How MNCs became Top Notch using AI?
Artificial Intelligence has transformed the way business work and grow
Before we examine how artificial intelligence impacts business. Let’s first understand…..
🔴 What is artificial intelligence?
Artificial intelligence (AI) makes it possible for machines to learn from experience, adjust to new inputs and perform human-like tasks.
The goal of AI is to make a smart computer system like humans to solve complex problems.
But we have to dig deep to know what type of artificial intelligence is predominant in business
◼ Machine learning
Machine learning is the most common type of artificial intelligence which is helping business grow. It focuses on the development of computer programs that can access data and use it to learn for themselves. The programmer needs to be a domain expert for selecting only relevant features, do data pre-processing, etc while training the model.
But machine learning is also relatively a broader concept, the development of “Artificial Neural Network” has given rise to what is known as Deep learning
◼ Deep learning
Deep Learning, on the other hand, is just a type of Machine Learning, inspired by the structure of the human brain. Deep learning algorithms attempt to draw similar conclusions as humans would by continually analyzing data with a given logical structure. To achieve this, deep learning uses a multi-layered structure of algorithms called neural networks. There is no need for the programmer to be a domain expert as the neural network will select the relevant features on its own.
✅ Applications of Deep Learning
🔴 Business operations that are using AI
✅ Marketing
If your company isn’t using artificial intelligence in marketing, it’s already behind. Not only can AI help to develop marketing strategies, but it’s also instrumental in executing them.
▪ AI sorts customers according to interest or demographic
▪ It can target ads to them based on browsing history,
▪ Powers recommendation engines, and is a critical tool to give customers what they want exactly when they want it.
Another way AI is used in marketing is through chatbots.
▪ These bots can help solve problems,
▪ Suggest products or services, and support sales.
▪ AI can also analyze data on consumer behavior faster and more accurately than humans.
✅ Sales
There is definitely a side of selling products and services that is uniquely human, but artificial intelligence can arm sales professionals with insights that can improve the sales function.
▪ AI helps improve sales forecasting,
▪ Predict customer needs and
▪ Improve communication.
✅ Research and Development (R&D)
It can help us build a deeper understanding of nearly any industry, including
▪ Healthcare and pharmaceuticals,
▪ Financial,
▪ Automotive and more,
While collecting and analyzing tremendous amounts of information efficiently and accurately. This and machine learning can help us research problems and develop solutions that we’ve never thought of before. AI can open the door to novel discoveries, ways of improving products and services as well as accomplishing tasks.
✅ IT Operations
Also called AIOps, AI for IT operations is often the first experience many organizations have with implementing artificial intelligence internally. Gartner defines the term AIOps as the “application of machine learning and data science to IT operations problems.”
AI is commonly used for IT system log file error analysis, with IT systems management functions as well as to automate many routine processes. It can help identify issues so the IT team can proactively fix them before any IT systems go down. As the IT systems to support our businesses become more complex, AIOps helps the IT improve system performance and services.
✅ Human Resources
In a business function with “human” in the name, is there a place for machines? Yes! Artificial intelligence really has the potential to transform many human resources activities from recruitment to talent management. AI can certainly help improve efficiency and save money by automating repetitive tasks, but it can do much more. PepsiCo used a robot, Robot Vera, to phone and interview candidates for open sales positions.
In addition, AI can help human resources departments with data-based decision-making and make candidate screening and the recruitment process easier. Chatbots can also be used to answer many common questions about company policies and benefits.
✅ Contact Centers
The contact center of an organization is another business area where artificial intelligence is already in use. Organizations that use AI technology to enhance rather than replace humans with these tasks are the ones that are incorporating artificial intelligence in the right way.
These centers collect a tremendous amount of data that can be used to
▪ Learn more about customers,
▪ Predict customer intent, and
▪ Improve the “next best action” for the customer for better customer engagement.
The unstructured data collected from contact centers can also be analyzed by machine learning to uncover customer trends and then improve products and services.
✅ Accounting and Finance
According to Accenture Consulting, robotic process automation can produce amazing results in these areas for the accounting and finance industry and departments. Human finance professionals will be freed up from repetitive tasks to be able to focus on higher-level activities while the use of AI in accounting will reduce errors. AI is also able to provide real-time status of financial matters to organizations because it can monitor communication through natural language processing.
✅ Customer Experience
Luxury fashion brand Burberry uses big data and AI to enhance sales and customer relationships.
The company gathers shopper’s data through loyalty and reward programs that they then use to offer tailored recommendations whether customers are shopping online or in brick-and-mortar stores. Innovative uses of chatbots during industry events are another way to provide a stellar customer experience.
◼ 60+ Startups using Deep Learning
🔴 MNCs which became top notch companies of
this generation using AI
1. Alibaba
Chinese company Alibaba is the world’s largest e-commerce platform that sells more than Amazon and eBay combined. Artificial intelligence (AI) is integral in Alibaba’s daily operations and is used to predict what customers might want to buy. With natural language processing, the company automatically generates product descriptions for the site.
Another way Alibaba uses artificial intelligence is in its City Brain project to create smart cities. The project uses AI algorithms to help reduce traffic jams by monitoring every vehicle in the city. Additionally, Alibaba, through its cloud computing division called Alibaba Cloud, is helping farmers monitor crops to improve yield and cuts costs with artificial intelligence.
2. Alphabet — Google
Alphabet is Google’s parent company. Waymo, the company’s self-driving technology division, began as a project at Google. Today, Waymo wants to bring self-driving technology to the world not only to move people around but to reduce the number of crashes. Its autonomous vehicles are currently shuttling riders around California in self-driving taxis. Right now, the company can’t charge a fare and a human driver still sits behind the wheel during the pilot program.
Google signaled its commitment to deep learning when it acquired DeepMind. Not only did the system learn how to play 49 different Atari games, but the AlphaGo program was also the first to beat a professional player at the game of Go.
Another AI innovation from Google is Google Duplex. Using natural language processing, an AI voice interface can make phone calls and schedule appointments on your behalf. Learn even more about how Google is incorporating artificial intelligence and machine learning into operations.
3. Amazon
Apart from its digital voice assistant, Alexa, Amazon uses artificial intelligence is to ship things to you before you even think about buying it. They collect a lot of data about each person’s buying habits and have such confidence in how the data they collect helps them recommend items to its customers and now predict what they need even before they need it by using predictive analytics.
America’s largest e-tailer offers a new convenience store concept called Amazon Go. Unlike other stores, there is no checkout required. The stores have artificial intelligence technology that tracks what items you pick up and then automatically charges you for those items through the Amazon Go app on your phone. Since there is no checkout, you bring your own bags to fill up with items, and there are cameras watching your every move to identify every item you put in your bag to ultimately charge you for it.
4. Apple
Apple uses artificial intelligence and machine learning in products like the iPhone, where it enables the FaceID feature, or in products like the AirPods, Apple Watch, or HomePod smart speakers, where it enables the smart assistant Siri. Apple is also growing its service offering and is using AI to recommend songs on Apple Music, help you find your photo in the iCloud, or navigate to your next meeting using Maps.
5. Baidu
The Chinese equivalent of Google, Baidu, uses artificial intelligence in many ways. They have a tool called Deep Voice that uses artificial intelligence and deep learning that only needs 3.7 seconds of audio to clone a voice. They use this same technology to create a tool that reads books to you in the author’s voice — all automated with no recording studio necessary.
6. Facebook
One of the primary ways Facebook uses artificial intelligence and deep learning is to add structure to its unstructured data. They use DeepText, a text understanding engine, to automatically understand and interpret the content and emotional sentiment of the thousands of posts (in multiple languages) that its users publish every second. With DeepFace, the social media giant can automatically identify you in a photo that is shared on their platform. In fact, this technology is so good, it’s better at facial recognition than humans.
7. IBM
IBM has been at the forefront of artificial intelligence for years. It’s been more than 20 years since IBM’s Deep Blue computer became the first to conquer a human world chess champion. The company followed up that feat with other men vs. machine competitions, including its Watson computer, winning the game show Jeopardy. The latest artificial intelligence accomplishment for IBM is Project Debater. This AI is a cognitive computing engine that competed against two professional debaters and formulated human-like arguments.
8. JD.com
JD.com is the Chinese version of Amazon. Its founder Richard Liu expects and is driving toward having his company be 100% automated in the future. Right now, its warehouse is already fully automated, and they have been making drone deliveries of packages for the last four years. JD.com is driving business with artificial intelligence revolution, big data, and robotics while building the retail infrastructure for the 4th industrial revolution.
9. Microsoft
Artificial intelligence is a term that appears on Microsoft’s vision statement, which illustrates the company’s focus on having smart machines central to everything they do. They are incorporating intelligent capabilities to all its products and services, including Cortana, Skype, Bing, and Office 365, and are one of the world’s biggest AI as a Service (AIaaS) vendors.
10. Tencent
Chinese social media company Tencent has incorporated artificial intelligence into its operations in its quest to become “the most respected internet enterprise,” Tencent relies on artificial intelligence. It has 1 billion users on its app WeChat, but has extended its reach to gaming, digital assistants, mobile payments, cloud storage, live streaming, sports, education, movies, and even self-driving cars. One of the company’s slogans is “AI in all.” Tencent acquires huge amounts of information and insights about its customers that it processes and leverages to the company’s advantage.
Source of the above info.
