The Introduction of Artifical Intelligence in Business Management

New concepts and trends like the Internet of things, Big Data, and Cloud Computing are flooding and changing everything in the business world. Now the next big thing that is about to hit the business world is Artificial Intelligence.

AI is already present in our everyday life, especially when it comes to the ICT world. It helped solve problems that arose with the explosion of data and its need to be analyzed and to extract useful information from it. These AI technologies let users anticipate their needs. A term that was once used in science fiction is now helping people in improving their businesses.

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While we’re unaware of its presence, we are already surrounded by artificial intelligence. It is AI that makes suggestions for content, music or series in a lot of applications. It’s already making recommendations for tagged photos on social media platforms and its predictions in web search engines are something every single one of us has experienced.

While we’re referring to companies that stand out as the pioneers like Amazon, Spotify, Facebook and Netflix, AI is no longer reserved for the few. Now companies of all sizes and sectors can incorporate its benefits into their CRM systems. CRM stands for Customer Relationship Management and while the CRM platforms have evolved a lot over the years, their capabilities can be upgraded by using artificial intelligence. Companies can now benefit from AI’s predictive analysis by knowing if they are serving each customer the best way possible and if they are selling the right product to a specific customer at the right time.

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AI can basically think like humans, that is, it can reason, learn and make predictions. Terabytes of data that is collected from different applications is sorted in a way that it allows the system to learn on a continuous basis. This continuous learning process allows the system to make recommendations that are further accepted or rejected by the user while the system continues to learn user preferences. This is called machine learning based on AI that develops techniques for the computing machines to learn on their own and then autonomously make decisions afterward - A system that has borrowed the learning abilities of human beings and has applied it to computing machines.

Today, the consumers tend to prefer personalized experiences, customized products and brands that take care of every detail of their relationship with the users, who know their interests and taste. This user preference tends to remain the same regardless of the channel that the consumer chooses to interact with a brand, be it may a smart phone, a physical store or a mobile app. There is a real customer behind each device and making the right decision at any given time is not a minor task.

At present, despite the amount of information available to us, half of the business decisions are made on the basis of incomplete information. A small amount of data is analyzed and the intelligence that resides within that data is wasted. Platforms driven by artificial intelligence will be able to connect the business with the customer experience and will also suggest actions adapted to a particular situation so that the decisions are not random or based on an intuition rather than the certainty of the data.