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How To Benefit From AI & ML For Surge In Business In 2021

Written by Trupti

November 27, 2020

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Have you heard of Artificial Intelligence (AI) and Machine Learning (ML)? I am sure you have, and I am excited to brief it along with you!

As we all know, AI and ML are the technologies that help organizations in improving data security and cyber-attacks. Artificial Intelligence is a type of technology which allows the machine to faux human behavior while Machine Learning is a subset of Artificial Intelligence which helps the engine to involuntarily run and learn from previous data without having to program definitely. While AI is a generic term given for machines mimicking human abilities, Machine Learning becomes a branch of AI where machines are tutored to learn how to process and apply data.

HERE’S HOW WE CAN BENEFIT FROM AI & ML:

These technologies have uplifted the way we tackle the efficiency of data to produce cognizance and accomplish brand goals. But what can these technologies offer us for our businesses?

1. FRAUD PREVENTION :
With the evolution of e-commerce, the number of scams that occur has increased too. Sometimes, vendors suspect of scam transactions and reject an honest transaction by the customer. And of course, a wrongly accused customer does not come back to make a purchase which thereby results in a massive loss in potential sales. Now, who would want that? Many stores commit great efforts to fight frauds of their platforms. ML offers powerful analytical and interactive tools to provide vendors with a better understanding of scams and builds strategies to fight them.

2. OUR USER-FRIENDLY CHATBOTS:
While vendors struggle with various other in-field issues, it seems challenging to please unhappy customers. International trade has been taking a toll, and we must be well aware of the time zone differences. Chatbots are here to save the day! They are available 24/7 to respond to customers and reply to them with automated messages instead of having them to wait while they listen to exasperating music for several minutes.

3. MEDIA:
AI is making its way as the next revolution in mass media compared to the rise of the Internet. Machine Learning will become the advertisers’ best friend. With the help of AI, Media gains a deep insight into the customers’ hearts and helps target the customers with precise, tailored messages.

4. AUTOMATED TRADING:
Trading automation helps vendors set criteria for both; entry and exit points in the markets as well as make rules for money management. The completed program drives the system, monitors the desired market and performs trade and transactions automatically.

Automated trading brings:

  • Trading made easy 24 hours a day
  • Reduces human error
  • Execute a married depository of strategies
  • Optimizing strategies efficiently

5.TREND AND PERSONALISED PREDICTION:
You may have come across this. When you visit an e-commerce website and say you do happen to buy something, the site starts to suggest you with objects around what you had purchased. These personalised recommendations are that of what AI helps us with.
AI possesses predictive analytics. When predictive analytics is coupled with ciphering power, it permits businesses to identify or locate potential customers or responses by using the personalised data collected over some time.

SO, WHAT IS THE TAKEAWAY?:

What was once thought off as the dominion of science fiction, is now evolving into everyday business as we know it. Yes, Artificial Intelligence and Machine Learning have made its permanent stand over the present herd of technologies. Companies have been one step ahead of their game after the employment of AI and ML into their start-ups and businesses. These algorithms have explicitly exhibited their charm by identifying perceptions and trends in a broad stockpile of data and put together faster decisions which position them quantitatively in current-times. With the protruding levels of business around us, how is it that we can resist ourselves from enrolling into the most excellently structured technologies of AI and ML?

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