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How artificial intelligence is reshaping the business world

Initially, artificial intelligence (AI) transformed the mechanical industry by accelerating and optimising mass production. Today, businesses of all kinds are learning how AI can streamline their processes and considerably improve operational performance.

According to the MIT Sloan Management Review’s 2018 Global Executive Study and Research Report on AI, leading organisations are increasingly meshing together artificial intelligence with employees to deliver more efficient and cost-effective results.

In order to better understand how AI proficiencies can accelerate a business’ trajectory, we have to comprehend how machine learning works.

Cognitive computing

AI technologies are employed to make computers more human and to motivate a human thought process in computerised models. Amazingly, self-learning algorithms that employ data mining, intelligent automation, natural language processing, and pattern recognition can help computers imitate the way a human brain works.

Businesses are increasingly employing cognitive computing to process complicated or vague situations so that they can lead to more human-like collaborations between consumers and software. It helps build a more efficient customer service experience, and a few examples are:

• Many telecom, retail, and financial services companies have incoming audio, which is efficiently routed to create an enhanced user experience.
• Healthcare companies are increasingly using cognitive machines to determine the most optimum course of patient care.
•  The marketing function across all industries are collaborating more with software to continuously improve marketing programs and campaigns.

Machine learning

It is one of the fastest growing features that is progressively influencing how companies conduct their business. Machine learning is a branch of artificial intelligence and refers to computers being given the ability to learn without being programmed specifically to do so. The machines ascertain patterns and determine trends on their own with only minimal human intervention.

Over the past decade, machine learning has resulted in smart technology used in real-time web ad placements, self-driving cars, online recommendations, speech recognition, and email filtering as well.

• Data-driven decision-making – Collecting data and using it in marketing, sales, support, and service is already being conducted very efficiently by machines.
• Discovery – Organizations are increasingly employing algorithm-learning methods to get better gauge business analysis and insights. For example, in order to streamline their marketing programs, companies are inserting more intelligence into their marketing software to deliver better product recommendations, customer analytics, and even pattern detection capabilities.
• Deployment – Analytical asset insights, segmentation studies, and applied optimization are examples of marketing proficiencies that are already being driven by software and are fast giving rise to marketing automation.

Deep learning

Probably one of the most thrilling areas of artificial intelligence, deep learning is how machines learn big data and analytics. Machines are currently:

• Developing and streamlining tasks such as customer inquiries in a more humanised approach
• Continuously enhancing employee efficiency through workplace tasks and tests
• Designing products and services based on data fed into the machine

The bottom line is, artificial intelligence is learning and adapting fast to the data fed into it and is continuously helping businesses enhance their operational performance. The more big data, machines collect and investigate, the more dynamic the machine becomes, resulting in an enhanced collaborative effort with humans and businesses.