6 AI technologies widely used in business and management

 6 AI technologies widely used in business and management

Introduction

This article/blog is basically designed to discuss some useful AI technologies widely used in business and management. The fields of business and management that widely use AI are e-commerce, logistics, supply chain and sports betting industry. These fields use AI technologies like big data, image recognition, OCR, marketing automation, google analytics, chatbots, and mailchimp to improve their business and efficiency. So, let us first try to define and understand AI and related technologies.

What is Artificial Intelligence (AI)?

Artificial Intelligence (AI)

·       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.

Some AI technologies used in business and management

Big data

·       Big data refers to extremely large data sets that may be analyzed computationally to reveal patterns, trends and associations, especially relating to human behavior and interactions.

·       Big data is a collection of structured, semi-structured and unstructured data collected by organizations. Big data is huge in size (voluminous) and yet growing exponentially with time that traditional data processing software cannot manage them. For example, stock exchanges, social media sites and jet engines.

·       Big data is used in machine learning (ML) projects, predictive modeling and other advanced analytics applications.

Image recognition in ML

·       Image recognition in ML refers to the ability of software to identify objects, places, people, writing and actions in images.

·       Image recognition can be achieved using machine vision technologies in combination with a camera and AI software.

Marketing automation

·       Marketing automation refers to software platforms and technologies designed for marketing departments and organizations to more effectively market on multiple channels online and automate repetitive tasks like email marketing, social media posting and ad-campaigns.

·       Marketing automation is the process of using software to complete repetitive marketing tasks designed to nurture sales leads, personalize marketing messages and content and in the process save marketer’s time and effort.

·       Marketing automation helps to achieve efficiency, increase conversion rate, accurate reporting, lead scoring and personalized marketing strategy.

Analytics

·       Analytics refers to the systematic computational analysis of data or statistics.

·       Analytics is used for the discovery, interpretation and communication of meaningful patterns in data.

Google Analytics

·       Google Analytics refers to a web analytics service offered by Google that tracks and reports website traffic, currently as a platform inside the Google marketing platform brand.

OCR

·       OCR stands for optical character recognition or optical character reader.

·       OCR AI technology is a business solution for automating data extraction from printed or written text from a scanned document or image file and then converting the text into a machine readable form to be used for data processing like editing or searching.

·       A common application of OCR is the automated conversion of an image based PDF, TIFF or JPG into a text based machine readable file.

·       OCR processed digital files are receipts, contracts, invoices and financial statements.

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.