Developments in the field of artificial intelligence (AI) began in the middle of the last century. Scientists were trying to understand how effectively computers of the time could be taught human language, formulation of concepts, and creation of abstractions. Until 1997, technology developed slowly and there was little hope in the industry. But after the victory of the supercomputer Deep Blue from IBM in the chess tournament against the world champion Garry Kasparov, it became clear that artificial intelligence basically was capable of solving complex problems, which gave impetus to its development.

Now, thanks to AI technology, computers can learn from their own experience, adapt to the set parameters and perform tasks that were previously only possible to humans. They are used in the financial, agricultural, transportation, military, heavy industry, healthcare, human resource management, maintenance, and even the arts.

One of the most relevant areas for the use of AI is business. What are the benefits of AI technologies and what advantages they can bring to companies? Find out from the article.

The concept of AI in business

Oftentimes, using the modern benefits of civilization that have already been tightly integrated into our everyday life, people do not even think that they are dealing with artificial intelligence. These are ‘Smart Home’ systems, autopilot in the car, chat bots that help us order food delivery, targeted advertising and much more. All this helps to simplify life not only for consumers, but also for business.

With the ever-increasing volume of data available and the ever-changing preferences of customers, companies are increasingly adopting a high-tech approach to business. Such innovations provide additional opportunities to stimulate its growth.

Integration of Artificial Intelligence (AI) technology implies the use of software solutions that can improve the quality of customer service, increase productivity and efficiency, and accelerate business transformation.

Application of AI in business

For many areas of business, processes such as consumer behavior management, market trends research and process automation are of great importance. Artificial intelligence helps simplify these steps.

According to DataProt, 37% of businesses and organizations around the world are already using AI in their work.

However, amid the growing popularity of AI, some skeptics are confident that the widespread adoption of technology will lead to AI machines will replacing humans in many professions. This is partly true – according to a report from the World Economic Forum, the development of artificial intelligence will lead to the reduction of 85 million jobs by 2025. But at the same time, about 97 million new ones will be created for specialists more adapted to the new division of labor between people, machines and algorithms.

Nowadays, retail is the industry that uses AI more often than others. For example, the American network Walmart uses automated payment systems and deliveries using drones. Latest product integrated in company's stores is Bossa Nova robot. It performs the functions of a merchandiser, scanning the shelves with products three times a day and sending information about the availability of goods and incorrect price tags to the warehouse.

Similar innovations began to appear on the Ukrainian market as well. In some branches of one of the largest drugstore chains, pharmacists are assisted in their work by a robotic arm. After a specialist arranges an order, the machine puts all the necessary goods into a special box, from where the client picks up the purchase.

Why companies should use AI

The advantages of using AI technologies in business include the release of employees from repetitive work.

As an example – requests to the technical support of the company. Most of the requests concern the same issues, thus many companies have decided to automate this process. Chat bots now help customers get answers faster and help employees focus on other tasks.

This method of communication with the client is used by PrivatBank. Most of the hotline requests are processed by an artificial intelligence system that helps users to solve common problems and advises on basic banking issues.

Also, AI solutions are used to improve marketing efficiency. They help you create more relevant, engaging content and effective campaigns, grow your business audience, optimize performance, analyze consumer behavior data and more.

Benefits of AI for business

AI-powered tools enable businesses to operate better, faster and more in line with the real needs of the market. Modern solutions increase competitiveness, which helps to attract more customers.

The main advantages of using AI in business include:

• automation of repetitive tasks that require a significant investment of time;

• improving data processing strategies;

• elimination of the human factor;

• cost reduction due to process optimization;

• positive results from marketing activities and increased income;

• improved and more reliable customer service.

Summary

The possibilities of artificial intelligence are endless. But humanity has yet to learn about all of its abilities. More and more AI startups are appearing on the global IT market and large corporations are improving existing AI solutions and launching new projects in this area.

Modern technologies are actively developing, and in the future, artificial intelligence will be even more integrated into all spheres of human life. And it’s becoming more and more important to learn how to use its opportunities for business development.

Interested in learning more about the integration of AI in your business? Join AI Conference Kyiv 2021 on September 21!

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