Artificial intelligence: why should you use it in your business?
Alexa, how can Artificial Intelligence help my business?
By asking this question to Alexa, the famous virtual assistant from Amazon, you are already interacting with the potential of Artificial Intelligence (AI).
For many, AI is still seen as something of the future, customized by robots that look and behave like humans. But Artificial Intelligence is already very present in our daily lives and helping many businesses improve their processes and obtain better results.
Learn all about AI and how it can help your business right away.
What is Artificial Intelligence and what are its branches?
We go back to the example of Amazon’s Alexa. Alexa is an Artificial Intelligence software that can learn, reason and present solutions. And it does so by collecting tons of data about their behavior patterns, what they like, what they consume. In practical terms, this is what artificial intelligence is – software capable of mimicking the intelligent abilities of the human being, such as:
– learning
– Pattern Recognition
– reasoning and problem solving
– visual perception and understanding of human language
Machine Learning, along with Deep Learning, are the most well-known branches of Artificial Intelligence. Machine Learning, for example, works by creating base systems that help an AI learn automatically.
Another very relevant branch of AI is Natural Language Processing. With it, AI can understand the grammatical structure of a language and apply it to interact naturally with a human being.
6 Practical examples of the application of Artificial Intelligence to different types of business
1# Virtual Assistants
Siri, Alexa, and Cortana are 3 examples of virtual assistants that use AI. But these are just the known examples. AI can generate virtual assistants for any type of business which are able to organize your schedule with 100% efficiency.
2# Chatbots
Chatbots are revolutionizing customer support. These AI robots can interact with customers and provide immediate support. In this way, the customers will have their problem fixed faster.
3# Process automation
Tesla’s Autopilot is one of the best-known examples of Artificial Intelligence. But this process automation is even more valuable in areas such as logistics. Here, AI systems can organize the storage process quickly and carry out this storage by sending orders to the warehouse robots.
4# Cybersecurity
AI can detect actions or behaviors outside of normal patterns. It is in these moments that this technology prevents the occurrence of cyber-attacks or other types of fraud.
5# Management of human resources, workflow and organizations
Collecting data and processing it allows AI to understand and present to a leader clearly what is happening in an organization. It even allows you to predict what might happen.
Thus, a manager has in AI a powerful ally capable of improving his decision making.
6# Sales and Marketing
The more you know about a customer, the more information you have to provide him with a tailored solution. Since AI can identify patterns and continuously learn about a particular customer, it will be able to present the customer with products or services suited to his needs and at the right time.
Why should you use Artificial Intelligence in your business?
The application of Artificial Intelligence to your business will depend on your goals and the functions it can perform. There is always an adaptation curve to new systems, but the advantages of AI when applied to a business are unmistakable. Here are some of these advantages:
– Improved decision making, with more in-depth and reasoned reports performed by an AI.
– Exponential increase in productivity.
– Improved customer relationship.
– Competitive advantage by automatically collecting and analyzing more information about your competition.
– Increased cybersecurity.
– More efficient management of workload and human resources.
– Increase the effectiveness of marketing and sales campaigns.
Extra: Artificial Intelligence as a business opportunity – 3 success stories in Portugal
So far, we have seen how AI can leverage better results in the management of a business, now we highlight the potential of AI as a business. In other words, the development of Artificial Intelligence technologies is one of the best business ideas that you currently have at your disposal and these startups prove that.
1# Feedzai
Feedzai was one of the first Portuguese startups to stand out in the field of Artificial Intelligence. Their core business? An AI software that fights fraud and money laundering, making the banking system safer.
In 2019, Feedzai appeared on the Forbes list as one of the 50 most promising startups in the field of Artificial Intelligence. In 2021, it was valued at 909 million euros, ranking 5th in the list of the most valuable Portuguese startups.
2# DefinedCrowd
DefinedCrowd specializes in collecting and “training data” to create artificial intelligence models, in order to enable the linguistic development of robots.
In 2019, DefinedCrowd appeared on the Forbes list as one of the 50 most promising startups in the field of Artificial Intelligence. In 2021, it was valued between 184 and 275 million euros, ranking 7th in the list of the most valuable Portuguese startups.
3# Agent
AgentifAI is a startup from Braga that developed an “artificial intelligence robot that speaks naturally with banking and healthcare customers”. According to the founder of AgentifAI, Alice – as this AI robot is called – “is capable of scheduling hundreds of different medical procedures and carrying out financial operations very easily through natural language”.
This year, AgentifAI received an investment of 10 million euros through the Next Tech Fund to expand and internationalize its business.
If you need help structuring the services, creating the business plan and raising funding for a startup in this area you can count on our know-how. Get in touch with us. We love creating and accelerating businesses!
