Introduction to Artificial Intelligence Spikes in Demand by Digital Space
Artificial intelligence (AI) is a buzzword on the internet today. It incorporates a range of technologies that are leading major industrial sectors and pave the roads for computers to learn.
AI in conjunction with high-end technologies such as Machine learning, cloud computing, Big Data, computer vision, and the Internet of Things (IoT), reforms the ways organizations used to work.
This article highlights the major use-cases of AI at an industrial level.
Data Security
One of the most important uses of AI. With the advent of technological advancement where every business is shifting its operational infrastructure to the digital space, the need is to take into account the security aspects.
The increasing number of identity theft, account takeover frauds, and data breaches are in the wake of unauthorized access by third-party.
The highly interconnected digital network is hard to interpret manually. Identification and verification of each incoming request become a cumbersome process that is also prone to errors.
There are major consequences of data breaches which correspond to the stringent regulatory penalties as a result of the loss of confidential customer data. To mitigate the risks of cyberattacks, the power of AI is used. It helps automate the firewall analysis system.
The firewall which used to manually check the source and destination of each connection can now automatically identify them. The user network is checked and honest ones are filtered out from spammed or unauthorized entities.
AI models learn the dynamics of firewall analysis continuously and build a vigilant supervision infrastructure for verification of the user communication requests. AI and machine learning models similarly identify the malicious executable links injected into the programs for hacking purposes.
The unusual activity in the network is interpreted immediately and alerts are generated to fight back against them with the pre-planned risk assessment approach.
FinTech Industry
The finance industry is revolutionizing at a rapid pace. The Fintech sectors are operating with customers in digital space. The account creation process at a bank branch used to be highly time-consuming and overwhelming for customers where they are supposed to wait in queues for hours.
The Fintech industry is now onboarding customers online by taking into account some security practices. This is important to comply with regulatory obligations to avoid regulatory fines.
Customer verification is the primary step in financial institutions. AI has smoothened the verification process through its premium and high-scale algorithms. The identity of users is verified through OCR technology in which users upload the identity document issued by a government.
The data from the ID is automatically extracted and the authenticity of the document is checked to see if it has any photoshopped elements in it. AI has streamlined the document verification process for both customers and the finance industry.
Cloud Computing
Artificial intelligence and cloud computing, with overlapped power, are reforming the organizational practices. The businesses are employing the combination for efficient data management and save both and time when it comes to workflow management. Cloud computing and AI offer businesses agility in managing huge customer data and based on it produce useful insights.
The pattern recognition technology in AI helps organizations to identify the hidden patterns in data and use the dynamics to seamlessly interpret the revenue beforehand. For guaranteed business growth and an increase in sales, AI is delivering remarkable results.
Real-time Analytics
AI helps organizations produce real-time analysis reports as soon as they gather data that becomes available to them. With the rapid involvement of Big Data technology, tons of data are generated on a daily basis.
The eCommerce, retail, finance, and other similar online businesses are using this data to get user insights which ultimately helps them to work without any delay.
AI recognizes the patterns from huge data and checks the connection among several attributes that can help mould the strategy accordingly.
AI is helping business entities in utilizing endless growth opportunities that mitigate the risk of staggering revenue. A before time report activates the strategies which need to be employed in order to maintain a balance in revenue. The practice is common at the industrial level with each day improvements in the AI algorithms.
Customer Service
Customer experience or we can say, customer support is one of the most important elements in business success. It helps boost up the brand reputation by taking into account the interests and demands of customers in the market. Based on this, the software is revamped.
The digital customer support providing software such as Siri, Amazon Alexa, and Google home, etc. use AI modelling techniques that learn and respond to certain queries accordingly.
Instant customer support increases brand credibility and ultimately increases the chances of sales. Smart customer support modules are contributing a lot in the digital space and customer retention.
