Artificial Intelligence (AI) has a transformational impact on the business. Information technology is no longer about codifying process automation and business logic. Instead, insight is the new currency, and the speed at which we can measure that insight and the knowledge it brings is the basis of value creation and the key to competitive advantage. According to Gartner, AI will become one of the top five investment priorities for more than 30% of CIOs worldwide by 2020. Many companies are still at the beginning of their data science journey and are trying to understand how AI can transform their businesses.
What is Artificial Intelligence?
Artificial intelligence (AI) machines are able to learn from experience, adapt to new inputs, and perform human-like tasks. AI works by combining large amounts of data with fast, iterative processing and intelligent algorithms, allowing the software to automatically learn by detecting patterns in the data. The most common forms of AI today include digital assistants, chatbots, and robots.
AI includes many techniques and ever-evolving technologies, as well as the following major subfields:
Machine Learning (ML) uses neural networks and statistical analytics to determine where to look or what to do without being explicitly programmed to find hidden insights in the data. It automates building analytical models.
Natural Language Processing (NLP) is the ability of computers to analyze, understand, and produce human language, including speech.
Deep learning (DL) is a variation of machine learning — the ability of machines to develop self-learning capabilities from large amounts of data using large neural networks with multiple layer processing units. Common applications include image and speech recognition.
Artificial Intelligence is important
The real promise of AI is to leverage actionable insights, otherwise trapped in massive amounts of data. Much of that data is structured data — written reports and data generated through business documents, videos, photos, social media posts or e-mail messages.
With artificial intelligence, we can work with thousands of computers to solve our most complex problems. Trained professionals also have the ability to see patterns in data that are never caught.
Artificial intelligence and machine learning technologies can automate important but time-consuming tasks so that employees can focus on high-value work. AI can be used to gather new insights, change decision-making, and deliver better business results. A recent PWC report indicates that 72% of business decision-makers believe that AI provides competitiveness in the business sector.
Early adoption of artificial intelligence for specific, clearly defined applications allows organizations to set the stage for creating significant business value and, ultimately, changing business models and processes.
Conclusion
The effects of AI will be magnified in the coming decade, as virtually every industry will transform its core processes and business models to take advantage of artificial intelligence and machine learning. The bottleneck now is in business imagination, implementation, and management. For business leaders, it is imperative to get a plan for making AI work in the organization. Initial AI projects may get delayed or underdeliver, but the risk of businesses becoming non-competitive by ignoring AI is high.
How does AI help the commerce industry?Traditionally, retail businesses have been satisfied with making an e-commerce website for their brick-and-mortar stores, but now it is not enough.
You need to develop new emerging technologies to provide immense value to customers.
Retail businesses are implementing AI to improve various processes, customer experience and ultimately revenue.Prior to AI, there was personalization in the eCommerce industry, but of limited value.
If you are using services like Amazon or Ebay, you should definitely experience this.Artificial intelligence enables you to monitor customer interactions across multiple platforms, such as websites, mobile apps, and emails.
It’s about hitting the right chord at the right time.With the new semantic-based search option, customers are now able to search smarter and get results that are of their interest.
There may be many reasons to show such interest.
Why does artificial intelligence not replace humans?Speaking of Artificial Intelligence (A.I.
), it is the result of a set of multiple programming algorithms with high technologies, progress, and frequency.We all know that Human Intelligence is a collective measure of mental ability, the ability to adapt, learn, remember, solve problems, reason, and think abstractly by using knowledge at any time.Every second goes through the natural way of working with the human biological system.And replacing humans with artificial intelligence doesn’t make sense, though A.I.
It can be a great support for humans at times.
It does not have biased opinions during any decision making process.
Making life easier for humans in the future, these machines will never be able to replace humans.To Know More: DARK SIDE OF ARTIFICIAL INTELLIGENCEIf you want to build your own pattern Recognitions in Mobiles& some other Gadgets, but don’t have the time or required knowledge, leave it to the real professionals — make use of our services.This is theoretical since AI does not yet exist.
Programmers do a bit of intelligence, the computer just runs around the convoluted program-steps of the programmer’s bidding.So let’s imagine a robotic solution with a large amount of control logic.
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With this Big Data Parts of Digital Future technology becoming more ubiquitous, shoppers can make informed decisions using online data and content to discover, compare and buy products from anywhere, anytime.Uses of AI on Retail Industry in 2021: Image source: hacker noonChatbots to help with customer service:AI chatbots provide an even higher level of customer service, improve searches, send notifications about new collections, and suggest similar products.
Tommy Hilfiger and Burberry have launched chatbots to help their customers navigate their collections.Price adjustments:AI applications for retail stores could help companies set prices for their products, visualizing the likely results of multiple pricing strategies.
Mood tracking will definitely help build stronger customer relationships.Big Data Trends Revolutionizing Retail and Improving Retail Analytics: Image source: ZDNetRetailers can embrace a new geo-targeting phenomenon to better target potential customers within the store.
By utilizing the in-store sales funnel, marketers can come up with the best opportunities that deliver the highest ROI from their marketing efforts.Big Data allows retailers to feed their ideas, including cut, color and price, to an algorithm that uses sentiment analysis to predict whether or not the ideas will be a hit with consumers.It also helps retailers react more quickly to competition and electronic competition, market changes, and other macro-environmental factors by recognizing early signs of growing demand or slowing down in terms of sales.
It helps to assign sku to the stores where the demand would be and price it in a way, so it would bring the maximum gross margin.AI is transforming the retail industry in 2021: Image source: itechtionsThe AI Transforming your business in the Retail Industry has seen a massive change in its base of operations in recent times, with many large brands choosing to reduce the number of on-site offerings in favor of online service.
The reason for this is simple, customers are now looking for the path of least resistance when buying their clothes, and this is best reported on the Internet.
