We have all heard the term “artificial intelligence,” and yet we are not so sure how it impacts us. Sure, if we were to take Hollywood for its word, we are doomed because robots will take over our jobs one day. But over the last decade, if research has proved anything, it is that AI can be used to solve many complex problems, including streamlining the issues faced by the software industry.
Speaking of which, software has become the fabric of socialization today. Its significance improved significantly over the last two years when all we had was software and applications, which kept us sane in a lockdown. And while we were busy trying to prevent the spread of a contagion, scientists were hard at work improving artificial intelligence to mimic a human brain. It feels like a breath of fresh air from all that meaningless word-spitting dodo as many online chatbots can be. (VERY annoying!)
Artificial Intelligence Software
Before we move on, we need to clarify the terminology. What is artificial intelligence software? The use of artificial intelligence to make operations automated in a workspace is the real job of AI software. Software recommending eCommerce shops to users, predicting sales, managing content, and communicating via chatbots are a few benefits of using AI-powered software in a business setting.
Every future-oriented business company needs to invest in artificial intelligence software and develop a strategy. AI will transform many software practices globally with an expected growth of $169,411.8 million by 2025.
Some of the most notable artificial intelligence software and tools include Google Cloud Machine Learning Engine, Microsoft Azure Machine Learning Studio, TensorFlow, H2O AI, IBM Watson, Salesforce Einstein, Infosys Nia, etc.
Types of Artificial Intelligence Software
We can segregate developing AI software into three main categories. These include:
- Cognitive Automotive Software: automation of back-office physical and digital tasks
- Cognitive Insight Software: predicting customer behavior, etc.
- Cognitive Engagement Software: engaging in customer communication
Current Trends of Artificial Intelligence Software
You have dedicated AI software to run its operations smoothly regardless of the type of industry. By only focusing on a regular software company, we see that AI software-driven fields include:
- Business Processes Automation
- Production Management
- Customer Analytics
- Risk and Supply Chain Management
- Personalized Service Delivery
Business Processes Automation
These menial tasks have significantly shifted, with AI taking over nearly 99% of trivial business processes. These include using chatbots, search engines, repeated document generation, job candidate screening and shortlisting, etc.
The following areas take full advantage of artificial intelligence in the production side of a business:
- Periodic maintenance alert and scheduling
- Demand forecast
- Process quality prediction
- Root cause analysis
AI predictive methods help correctly identify customer purchasing behavior and likelihood. These methods also help with sales forecasting and sentiment analysis (programming technique to determine whether the data is positive, negative, or neutral).
Risk and Supply Chain Management
You can run AI-backed analysis software for counterparty risk analysis and fraud detection. You can also use it for damage prediction. Similarly, inventory and lead time predictions can be made using AI for better supply chain management. Luckily, for software companies, stocks do not play any part, but there might be some other linked businesses that do, so it is important to mention them anyway.
Personalized Service Delivery
You can get recommendations based on your ad activity on social media or your interaction with brands you have shopped from before, making the next purchase smoother. Even though it may seem unethical, there are some ethical bounds to this activity and fair use of data and content.
Ways Artificial Intelligence Software Can Help Your Business
Now that we know the perk you can make use of by using an AI software for operations management, here are some of the benefits of those steps:
Increase the Speed and Scale of Development
Deployment frequency, lead time for changes, and time to restore services are time-dependent key performance indicators (KPIs) in a software company or business. AI and machine learning integration can shorten the time for many processes, especially quality assurance and testing.
Create a Robust Content Management Strategy
Your eCommerce business needs a better content display because what is that compelling factor pulls customers? You need a properly-devised content management strategy for pulling in new customers. That includes a planned schedule for blogs, social media posts, podcasts, videos, infographics, whitepapers, case studies, eBooks, how-to guides, webinars, email marketing, etc.
Artificial intelligence software can look at your previous data and suggest which sections need more attention, which content is consumed more, and how often you should post based on your customers’ behavior.
Strategic Decision Making
Leave that to your AI software instead of wasting time deciding which product or features are great to invest in, and focus on other essential tasks. AI can do better decision-making than humans because it can assess past behavioral patterns and analytics and accurately guess the future trends, thus eliminating human bias and error. AI-based decisions help mitigate risks and the costs associated with those risks.
Your company can train artificial intelligence software to monitor how customers interact with your business platform. The real-time interaction of AI with customers using chatbots or continuous feedback are blessings in disguise. Better customer demand understanding leads to better products and services, resulting in minimal downtime and fewer errors.
From software development to sales operations and eCommerce, artificial intelligence software has significantly sped up the processes by reducing time on menial and repetitive tasks. Not only that, but it enhances customer experience and improves employee performance.
Since there is no direct human interaction, there is a marked decrease in human errors and biases. It is not far that a significant chunk of businesses gets to adopt AI in their regular schedules globally and reap the benefits to their fullest.