16 Dec Innovative Business Projects That Work Using Artificial Intelligence Systems
Blog by Oluwasegun Oke
Business projects directly positioned using Artificial Intelligence, have been solidly established, since its introduction, as a theory in 1943, and potentiality revaluation, in 1956, and has contributed immensely, into all segments of our daily experiences, have therefore continually inspired futuristic agenda, in its rapid expansion and domination of large proportion of operational processes in the business world.
In order to facilitate easier access to products and services, promote networking, predict sales prospects, embrace process automation, initiate chatbots usage, engage clientele across diverse backgrounds, streamline channels of the supply chain, foster customer trust, guarantee customer retention, and strengthen best practices, businesses have invested heavily in the acquisition and deployment of artificial Intelligence, within their environments, for a complete marketing package, and further pursuance of their projected return on investment.
Before going further to dissect various ways business operations make use of artificial intelligence, let us define what really, artificial intelligence is all about, in relation to this.
DEFINING ARTIFICIAL INTELLIGENCE IN BUSINESS INNOVATIONS
Artificial Intelligence in relation to business operations-basically involves updating formal processes of divisions, in terms of business and management operations, with endless computer data analytics possibilities, hence fast racking movement of products and delivery of services, through the installation of software and hardware that facilitate natural language processing, pattern recognition, and process automation, in order to generate leads, boost old decision-making templates, improve annual financial standings, reach unlimited demand capacity, while obviously promoting respective brands. This stimulates growth by increasing efficiency, reducing risk, and maintaining a sustainable customer relationship management portfolio, for a brighter future.
For instance, visibly challenged people can easily make use of natural language processing, to conduct business meetings and set targets for sales and business promotion. It also applies to everyday people, who are in search of quick and reliable means of fulfilling their investment aspirations. As it allows a direct connection with chatbots, intelligent search engines, and new waves of backdoors into the digital space. Data analytics offers expansive coverage of information on growing major business outlets and provides access to tools needed to plan ahead, in order to reverse records of business setbacks. While automation aids in real-time conducting of repetitive business roles, and cumbersome financial operations within such institutions.
Advertisement in a personalized fashion and marketing messaging is gaining significance among business owners, due to urgent needs to promote their start-ups and enterprises, using newly designed predictive analytics software to work out a better business development plan, and stand the test of time. Taking advantage of a new age and low hanging fruits of the digital space, to strategize and generate leads, for a new beginning.
Fraud detection is indeed a big issue, that is constantly under close watch at all levels of financial transactions, in order to identify loopholes, and make informed decisions on blocking such, vulnerable computer network defenses, hidden down in the complex algorithms. And any negative efforts towards circumventing or bypassing data security interphases, and APIs, may force declined access, and render as invalid, such attempts, to violate the terms and conditions of the platform. This pays off in the end, by preventing hefty sums of financial investments from being carted away through illicit means.
Customer Service refers to proactive means of providing a flexible, reliable, and affordable means of connecting clients and sales prospects, through digital platforms, such that it provides them with necessary updates. Moreover, in the business sector of healthcare, protection of patient lives is guaranteed under a secured process of registering, records keeping, scheduling, monitoring, and defending such patients, against data loss, while fostering early diagnosis and detection of critical ailments, which artificial intelligence generously facilitates.
And considering how digital virtual assistants help to coordinate tasks, improve overall business focus, and facilitate a working relationship, based on AI-inspired automation, trust, and integrity, with 24 hours coverage. Likewise, customer relationship management (CRM) is easily transformed into a self-updating and automatic correcting system, with no intermittent human intervention, if fused with AI.
DIGITAL FILES MANAGEMENT
Updating files connotes good management of the company’s records, and promotion of effective bookkeeping practice, in the digital space, through the conversion of document characters to their digital format. In a sense, this ensures that vital imprinted papers, such as agreement forms, receipt of payment, investment proposals, land documents, and so on, used in the course of transactions are promptly processed and stored for subsequent occasions, or recorded, for business logistics interaction, and product development. This is a general practice, where data is extracted from both internal and external platforms, and stored in a central data dashboard, for transferring and crosschecking of data, as a thumb rule, to promote credibility and authority.
Predicting consumer behavior through the acquisition of certain artificial intelligence equipment, which generates metrics and provides needed intervention, by identifying individual customer patterns, generating codes, and proffering matching solutions with respect to present challenges of such business environment. These recommendations are expedient, in facilitating the right backing in turning around such a situation, as measured by standards on the present performance stage of the particular product or service.
AI IN AUTOMOTIVE BUSINESSES
In automotive businesses, ethics have become a big issue, as a result of the urgency in placing human lives on the decision-making processes of self-driving cars, which have generated public outcry in recent years. But while mass acceptance of this AI-defined technology is still under serious debates and expansive reviews, the amalgamation of AI into the automotive guidelines and parameters, is commendable, and raises a signal of hope to coming up with well-developed machine systems and algorithms, which can aid in the decreasing of risk, with regards to not recognizing certain scenarios, that have led to a handful of its road accidents.
IN RECOGNITION SYSTEMS
Voice and face recognition is one of the trademarks of the fusion power of AI. By correctly comparing and matching extracted generated codes, with the specific corresponding ones on storage (Central Data Board) in order to initiate processing, then extracting of such, for authenticity, and displaying of such overall features, created through the application of AI, to recognize each customer face and voice, for prospective business facilitation.
AI IN INTERNAL EXPERIMENTATION
Internal experimentation is another reason a business adopts AI, it may be linked to constant decreases or irregularities in the company’s balance sheets, monitored over a particular period of time.
AI IN FINANCIAL MANAGEMENT
Decreasing financial capacity in brands is commonplace, as a result of being faced with myriads of negative decision-making backgrounds, that may incite a crippling effect on such enterprises, and result in massive loss of labor force. Additionally, the replacement of outdated methods by artificial Intelligence also promotes better time management, since humans have lower work rates compared to computers.
Likewise, an exponential increase in production outputs, as direct alignment with broad uses of assembled robots to promote accelerated operations and optimize production capacity, can be achieved. This widely revered practice ensures the availability of services and products from a large-scale perspective.
PRESENTING AI AS AN EXPEDITION FOR BUSINESS OWNERS
We learn so much about mobile banking, public transport cards, instant delivery franchises, among other AI technology-fasciliated sectors, that have inspired businesses to come on board, for a better profit margin. Although, more and more efforts are producing practical setups and algorithms for startups and small-medium enterprises, however, a crossroad was reached, for lack of further practicality, for interpretations and infusion-related disciplines, have indeed slowed down further efforts, to incorporate AI into more emerging business entities. An example of such an innovation, is the current research on automatic reactivation of a mortgage loan at the brink of expiration, when such a loanee is standing in front of such a bank, for a particular computed second, is a welcome development.
In close proximity to this, another AI-supported invention, activates the sending of detailed information on acceptable offers, for such properties, to mobile phones of random passers-by, who by chance must have stood in front of such properties, within a particular timeframe. This is to reduce undue queues and clusters of customers around such banks and properties respectively, and inevitably increase their overall profit margins, as against observing old-fashion service protocols, which may usher in frustration and heated arguments.
Nevertheless, to forge the right path for complex processing, and solutions diversity, a better approach through simplification of its unit composition, has been stressed as the only way forward. It therefore further falls on humanity, once more, to prepare groups of researchers who can effectively manage this shortcoming, for the sake of a few future-oriented innovators, who have discovered new artificial intelligence-based businesses, that had remained in the pipelines, for ages, due to these inherited shortcomings.
INNOVATIVE BUSINESS APPLICATION OF AI
Moving along the latest trend of automation of business operations, brings with it the revered moment so-anticipated for sustainability and flexibility of management plans, to further build on such successes. Here are good examples of business innovations that were created based on artificial intelligence:
ALIBABA AND ITS AI TECHNOLOGY DIVERSITIES
Alibaba lends helping hands to local farmers, by monitoring their agricultural yield levels, using its cloud computing division, to initiate projects that will counter their challenges. Also, its City Brain Project was developed to ease traffic along various smart city lanes, using AI algorithms to monitor such traffic.
As the most successful e-commerce platform, Alibaba, uses its customer’s data to predict their spending behavior, and also takes advantage of natural language processing, to generate product descriptions, on a daily basis.
COCA COLA AND DATA-DRIVEN ORIENTATION
Coca Cola made history as the most successful carbonated soft drink production company, and with it came the unusual accumulation of data (called “Bigdata”), which was later managed through AI, to create metrics for predicting consumer behavior on social media, e-commerce, and mobile applications cloud computing, thereby providing answers to questions that had evaded logical explanation, in the past.
NIKE USER-FRIENDLY PLATFORMS
Nike ingenuity prevailed, contributing more IT-inspired product lines, such as Nike Fit” which allows customers to get customized shoes, as soon as their feet get scanned. And “Nike Plus”, for users who want to buy new products before they are mass-produced.
GOOGLE AI COMMUNITY PROTECTION INITIATIVES
Google started a project that was passionately driven towards predicting the future crisis and saving our earth from incessant natural disasters, fauna and natural endangerment, anti-climate change monitoring mechanisms installations, among others. As its “Google AI impact challenge” initiative continues working with engineers, researchers, deep learning experts, natural language scientists, as well as machine language professionals, to impact lives by creating a pool of possibilities.
Google Deepmind and Google Duplex concepts have also been developed and launched. While the former in its deep learning processing capacity, is able to participate in digital games, and compete triumphantly against humans, the latter is able to schedule your appointments, by making phone calls, through its AI interphase.
Likewise, self-driving taxi cars, capable of learning complex relative motion patterns, and following traffic lanes all-roundly, are currently conveying passengers in California. Even though a human driver still sits behind the wheel. Waymo, one of Google’s tech platforms, is the brain behind this IT-fusion project.
FACEBOOK DEEP LEARNING INNOVATIONS
Facebook AI technology keeps track of unwanted graphic elements of photos and removes them from its platform. In addition, its Deep face recognition engine easily identifies any photos and successfully displays the biometric information of such users. Serving as a form of the cybersecurity monitoring system. In the same vein, Deeptext, its text understanding engine, is capable of automatically understanding the content and emotions of sharable posts, created by users from diverse cultural backgrounds.
AMAZON AI TECHNOLOGY
Amazon is keeping to its promises, after introducing “Alexa”, which is a digital voice assistant, that helps manage routine functions. And by further unleashing a no-checkout means of buying their products. You only need to walk into one of their convenient stores, pick out any products of your choice, and leave without physically approaching any counters. This is proactively backed up by their new AI technology, which works using well-positioned store cameras, to monitor buyers, and correctly check them out digitally, once such a customer drops his last items in the shopping cart.
And in further pursuance of AI customer-based solutions, Amazon Go was developed. It practically ensures customers receive shipments of unordered Amazon products after such customers’ buying habits have been collated, studied, patterned, and stored on its central data dashboard, to go through predictive analytics, and automatic business operation functioning.
MICROSOFT AI CAPABILITIES
Microsoft has over time demonstrates its continual interest in AI technologies, and practical unboxing of flexible, durable, and widely acclaimed customer-friendly AI-motivated products and services. These include Skype, Bing, Cortana, Surface Duo 2, and Office 365. Besides, they are often revered as one of the largest AI service solution providers.
FUTURISTIC CAPABILITIES OF BUSINESS INNOVATIONS USING AI
Still, we remained revered, constantly immersed in the possibilities of AI to connect with our future. It has been stressed over time how GPUs can be unified with AI for a complete package that can place well-versed working robots in our homes, schools, offices among other expedient locations. And has been consequently theorized that robots will fluctuate numbers of human presence in the workplace, at first. But would then subsequently generate enough employment opportunities for the human workforce, that will make false, using of extreme measures, or imposed restrictions against mass-produced malfunctioning robots, as often portrayed in movies.