6 Uses of Artificial Intelligence in Business 2022
With the use of technology in almost every aspect of a business’s value chain, artificial intelligence is becoming essential to data collection and analysis to make consumer experience’s more unique and tailored to every individual. Artificial intelligence can be used to enhance your business in multiple ways from sales, marketing, customer support, accounting decisions, and more.
In order to incorporate new technology into your business, understanding its function is crucial. It acts as software that makes decisions on its own and responds to issues that developers and programmers cannot foresee. New developments in artificial intelligence technology have made huge advances in the healthcare, retail, manufacturing, education, and research sectors. Below are 6 of the most interesting spaces AI developments will develop in 2022 and beyond.
1. Accounting
Crunching numbers, recording transactions, and keeping up with finances can be tedious and straining on employees, but the continued use of AI in this sector will aid in this process and lower the risk of human error. Specifically, Robotic Process Automation is a type of program that makes the process of filing reports, programs, and data simple and takes out the manual work usually involved. It generates information quickly and allows accountants to spend time analyzing the data and using it to make further advances in the sector. Examples here include insurance quoting software, fraud detection and prevention, and forecasts that can help plan strategical operations.
2. Cybersecurity
Artificial intelligence in cybersecurity is nothing new, however, this year will prove to be pivotal for the increased use of algorithms that deal with cyber-attacks and detecting malware. With the rise of cryptocurrency and other avenues of digital money, AI will continue to become an important aspect of cybersecurity. AI systems will detect weaknesses and bad patterns in corporate security, phishing attacks, and other risky behavior. With the help of artificial intelligence, businesses will be able to counteract attacks on their systems by screening for them and making it harder for hackers to threaten the system.
3. The Vaccine and Healthcare
The introduction of COVID-19 worldwide has sparked the need for rapid development in the healthcare sector and specifically the production of vaccines. While it typically takes many years to produce a new vaccine, innovations by individuals such as Baidu and its LinearFold AI algorithm that predicts the RNA sequence of a virus much faster than commonly used algorithms. Machine learning is used to sort and analyze large quantities of data and help with the creation of targeted vaccines.
4. Customer Support
Another sector where artificial intelligence is making an impact is in customer service where bots are used to elevate customer experiences. Chatbots are AI-powered and are tuned into customers’ concerns. They respond to individuals and interact with customers to make sure they are directed to the right people that can help them with their specific problems. Chatbots also reduce wait time between when a customer voices concerns and responses from agents. Rather than spending time answering the same questions over and over, chatbots are able to alleviate agents and direct only the complicated questions over to them instead.
5. Human Resources
COVID-19 has forced human resources to adapt to a digital format and by association, artificial intelligence that makes connections online easier. Recruiters must interview prospective employees online and new technologies are being used to communicate with clients and employees. The ability to use algorithms to analyze applicants’ experience and match them with institutions that amount to their capabilities has never been easier thanks to artificial intelligence. With the increase in hybrid formats of work, artificial intelligence in recruiting and both internal and external business relations is sure to become popularized.
6. Marketing
Marketing has historically required technology to reach target audiences, but especially so in the age of COVID-19 and digital media. Analysts are able to use artificial intelligence to get insight into their target customers and use that information to make more specialized content for their audience. Website accessibility and SEO are necessary for building relevant marketing content and will continue to see more strategic and algorithmic uses in 2022.
7. Predictive Analytics
Predicting consumer behavior is essential to making products and services tailored towards what is trending among the most active customers and users of a service. Companies such as Netflix already use artificial intelligence such as collaborative filtering to make specified movie and TV show recommendations for its users. We can expect other companies to follow in their footsteps to make products more particularly so as not to waste materials and manpower on unfruitful services. The long-tail nature of online content makes it more difficult to make specific consumer-specific business decisions, but artificial intelligence will aid in analyzing behaviors to make such decisions easier.
Conclusion
The sectors described are just a few ways in which artificial intelligence is being injected into every aspect of business and will only become more and more entrenched in all types of jobs. Recognizing its importance in the era of heightened digitalization is key to making sure every company matches the pace of its evolution.
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