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How Utilizing Artificial Intelligence Saves Time & Money

Posted by Michelle Kratzer on May 23, 2019 9:33:00 AM
Michelle Kratzer

Remember Arnold Schwarzenegger's epic moment in Terminator 2, saving humanity from the artificial intelligence of evil robot assassins? Sitting in the theater, stuffing my face with popcorn, all I could think was: like that’s ever gonna happen.

 

 

Terminator

 

 

Fast forward to 2019. Robots haven’t quite taken over the world, but artificial intelligence has infiltrated critical roles in almost every business sector.

 

"Artificial intelligence" (AI) simply refers to computer software that models the human brain and human reasoning systems  to accomplish humanlike tasks such as learning, planning, and problem-solving 

 

Using technology like machine learning, AI systems analyze and identify patterns faster and more accurately than any human brain could. While it lacks the ability to perform common sense tasks in the real world, AI cuts through mounds of data quickly so that we humans don't need to. 

 

 

brain

 

 

Machine learning’s more advanced cohort deep learning uses technological systems to learn by history and example. Deep learning technology can simultaneously identify images, text, and sound, with state-of-the-art accuracy. Instead of becoming obsolete with time, deep learning systems continue to improve their performance as more data is received.

 

All of this means that using tools with AI helps to streamline your business processes, saving time and money.  I've listed a few examples of AI in action below. Which of them would benefit YOUR business?

 

Supercharge Your Business!

 

AI in Action

 

Chatbots for Customer Service

When a customer has a question or a complaint, they want answers right away. Unfortunately, most companies do not have unlimited resources to sit and answer questions. Customer service chatbots quickly respond to customer inquiries, allowing for fewer employees to cover more bases. The use of technology to assist with customer interactions is a trend that shows no signs of letting up. According to Gartner research, by 2020 85% of customer interactions will be conducted through automated processes.

 

Shopping by photo

Amazon hates to lose a sale, especially for a silly reason like shopper forgetfulness. So, they created a visual search option  for their mobile application in which consumers can simply upload a photo of a desired item, and Amazon will respond with product choices that are similar or even identical. Anything that makes it easier for shoppers to buy your products is AI at its best.

 

Making Travel Plans

Hotels and landmark hotspots use AI to provide information and booking assistance to customers online. Technology such as chatbots provide human-like  communication with customers at rapid response times, and apparently customers like it. One third of us have used a chatbot or travel assistant to plan an upcoming trip. Plus, 57% of travelers prefer customized travel recommendations from companies based on their personal preferences or past behaviors.

 

 

cyber thief

This guy again? We’ve all had it with cyber thieves!

 

Cyber Security

We’ve all had it with cyber thieves, ransomware and armies of malicious botnets. According to security experts, AI may be the caped crusader the good guys need, leveling the playing field with capabilities to respond quickly when a threat is detected on a device or network.

 

"You really can't have enough cybersecurity experts to look at these problems, because of scale and increasing complexity. Artificial intelligence is playing an increasing role here as well."

- John Oltsik, Enterprise Strategy Group

 

Streamlining Sales

Imagine a CRM (customer relationship management) system that not only manages current customers, but uses AI to compile complex analytics on sales prospects with profiles, predictive lead scoring and task recommendations. 

Salespeople aren’t always great researchers. Asking them to find detailed information on multiple clients with daily updates may take them away from what they do best. Suppose all of that information could be accessed from a CRM. Would they be better equipped to close the deal? 

 technology

 
Driverless cars

Who’s steering this thing? For driverless cars, AI accomplishes everything from manipulating steering and acceleration to detecting traffic lights, road signs and other vehicles. Using technology like radar sensors, lidar sensors and video cameras, along with constant map software updates, driverless cars may turn out to be a safer way to get from A to B.

 

"Driverless cars are only a reality because of access to training data and fast GPUs...an enormous amount of accurate data is required, and speed is key to undertake the training."

- Russell Glenister, CEO of Curation Zone.

 

 Saving Lives & Money

Forget about the evil cyborgs. With technology like robot-assisted surgery, predictive diagnostics to prevent disease and advanced clinical drug trials, AI in healthcare means saving lives.

Beyond the incredible physical capabilities, the top AI applications may result in annual savings of $150 billion by 2026. AI-enabled virtual assistants reduce unnecessary ER and hospital visits and streamline physician/nurse documentation processes, freeing up their time for patients. 

 

 

Netflix

Netflix knows which shows you will like.

 

Netflix and Spotify Recommendations

Spotify uses AI to connect daily with its users, and make customized play lists based on what they are listening to. If a listener was into Latin love songs last summer, but now only listens to Techno, Spotify noticed and will make recommendations based on that change. Is it possible that Spotify knows its users' favorite genres and artists even better than they know it themselves?

 

Ok, it’s not always accurate, but Netflix can usually predict  what viewers want to watch. How does it do that? Using AI, Netflix analyzes hundreds of records and user history so it can intelligently recommend movies, TV shows to users. The effect of this recommended programming has caused more than one of us to miss school, work, parties, grocery shopping... all to watch just one more episode. Now that's good.

 

Avoiding Traffic

Apple Inc. employs more than 130,000 people, but even that's not enough to send out individual employees to help each driver navigate the best route home. Instead, they use AI to pinpoint their users' locations and desired destinations. Then, utilizing up-to-the-minute traffic updates, Apple Maps instructs drivers on the best route to take, letting the driver choose if they want the quickest route, or one that avoids freeways or tolls. 

 

 

applemaps

 

 

 

What do these great examples of AI in action mean to your business? Instead of fearing an onslaught of evil cyborgs ready to take over the world, try implementing technology to assist you with offering faster service, updated sales information and streamlined processes. AI can help to make your business the most efficient version of itself.

 

For insight on what your customers think of your current services, call SurveyMe or just click on the image below.

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Topics: Business & Marketing, Technology

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