Home Business Insights & Advice How companies can use AI technology in 2020

How companies can use AI technology in 2020

by John Saunders
18th Jan 20 12:50 pm

One of the biggest predicted business trends for 2020 is a growth in AI investment. Short for Artificial Intelligence, AI takes existing data and then creates models predicting future customer behaviour and provides recommendations based on it.

AI can also automate repetitive processes, leading to greater business efficiency.

Wondering how your firm can use AI this year? We take a look at some of the popular methods to implement artificial intelligence within companies.

Chatbots

Chatbots are an easy and effective way to implement AI technology on company websites that provide any type of customer service. This is because these messengers bots can anticipate the most commonly asked questions and answers without needing a human involved.

Google search

Google search engine rankings are determined by an algorithm that is powered through AI. Known as Google Hummingbird, it learns users patterns in order to organise search results that best answer their queries.

In fact, even individual companies can use AI in their online search engines, including sites in eCommerce, travel, fashion and anyone looking for filtered information.

Fraud prevention

Machine learning has commonly been used by firms in the finance, insurance and banking sectors thanks to it being able to collect huge amounts of data and quickly identify any fraudulent transactions.

Risk assessments

A number of car manufacturers are using machine learning models to help predict when car parts will likely need to be replaced.

Image identification

Through AI, companies like Yelp and Facebook use it for image verification purposes to see if anything is being uploaded that could potentially be inappropriate.  AI is also used on Facebook to provide name suggestions for photo tagging

Home assistants

Apple’s Siri, Amazon’s Alexa and Google Home are all examples of home assistants that use machine learning. They learn to understand your preferences regarding things such as commuting, shopping and music and then provide recommendations or suggestions.

Why should my company use AI?

AI can help to make running your company far more efficient. This is especially the case for firms that need to analyse a lot of data on a regular basis, such as those looking for AI in insurance or banking industries. This is because artificial intelligence can create models that understand patterns in your customer data and then automate processes at an incredibly fast rate.

Can any business use AI?

Yes, whether you run a startup or a large organisation AI can be used by your firm. It doesn’t need to cost your company a lot either – messenger chatbots tend to be inexpensive, and an increasing number of startups and developers can create models at a low cost to firms.

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