How Artificial Intelligence is Changing Business in Every Industry

How Artificial Intelligence is Changing Business in Every Industry

If we produce something capable of passing the Turing test – something capable of mimicking human responses under certain conditions to such a degree that it can be declared true artificial intelligence – what does that mean? What is sentience? Is it empathy? Is empathy created or innate? If we create an artificial intelligence capable of displaying empathy, does that mean empathy is engineered, or have we managed to create true intelligence in a computer brain?

The very mention of AI evokes these kinds of philosophical debates. People treat AI like they treat Jurassic Park – they view the concept of artificial intelligence as one of humanity trying to play the role of God and being doomed to extinction rooted in hubris once the creation surpasses the creator.

The reality, of course, is that we are using AI all the time now, at least in some form or another. AI has revolutionized almost every industry and will continue to do so. In this article, we will examine how AI has changed the app development, advertising, travel, debt, retail, and IT industries so that we may better understand how AI interacts with business.

How AI Affects App Development

Check the Instagram explore page under the “for you’ tab. Chances are, you’ll find a number of accounts to follow that are interesting and surprisingly tailored towards your interests. This is one of the simplest examples of AI – predictive reasoning.

Instagram’s AI is analyzing what accounts you follow, what accounts you visit, and what posts you like, every time you use the app. It then takes that data to create suggestions of who you should follow on the explore page. This kind of AI within apps has become commonplace today, with everything from Amazon Go to the Starbucks app integrating similar predictive reasoning based suggestive AI features.

This is just a small example of how AI has drastically impacted app development – no longer do app developers need to create complex codes to create generic explore pages. Now, an AI can constantly update and create new user experiences specifically tailored to each user of the app – this makes AI quite possibly the most powerful marketing tool that apps can use in today’s business environment. But it’s not just app development that is affected by AI.

How Al Affects advertising

Given the development and importance of AI in today’s business, it is not surprising that advertisers and marketers are paying a lot of attention in building in-house Al features. These features range from (but are not limited to) fraud prevention, product recommendation, predicative customer service to sales, forecasting and app/web personalization. Consequently, when all these features are combined together, they add up to delivering the best customer experience.

Al has presented many agencies with new marketing and advertising opportunities and benefits. Many e-commerce websites, blogs and many other media websites have started using artificial intelligence to analyze their customer’s behaviors and offer them products depending upon their search on their website. How many times have been offered a discounted price for a product that you were searching on the internet? That is what AI is doing. It monitors your searches and other activities and provides you with e ‘personalized price’ tailored to your profile.

How AI Affects the Travel Industry

You know how every time you book a flight, the nearest hotels and restaurants are recommended to you, ordered by price and location? That’s an AI trying to help out. Much in the same way apps use AI, the travel and tourism industry thrives on AI to make travel experiences better.

From camping to five star hotels, travel websites and supply stores will often use AI to help you plan your trip. In fact, there are downloadable travel AI concierges, called chatbots, that will directly help you plan your trip, whether it’s in buying the best tent for a given price range, or in arranging the best suite to stay in at the Cosmopolitan.

AI has revolutionized the travel industry, scouring the internet to consistently give you the best and most educated decisions to make your travel experiences as painless as possible. In fact, AI can also impact services such as debt collection.

How AI Affects Debt Collection

People almost always cite debt collection as a consistent stressor in their lives. AI automates the debt collection process, sending emails, texts, and pre-recorded calls to customers. Although this sounds like the norm, it results in customers feeling much less harassed by debt collection agencies. No longer do they receive five phone calls throughout their work day, instead they simply receive one call and one email, tailored to match their schedule by AI.

AI in the debt collection agency is a fantastic example of how AI can actually make life easier for the people affected by it. The success of AI in this industry alone, and the improvements it has made for customers in this industry, should remove some of the stigma surrounding AI.

How AI Affects Retail

Have you ever shopped on a site and bought a pair of camo pants, only to see a blurb pop up recommending other military gear products via a message like customers who bought these pants also loved these shirts!’ If you have, that’s AI at work once again.

Although Amazon is the easiest example of this phenomenon, most online retail stores now feature an AI that tracks and evaluates your shopping habits to recommend new items to you. This is just another example of how AI can improve customer service.

How AI Affects IT Service Management and Software Development

From customer support to software development, AI has its uses. To begin, AI is an effective way of troubleshooting basic problems, making it a useful customer support tool in IT service management.

Serving in a more complicated niche, AI can also help software engineers develop new products. From running tests faster than an engineer ever could, to predictive reasoning-based problem solving, AI is rapidly becoming a primary tool in software development. AI is also extremely useful in analyzing data stored in cloud storage tools and using that data to create advantages for everyone from software engineers to business owners.

And speaking of AI in software…

AI in AR and VR

AR and VR have made leaps and bounds, and AI can only help. AI has the potential to take AR and VR apps to the next level by tailoring these experiences to specific users according to their habits. This ability only further cements AI as a staple of the app development industry in the modern world.

In Conclusion…

It is not a stretch to say that AI has found a use in every industry. Whether it be for simple tasks such as suggesting products or providing customers with basic customer service, or for complicated measures such as running software tests and completing extensive problem-solving procedures for industries such as debt collection, AI has found its place in our world, and it’s safe to say that it’s here to stay.

 

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by Rilind Elezaj (Guest Author)