Future-Proofing with AI: Navigating Business Landscape
As Dave Waters, a computer scientist, CEO and co-founder of AI startup Nara Logics, once said “Artificial intelligence is the future and the future is here.”
Everyone must agree with the above statement as it has become true. Whenever AI comes to mind in regard to business models and opportunities, one thinks about automation. It is true that the first AI was developed to be able to perform certain tasks like a human would do, but AI is not just limited to this.
In this day and age, with brilliant minds working with AI and machine learning, AI has expanded its use-cases and hence, has become extremely beneficial for existing businesses.
HOW is AI helping businesses?
Compared to the data that could once be handled and examined manually, businesses now have a large amount of data. Companies need technology that can handle data quickly and effectively given the volume of data available.
AI not only analyses data more quickly and effectively but also makes virtually no mistakes in the process.
For instance, how would a business go about determining its sales patterns over the last several weeks, months, or even days? Traditionally, a team would gather to create a histogram or line chart, but with AI, the organisation would also receive a forecast for future trends in addition to the current trends. This is used mostly in the stock market.
Use Cases of AI in Business
Do you ever wonder why the things you desire always appear when you browse a website? How does the website know what you want and prefer?
That's done for you by AI. It monitors user activity on your website and only displays products that are comparable to what the user has already browsed.
Companies in the e-commerce industry as well as streaming websites carry on this activity.
AI assists websites in suggesting comparable shows by only displaying films and web series that you have previously seen.
Data analysis is one of the commercial applications of AI that is most often used nowadays. Google is now able to carry out activities using AI based on the examination of information by using predictive analytics and data from several sources.
Supply chain management
AI could be able to assist your business if it is having trouble regularly delivering its items on schedule. Smaller-scale applications of AI include helping delivery drivers discover more efficient routes.
AI-driven solutions may help businesses by forecasting the cost of materials and transportation as well as determining how quickly goods can move through the supply chain. This kind of information aids supply chain specialists in choosing the best shipping method for their goods.
Every company receives job applications in bulk. How is a company managing a pile of CVs and shortlisting candidates?
Here AI helps companies in shortlisting candidates based on the Job Description and candidates’ resumes. A job description lists certain skill sets required in a person. AI uses those skill sets as keywords and tries to match those with the applicant's CVs.This speeds up the process of shortlisting applicants and scheduling of interviews as well.
Fraud Detection and Security
AI can also assist businesses in identifying and addressing fraud issues. Tools that employ machine learning algorithms to identify suspicious transactions are available in the banking sector. The programme halts the transaction and notifies the proper parties when a fraud risk is found.
For example, one of the most used AI applications is smart contracts.Smart contracts can automate business processes, reduce the potential for human error, and eliminate the need for a centralized authority, thereby increasing efficiency and trust.
By encoding AI logic into smart contracts, decisions made by AI can be carried out in a secure, autonomous, and trustworthy manner.
Well, many companies provide such AI solutions. Block Convey provides blockchain services for all these AI solutions. How about taking a sneak peek at our website?