While the use of AI in business is still in its relative childhood, the technology has enormous potential to completely change the way companies work. As a result, countless business leaders are interested in knowing how to implement it in their business strategies, especially because it is increasingly “spreading” across different markets and becoming more efficient, constituting a real need for those who want to maintain a competitive advantage.

It is an undeniable fact that the reality of commerce has changed a lot, in a very short time, and it was not only thanks to advances in technology, but also to globalization. Given this, nowadays, just as it is necessary for traders to understand their own industries, it has also become vital to understand and keep up to date with the implications of technologies such as AI.

Customer Relationship Management

Customer relationship management (CRM) is the term given to processes that focus on how a brand deals with its customers. Most modern companies depend on CRM platforms that rely on human input and control to ensure customers are managed correctly. The use of AI can completely change that process, making it easier than ever for organizations to manage their clients, leading to better retention and greater revenue.

A few years ago, it was believed that AI would not be the best solution to work in this area, due to the need to interact with real people, however the verified truth is that it can simplify the process and make things much easier, agile...and accurate. A proof of this is that, in addition to customer relationship management - which aims to increase retention -, AI has been successfully used for customer service tools, such as "chatbots". These programs are able to handle common user queries, lessen the burden on customer service agents, and help reduce costs by improving services.

Machine learning and data analysis

Certainly, the most popular AI applications are machine learning & data analysis. In competitive industries, companies need to ensure that the decisions they make are data-driven and that they can outperform their competitors. Data analysis has become increasingly important in the financial landscape, as it allows companies to study their performance and make changes to their strategy, virtually in real time.

Yes, it is fair to say that this entire process can be done manually, however it is incomparably faster and more efficient to allow the so-called “machine learning” to solve the issue. In this way, large amounts of data can be processed in a very short time, providing fast and reliable insights. Through machine learning, algorithms are used to allow software to learn from information as it analyzes it, helping to influence business strategy and enabling managers to make better and more dynamic decisions.

As an extension, improving even further, the so-called “deep learning” is an advanced form of machine learning, in which algorithms build and form complex networks capable of making advanced decisions - which can even be considered intelligent - without human intervention. Although the presence of deep learning in business is still quite subtile, such systems could become more effective in the future, transforming the companies into more efficient and better serviced versions of themselves.

The future of AI in business

The future of artificial intelligence looks bright, with new developments creating more innovations each year. Rather than replacing human material, this technology can be used to complement the existing workforce, boosting efficiency and driving organizations towards better decision making. It's hard to say where the future will take us as a society, but there's a lot of promise already being shown in industries all over the world, and this technology can - and surely will - revolutionize the way we do business.