Find out what AI and machine learning can do for your business and how chatbots can save you time and money on the customer services side.
AI and Machine Learning
What do self-driving cars, Amazon Alexa, and Netflix’s movie recommendations all have in common? They each use a form of artificial intelligence (AI) to enhance their decision-making and provide a superior customer experience. As the fourth industrial revolution becomes more and more central to 21st-century living, companies are finding innovative ways to use AI and machine learning to improve the quality of our everyday lives.
AI comes in many different forms; from simple chatbots that can relieve the pressure on overworked customer support staff to global big data projects with life-and-death consequences.
What Is Machine Learning?
Machine learning is a subset of artificial intelligence. At its core, machine learning is automated data analysis where the systems that you have put in place use the data that is being gathered and processed to identify patterns and trends and make improvements without the need for human intervention.
A good example of machine learning is natural language processing, where chatbots learn about tone, context, and meaning through interaction with the human voice.
An AI chatbot is a computer program that simulates a regular human conversation online, but in fact, is between a human and a program. For example, Google’s Siri and Amazon’s Alexa are sophisticated chatbots. They’re easy to build, useful, and helpful tools for superior customer support. Most people know they’re not talking to a human, but they’re willing to interact with a chatbot if it’s efficient, friendly, and charming.
How Chatbots Help the Customer Support Effort
Chatbots allow companies to interact with their customers in a casual, personalized manner without the expense of hiring extra staff to fulfill those roles. By handling most of the simple, everyday queries that customers may have, a chatbot saves time and money for a company, freeing up staff members to tackle more complex issues that require human intervention.
AI Data Applications
Most AI is deployed in those areas of a business that customers never see. AI data applications operate in the background, gathering reams of data in real time and offering solutions that feel seamless and natural, but are actually driven by extremely complex, sophisticated rule engines. For example, Walmart uses SAP’s HANA to reduce costs and increase efficiency across its entire supply chain, while General Electric uses Predix to monitor and predict when critical equipment might fail.
Companies can use the technology in many different ways, big and small; however, the only constraint is the knowledge and imagination of business owners who may be unaware of what AI and machine learning could do for their businesses.
Predicting Trends and Identify Patterns
One of AI’s greatest strengths is its ability to identify patterns in large amounts of data. Something that would take humans years to do, AI can do in seconds.
This is particularly useful in a number of ways:
- Detecting fraud by spotting transactions that don’t fit a pattern and can be flagged for further investigation
- Identifying buying patterns in different branches of a store so that management can respond appropriately with a proper stock allocation
- Recommending further purchases for consumers, based on their previous spending behavior
Businesses around the globe are at a threshold moment in their adoption of this kind of intelligent software and AI learning. The proper use of AI and machine learning can provide an overwhelming advantage to your business if you understand what they can offer. But no organization can be expected to understand it all; that’s why it’s strongly recommended to partner with technology specialists, like Laminar, who can pinpoint areas of need in your business and recommend effective AI solutions.
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December 11, 2023
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