In this highly competitive world with an open economy, the practical applications of Artificial intelligence (AI) and machine learning (ML) have taken a continuous upward surge. All successful companies have embraced these latest tools in every department of their corporate entity from production, and operations to marketing, finance, sales warehouse to human resources. The successful leveraging of all the vital essential data analytics and statistics has been channelized to further their business growth and effective management control.

Growth of mi and ai

The world was aware of these technologies coming off the shelf five years back but many of them were hardly prepared to accept or implement them. Back in 2017, only 37% of the companies had an AI in place. Statistical review by MIT Sloan had brought out competitive advantage gained by the companies that have implemented ML and AI in their business profession in terms of increased productivity and sales.

Machine learning and ai penetrated all the business processes

The growth of ML and AI in present times has taken a gigantic step encompassing all the business processes effectively in a smooth way. The impact of these technologies has not only embraced all large corporate entities like Amazon but also business processes that are not visible like Cloud solutions. Cloud solutions have adopted AI and Machine learning for their most robust services in droves and powering the internet hugely in several ways.

• Customer behavior
• Customer engagement
• Retain customer loyalty
• Supporting customers
• Recommend purchases
• Build Brand awareness
• Power marketing campaigns

It was predicted in 2017 that virtual assistants will play a dominant role after the implementation of ML/AL in business decision-making. These predictions have fructified with more and more integration of virtual assistants in businesses that have more customer-facing aspects.

IMPACT OF MACHINE LEARNING ON THE BUSINESS GROWTH

There has been a multi-faceted impact of ML/AL in the business growth like:

– Customer support

Chatbots have been implemented to ease communication and enhance customer engagement across any communication channel. One popular support system implemented by most of the brands is National Language Processing (NLP) for voice recognition, text analysis, classifications of all incoming messages, and translations to handle all data more accurately and faster.

– Sales Growth support

Machine Learning tools help to logistically analyze the existing data and then prepare the best possible strategies for business growth.

– Support Production and goods manufacturing

AI generates opportunities for entrepreneurs to optimize material usage in manufacturing units, pinpoint opportunities and pitfalls in the supply chain or the existing manufacturing process, and optimize packaging.

– Marketing optimization

AI conveniently prepares product descriptions considering some keywords and also adds dynamic behavior to general static elements.

– E-commerce brands

AI and ML have helped in detecting fraudulent activities and stalling them before it gets out of control. The tools also can predict the best pricing for the market and adjust it daily basis to enhance revenue growth.

– Medical and health industry

Machine learning has made great inroads in the decision-making of treatment, warning foresight of any vital heart disease or diabetes before it gets out of control. The technology has helped doctors and dieticians prepare better recipes and menus for different diets conveniently.

– Video and image processing

Groundbreaking achievements have been made in the arena of Image and video processing after the implementation of AI and ML. It has become possible to add life and motion to lifeless e-commerce various product pages.

AI and ML technology has transformed businesses into different platforms cutting down infructuous costs, energy, and time in driving sales, operation processes, and marketing. Today generating organic leads, enhancing customer engagement, and devising the best strategies have become very convenient with the introduction of these tools.