The global business world is integral to all our lives and provides goods or services and employment. Although it is tempting to think of the corporate world as one giant entity, it comprises multiple organizations spread across numerous distinct sectors. Two technologies that have had a far-reaching impact on most industries globally are AI and machine learning.
This has led to both artificial intelligence and machine learning, sparking rapid change in many sectors and driving fresh thinking within them. But what are these two technologies all about, and what role have they played in changing the face of many modern industries?
What is AI and machine learning?
Many people now use AI and machine learning interchangeably, but they are two distinct things. Artificial intelligence describes the ability of machines to perform tasks that generally require a level of human intelligence to do so. Machine learning is a subset of AI and involves training machines to actively learn from the data they collect to aid better analysis of it.
How AI and machine learning transform global business
AI and machine learning have significantly impacted the global scale in recent years. While this might be true for how we stay entertained or how we go about our daily lives, it is most keenly felt in the broader business world.
This has led to both technologies having a transformative effect on critical industries and driving fresh innovations within them. But which sectors are being transformed for modern times via AI-backed solutions?
Recruitment
When you learn how quickly business leaders have noted the positive impact of AI technologies on talent recruitment, you see that this is clearly an industry that warrants further attention. This has seen the University of Waikato-educated entrepreneur Martin van Blerk highlight the many valuable applications of AI in talent acquisition and how this tech can positively disrupt standard human resource workflows.
AI, for example, has made it quicker and easier for HR managers to create eye-catching job descriptions. This has made attracting the best talent much more efficient and more straightforward. AI-powered systems have also driven real change around fairer recruitment and allowed human bias to be removed from the hiring process. Artificial intelligence is also used widely within HR/recruitment to automate time-consuming tasks, such as looking through candidate resumes to find the best people to interview.
Marketing
When you start to consider the advances AI-powered solutions have delivered in marketing, it is clear they are a powerful force for better customer engagement. Machine learning, for example, can fully automate marketing campaigns, saving businesses time and money. If an organization plans to run digital ad campaigns, this subset of AI can even target relevant audiences automatically and tailor content to suit campaign goals.
AI is also expected to be used within marketing to analyze customer data, dig into stats around marketing campaign effectiveness, and pinpoint consumer trends. When you also consider how AI can be used in marketing for innovations like automated lead scoring, it is clear the changes it has brought to the industry.
Finance
AI and machine learning have positively affected traditional ways of working in global finance. This is especially true since more digital ways of making payments and transferring money have become popular with consumers.
Within finance, for example, these innovations can be focused on processing large amounts of transactions simultaneously. AI algorithms can tackle the vast amounts of transactions handled by banks daily in a much quicker timescale than humans – with no mistakes made.
Machine learning technologies are also used in global finance to help detect potential fraud cases. By learning from the data they collect, machines can accurately analyze information and pick up on any suspicious activity they notice.
Customer service
Any list of top business tips for entrepreneurs always mentions how vital customer service is and how you should support customers throughout their journey. This is also a business niche that AI and machine learning have positively influenced in recent years. The most obvious innovation is AI-powered chatbots, which are not only more cost-effective for organizations but also allow customers to get quicker help with simple questions.
It is expected that AI assistants will soon become more commonplace in customer service and bring about an even more sophisticated way for artificial intelligence to change the face of this sector. Offering 24/7 help with core tasks such as handling paperwork, AI assistants can completely change what we think about customer service.
AI and machine learning driving fresh business ideas
The business world and the core sectors that make it up have existed for many years. Over this time, they have all moved on and developed to meet consumer expectations on a global scale. This has undoubtedly been true lately, where AI and machine learning have led to the above sectors transforming into more innovative ways.
