What are Artificial Intelligence and Machine Learning?

In layman's terms, Artificial Intelligence or AI is the newest technology by which machines become smart. Gone are the days when computers were tools that performed functions that they were programmed to do. Now computers exhibit decision-making skills, perform cognitive functions and recognize speech. This understanding shown by computers is termed collectively Artificial Intelligence.

Machine learning (ML) is a subset of artificial intelligence. As the name indicates, machines can learn new things by analyzing a vast amount of data. By building models from past data, machines can make decisions, which progressively become accurate without being programmed explicitly.

You can see AI and ML all around you now. From the prediction on a google search to the voice recognition in your smartphone, everything is driven by these technologies. Now businesses have understood the possibilities of AI and ML and are adopting them fast.

Ways AI and ML are influencing businesses.

Artificial Intelligence and Machine Learning are changing the way the world works. They are making a substantial contribution to better the way industries and businesses operate. The technologies are altering the business landscape through:

• 1. Customer-centric services
  By analyzing social media activity and other data, AI can predict the behavior patterns of anyone. It helps to personalize the marketing tactics according to the preference of the customer. E-commerce platforms are thus able to find the target audience and focus their strategies on them. Another way these technologies revolutionized business is through AI-powered chatbots. These automated answering systems give the customer assistance whenever they need it.
• 2. Analyzing feedbacks
  By using machine learning, businesses can know customer feedback. They can understand the problems faced by the customer and their satisfaction level by taking into account the time spent by her on the web page. It can also point to navigation difficulties. By addressing these issues, customers can be retained by ensuring their satisfaction.
• 3. Ensuring Security
  One of the biggest problems faced today by small and large firms alike is the spiraling number of cyber attacks. Hacking, data breaches and phishing can affect the company and tarnish its reputation. With the help of AI and ML, companies can now effectively resist these hacks. They can immediately point out suspicious behavior and frauds can be detected faster. Also, they can find out the vulnerabilities in your system.
• 4. Devising Marketing Strategies
  Marketing is an indispensable part of any industry. Those who understand the right marketing strategies will surely emerge as winners. With the introduction of AI and ML, the possibilities of marketing also improved. Now it is possible to shape personalized marketing strategies by analyzing the social media behavior of the person. Big Data analysis helps with this.
• 5. Recruiting the right talent
  Though there are hundreds of applicants for a job opening, very few have the skillset companies require. AI has made easy the tedious process of screening the candidates. It can check résumés and shortlist the candidates with the desired experience and skill. This automation helps to make the recruitment process much efficient. Recently, AI bots are used to conduct first-level screening and even video interviews. So businesses can identify and recruit talent with the help of AI and ML.

Conclusion

Unlike some new techniques and technologies that raise expectations and ultimately turn out to be a fad, Artificial Intelligence and Machine Learning are efficient technologies that are here to stay. They promise great possibilities for the future of the world. Avoiding them can turn out to be the worst decision for a business. We can only imagine the changes AI and ML will bring to the world, let alone the businesses.