Benefits of Artificial Intelligence (AI) for Businesses

We use artificial intelligence (abbreviated as AI) in our daily life in various forms. For example, using facial recognition in our smartphones, building answers from chatbots like ChatGPT, are all AI applications.

AI has become a predominant part of our lives, and technology is ever-evolving. Complex applications of AI include self-driving cars, accurate medical diagnosis, and many more. 

What is Artificial Intelligence (AI)?

Artificial intelligence (AI) is a set of technologies that allow machines to perform tasks independently that otherwise usually require human intelligence. For example, chatbots can write essays, letters, and stories based on your input. 

AI systems can learn, reason, plan, and solve problems. They can also adapt their behavior based on the results of their actions. AI systems are not limited to computational power but also have the ability to make decisions. They learn continuously by using rules formulated by its builder or compiled by the algorithm based on the data and trains itself with data.

The future of AI in software development includes designing websites, writing application code, smart chatbots, etc.

5 Main forms of artificial intelligence (kunstmatige intelligentie AI)

1. Machine Learning (ML)

Machine learning (ML) is a type of artificial intelligence (AI) that allows computers to learn from data and improve their performance over time. ML uses algorithms to analyze data and identify patterns, which are then used to make predictions.

Examples: Self-driving cars, image recognition, etc.

2. Supervised machine learning

Under supervised machine learning, the accurate outcome is already decided, and the algorithm learns to understand the relationships between data. The data is originally labeled by people.  

Example: Voice assistants like Siri or Alexa use supervised learning to recognize your voice commands and respond accordingly based on trained data.

3. Unsupervised machine learning

The correct outcome is not decided in advance but the algorithm is designed to find patterns and cluster data itself to identify the most suitable results for the users. 

Example: Streaming services like Netflix or Spotify recommend movies or songs you might like based on your past viewing or listening history. They do not need explicit labels or feedback on what you enjoy and try to effectively identify patterns in your behavior to suggest similar content.

4. Reinforcement learning

This is a machine learning technique that teaches software to make decisions to achieve the best results. It’s based on the idea that intelligent agents should take actions to maximize a reward signal in a dynamic environment. It is helpful in areas where little data is available for training and trial and error methods are put to use.

Example: Automated robots learn to efficiently clean by receiving positive reinforcement when it successfully navigates around obstacles and negative reinforcement when it gets stuck.

5. Deep learning

This type of machine learning uses artificial neural networks to learn from data. It’s used to solve problems like image recognition, speech recognition, and natural language processing. They are mainly inspired by the complex operation and structure of the brain. 

Example: Facial recognition, Autocorrect on your keyboard (the ability to predict and correct typos while typing)

What are the benefits of artificial intelligence?

Boost business performance and increase revenue

Artificial intelligence lets you interpret large-scale data at a good speed. The insights you get from such large scale data helps to make well-informed decisions. This boosts business performance and revenue growth of the organization. 

As per a survey, in 2022, 92.1% of businesses said AI has produced measurable results for their business. AI software development companies can help you build unique solutions geared towards success.

Achieve greater productivity

AI helps to speed up tasks by automating repetitive tasks. As much as 44% of AI adopters report reduced operational costs. For example, various businesses are adding chatbots on their website as a customer service agent.

These chatbots can help customers answer queries with accurate responses. The chatbots do not get bored by answering questions similar to every customer’s. Moreover, as per research sales increased by 67% due to the implementation of chatbots. 

AI reduces the need for many FTEs (Full-Time Equivalent)

This may sound like a threat to many but proves handy in regions where there is shortage of skilled talent. It eliminates the hurdle of finding employees in a labour market where the talent is limited. AI can work for you in diverse ways. For example, companies often use generatieve AI tools for making images and content for social media platforms.

Lets you anticipate

AI analyzes earlier business data and identifies patterns to define potential risks and possible market trends. For example, a retail business can use AI to identify customer behavior during holiday season sales and adjust inventory levels accordingly. 

Zedrox can help you build AI solutions

At Zedrox, a software development agency, we can help you with end-to-end AI solutions. We study your business needs and identify areas where artificial intelligence can help you grow rapidly.