4 fields or areas of business and management that widely use Artificial Intelligence (AI)

 4 fields or areas of business and management that widely use Artificial Intelligence (AI)

Introduction

This article/blog is basically designed to discuss the use and application of AI in e-commerce, logistics, supply chain and sports betting industry. Let us try to understand the importance of AI in different fields where human limitation is widely observed in handling the large amount of data and information.

Artificial Intelligence (AI)

·      Artificial Intelligence ( AI) is a branch of computer science.

·       AI refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions.

·       AI is used to create intelligent machines which can behave like a human, think like humans and be able to make decisions under different situations.

E-commerce

·       E-commerce stands for electronic commerce and it is also called internet commerce.

·       E-commerce refers to the business of buying and selling things over the internet and the transfer of money and data to complete the sales.

Application of AI in e-commerce

Visual search

·       Visual search through image recognition is helping clients to find products faster. For example, Pinterest’s lens tool

·       Visual search can be achieved using chatbots or shopbot or making textual search.

Image search

Buyers or purchasers can make a search on the basis of images. Mobile apps of E-commerce websites can find the product by just pointing the camera towards the product. This eliminates the need for keyword searches.

Chatbots

·       Chatbots are also called chatterbots.

·       Chatbots is a form of AI in messaging apps.

·       Chatbots are automated programs that interact with customers like a human would and cost little to nothing to engage with.

·       Chatbots is a software application used to conduct an on-line chat conversation via text or text-to-speech, in lieu of providing direct contact with a live human agent.

·       Chatbots are used in E-commerce websites to improve the customer support service.

·       Chatbots is providing 24/7 customer support to buyers.

·       Chatbots improve online shopping by reducing response time and giving instant answers in comparison to human assistants.

·       Chatbots improve online shopping by increasing user retention by sending notifications and reminders.

·       Chatbots improve online shopping by providing up-selling opportunities through the personalized approach.

Mailchimp

·       Mailchimp is an all-in-one marketing platform that helps you manage and talk to your clients, customers and other interested parties.

·       Mailchimp is a type of software that gives you the ability to create and manage mailing lists, news letter and automated campaigns.

CRM

·       CRM stands for Customer Relationship Management.

·       CRM is a business strategy that aims to optimize customer interactions in order to maximize the success of the business.

·       CRM helps business owners to stay totally connected with customers in order to deliver the kinds of products and services that customers truly need.

Logistics

·       Logistics refers to the management of transportation of information from one place to another.

·       Logistics includes things like transportation, inventory, packaging, supplies, social security and warehousing.

·       Logistics is the process of the management of the flow of things between the point of origin and the point of consumption to meet the requirements of customers or corporations.

Application of AI in logistics

·       Big data is used in logistics to make accurate predictions and improve their performance.

·       AI machine learning predictive algorithms are used in logistics to improve decision making by predicting unforeseen abnormalities, reduce bottlenecks and delays in streamline production scheduling.

·       A predictive algorithm used in logistics helps transportation forecasting by predicting future shipping capacity needs, likely price fluctuations in the logistics market and future logistics capacity available by lane, mode and carrier.

·       AI is used in the logistics industry to automate time-consuming actions and save money.

Supply chain

·       Supply chain refers to a network between a company and its suppliers to produce and distribute a specific product or service.

·       The main entities in the supply chain are producers, vendors, warehouses, transportation companies, distribution centers and retailers.

Supply chain management

·       Supply chain management refers to the process of coordinating the activities (designing, farming, manufacturing, packaging or transporting) to produce and deliver goods and services to a business customer.

·       In commerce, Supply chain management (SCM) is the management of the flow of goods and services, involves the movement and storage of raw materials, of work in process inventory, and of finished goods from point of origin to point of consumption.

·       SCM represents an effort by suppliers to develop and implement supply chains that are as efficient and economical as possible.

·       Examples of Supply chain activities include farming, refining, design, manufacturing, packaging and transportation.

Application of AI in Supply chain management

·       AI predictive algorithms used in supply chain helps to improve decision making by predicting unforeseen abnormalities and provides solutions for streamline production scheduling to reduce production delays.

·       AI used in supply chain helps to augment human interaction by allocating resources, assigning people and scheduling processes.

·       AI used in supply chain helps to gather information from customers and suppliers through chatbot interfaces to identify delays and damaged products caused by supply chain.

Sports betting

·       Sports betting refers to the activity of predicting sports results and placing a wager on the outcome.

·       Sports betting include non-athletic events (reality show contests and political elections) and non-human contests (horse racing, greyhound racing and illegal underground cockfighting).

·       Sports betting is considered as one of the most widely spread forms of gambling.

Application of AI in Sports betting

·       AI predictive algorithms help the sports betting industry to predict the outcome of a match.

·       AI technologies help to overcome the limitation of humans while processing a large set of information.

·       Bookmakers in the sports betting industry use their own machine learning algorithms to generate the odds of the match.

·       AI in sports betting can also be used to provide a simple instruction to an operator to send a certain type of message to a certain type of customer via a certain channel at a certain point in time.