Five Examples of Applying Artificial Intelligence in Practice

Artificial intelligence (AI) is not the near future — it is already here. Corporations and governments began to provide small businesses access to the technology that proved its effectiveness, as well as to training programs open for businesses. If you still do not realise how closely you faced artificial intelligence, then here are a few life examples.

1. Navigation applications

Not so long ago, people used paper maps to explore new cities. When planning to travel to unfamiliar places, it was necessary to master the basic skills of using a map. Nowadays, travelling is easy because you can just download the application and get to your destination.

Google Maps is one of these handy applications, and it uses AI. Google Maps works worldwide and is accessible to anyone with Internet and GPS. Another reason for the success of this application is the direct display of places where you are and where you want to get. When using Google Maps, the probability of getting lost is reduced to a minimum.

2. Personal assistants with artificial intelligence

Before the Internet emerged, if businessmen did not know anything, they had to read books or seek advice from colleagues. In the Internet era, businessmen could already request information from search engines like Yahoo, Google, and MSN (Live, Bing) by entering keywords in the search bar. However, the information search technique has moved to the next level — voice search has appeared. By asking your AI-based personal assistant, you can get immediate answers to many questions.

For example, Siri is an AI-based personal assistant created by Apple. Its artificial intelligence recognizes your voice, converts it into text, and understands any command. But personal assistants are useful not only in terms of requests. You can use Siri to send emails to your customers or to check your schedule. To instantly receive answers to requests or have your commands executed, you only need to pronounce the words clearly.

3. Smart product recommendation

AI can personalize product recommendations for visitors to online stores showing them the products that they are likely to buy. While a visitor surfs through pages, browses products, and buys some of them, artificial intelligence can save this data and learn from it. Then it will be able to determine the preferences of this visitor. And the next time this potential buyer visits the online store, the system will be able to show the visitor what exactly interests them, and not a random set. Also, the collected data helps online stores to create various notifications informing customers about their preferred products and events.

For example, Amazon store uses such a system. On its website, you can see the list of suggested products depending on which products are currently being viewed by visitors. If a potential buyer comes next time, they will see similar products. This feature makes purchases easier for regular visitors because they immediately see all the most suitable products on the site.

4. Service chatbots

Your company will inevitably receive urgent questions from customers after hours. Often these questions are unanswered for a long time because there is no one in your team to process the request. In such cases, AI-based chatbots can give a timely response to your customers, even when you or your employees are offline. For some companies, chatbots are a quick way to pre-process requests during office hours too. Artificial intelligence even tries to conduct dialogues humanly, so that it would be nice to communicate with it.

Let us look at the chatbot from the Outgrow website. Although this is a bot, with all the formalities, the tone of its messages is light and relaxed, which leaves a good impression of communicating with it. Chatbots can also be used to inform your customers about interesting events and promotions launched by the company.

5. Smart investment and portfolio management

Investing in stocks, foreign currency, or cryptocurrency is a proven way to make money. Although it is considered risky, if you understand the principle of investing, you can increase your capital. It is important for investment managers and hedge funds to understand market trends because they must determine which option is the best investment for their clients.

Recent innovations made it possible to create AI-based applications for trading. They analyse and interpret market trends helping managers and hedge funds find profitable investment areas. That is why large banks began to use artificial intelligence — they need AI accuracy in calculations. Market research and analysis, which used to take a few days for people, can now be completed in a few minutes by an AI application.

Convenience, efficiency, accuracy — these are some of the many reasons why companies want to incorporate artificial intelligence into their business processes. As this technology keeps evolving, AI will find application in all areas. It will help owners benefit from increased productivity and income, as well as modernise business management.