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Application of Artificial Intelligence in Business

In the 21st century, mankind’s long-standing dream of creating a smart machine is coming true, which, if it does not solve all problems, will become a faithful assistant to people. According to experts, by 2023, elements of AI will be present in all new software products and services. AI will become an investment priority for over 1/3 of the world’s companies and the basis for the growth of the world’s gross domestic product.

Spheres of AI Application

Artificial intelligence technologies are widely used in such different business areas as retail, construction, information technology, education, etc. Each of these business areas uses technologies for managing consumer behavior, studying future market trends, and automating various routine processes. Consider the sectors of application of the possibilities of AI:

  • Sphere of entertainment:

Machine learning based on neural networks makes it possible to predict user behavior scenarios and provide recommendations on the selection of films, music, TV shows, and other content of interest to the consumer, in particular slots on the Stake Casino website. AI, depending on the user’s preferences, performs a personalized selection of advertising, which helps to increase the effectiveness of marketing in terms of targeted advertising and increase sales.

  • Transport:

Self-driving cars using AI algorithms with the ability to drive fully autonomously without human intervention can significantly transform the transportation system. Machines using AI analyze traffic and alternative routes, reducing travel time.

  • Production:

The use of high-performance robots contributes to the quick and high-quality performance of tasks, more efficient than human activity. Thanks to the use of 3D technologies and machine vision, robots can significantly speed up the production process in any field.

  • Healthcare:

Autonomous surgical robots, virtual medical assistants, and automatic image diagnostics are the latest developments that are making artificial intelligence play a critical role in the technological progress of the healthcare industry, as well as in the development of telemedicine services across borders.

  • Sports:

Predictive analytics and automation powered by AI algorithms are used to make business decisions, sell tickets, and predict athlete performance.

What Tasks Does AI Solve

Artificial intelligence used in business contributes to the improvement of performance in all areas. For example, the processes in which AI solves certain narrowly focused tasks include the following:

  • Pricing. AI studies statistics and performs predictive functions, processing huge amounts of information to select the most optimal distribution of prices for a particular type of product. This allows to significantly increase the volume of revenue and income of the company.
  • Safety. Self-learning neural networks analyze customer behavior and calculate suspicious transactions, thus significantly reducing the negative consequences of the actions of cyber fraudsters and cybercriminals, which leads to a significant reduction in financial losses, increased system security, and increased user confidence.
  • Marketing. AI systems, based on the study of previous sales and deep market research, predict scenarios for the development of events. Algorithms study the contact details of customers, the number of transactions, and the goods or services they purchased. In addition, AI analyzes the behavior of competitors to compare effective and unsuccessful decisions and actions. This allows the company to develop and implement a competent marketing strategy, which, with a high degree of probability, will end in financial success.
  • Data processing speed. Big Data is the main tool for artificial intelligence. AI allows you to quickly and efficiently analyze large amounts of information, develop response paths, and build strategic planning. An example is the use of artificial intelligence systems in the implementation of exchange transactions. It should be noted that traditional software algorithms are not able to independently adapt to rapidly changing conditions and data without prior training. AI algorithms provide this opportunity and increase the productivity of the exchange.
  • Automation. Many factors cause possible errors in the work of personnel. Artificial intelligence, which lacks the emotions and feelings characteristic of a person (human factor), using data, functions, and technologies, allows for error-free and accurate work.

The process of development of innovative digital technologies of the 21st century is a stimulus for economic growth through automation, accuracy, and the availability of other opportunities to improve the efficiency of business management. Digital transformation and artificial intelligence algorithms apply to various business processes, as they help to eliminate some systemic contradictions and conflicts through the targeted use of specific individual resources. This provides a basis for sustainable economic development, growth in labor productivity, and further optimization of business processes.

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