AI is an umbrella term for any system that emulates human intelligence without being explicitly programmed by a person. There are many types of AI, including expert systems (which emulate the knowledge and reasoning skills of one or more human experts), natural language processing systems (which understand what you say to them in ordinary human language), neural networks (a type of machine learning algorithm that’s loosely inspired by the way our brains work) and computer vision systems (which can identify objects in photos).
Artificial Intelligence has been making waves in recent years because it has become much cheaper to implement than before. This means that companies have started using AI to improve their products and services and make smarter decisions about things like marketing campaigns. They aren’t just making these decisions based on gut feeling but applying their own unique data sets to build predictive models that help them do better in the future.
Let’s take a company that sells office furniture. While it’s possible for an expert human specialist to accurately predict which products will sell the best to different companies, they can only make predictions about a small set of data. They might, for example, know that companies with more than 500 employees prefer to buy ergonomically designed chairs and support the lower back. However, they would only be able to make this prediction based on the feedback from their customers in the past.
Suppose an AI system is trained with enough data about past customer feedback. In that case, it’s possible for it to build an algorithm that will accurately predict which products are likely to be successful with future customers. But AI goes beyond sales predictions – it can also help companies with their marketing by analyzing consumer behaviour.
What if your business is facing a shortage of human resources? Perhaps you have considered taking on more staff, but you don’t have the budget to increase your workforce just yet. An AI system can help you find the best candidates for your business, saving you both time and money. You can use data about past employees to build an algorithm that will identify people with the necessary characteristics for success in your industry.
It might be helpful if your next marketing director is a good storyteller who has experience writing short, engaging blogs for a company blog. It’s time-consuming and expensive to do exhaustive searches for these kinds of skills, but an AI system can quickly identify people that have them – if they exist in your data set of past employees. This will help you build a better team more quickly, saving money in the process.
There are many other ways that AI can help your business, including identifying possible security risks through computer vision systems and automating repetitive tasks through natural language processing. No matter what your needs are, there’s a good chance that you can quickly find solutions that will give you a competitive edge by providing valuable insight into consumer behaviour and predicting trends.