28 JUNE 2021

What is AI And How It Helps Businesses

4 min read
Artificial Intelligence (AI) is a rapidly evolving branch of technology encompassing the newest developments in machine learning, speech recognition, natural language processing, computer vision, etc. An AI system imitates certain functions of human intelligence, such as the ability to learn, recognize images, analyze texts, generate human-like responses, make choices based on data, and so on, in order to solve different tasks. However, the so-called 'strong AI' that fully simulates human intelligence and can 'think' in the true sense of the word is yet to come.

Let's have a look at some possible applications of AI systems and how they can benefit your business.

Practical applications of AI

AI use cases are numerous — more and more industries adopt intelligent systems to automate processes and enhance performance. These are just a few examples:

Virtual assistants & chatbots

Virtual agents powered with AI can serve many purposes, from answering customers' requests and guiding through registration or purchase process to solving specific issues and helping out with daily routine in case of personal assistants like Siri or Alexa.

Expert systems

AI expert systems are designed to make decisions and solve complex tasks based on large data sets. For example, intellectual assessment systems allow banks to accommodate loans more quickly and equitably. Other examples include warehouse optimization, airline scheduling, predicting the molecular structure of new materials, etc.

Autonomous vehicles

AI can use a vehicle's camera, radars, and GPS to operate the car and navigate it through the traffic. It can also provide additional functions like blind-spot monitoring, emergency brake application, and driver assistance.

Language translation

Machine translation has made a long way from early clumsy and funny attempts to impressive results comparable in quality to human translation. Modern neural machine translation engines are highly effective and are constantly improving.

Medical diagnosing and treatment

Another promising area where AI can be widely applied is healthcare. Advanced AI diagnosing systems can help detect diseases, such as cancer, at early stages. AI can also be used to deliver more personalized treatment and create new drugs.
According to the PwC statistics, 86% of executives claim that AI will be a "mainstream technology" at their companies in 2021.

How can businesses benefit from AI?

According to the PwC statistics, 86% of executives claim that AI will be a "mainstream technology" at their companies in 2021. Indeed, AI business applications have emerged significantly in recent years. So what are the potential benefits businesses can get from adopting AI technology?

Automate sales and marketing

AI solutions for sales and marketing are able to power customer engagement with a personalized approach and automate communication throughout funnel stages. AI enables multi-channel interaction with customers, including sending special offers and news updates, cross-selling, collecting feedback, and more.

Improve customer support

AI-based solutions for contact centers include voice agents, chatbots, email robots. These agents can take over multiple routine contact center operations: replying to customers' requests, answering incoming calls, guiding through registration/installation processes, helping to fix common problems, etc. Moreover, virtual agents are available 24/7 and can be easily scaled up.

Streamline business processes

AI can improve the efficiency of many in-house business operations, such as hiring, onboarding, planning, order processing, employee training, etc. Business process automation is becoming increasingly popular, given the rising labor costs, demand for personalized experiences, and growing customer expectations.
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Final thoughts

There is a lot AI systems have to offer to businesses and consumers, and a lot more is to come in the nearest future. The question is whether companies will quickly adapt to the new reality and implement intelligent solutions as the demand for high-quality personalized services is rising. The answer depends on multiple factors, including the quality of business processes and the maturity of the management practices within the company.

The good news is that one doesn't need to deeply understand the sophisticated principles of AI functioning to adopt these solutions for practical use. For example, we at Neuro.net ensure smooth and effortless implementation of our Conversational AI solution — including the free pilot project.

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