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Artificial Intelligence

in Business
GROUP MEMBERS

• ROOP SAGAR 2016-cs-121


• GHULAM SARWAR KHAN 2016-cs-128
• ALI RAZA KHADIM 2016-cs-161
• SAHIL 2016-cs-106
What is artificial intelligence (AI)?

• Artificial intelligence (AI) is a branch of computer science. Its main goal is to


create smart machines that can learn on their own and are capable of
thinking like humans.
Definition of artificial intelligence

The term 'artificial intelligence' commonly applies to devices or applications


capable of carrying out specific tasks in human ways, by mimicking cognitive
functions such as:

•learning
•reasoning
•problem-solving
•visual perception
•language-understanding
Different types of artificial intelligence

There are two main types of AI:


•Applied AI - is more common and includes systems designed to intelligently
carry out a single task, e.g. move a driverless vehicle, or trade stocks and
shares. This category is also known as 'weak' or 'narrow' AI.
•Generalized AI - is less common and includes systems or devices that can
theoretically handle any task, as they carry enough intelligence to find
solutions to unfamiliar problems. Generalized AI is also known as 'strong' AI.
Examples of true strong AI don't currently exist, as these technologies are still
in very early stages of development.
What is machine learning?

• Machine learning (ML) is a core part of AI. It is based around the idea that machines can detect
patterns in data and adjust their program actions according to these patterns. For example, ML
applications can:
• read a text and decide if the author is making a complaint or a purchase order
• listen to a piece of music and find other tunes to match the mood
• recognize images and classify them according to the elements they contain
• translate large volumes of text in real time
• accurately recognize faces, speech and objects
• In the most basic terms, ML enables computers to learn without being explicitly programmed.
How are AI and machine learning used in
business?
• virtual agents and chatbots
• suggestive web searches
• targeted advertising
• pattern recognition
• voice and speech recognition
• face recognition
• machine translation
• autonomous driving
Application of artificial intelligence in business

• Improve customer services - e.g. use virtual assistant programs to provide


real-time support to users (for example, with billing and other tasks).
• Improve your marketing and advertising - for example, effectively track
user behavior and automate many routine marketing tasks.
• Predict behavior - e.g. use ML algorithms to analyze patterns of online
behavior to, for example, serve tailored product offers, detect credit card
fraud or target appropriate adverts.
Business benefits of artificial intelligence

• Many businesses take up artificial intelligence (AI) technology to try to


reduce operational costs, increase efficiency, grow revenue and improve
customer experience.
• For greatest benefits, businesses should look at putting the full range of
smart technologies - including machine learning, natural language
processing and more - into their processes and products. However, even
businesses that are new to AI can reap major rewards
Artificial intelligence impact on business
By deploying the right AI technology, your business may gain an ability to:

• save time and money by automating routine processes and tasks


• increase productivity and operational efficiencies
• make faster business decisions based on outputs from cognitive
technologies
• avoid mistakes and 'human error', provided that smart systems are set up
properly
Artificial intelligence impact on business

• use insight to predict customer preferences and offer them better, personalized
experience
• mine vast amount of data to generate quality leads and grow your customer base
• achieve cost savings, by optimizing your business, your workforce or your products
• increase revenue by identifying and maximizing sales opportunities
• grow expertise by enabling analysis and offering intelligent advice and support
Risks of Artificial Intelligence in Business:

• Case of breakdown
• risk of losing code or important data.
• In case of Hack.
• Restoring this is often time-consuming and costly.
Examples of Artificial Intelligence use in Business

• Artificial intelligence (AI) is all around us. You have likely used it on your daily
commute, searching the web or checking your latest social media feed.
• Here are some examples of AI that you may already be using daily.
• Artificial intelligence in business management
• Artificial intelligence in e-commerce
• Artificial intelligence in marketing
Applications of AI in business management
include:
• spam filters
• smart email categorisation
• voice to text features
• smart personal assistants
• automated responders and online customer support
• sales and business forecasting
• security surveillance
• smart devices that adjust according to behaviour
• AI in e-commerce can be evident in:
• smart searches and relevance features
• personalisation as a service
• product recommendations and purchase predictions
• fraud detection and prevention for online transactions
• dynamic price optimisation based on machine learning
Artificial intelligence in marketing

• recommendations and content curation


• personalization of news feeds
• pattern and image recognition
• language recognition - to digest unstructured data from customers and
sales prospects
• ad targeting and optimized, real-time bidding
Artificial intelligence in marketing

• data analysis and customer segmentation


• social semantics and sentiment analysis
• automated web design
• predictive customer service