Use Artificial Intelligence to grow your business Revenue

Artificial intelligence is the incorporation of human intelligence in machines that are programmed to think and work like human brains. Artificial intelligence can be applied to any machine which will automatically start working as a human being. Machines having AI take the fastest action that has the best chance of achieving a specific goal. Machine learning is a subset of AI which can automatically learn from humans and adapt to new data without the intervention of human beings. 

Definition

• The father of Artificial Intelligence “john McCarthy” defined Ai, “the science and engineering of making intelligent machines.”
• The Modern Definition of AI is the study of intelligent agents where an intelligent agent is a system that perceives its environment and takes actions which maximize its chances of success. 

Overview

Deep learning can be done by absorption of huge amounts of data such as text, images and videos. In other words, AI is the stimulation of human intelligence in machines. The major goals of AI are learning, reasoning and perception. AI is used on a broad level even in finance and healthcare industries. Weak AI tends to be simple and single-task oriented while strong AI carries on tasks that are more complex and human-like.

As technology is getting advanced, previous standards that defined AI have become outdated. Some AI integrated machines can calculate basic functions or recognize text are no longer considered to be AI-oriented as people now take it as granted. AI is continuously evolving and benefitting in several industries. The applications of AI are infinite. The technology can be implemented in various sectors and industries. Artificial intelligence business is helping to grow their revenue. Do you want to know how companies are growing their artificial intelligence revenue more than you are in the right place? 

Artificial Intelligence’s facts & Statistics

As per Statista, 

• The worldwide market revenue for AI has been forecasted to grow from 2015 to 2025. The global AI market revenue is projected to be 5 billion U.S. dollars in 2015 while 125 billion U.S. dollars in 2025. 
• 82% percent of organizations have a demand for machine learning, a subset of AI, should be supplied worldwide in 2020. 
• The global artificial intelligence software market is forecast to grow rapidly around 126 billion U.S. dollars by 2025.
• The overall AI market includes a wide array of applications such as natural language processing, robotic automation, and machine learning. 
• In 2020, the revenues from the cognitive and AI systems were expected to reach 50.1 billion U.S. dollars.
• 79% of respondents said the most the marketing and sales department in their organizations witnessed revenue increases of 5% or more using AI for tasks like pricing and prediction of likelihood to buy.
• The global artificial intelligence business of chip market revenue is forecast to grow to 10.14 billion U.S. dollars from 2017 to 2027.
• In 2023, the high-performance computing-based machine learning revenue worldwide will likely reach 1.94 billion U.S. dollars. 

Top 7 Features of Artificial Intelligence

• Deep Learning

Deep Learning is a machine learning technique which educates computers to do what comes naturally to humans. Developers and an app development company are leveraging artificial intelligence business. Autonomous Vehicles, computer vision, automatic text generation are some examples of AI. 

• Facial Recognition

Using biometric mapping, now artificial intelligence is capable of recognizing individual faces. This helps us in surveillance technologies. But it has received lots of criticism because of a breach of privacy. 

• Automate Simple and Repetitive Task

AI is capable of doing tasks multiple times without being tired. They can repeat their task an infinite number of times.  Suppose, a siri voice assistant can perform its task multiple times in a single day. Due to AI integration, we can reschedule our calendar and support us while navigating on the road. 

• Data Ingestion

The data which we are giving to our devices is now automatically fed and analyzed by AI. Because of gathered data, AI analyses the data and makes smart decisions. It helps us to answer and find out things automatically without human interference. 

• Chatbots

Chatbots are now used to quickly respond to queries of customers. Previously, it was programmed for only specific commands. Now because of AI, it has started language and responding to the users. Watson Assistant developed by IBM can run on various platforms like website, messenger and apps without the intervention of humans. 

• Quantum Computing

AI is supporting us to resolve quantum physics problems with the authenticity of supercomputers with the help of quantum neural networks. This can make path-breaking developments in future. 

• Cloud Computing

As AI gathers millions of data every day. The problem of data storage has been solved by cloud computing now. It enables your machine learning models to store data without any hazard. No data storage of physical form is required now. It has been replaced by cloud computing. 

How AI works? 

To know actually, how AI works. One has to dive deep into these domains how these domains are applied to the various fields of the industry. Going through the lots of data created by humans, AI systems perform intelligent searches, interpreting both text and images to discover patterns in complex data and then act on those learnings. The basic elements of  AI:  

• Natural Language Processing
• Cognitive Computing 
• Deep Learning
• Machine Learning
• Neural Network
• Computer Vision

Applications of AI

• Application in Healthcare

AI offers opportunities to gather data from patients and enable them to clinically innovate to improve patients outcomes on a great extent. AI predicts the ICU transfers, better clinical workflows, and even alerts a patient’s risk of infections acquired from hospitals. 

• Application in E-Commerce

AI uses the big data which analyzes the customer’s choices as per their previous purchases, searched products, online browsing addictions, their preferences and demographics. It ultimately increases customer retention rate and sales. Now developers and an eCommerce app development company integrating AI into their mobile applications.  

• Application in Human Resource

AI also offers improvement between the HR department and candidates by automotive repetitive, fewer value tasks and extra time to focus on growth strategies. Basically, it helps in HR growth strategies, employee management, analysis of company policies, management of payrolls and more. 

• Application in Casino, Hotels and Resorts

As AI robots are replacing human involvement with its voice-activated assistants but it is also smarting the way hotel guest services are being delivered. For customer’s personal choices for their smaller needs, AI-enabled hotel bots can offer minute services and careful assistance. 

• Streamlined Manufacturing with AI 

AI algorithms are used to optimize manufacturing supply chains, helping organizations adapt to market development strategy changes and so on. This information is invaluable to manufacturers as it enables them to optimize energy consumption, inventory control, the supply of raw materials and staffing optimization. 

• Application in sports betting Industry

A combination of sensors and AI technology helps coaches to better the techniques of players. AI offers real-time feedback to improve the results of workout, creating personalized training and so on. 

• Application in Logistics and Supply

AI provides supply chain and logistics with high intelligence which can be used by associates to optimize operating costs and inventory management. Organizations with the help of machine learning to find out new insights into different sections of warehouse, logistics and supply chain growth strategies. 

• Application in Cybersecurity

AI and Machine learning are playing a big role in cybersecurity with the help of cybersecurity tools. Such tools analyse data from millions of cyber incidents and utilize it to find out potential threats. AI is trained by structured and unstructured sources. 

How to Use Artificial Intelligence to grow your business Revenue? 

• Customer Data Management

Organizations which are trying to adopt digitalization should have customer data. Such data includes how customers pay, what channels they buy, which products they are looking for and so on. This creates a high market development strategy.  No matter how much your marketing team spends time on this data but AI gathers data and comes out with a conclusion. CRM AI systems identify high value customers, target them and identify new potential prospects with similar traits to generate business revenue. Such business information technology brings out a new level of a win-win situation. 

• Automated ad placement & Audience Targeting

AI is not limited to customer data. AI examines the sales data which is utilized further for paid advertising. AI can tell you the payment options your target audience is using. Which are the channels having high conversion rates and which are the websites converting users into customers. AI business information technology analyzes all the data and places ads in the right spots to enhance business revenue. 

• Faster Workflows

As AI is not limited to the automation process. It can scan the data from the voice assistant and find out the relevant information. This helps AI business information technology is to set calendars and events based on the previous data. It helps you to save lots of time. AI uses tools to trim the workforce and automatically helps in adding or passing on projects when they are finished to go to the next step. It also put up alerts when there is something wrong. This is the best information and communication technology in this decade. 

• Chat Systems for Direct Sales

AI has more than normal chats. Chatbots are highly advanced AI systems that replicate a normal conversation so that if customers ask questions. Even Facebook Messenger comes with AI integration where users can buy items directly from chatbots. It gathers data and supply to the marketing team with conclusions because of its information communication technology. This information and communication technology is not only benefiting businesses but also users by giving instant information. 

• Intelligent Screening and Product Control 

Because of advanced AI, where it is helping in healthcare industries to screen problems like breast cancers or heart disease. It is analyzing the problems and gathering useful data. If they scan more they will get better insights and improve the results of medical reports. It helps medical industries to solve the repeated ailments among humans in less time. It helps to narrow the causes and control over the efficiency of products. 

The Bottom Line

The overall aim of artificial intelligence is to develop information communication technology that enables computers and machines to work in an intelligent manner. The general problems of creating intelligence have been broken down into subproblems where AI is helping from general to subproblems in an efficient and effective manner. We have discussed what AI is, features, applications and so on. We hope you find the article informative and useful.

Frequently Asked Questions