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ARTIFICIAL INTELLIGENCE BUSINESS- Artificial Intelligence (AI) emulates human intelligence process which involves extracting meaningful insights and patterns, predicting plausible future decisions made possible by the three major tenants of the technology which translates to Machine Learning (ML), Natural Language Processing (NLP) and Deep Learning (Neural Networks).
AI has established encapsulating everything from rule-based machine learning to image classification whose applications range from preventing high-end cybersecurity threats to object recognition. Artificial Intelligence redefines Business Processes across geolocations. Here are the use cases that explain the pursuit of AI in business parlance.
Customer Relationship Management
Machine Learning and AI have reached users on every platform be it online or offline. Artificial Intelligence deploys Natural Language Processing (NLP) techniques to interpret words, data and apply contextual and reasoning algorithms to generate useful insights and provide relevant data for analysts to focus on growing data needs.
Artificial Intelligence frees decision-makers from the rule-based mundane and tedious process of customer query handling for common questions asked. It optimizes the CRM process by relevant keyword-based searches analysing customer sentiments and answering them accordingly.
Human Resource Planning and Intelligent Recruitment
Human resource management has gone through irrevocable workflow changes with the help of AI and Machine Learning. The constant pile of irrelevant resumes and long hours spent on retention and appraisals are such a passé.
Though making better hires is just the start, retaining and mentoring them brings together another level of planning. AI tools can aid to assess employees by creating a plan to know if the employees need training, and when to motivate and reward the most deserving ones.
Customer Experience Improvement
With the advent of AI, the focus has shifted towards improving the customer experience from bare CRM. AI-based business process management helps to get accurate insights into customer’s behaviour and based on these inputs the future consumption trends can be chalked out. Implementation of chatbots that understand user intent are the most common examples of AI-backed customer service which promotes a transparent platform for communication.
Decision-Making Capabilities
The advancement in AI has introduced sophisticated machine learning algorithms such as neural networks and decision trees. These algorithms help managers, business owners to solve problems which they might face describing properties for specific datasets. AI-based decision-theoretic models can assist the managers to take decisions within business processes explaining whether a customer should be sent a product recommendation or needs a follow-up call.
