task on each resume.

To make things easier, companies use Artificial Intelligence and Natural Language
Processing (NLP) to filter through resumes and shortlist candidates who closely meet
their needs. It is done by analyzing various characteristics like location, skill, education,
etc. It also recommends other job positions for the candidates if they are eligible.

This way, the candidates are selected practically and unbiased, saving time and manual
labor for the HR team.

2. Cybersecurity
The Internet has made storage and management very convenient in any business. But
with it comes the risk of breaching and leakage of data. Cyber security is a necessity
for all companies and is one of the most important applications of AI. Every business
requires security online since all the important databases of their company, including
financial data, strategies, private information, etc., are stored online.

With the help of Artificial Intelligence, cyber experts can understand and remove
unwanted noise or data that they might detect. It helps them be aware of any abnormal
activities or malware and be prepared for any attack. It also analyzes big amounts of
data and develops the system accordingly to reduce cyber threats.

3. Market prediction
Stock markets are one of the most popular and unpredictable markets due to their
dynamic nature. Many people invest in the stock markets as they have also proved
very profitable.

But Artificial Intelligence has made it easy too. With techniques like Support Vector
Machines (SVMs) and Artificial Neural Networks (ANNs), which are types of machine
learning, patterns are learned and predicted. This technical analysis is very important
in predicting the financial markets and providing successful

results.

This prediction uses three algorithms: Begg-Marquardt, Scaled Conjugate Gradient,

and Bayesian Regularization. Together they provide about 99% accuracy using tick
data.

4. Customer Analysis
Businesses run for their customers, and customers can make or break any brand. Hence
companies need to analyze their customer base and strategize for greater engagement
and improvement in any other area. Earlier, it was very difficult for companies to get
information about their performance.

Most of the exchanges took place in person, and the reaction was predicted manually
through selling or sentimental aspects.

Today, artificial intelligence enables companies to conduct surveys that provide

customer feedback that goes much deeper than just historical data analysis.

It provides accurate data and helps strategize to facilitate better engagement and sales
by providing a better customer experience. Therefore, AI helps make the business
more customer-centric, which ultimately benefits the company.
5. Billing and Invoicing
With all businesses come financial responsibilities. It is conceivable that companies
may frequently have bills, paychecks, and invoices exchanged, among others. These
accounting and financial processes can become very cumbersome if handled manually.

In addition, there may be calculation mistakes that can lead to terrible losses. Artificial
Intelligence has made financial management easy and accurate by automating the
process.

There is much software available in the market for accounting and invoicing. For
manual paper-based invoicing, these software provide features such as data extraction
and segregation, which, once scanned and uploaded, can extract data from paper
invoices and store them.

Electronic invoices are easier to handle as they are analyzed and stored automatically.
The AI-powered accounting tools are very precise and systematic, making financial
management a very easy task.

6. Proposal Review
Artificial Intelligence has proved to be quite beneficial for proposal review. Proposals
are often exchanged in the business world, and if not properly scrutinized and
analyzed, they can lead the company to the wrong customers.

Now, AI can easily analyze any offer given to the company with the help of machine
learning. The company can automatically hold on to scope pricing and track any
history of the source of the offer.

AI proposal management software is very proficient in qualifying opportunities. It goes

through the proposal and determines the best outcome. It is both a time saver and
often provides accurate predictions. Proposal management software also provides the
company with a strategic plan with which it can grow.

7. Virtual Assistants and Conversational Interfaces

Every business has its own set of services that need to be explained to the masses to
expand its customer base and facilitate its sales. It is not possible for the owners to
individually explain and clear the doubts of each individual.

With the help of artificial intelligence, businesses are introducing virtual assistants and
chatbots into their websites and applications that can answer any user questions about
the company and provide 24/7 customer service.
Usually, chatbots have a pre-programmed answering system, and they follow specific
patterns while answering questions. These are advancing more and more with the
improvement of neural networks and deep learning.

8. Targeted Marketing
Nowadays, all businesses are taking advantage of the Internet to gain more and more
popularity. Targeted marketing or targeted advertising is a method of online
advertising done with the help of NLP and AI that shows advertisements only to
specific audiences.

Their online activities determine the audience, and if they have recently searched for a
similar product/service online, they start seeing ads.

It is a very efficient and profitable marketing method as it saves a lot of money for the
business. It is done through keyword matching.

9. Vulnerability Exploit Prediction

The number of vulnerabilities revealed over the years has been enormous. The amount
of cooperation shown with machines has been very small compared to humans. It
exposes AI to exploitation by humans and risks ruining any business.

Artificial intelligence is the only solution to this problem. It protects the company from
scams and big losses. Companies can predict any malpractices that may risk exploiting
the system through AI, thereby saving the business. AI can also help identify credit
fraud and insurance claim fraud in real-time.

10. Social media insights

Social media has become one of the strongest platforms for brands to promote their
business. It provides them with different types of users to showcase their services. If a
company can use its social media platform properly, it can easily gain many customers.

Since there are many users, no business can get their customer feedback manually.
With the help of artificial intelligence, brands can know their position in the market
and get information about their customer base.

It will help brands strategize and build up their social media game!

AI to meet industry-specific needs

Although many AI applications are spread across industry sectors, other use cases are
specific to the needs of the individual industry.
Here are some examples:

o The healthcare industry is using artificial intelligence and machine learning

products to analyze vast reserves of data collected in recent decades to uncover
patterns and insights that humans cannot find on their own. Algorithms in
diagnostic tools are helping clinicians make more accurate diagnoses earlier in
disease progression. Other intelligent tools also help clinicians develop a
personalized treatment plan for maximum efficiency for each unique patient.
o Financial Services. The financial services sector uses AI and machine learning
for fraud detection and digital and data security, analyzing historical and real-
time data to make immediate decisions about the legality of individual
transactions. Financial services firms also use AI for more specialized
applications, such as money management, loan approval, and business
decisions.
o Industrial maintenance. The industrial sector uses AI to predict machine
maintenance, deploying AI to identify the most likely times that equipment will
need service and optimize the scheduling of maintenance work. AI is also used
to increase efficiency in factories.
o AI enables a growing fleet of self-driving vehicles to become smarter as they
gain navigation experience. AI is also being used for better traffic management
operations and transportation logistics.