How to Use Artificial Intelligence to Improve Your Business

How to Use Artificial Intelligence to Improve Your Business
August, 17 2022

How to Use Artificial Intelligence to Improve Your Business

AI software revenue will reach $62 billion by the end of 2022.

Facial recognition for phones and voice assistants are improving daily.

Artificial intelligence is being used in a number of industries to solve issues.

The food industry uses AI to fix supply chain issues. Agricultural chatbots provide farmers with data on crop yield and accurate weather patterns.

AI has proven exceptional in reducing the inaccuracies in prediction models across industries from steel to matchmaking.

“Machine intelligence is the last invention that humanity will ever need to make.” – Nick Bostrom

Robotic woman smiling

TIDBITS

  • In the 1960s, DENDRAL helped organic chemists automatically analyze chemicals – helping discover new medicines.
  • A machine learning program developed at Stanford University predicts the lifespan of individuals with 90% accuracy.
  • Leading dating apps like Tinder use AI & machine learning to personalize recommendations over time.

A global financial services company approached Reliable Group to help increase sales and ROI on marketing spends.

The idea was simple. If you truly know what your customer is looking for and how much they’re willing to spend on it – selling to them becomes easier.

Our developers analyzed 100 million records and training data spanning 3 years to build an AI based forecasting engine. The engine provides dynamic pricing for every customer, based on their past transactions. It also takes into account price sensitivity, social behaviors, and response to discounts.

Even if customers are looking for products, effective messaging and ads help them make the jump from consideration to purchase.

The AI engine is able to successfully identify which promotions generate revenue – and suggests total ad spend for marketing.

You could have a seasoned team of experts analyze accounts and generate hypotheses or have a dynamic AI engine forecast results.

As organizations grow, AI helps scale and make suggestions that are incrementally accurate.

AI has proven success in multiple areas of business. Where do you see using it most for yours?

 


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