admin The new age that has dawned upon us we proudly call the technological age. We’ve come so ahead that life without technology seems to be futile. It has made our lives so simple that tasks which earlier took days altogether can now be completed in mere seconds. From household mixer grinders to complex robots, everything is a manifestation of technology. In businesses as well it has a very special role to play. For any business to flourish the first and foremost thing any individual or leader can think of is better usage of technology to increase the output. Today, to be well aware of the technological norms and trends is as important as having the basic education. Two of the most importantly used technologies in today’s world and businesses include:
- Artificial Intelligence (AI)
The first question is what is artificial intelligence? It refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions. The term may also be applied to any machine that exhibits traits that are usually associated with the human mind such as learning and problem-solving. We have classified AI into three types and we have only been able to achieve narrow artificial intelligence that is, there is a major scope of improvement. But despite that fact, AI has proved to be most effective in running businesses and has helped business functioning turn way more fluid and effective. The applications of AI in business ranges from detecting trends in data to mitigating market risks, enhancing customer service through virtual personal assistants, or even analysing millions of documents across a company’s servers to find compliance failures. Furthermore, there are three main arenas where AI has proved to be major boon for businesses:
- Robotic process automation (RPA)
RPA is a user friendly and a low-cost technology that helps you in transferring data, replacing lost credit, reconciling failures to charge for services and reading legal and contractual documents. It is well suited for working across multiple back end systems.
- Cognitive insight
These are very commonly used machine learning applications. They are mainly used for predicting what a customer is most likely to buy, identifying credit fault in real time, analysing warranty data, automating personalized targeting of digital ads and providing more accurate and actuarial data. Cognitive insight does tasks such as programming and automation which are beyond human ability, so an added advantage is that it is not a threat to human jobs.
- Cognitive engagement
This includes intelligent agents that offer 24/7 customer service, internal sites for answering employee questions, product and service recommendation and health treatment recommendation systems. This has a larger usage with employees than with customers. Although, with changing times this trend could change as well.
It is only wise to say that AI is the future of any firm and incorporating AI in the companies is going to prove a good decision in times to come.
- Chatbot
A chatbot can also be said as the most advanced use of the AI technology itself. A chatbot is a software application used to conduct an on-line chat conversation via text or text-to-text speech, in lieu of providing direct contact with a live human agent. They help companies and brands to interact with their customers through various platforms without having to face any disruptions. In a business chatbots can prove to be effective as-
- They are available 24/7
- They are good in handling customers
- They help save money
- They provide customer satisfaction
- They help you avoid repetitive work
- They can scale up your operations tremendously
- They also drive organisational efficiency
- They also cut down on the human errors
To reap the full benefits of a chatbot, it is best if the chatbot engages your customers by answering the basic and most asked questions while the complex ones can be handled by human support. Such a hybrid approach towards your business will help you to achieve the best of both worlds.
It is hard to say where all technology will reach in the coming years but it will be wrong not to say that sooner or later robots will become a part of our day to day life. Using artificial intelligence and chatbots in your businesses was a concept that was deemed impossible at one point of time. AI is not a replacement to human intelligence and ingenuity but a supporting tool to help all our businesses reach new heights. The power of AI and chatbots is an ever-increasing force in all our lives.
Magazine
