6 Ways AI Machine Learning Benefits Businesses

6 Ways AI Machine Learning Benefits Businesses

For many people, artificial intelligence still seems like something from a science fiction movie. However, AI technology is becoming a common part of everyday life at home and in the world of business. There are a variety of ways AI machine learning can benefit your business.

1. Cognitive Engagement

With the help of hardware components, such as the wafer scale chip, machine learning is making it possible for computers to perform tasks that used to be the sole domain of humans. For example, computers can now interact with customers and clients using natural language processing that mimics talking to a real person. Businesses are using this technology in a variety of ways.

Chatbots and intelligent agents can provide 24-hour customer service to answer common questions, assist with password resets and help with technical support. Additionally, AI is being used to provide internal answers for employees who need help with human resources, employee benefits or technical support. AI systems can assist healthcare providers with the creation of customized care plans built around a patients’ medical history and current health status. Retailers are using AI systems to provide customers with product recommendations and personalized shopping experiences.

2. Process Automation

Computer technology has long been used to automate processes. AI machine learning is taking that automation to a new level. Modern automation systems utilize robotic process automation, which is a more advanced tool than used in the past because RPA systems are capable of more human-like behavior than older systems. 

These systems are being used to take data from call centers and email systems and use it to update customer files. They can replace lost ATM or credit cards, including updating customer records and handling customer correspondence. The systems can extract provisions from contracts and other legal documents by using natural language processing. They can also be used to catch errors in billing systems. Many businesses are turning to process automation to perform tasks that they previously had been outsourcing.

3. Cognitive Insight

Cognitive insight uses algorithms to find patterns in large amounts of data and determine their meaning. These applications are being used to predict what customers will purchase, identify safety hazards or quality issues in vehicles and other products, detect credit and insurance claim fraud in real-time, personalize and target ads and improve the accuracy of insurance actuarial modeling. 

Unlike older analytic systems, these systems get better at what they do over time and can produce more detailed and data-intensive reports. These applications are often used to improve the performance of machines on jobs that humans can not do because of the requirement for high-speed data processing.

4. Improves Features, Functions and Performance of Products

One of the top benefits of using AI machine learning is that it makes it possible to add new features and functionality to products that were not possible before. The explosion of “smart” products and digital personal assistants, such as Alexa, are evidence of this. As consumers become accustomed to the technology, today’s “smart” products will likely become the default.

5. Frees Up Workers To Do Other Tasks

Many people fear or resent automation because they believe it takes jobs away from people. While this does happen in some cases, many businesses use automation to free up employees to perform tasks that machines are not capable of. In many cases, this removes the need for employees to perform menial tasks and frees them up to focus on more creative endeavors.

6. Helps With Better Decision Making

The deeper insights that modern AI analytic systems can provide make it easier for human decision-makers to make better decisions. AI systems can analyze incredible amounts of data in a much smaller time frame than humans are capable of. This provides decision-makers with better data to work off of when making decisions.

These are just a few of the ways that AI machine learning is benefiting businesses. As the technology improves and becomes more cost-effective to employ, businesses will continue to find new uses for it.