Artificial intelligence in business

What is Artificial Intelligence

The term  “Artificial Intelligence” (AI),  coined by the American computer scientist John McCarthy, refers to  “machine learning”,  the automatic learning of machines. 

Although its use began in the 50s of the last century, it was not until the 2000s, with the  digital transformation, that it began to establish itself as a productive force in business. 

In recent years, pioneering companies from different sectors have been implementing this method in their work processes. 

Domestic uses 

Some of its most widespread uses among individual users are electric cars or smartphones. Autonomous cars are equipped with a multitude of data and images about pedestrians, streets or traffic lights so that they can carry out driving alone. 

Also, Alexa or Siri are examples of AI capable of automating household tasks or providing information that was previously consulted on paper. 

AI application sectors 

The data collection that has been going on for years, known as  big data, makes it possible for machines to perform various tasks independently. 

Many of these IAs are SaaS (Software as a Service) that allow companies to work with software without having to install it on physical computer equipment.  

Finance and administration 

For  business administration, there are already programs that plan business trips or work meetings according to the workers’ calendar. 

In the financial sector, there are tools that analyse costs and benefits and make estimates of how the year should go to achieve the proposed objectives. 

Companies like PayPal use AI to detect fraudulent use of cards in monetary transactions. 

Google and other companies are able to reduce, thanks to AI, their energy consumption in data centres. 

Marketing, sales (e- commerce) and logistics 

In the field of marketing, processes are personalized by analysing user data. Groups are created according to their preferences and they then go on to make recommendations for products or services. 

Amazon is using AI to optimize inventory in its warehouses and to be able to recommend related products to its customers. 

Customer service 

In this field, chatbots are essential, virtual assistants capable of simulating a fluid conversation with customers or users of our products or services. 

They are programmed to answer increasingly complex questions, in addition to having standard answers inserted to answer standard questions. 

They represent an economical and efficient alternative for order management, resolution of doubts, guidance during the purchase process or product collection. 

Despite all the advantages that Artificial Intelligence represents for life and business, we should bear in mind that it should not replace workers, but rather improve and make their professional tasks more efficient.