Artificial intelligence and its application for companies
Artificial intelligence has been on everyone's lips since the emergence of Chat GPT and is the big topic of the future in many company management teams. But what exactly is artificial intelligence and what is the difference between machine learning, deep learning and predictive analytics? And what examples of artificial intelligence, its application and possible areas of use are there?
In our blog post, we explain what is behind the terms and how they are connected. If you would like to find out more about artificial intelligence, we look forward to hearing from you.
Artificial intelligence: a definition
The answer to the question “What is artificial intelligence?” can be answered in different ways: Artificial intelligence (AI) refers to computer programs that have been developed to perform tasks that normally require human intelligence. These programs can learn, adapt and recognize patterns in data to solve problems on their own. Artificial intelligence can be used in a wide variety of areas: Voice recognition in smartphones, recommended products in online stores or self-driving cars.
What is machine learning?
An important and probably one of the best-known areas of application for AI is machine learning. This refers to the ability of computer systems to learn automatically and recognize patterns from data without being explicitly programmed. The systems use algorithms to learn from experience and improve their performance in certain tasks over time.
What is deep learning?
Deep learning is an advanced machine learning technology inspired by brain structures that solves complex tasks through multi-layered neural networks. These networks enable computers to automatically recognize patterns and features in data. By mimicking human thought processes, deep learning is revolutionizing various application areas of artificial intelligence: from image and speech recognition to data analysis, deep learning is driving the development of artificial intelligence.
How can you define predictive analytics?
Predictive analytics is an advanced data analysis that uses algorithms and machine learning to make predictions for the future. By evaluating historical data, it identifies patterns to make informed predictions about upcoming trends, behavior or outcomes. The innovative technology enables companies to take preventative measures and make strategic decisions based on predicted developments.
Using artificial intelligence
- From increased productivity by combining meetings
- to easier access to knowledge throughout the company thanks to intelligent chat interfaces
- and the promotion of creativity in content creation.
What advantages can companies expect?
Whether in production, professional services, financial services, retail or construction - the advantage of using artificial intelligence is that business processes are optimized in the long term. It enables employees to make decisions not only more efficiently, but also faster, more precisely and more reliably.
Jörg Konwalinka, Head of Business Applications at Microsoft, summarizes some of these numerous advantages for companies and their employees.
Areas of application for AI in day-to-day business
There are moments in everyday office life that we are all familiar with: endlessly long meetings, the constant juggling of deadlines and the desperate search for documents. What if these challenges could be overcome more easily? Artificial intelligence can provide support in these areas. Here we show you the application and examples of exactly what this could look like:
1. More efficient meetings and email processing
Missed appointments? No problem! By using artificial intelligence, you can have a precise summary in no time at all that brings you up to date and helps you to determine the next steps. Instead of manually written minutes, efficient meetings are the order of the day. Reading and replying to emails can also be a real time waster. By suggesting text or summarizing the key points of a long message, you can gain back your valuable time.
2. Market research, competitive analysis and content creation
Analyzing market trends and the competition has never been easier. Artificial intelligence assists in summarizing reports on market trends and competitors. By quickly capturing the most important points, key insights can be worked out in detail. In addition, the use of artificial intelligence helps to create high-quality content from these insights in the form of documents, presentations, diagrams and tables.
3. Knowledge management and onboarding
Where was the last version of the presentation quickly filed? AI puts an end to endless searches for training documents and contracts. It not only supports onboarding, but also makes knowledge within the company easily available via a chat interface. This makes searching for documents and contracts a breeze.
4. Personalized offers and better negotiations
With the right information at your fingertips, your sales talks become significantly more valuable. The use of artificial intelligence makes analyzing your customer history a breeze. It recognizes patterns and generates personalized recommendations based on them. In sales negotiations, a chatbot can help sales employees to access previous interactions and customer preferences - for efficient and personalized offers. This takes the creation of sales presentations and offers to the next level.
5. Customer service of the future
Easy access to a knowledge database within the company also makes it easier to respond to customer inquiries. This can significantly reduce response times. This not only creates more satisfied customers and increased customer lifetime value, but also enables proactive problem solving.
6. Data analysis and evaluation
Simplified financial reporting and planning is another example of the application of artificial intelligence. Artificial intelligence can be used to analyze and interpret reports and data from different departments and data sources. At the touch of a button, you can send an integrated report with key insights to management.
Our added value for you: An AI consultation
The assumption that technology alone is sufficient is one of the reasons why most AI projects fail. Real benefits and synergies from the application of artificial intelligence arise where the results of intelligent algorithms are combined with human experience and decision-making. The concept of human-centered design (HCD) provides for the inclusion of human judgment at every stage of the decision-making process. Humans and computers work together, so to speak, to guarantee a successful application.
NAVAX supports companies in the application of artificial intelligence. In an AI consultation, our experts take the time to explore tailor-made solutions and explore the innovation possibilities of AI for your company. Take the opportunity to realize the benefits for your business in a targeted manner. In the following short video, Alexander Fiegl, Head of Customer Experience at NAVAX, explains why it is important to choose a structured approach when introducing AI projects, to coordinate together and to proceed step by step.
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