Undoubtedly, AI development for business has blown the world, however, the very first AI-based Chatbot was developed in 1906 by Joseph Weizenbaum, who was a computer scientist. He named it Eliza. The first-ever existing Chatbot that could talk like a human, but had some limitations. The software brought a spark in other scientists to make something better. That was when the world was introduced to AI and its capability in the real, that day the foundation of AI and ML had already been made. With time, computer scientists and developers kept introducing new features. By 2010, the invention had already reached the pinnacle of success, and a range of AI and ML services had been introduced in various business departments.

In 2013, Moon Shot was launched by MD Anderson Cancer Centre. This was an incredible product, as this AI-based software was introduced to diagnose and recommend treatment plans for the different types of body cancers. IT groups in different business sectors, with their cognitive abilities, chose to assign less effortful tasks to AI, so that they could focus on more productive and complex ones. Different AI and ML services have been introduced to do repeated tasks for the bulk of products e.g. they are used in retail and manufacturing companies.

The next generation of AI technology is competing with humans. They use cognitive and creative abilities to make the most of it. So the hype around AI development for business is always powerful. The recent creation of midjourney (the AI-based image tool) and the ChatGPT-4 (AI-based text software), highlighted the importance of AI for any enterprise – not to replace people, but to simplify their work and assist them. They surely have reduced time-span from weeks to days and into minutes but they still need to be moderated by a human brain.

So let’s explore what are the benefits of AI development for business. The important takeaways of the blog are:

• The type of AI
• The benefits of AI development for business.
• How does AI work for data analysis
• What are the benefits of “process automation”?
• What is the AI approach for interacting with the audience?

How many types of AI are there for business?

After studying many AI applications that have been developed to fulfill business needs, we are convinced to say that there are three main types of AI – Data analysis and future prediction, automating various business tasks, and engaging with audiences and customers.

Data Analysis and Future Prediction

Research that is based on 152 studies, has found that most of the business tasks involves studying the patterns and analyzing algorithm. AI for business development can read data and understand its meaning and the more efficient software can also predict the outcomes. For example in marketing, AI-based software predicts the audience reach, impressions, and expected sales. While other AI-based software is used to:

• If a particular customer is interested in buying your product or not because it has already studied the customer behavior on social media and a website, if he is a frequent shopper and is interested then yes!
• With the help of data, it automates personalized audience targeting in digital advertisement.
• It can also identify fraud activities e.g. insurance fraud, fake services, and sharing of sensitive information online.

AI development for business has been astounding over the past few years, each task specifically data analysis and result prediction is amazing for every user. The results are more intensive and detailed. This AI application works on past data and future trends and keeps getting better with time. They tend to mimic the human intellectual abilities to work professionally, recognize speech and patterns and can identify probabilistic results. A bank used this advantage of AI, matched data of the suppliers’ contracts with their invoices, and found that millions of dollars hadn’t been supplied. So the audit with the help of AI gives 100% accuracy.

Process Automation

Process automation is the widely used benefit of AI. Most companies are using this advanced facility for financial and back-office administrative activities. Experts are exploiting these advanced robotic process automation. Undoubtedly AI development for business has become more advanced than earlier and modern process automation includes:

• Transferring and storing vast data that is being filled using the form online or manually into the records. This includes updating services, files, customer details, and addresses.
• The technology is also used for replacing lost ATM cards and credit cards. It updates the data with new details and reaches the consumers to solve their queries.
• It has the ability to read the contractual and legal document and simplifies it in the natural language processing for the users.
• It helps in sales forecasting by analyzing historical data and predicting the trends for the future.
• AI development for business has advanced as it also predicts the incoming leads for business on digital platforms.

The practice with artificial technology is impressive, NASA sent four robotic process automated pilots in accounts receivable, payable, human resources, and IT spending to cut costs. Their work has been analysed in terms of accuracy and experts have found that they work so well in the four departments. NASA revealed that more than 85% of transactions were completed without any human help. NASA believes that it’s not rocket science to get help with the robots and simplifies human effort on projects. They are planning to implement more robots with higher intelligence. Although their RPA (Robotic Process Automation) has reduced human effort replacing them was neither the outcome nor the primary objective. However different business sees it from different perspective and study revealed that this technology, on a higher, level may replace some employees where tasks can be outsourced to robots and AI-based machines.

Engagement with Audience

Every small to giant enterprise is seeking AI support to interact with the audience at first because they are 24/7 available, enhance user experience, give more personalized results, and of course, reduce the human effort to interact with each audience one by one. In the same study mentioned above, using AI to interact with people was the least of use. However, that’s something revolutionized in 2023. The benefits of engaging with the audience include:

• Chatbots are 24/7 available with a difference of zero seconds, they give prompt replies to the queries raised.
• They also address the broad issues i.e. technical support, password, and account retrieval. AI gives the best support to solve their issues.
• AI is also used to facilitate employees in the company with their questions, IT supports, policies, and benefits.
• The best use of AI development is for the retail business to improve consumer engagement, sales, and audience personalization.
• Widely being used in health care facilities to improve patient’s experience as they don’t have to wait for their appointments. This advanced AI technology can develop customized diets and health plans for patients, check human health status, and make suggestive measures to ensure the most of it.
• AI tools can also monitor social media platforms to bring about the strategy of how to target the audience, how to interact with them, how to respond to comments and participate in conversations.
• AI-powered voice assistance is another popular use.
• Different advanced tools analyze the customer feedback and reviews to understand customer’s needs.
• The advanced AI can also understand audience emotions and develop content that aligns with audience sentiments.

The fact is, we surely can use AI for business development, there are a plethora of uses, what matters is having a knowledge and understanding of how it works – what technology is suitable for which platform. We also the many enterprises that have already wasted thousands of dollars on the wrong technology – the reason? Lack of knowledge! You have to think out of the box, scale challenges, identify opportunities, and reach out to different vendors to see what they offer. We believe that AI development for business has the potential to transform any type and size of business.