Major Applications of Artificial Intelligence in Business

There is no doubt that computers have become a vital part of our daily lives. Technology news highlight the advancements that allow computers to perform tasks similar to human beings and do them quite successfully. All of this is possible due to artificial intelligence. This refers to technology that helps machines in performing tasks automatically, which would otherwise need human intelligence. AI is being used in a number of industries and for a variety of applications and is undoubtedly making our lives easier than before. One such field where it has made its presence known is the world of business.

Let’s check out some of the major applications of artificial intelligence in business:

• Cyber-security

Data storage and management has become easier than ever for businesses, thanks to the internet. However, it does come with the risk of hacks, breaches and data leaks. Businesses need online security in order to protect all the sensitive and confidential data that is stored online. With cybersecurity becoming one of the most important priorities for businesses, they can use artificial intelligence to address it. AI technology allows cyber experts to get rid of unwanted data and noise. They can also use it for malware detection, analyze large amounts of data and reduce threats of cyberattacks.

• Hiring and recruitment

Finding the perfect candidate for a job is no simple task and can be stressful, not to mention time-consuming for the human resource department. Artificial intelligence can make things significantly easier, as it can be used to filter through the hundreds of resumes businesses receive and shortlist the most suitable candidates, as per the requirements. AI technology analyzes different attributes, such as education, skills and location and can also recommend other job positions for the candidates. This ensures unbiased and practical candidate selection and reduces the effort and time as well.

• Customer analysis

Customers are the lifeblood of a business, due to which every business needs to analyze their customer base and develop strategies for better engagement. Getting insights on performance was challenging for businesses for a long time, but artificial intelligence has simplified this aspect of the business. Companies can now use this technology for conducting surveys that could help them obtain customer feedback that goes beyond historical data analysis. They can get accurate data and develop better strategies for higher engagement. They can also facilitate sales by offering a seamless customer experience. Thus, AI can actually help a business become more customer-centric, which ultimately benefits it.

• Market prediction

One of the most renowned and unpredictable financial markets in the world is the stock market and its dynamic nature has helped it be quite profitable. Artificial intelligence can prove to be very useful here because technologies, such as Artificial Neural Networks (ANN) and Support Vector Machines (SVM), it is possible to predict patterns. Conducting technical analysis becomes easier, which can help in making better and more accurate predictions that can lead to successful outcomes.

• Billing and invoice

Financial responsibilities are part of running a business, as companies generatepayment checks, bills and invoices. If done manually, these financial and accounting processes can be quite burdensome. In addition, there is also room for calculation errors and mistakes. Artificial intelligence can come in handy where financial management is concerned because it automates the process, offering ease and accuracy. There are numerous software that exist these days for managing accounts.

• Social media insights

The use of social media for promotion has become quite common and for getting customer feedback. Of course, it is not easy to keep track of all of it and this is where artificial intelligence can help simplify matters a great deal. Brands can take advantage of AI technology for keeping track of feedback and understand their position in the market. They can also get insights into their customer base, which can help in developing strategies that can be useful in improving their name and reputation.