When do you need to use ML/AI in your Business?
use ML/AI in your Business
“The pace at which people are taking to digital technology defies our stereotypes of age, education, language, and income. “
– Narendra Modi
The above lines were rightly quoted by PM Narendra Modi signifying the importance of Digital Technology to raise our standard of living. With the inclusion of Various Technologies like Data Entry and marketing??, we have taken our business to another level successfully. Now, New Era has different demands with new inventions and ideas. One of the hottest topics the entire Media covers in the last few years is the emergence of AI. For Non- Technical persons, AI and ML seem to be a very technical and complicated term but surprisingly we all are aware of it. Not only this, we all are using these in our daily lives but may be unaware of it. Today we all know Alexa, Siri, Google Assistant; they all are voice assistants for their respective brands and a perfect example of AI.
According to the father of AI, John McCarthy, “it is the science and engineering of making intelligent machines, especially intelligent computer programs”. AI is a way of making a computer or computer-controlled robot or software think intelligently, in a similar way the intelligent human thinks. Machine learning is a system that improves performance in a given task with more and more experience or data. The study of AI and ML has proven its significance in the future.
For the question, when do you need to use AI/ ML in your business?”, the answer entirely depends on how faster you want to take your business to another level.
Let’s take a small example of how AI or the use of ML can impact our business:
Suppose you are the owner of a store. Around 500 customers visit your store every day and out of them, few are your regular customers (let’s say 10%). So, as the owner of the store, you probably knew about their choices for their product. Also for the irregular customer, you can predict.
For example, if a customer wants a birthday cake along with candles, then there is also a chance for him to buy balloons because these three things are commonly used at birthday parties. If someone is purchasing a cricket bat, he or she may also purchase gloves, leg-pads, or a helmet. On a small scale, our brain is mature enough and trained well to handle all these things. But if you are working on a large scale then to know the customer’s need, their choice, preference, you have to analyze the data of the sales record that is maintained by the data analyst and it may take time as well as financial resources. With the advancement of technology, i.e., AI and ML we can predict the choices of customers easily.
Let’s take a problem, You are heading to a shop where the following items are available:
Apparels, phones, books, footwear, jewelry, belt, handbags, watches, shoes, slippers, sandals, educational books, and fictional books.
The table below gives a brief description of purchase data by 5 customers:
Let’s make a rough prediction. What Gamma will purchase?
The probable answer is, Gamma will purchase either Jewelry or footwear. The above example is a real-life application of the Artificial Intelligence Prediction system. There were five customers and their choice may be unpredictable if no. of customers increases. In such cases, the past behavior of a person or shopping history gives a clear indication of his/her choice or interest.
Various companies use these features and you may be surprised if I tell you that you are their customer. How? Have you ever been to some music app? Suppose you choose one song from singer A to listen to. After a week when you login into the same app, you will find the same song, that’s because of search history. But if you find similar songs or some other songs of the same singer then you are using a service that uses AI/ ML to know your choice.
Not only these, the recommendation we get while browsing an online shopping website like Amazon, Flipkart, or E- the bay is also a real-life application of AI. You ordered the book “Ignited Minds” written by Dr. APJ Abdul Kalam. Now, you may be suggested about other books by him like “Wings of Fire”. How can all this be possible? Is there someone present physically recommending all these products to you? If it is so, then, according to data, almost 1.8 billion users worldwide had done shopping online. No service provider can recommend each person individually. That’s where AI and ML are used. With the use of AI/ ML, the study on previous customer’s choices is taken under observation and after proper analysis, similar kinds of products are assigned to the new customer.
How will all these affect your business?
These features help you to know your customer choice, behavior, feedback, and by analyzing all these you can make necessary changes to it. With the use of the recommendation system, you can make the customer buy more things with their needs.
How leading industries are using Artificial Intelligence and Machine Learning is quite significant and also prove remarkable stats behind history. Whether it is a music recommendation system like Spotify or Ganna, or your book reading app, all are using AI to know about their choice.
Tesla and Google who are on the way to build Self- Driving Cars, are also using the applications of Artificial Intelligence. This advancement will mark its history in the world. Other Tech- Giant companies like – Facebook, Instagram, Twitter are also using it for providing a better recommendation environment to their users and making the app more interactive. Artificial Intelligence and Machine Learning can also be proven as a weapon to enhance security features. Hence they can be used for the betterment and welfare of society.
If you want to run your business efficiently in a competitive environment, then you must use AI and ML, otherwise, you will not be able to make your position with leading companies.