Benefits of Artificial Intelligence AI and Machine Learning
The five major benefits of Artificial Intelligence / Machine Learning can be associated with its implementation in the modern-day business and personal applications:
- Automation of Customer Interactions
- Real-Time Assistance
- Data Mining Capabilities
- Power of Prediction
- Operational Automation
Benefit #1: Automation of Customer Interactions
Most customer interactions require human intervention. Artificial intelligence can be used to automate emails, calls, online chats, query responses, purchase advice, social media conversations, etc. Previous customer interaction patterns are stored internally for analysis and provision of better customer experience.
Benefit #2: Real-Time Assistance
This is useful for businesses that need to constantly cater to the needs of a large number of customers in real-time with strict time constraints. Examples include the airline ticket management system, where real-time weather and flight status information needs to be shared with customers in a personalized way.
Benefit #3: Data Mining Capabilities
Using cloud-based Artificial Intelligence will quickly discover relevant information after the processing of big data. This could provide better insights into how to improve business performance and gain a competitive edge.
Benefit #4: Power of Prediction
AI systems are based on data analysis of the past and help make predictions with the dynamic information they possess. Many inventory management systems and online marketplaces use this benefit of Artificial intelligence to leverage their sales and determine which products need to be stocked up for sales.
Benefit #5: Operational Automation
Artificial Intelligence AI systems provide cross-functional intelligence for operational automation. They easily collaborate with other technologies to do so in various fields. Examples include temperature control and Intelligent Heating/Cooling for home ventilation systems and freezer storage for consumer food industries. Inventory tracking has been made easy by collaborating with RFID and Cloud technology.
