Artificial Intelligence is the intelligence displayed by machines, in contrast with natural intelligence displayed by humans and other animals.
This intelligent response is based on cognitive observations, usage analysis and data sets.
This intelligence has the potential to augment the human capabilities in many ways.
Scope in business applications
Product recommendations on ecommerce platforms, Face recognition in Facebook, spam filtering in email clients, smart reply in gmail are all examples of artificial intelligence.
AI automates certain tasks and speed up decision making giving humans more time to invest in more valuable tasks.
- Improved customer service and support
At backend some techniques such as Virtual Customer Assistants, Sentiment analysis, Speech recognition and predictive customer analytics are used widely.
Chatbot is the best example of virtual assistant, it schedules meeting with human incharge when dealing with out of the scope questions.
- Automated data processing
- Some wearables collect health data such as pulse rate, body temperature and rate of breathing. The wearable is configured with health care app and keeps on processing these data and notifies user when unusual spike is observed. That’s how here AI is used.
- Pattern recognition is extensively used feature of AI. It keeps on tracking user’s age, interests, gender etc. and then makes suggestions on account of pattern observed.
- Security and Fraud detection
Monetary applications which uses Mobile payments, digital wallets and other payment transfer modes always face security challenges which can easily be worked out by using Machine Language models. Hence, it becomes possible to shield all applications against illicit activities.
- Personalization and Recommendation
AI helps apps to interact with users personally by tracking their behavior and recommending products of their interest which enhances chances of deal.
e.g. Products you may like on e-commerce and people you may know on social media.
- Predictions and Risk –analysis
Users appreciate when search engine makes suggestion which are relevant and makes search easy and quick based on our click through rate and search history.