AI for Business Optimization: Types and Benefits

The reliance on AI for business optimization is increasing at an unprecedented pace. AI flaunts a multitude of benefits. By 2025, the global investment in AI is expected to touch a whopping $200 billion mark. With so much at stake, AI deserves to be tagged as the next big thing in the digital world. Read on to know about the fundamentals and features pertaining to AI. 

Artificial Intelligence: What is it? 

Artificial Intelligence is a revolutionary technology that intends to facilitate the simulation of human intelligence for machines and computers. The problem-solving capabilities of humans are also intended to be simulated by the same machines and computers. Artificial Intelligence was christened back in 1956 by John McCarthy. 

Types of AI 

AI is primarily divided into the following types: 

Weak AI: A disclaimer is mandatory before explaining weak AI that weak AI is not at all weak, therefore, a literal interpretation, in this regard, would not be appropriate at all. Self-driven cars and the popular Alexa use weak AI as a key component. Specific tasks can easily be performed with the help of weak AI. Therefore, the use of weak AI for business optimization is experiencing a massive surge. 

Strong AI: Artificial General Intelligence (AGI) and Artificial Super Intelligence (ASI) are the building blocks of strong AI. Computers and machines equipped with AGI would be equal to humans in terms of knowledge and capabilities. As of now, AGI is a theoretical concept. However, efforts are being made across the globe to develop such devices. ASI-powered machines would transcend human knowledge, abilities, and intelligence in every regard. ASI, too, is just a theoretical concept till now. 

Subsets of AI 

The key subsets of AI are listed below: 

Generative AI: Generative AI is one of the most popular and widely used subsets of AI. ChatGPT and Copilot are the classic examples of Generative AI. The popularity of Generative AI owes its all to its ability to create fresh content. From images to music and from text to videos, Generative AI can literally create everything with raw data being the only requirement as an input. Generator and discriminator are the two neural networks that are the lifelines of Generative AI. During the training phase, the generator receives continuous feedback from the discriminator and improves significantly. The ability of the discriminator to identify real and fake data also witnesses a considerable improvement during the training phase through multiple repetitions. Gen AI derives its excellence from this adversarial relationship between the generator and the discriminator. 

Generative AI is used by a good number of creative professionals because of its ability to offer ideas and a rich number of variations. The reliance of content creators on Gen AI is also increasing at an impressive pace because the acquisition of information on any topic has never been as easy as it now is. This subset of AI, these days, is also being extensively used as a problem-solving tool in many sectors across the globe. 

Machine Learning: Machine Learning (ML) is an integral part of AI that intends to bridge the gap between the intelligence of a computer and that of humans with the help of data and algorithms. Machine Learning algorithms are primarily used to make predictions. During the training phase, the accuracy of the machine learning model is maximized through continuous evaluation and optimization. 

Deep Learning: Deep Learning is also a vital component of AI that draws inspiration from the human brain while teaching data processing techniques to the machines. Deep learning models can make precise predictions by identifying patterns regardless of their complexity. 

Natural Language Processing: Natural Language Processing (NLP) is a key component of AI that makes computers capable of contextually understanding human speech and responding as per the query. The USP of NLP is its ability to identify the intent hidden in the speech or a piece of text. 

Computer Vision: Computer Vision is an important part of AI that enables the computers to extract the most relevant pieces of information from the graphics. This teaching is facilitated by machine learning and neural networks. 

Benefits of AI 

AI offers a sea of benefits for every sector. The key advantages of AI are documented below: 

AI Facilitates the Decision-Making Process: AI helps organizations in making rational decisions in record time through fruitful insights. These insights make the firms aware of the needs and preferences of their customers. 

Zero Downtime: Unlike humans, AI works round the clock. There is no downtime, and the possibility of a technical glitch is negligible. 

Acquiring and Enhancing Knowledge is No More Difficult: AI serves the curious soul extremely well by enabling instant access to an ocean of information that it possesses. No matter what the query may be, AI almost always have an answer to it. 

Highly Adaptable: The biggest benefit of AI is its adaptability. Customizations can easily be done in the AI models to maximize their efficiency and effectiveness. Therefore, AI is helpful regardless of sector. 

Helpful in Enhancing the Customer Experience: Organizations across the globe are using AI chatbots for the instant messaging and resolution of issues faced by their customers. Entertainment firms like Netflix and Hotstar are using AI to serve their customers with recommendations based on their viewing habits. These recommendations ensure that the services are availed by the users for a long time. 

Saves Time: The ability of AI to get everything done instantly through automation makes it a precious asset for organizations. The time saved through automation can be utilized for extracting the maximum productivity from the resources. 

Say hello to the best AI Service Provider 

Hexaview Technologies is a digital transformation firm actively engaged in using AI for business optimization. The rapidly increasing number of clients testifies to the superlative service offered by Hexaview. 

Hexaview has developed a revolutionary HR chatbot and christened it AL Hexa. This chatbot plays an important role in reducing the attrition rate by resolving every issue that an employee comes across. The bot easily interprets the speech of the employees and responds in a similar voice. The Natural Language Processing technology enables the bot to understand the queries with absolute precision. 

Hexaview has also developed PDF Extractor, a powerful tool capable of carrying out data extraction in the minimum possible time. Hexaview recently helped a client in handling invoices by streamlining the entire workflow with the help of the same PDF extractor tool. The extraction of specific information became easy for the client and the generated csv files were seamlessly stored in an S3 bucket. The system architecture developed by Hexaview is showcased below 

Hexaview has been involved in many such engagements with an impressive number of clients who have always been delighted with the results. 

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