How Does AI Technology Help in Business?

How Does AI Technology Help in Business? post thumbnail image

Contrary to popular perception, artificial intelligence has not taken the place of humans in the workplace; rather it has emerged as a valuable ally in helping businesses increase efficiency and streamline processes.

Financial services firms use it extensively to detect and assess loan risks.

Additionally, this platform helps customer service by automating repetitive tasks and routing calls directly to the appropriate person.

ai technology help in business

AI-Powered Solutions and Tools

AI software offers many applications to businesses to automate tasks, gain insights from data or interact with customers and employees more effectively. Businesses should select an AI solution best suited to meet their requirements.

Dynamic pricing, used by online retailers to increase revenue by changing product prices multiple times per day based on supply and demand, is just one application of dynamic pricing technology. Another is chatbots which answer simple inquiries on websites to relieve customer service staff of time-consuming work.

AI can also assist companies with business model expansion, according to experts. A health care provider might use predictive insight for revenue stream identification and testing as well as supporting R&D activities. A company such as Becton Dickinson utilizes a centralised AI function with intelligent digital agents and robotic process automation as well as natural language processing-powered search capability in their cognitive help desk – one company taking this route is Becton Dickinson which uses natural language processing searches for answers in documentation as well as previously resolved issues for resolution purposes.


Chatbots are computer programs designed to mimic human conversations and perform tasks typically done by humans, such as authorizing expense reports, finding sales leads or connecting with customers online. Businesses rely on chatbots to enhance customer service delivery while simultaneously improving marketing efficiency and cutting operational costs.

AI chatbots make excellent virtual customer support agents because they never tire of answering repeated inquiries from online customers. They provide 24/7 assistance that makes AI chatbots ideal for online customer care services.

Advanced AI solutions utilize natural language processing and machine learning techniques to answer user inquiries, recognize patterns and keywords, and deliver tailored responses tailored to each individual user. Furthermore, these intelligent chatbots learn with each interaction and become smarter over time. Their quality depends on what data it is given and its training techniques; Lindner advises selecting “white-box” solutions from vendors who understand AI over black-box solutions which cannot be explained easily.

Predictive Analytics

Predictive analytics is an invaluable asset to businesses that enables them to make better decisions by recognizing patterns in their data and anticipating future trends and outcomes. Utilizing advanced algorithms and machine learning technologies, predictive analytics analyzes historical datasets in order to detect risks, opportunities and tendencies that lie within.

Predictive analytics has traditionally been an inexact and time-consuming process that involved gathering and cleaning large data sets before creating a predictive model and applying it to real world business problems. Now however, predictive analytics has been enhanced using AI technologies such as neural networks, deep learning and natural language processing that streamline its application, reveal insights humans might miss, make understanding results simpler, and speed up interpretation and comprehension processes.

Fashion retailers such as Sephora use predictive analytics to identify high-value customers and highlight products most likely to appeal to them. Healthcare organizations use it to save money by intelligently allocating facility resources based on patient behavior, optimizing staff schedules and detecting patients at risk of costly near-term readmissions; manufacturers and aerospace companies use it for maintenance planning to decrease downtime and enhance overall performance.

Machine Learning

Machine learning (deep learning) can identify patterns, predict outcomes and solve problems. It is often employed in data analytics to automate tasks for businesses, connect with customers and understand their needs better, predict future performance as well as revenue opportunities and ensure future profitability.

An equipment and machine sales company could use machine learning to monitor its assets and determine when they require maintenance or repairs, while predictive modeling could gauge customer interest for new offerings.

Many companies are turning to AI technology in an effort to reduce costs and boost productivity. AI-enabled systems can make sense of large volumes of data far quicker than humans do – improving customer service, speeding decision making processes and supporting more efficient operational and security processes. Examples include chatbots which comprehend natural language conversations, automated phone support features and software that translates text into multiple languages.