What once seemed alien and rooted in science fiction is now a reality in businesses, industries, and our daily lives. In past decades, the role of artificial intelligence may have been a supporting one but increasingly our reliance on the assistance of AI is growing by leaps and bounds. We all know about the use of robots in manufacturing and the new self-driving cars out on the road, but what about AI in online industries? Let’s dive in and see how big of a splash AI is making in the online business world.
AI & Machine Learning
Broadly, “Artificial intelligence” is a term that refers to any type of computer software that is programmed to engage in human-like activities, including learning, planning, and problem-solving. Machines are created to mimic human behaviour and perform tasks just like a human would. Over time, these machines begin to “learn”.
The well-known voice of “Siri” or “Alexa” answering our questions or reminding us to unload the dishwasher is a familiar example that embodies the idea of AI. But it goes much further than a virtual assistant. Machine learning one of the most common types of AI in development today. In short, machine learning is the study of algorithms, data, and models that computer systems use to complete tasks.
The introduction of artificial intelligence into society and our daily lives might be a new phenomenon but the concept itself is not new at all. The modern field of AI came about all the way back in 1956 with ideas and theories that have taken decades to realise.
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AI in Online Business
Google, Netflix, and Amazon are just a few examples of well-known online platforms that use machine learning in a multitude of ways to increase their business’ productivity. From analysing their customers’ purchase and order history to predicting what customers may want to buy in the future, AI has had a significant impact on how we interact with online business in our everyday lives.
Customer Relationship Management (CRM)
AI has not only made its mark on how businesses hire new employees but also how they manage relationships with their customers. CRM software giants like Salesforce and Zoho have historically relied heavily on human labour to keep their systems up to date. Now, with the application of artificial intelligence to these massive platforms, machine learning in the CRM system takes over, self-updating, and auto-correcting to keep all of the data accurate without the need for hours of human intervention.
As our interaction with the online world has grown, so too have the dangers to our identity, security, and financial information with increased threats from within the internet. The field of cybersecurity has benefited immensely from the application of artificial intelligence, making it a crucial ally when it comes to looking for weaknesses in computer defences and mainframes.
Nowadays, the vast number of human cybersecurity experts that would be needed to do the work of an AI program is mindboggling. There just aren’t enough on the planet. Due to the sheer scale and increasing complexity of these systems, artificial intelligence now plays a crucial role that cannot be replaced.
Online Gaming and Casinos
Developers like Improbable are changing the way video game companies develop their products. By using AI to create complex situations reliant on players’ decisions, they are able to expand small sandboxes into massive worlds for gamers to explore.
From video games to online gambling, AI is helping make in-game characters more real and lifelike, especially in 3D games. The uses of AI in this industry are practically infinite. The application of AI has minimized the role of luck, making slot games fairer and less prone to cheating.
Furthermore, online casinos have benefited tremendously from the role of AI in protecting players through fraud prevention. Tanya Watkins from NoDepositWorld comments: “AI is being used extensively to combat fraud in 2020 and we can see it expanding its footprint into other areas as AI’s potential is understood by iGaming business leaders.”
AI is revolutionising the e-commerce industry in almost every way. From the natural progression of the customer on the site to predicting future product demands, much of online shoppers’ interactions with an e-commerce site are now managed by AI.
It’s no secret that Amazon is heading the charge here, with its infinite resources and ability to put this cutting-edge technology to the test. And using AI for customer service via chatbots, product recommendations for customers by predicting shopping patterns, and even inventory and warehouse management is just the beginning.
You will not know if the person on the other end is real or not
New tools such as AI-enabled digital assistants (Google Duplex) have been developing capabilities like creating grocery lists from the shopper’s natural voice and even placing online shopping orders for them. There seems to be no end to the versatility and usefulness of AI in business and society.
The Future of AI
Since the invention of AI and machine learning, these tools have become an integral part of almost every facet of technology that we see today. Currently, all large companies are making massive investments in AI for future use in banking, supply chain, productivity, employment, and even criminal justice. If that isn’t futuristic enough, recent predictions posit AI’s evolution from two-dimensional screens to the users’ physical environment. Customisation and personalisation of every app, game, and site seem to be the trend. It will be incredible to see what AI will do in the coming years.