What are artificial intelligence and machine learning?
Machine learning and artificial intelligence are both an integral part of any business. Both are some of the popular names of computer science. Primarily, artificial intelligence (AI) means adding all the capabilities or the qualities of the human being to the machine. Machine learning (ML) is the process by which a machine takes data and learn from the data only. The aim of AI is not to increase accuracy. Whereas, ML tries to increase accuracy, not success. AI is mainly decision making. ML is all about learning new concepts from the data. Both artificial intelligence and machine learning for business.
Uses of artificial intelligence and machine learning in business
Some of the below-listed uses are:
- AI can be used to increase sales, improve customer experience, detect fraud and automate the work process in the financial industries.
- In health care industries, for early detection of disease AI is used.
- AI helps in better delivery and inventory management in the logistics industries.
- Consumer behavior can be mapped using AI technology.
- By using smart grids and smart meters, power consumption can be reduced in utility industries.
- MI is used to draw information from a group of data. MI can predict customer purchasing patterns, customer behavior. They use their purchase history as the base and depending on that they send offers to the customers.
- ML is used to reduce unnecessary expenses.
- ML eliminates the system of manual data entry.
- ML helps to detect any spam.
- ML is used in the financial industry for algorithm trading, fraud detection, portfolio management, and loan underwriting.
- ML use of image recognition, becoming a great help for automobile and healthcare industries.
- ML is used in the health care industry for reducing health care costs, improving the treatment plans, and recommending medicines.
- ML has a great contribution to cybersecurity. It helps to detect threats.Malicious activities can be removed easily.
- The chatbotsor virtual assistants are some of the applications of AI technology in business. They are available 24 hours to help the customers.
- In some companies, the recruitment process is done by AI. AI will automate the task and will make a decision faster.
As mentioned above both AI and ML have got enormous use in the development of business. The business should use both of them effectively in increasing overall productivity.