Artificial Intelligence and Machine Learning in business: What you need to know 💻
In the dynamic business world, Artificial Intelligence (AI) and Machine Learning (ML) have emerged as game-changers. These technologies have revolutionised operations, decision-making, and customer experiences across industries. There are so many examples of how AI is transforming the business landscape. Whether you run a small business or manage a large corporation, understanding AI's practical applications and benefits in business is crucial for staying competitive.
AI in business analytics
AI in business analytics is the use of predictive algorithms in demand forecasting. Businesses can leverage AI to analyse historical sales data, market trends, and external factors to predict future demand accurately. This enables them to optimise inventory levels, reduce waste, and meet customer demands more efficiently.
Here are 10 examples of how major tech companies are already utilising AI in business analytics:
Alibaba: AI is employed to predict customer preferences and generate product descriptions. Alibaba also uses AI algorithms in its City Brain project for traffic monitoring and assists farmers in crop monitoring.
Alphabet (Google): Waymo, Alphabet's self-driving technology division, aims to reduce crashes and provide autonomous transportation. Deep learning is used in Google's DeepMind for game playing, and Google Duplex utilises natural language processing for making phone calls.
Amazon: Amazon employs AI in various aspects of its business, including its digital voice assistant Alexa. The company uses predictive analytics to anticipate customer needs and operates cashier-less convenience stores powered by AI technology.
Apple: AI and machine learning are integrated into Apple products such as the iPhone (FaceID), AirPods, Apple Watch, and Siri. AI also enhances services like Apple Music, iCloud, and Maps.
Baidu: China's Baidu utilises AI and deep learning in tools like Deep Voice for voice cloning and text-to-speech capabilities, along with the automated reading of books.
Facebook: Deep learning is utilised in DeepText to understand and interpret user posts, while DeepFace enables accurate facial recognition. AI is also employed to detect and remove revenge porn images.
IBM: IBM has a long-standing involvement in AI, including its famous Deep Blue and Watson projects. Project Debater showcases IBM's AI capabilities in formulating human-like arguments.
JD.com: Like Amazon, JD.com uses AI and automation extensively in its warehouses and delivery systems. The company is focused on building the infrastructure for the fourth industrial revolution.
Microsoft: Microsoft incorporates AI into its products and services, including Cortana, Skype, Bing, and Office 365. The company is a prominent provider of AI as a Service (AIaaS).
Tencent: Tencent, a Chinese social media company, integrates AI into its operations across various domains, including gaming, digital assistants, mobile payments, cloud storage, and self-driving cars. The company leverages customer insights and data processing for its competitive advantage.
These examples highlight how AI is revolutionising business analytics and enabling companies to offer innovative products, services, and customer experiences.
AI in business intelligence
AI is revolutionising business intelligence by automating data analysis and visualisation. For example, companies can use AI-powered tools to generate interactive dashboards and reports in real time. These tools can identify patterns, detect anomalies, and provide actionable insights, empowering businesses to make data-driven decisions faster.
SAP's HANA platform: SAP's cloud platform, HANA, helps companies manage databases and analyse structured data. It can process large volumes of transaction records in real time, allowing businesses to spot trends and anomalies, leading to faster decision-making and cost control.
Domo's business dashboard: Domo offers a cloud-based dashboard that collects data from various sources, allowing companies to gain insights and context for business intelligence. It integrates with third-party apps like Salesforce and Facebook to generate reports, spot trends, and provide real-time recommendations using AI and machine learning.
Apptus eSales: Apptus provides AI-powered recommendations for boosting sales channels. Its eSales solution automates merchandising based on predictive consumer understanding, suggesting related search phrases and displaying associated products. Companies like Bokus.com have reported significant increases in turnover using Apptus.
Avanade's Cortana Intelligence Suite: Avanade, a joint venture of Microsoft and Accenture, leverages the Cortana Intelligence Suite for predictive analytics and data-based insights. For example, Avanade helped Pacific Specialty Insurance use customer and policy data to drive growth and develop new products. Smart technologies are expected to result in revenue increases and new job roles.
General Electric's Predix: Predix is an operating system used by industries such as oil and gas, aviation, and manufacturing to monitor and predict equipment performance. It analyses historical data to forecast maintenance needs and optimise operations. It can also improve equipment performance, reduce downtime, and increase yield.
Siemens' MindSphere: MindSphere is an open industry cloud platform for monitoring machine fleets and factories. It enables industrial companies to track machine tools' performance, schedule preventive maintenance, and improve operational lifespan. MindSphere works with machines from different manufacturers, aiming to increase uptime and reduce warranty repair expenses.
These examples demonstrate how AI is integrated into business intelligence, enabling companies to analyse data, gain insights, make data-driven decisions, and optimise operations in various industries.
AI in business management
AI plays a vital role in automating routine tasks and optimising business management processes. For instance, in supply chain management, AI-powered algorithms can analyse historical data, weather patterns, and market demand to optimise inventory levels, minimise stockouts, and streamline logistics. This results in cost savings and improved customer satisfaction.
AI for small business marketing
Small businesses can leverage AI to enhance their marketing efforts without breaking the bank. For instance, AI-powered chatbots can provide personalised customer support, answering frequently asked questions and guiding potential customers through their purchasing journey. Additionally, AI-driven marketing tools can analyse customer data to deliver targeted advertising campaigns, optimising marketing budgets and increasing conversions.
AI in retail business
The retail industry is witnessing a transformation with the integration of AI. AI-powered recommendation systems, such as those used by e-commerce giants like Amazon, analyse customer browsing and purchase history to offer personalised product recommendations. This enhances the customer shopping experience, increases sales, and boosts customer loyalty.
AI business use cases and benefits
AI finds applications across various industries, providing tangible benefits. In finance, AI algorithms can detect fraudulent transactions by analysing large volumes of data and identifying suspicious patterns in real time. In manufacturing, AI-powered quality control systems can inspect products for defects and inconsistencies, ensuring higher quality standards. In logistics and transportation, AI can optimise routes, reduce delivery times, and minimise fuel consumption, resulting in cost savings and improved efficiency.
AI business transformation
One example of AI-driven business transformation is the use of chatbots in customer service. Many companies now employ AI-powered chatbots that can handle customer queries, provide product recommendations and process orders. These chatbots are available 24/7, providing instant responses, reducing wait times, and improving overall customer satisfaction. A great example of this is Maybe* AI. Ask us a question in our chat button, at the bottom right of this screen, and see how Maybe* AI responds.
The examples mentioned above are just a glimpse of how AI and machine learning are reshaping businesses across sectors. From optimising supply chains and enhancing customer experiences to automating routine tasks and enabling data-driven decision-making, AI offers immense potential for growth and efficiency. By embracing AI technologies and understanding their specific applications and benefits, businesses can unlock new opportunities, gain a competitive edge, and thrive in the AI-powered future.
With Maybe* integrating AI tools into your business shifts from a challenge to a transformative business experience.
