Every day more AI tools are hitting the market that can help businesses improve their operations, customer experiences, and decision-making capabilities. Understanding how these tools work and are used will help your company drive profit in the next ten years.
Here are the categories of tools to be on the lookout for.
Chatbots and Virtual Assistants
These AI-powered tools can help businesses provide 24/7 customer service and support, handle repetitive inquiries, and reduce response times.
For example, Wendy's is set to introduce an artificial intelligence chatbot in its drive-through service to enhance the ordering process and minimize long wait times. Powered by Google's natural-language software, the chatbot is trained to understand various customer ordering preferences. Wendy's aims to make the conversational experience seamless, with customers unaware that they are interacting with an AI. The company has collaborated with Google since 2021, utilizing data analytics, machine learning, and cloud tools. The generative AI application developed for Wendy's incorporates its own unique terms and phrases, ensuring accurate and customized interactions. The deployment of the chatbot is not intended to replace workers but rather assist them with manual tasks. The global generative AI market is projected to grow significantly, reaching $42.6 billion by the end of 2023 and $98.1 billion by 2026.
Machine Learning Platforms
These platforms can help businesses create custom machine-learning models that can be used for various applications, such as predictive maintenance, fraud detection, and customer segmentation.
An example we are all familiar with is Netflix. The company leverages machine learning algorithms to personalize content recommendations for its users. By analyzing viewing patterns and user feedback, Netflix's recommendation engine suggests relevant movies and TV shows to its subscribers, enhancing the user experience and increasing engagement.
Natural Language Processing (NLP) Tools
These tools can help businesses analyze and understand customer feedback, social media posts, and other unstructured data sources.
Grammarly is a great example of a company built around NLP tools. The online writing assistant utilizes NLP algorithms to enhance the accuracy and quality of written content. It provides real-time suggestions for grammar, spelling, punctuation, style, and tone, helping users improve their writing skills. Grammarly's NLP technology analyzes text inputs and applies advanced language rules and models to provide contextually relevant feedback.
Grammarly's NLP tools go beyond simple spell-checking and grammar correction. They can detect writing clarity, identify repetitive words or phrases, and offer vocabulary enhancements to make writing more concise and effective. The NLP algorithms also adapt to user preferences and writing styles, providing personalized suggestions based on individual writing habits.
Robotic Process Automation (RPA) Tools
These tools can help businesses automate routine tasks such as data entry, customer onboarding, and order processing.
Ernst & Young (EY), the global professional services firm, has implemented RPA technology to automate various business processes and improve operational efficiency.
They use RPA tools to streamline tasks such as data entry, data validation, and data reconciliation, which were previously performed manually by employees. By automating these repetitive and time-consuming tasks, the company has been able to free up its workforce to focus on more strategic and value-added activities.
Predictive Analytics Tools
Predictive analytics tools can help businesses make data-driven decisions by analyzing historical data and predicting future outcomes.
Procter & Gamble (P&G) employs predictive analytics for demand forecasting, supply chain optimization, and new product development. By analyzing data on sales, customer behavior, and market trends, P&G can make accurate predictions about product demand and optimize its production and distribution processes.
Computer Vision Tools
These tools can help businesses automate tasks that require visual recognition, such as quality control, product inspection, and facial recognition.
Tesla is a prime example of a company utilizing computer vision technology in its Autopilot system. Through a combination of cameras, sensors, and advanced image processing algorithms, Tesla's vehicles can detect and interpret their surroundings, including road markings, traffic signs, vehicles, pedestrians, and other objects. This computer vision system helps enable features such as lane-keeping, adaptive cruise control, and automatic emergency braking, enhancing the overall safety and autonomous driving capabilities of Tesla cars.
Speech Recognition Tools
These tools can help businesses transcribe audio recordings, provide real-time translations, and create voice-enabled applications.
The one most of us are familiar with is Amazon’s Alexa. Amazon has invested significant resources in developing and refining its speech recognition technology to enhance Alexa's accuracy, responsiveness, and ability to comprehend various accents and languages. The goal is to create a seamless and intuitive user experience by enabling hands-free interaction with devices and facilitating voice-based control over a wide range of applications and services.
With the overwhelming amount of options available, it pays to have expert consultants who specialize in staying on top of the developments in AI. If you need an enterprise-level consultant that specializes in technology, digital marketing, and web development, look no further. The team at Integrity is here to help!
Our team loves a good challenge, which is why we love higher education web projects. They always bring with them a ton of ...
User-centered design is at the core of everything we do at Integrity. Here are a few ways we do it.