It is time businesses found out how leading-edge Artificial intelligence (AI) service solutions and machine learning can make their organizations wealthier.
Artificial intelligence (AI) systems are frequently compartmentalized into one of the two most important groups – applied or general.
Applied artificial intelligence (AI) systems is far more common place than general artificial intelligence (AI) systems; businesses use these systems to concoct methods to intelligently trade stocks and shares; automobile manufacturers use AI systems to conceive and construct a driverless car, etc.
Organizations or devices using artificial intelligence solutions based on generalized artificial intelligence (AI) systems are only one of its kind; nonetheless, these systems have the capacity to deal with any kind of function; currently, this field of artificial intelligence is where breath-taking innovations and developments are taking place; plus, this branch of learning is also responsible for the upsurge in machine learning.
Although machine learning is generally referred to as a sub-category of generalized artificial intelligence, it genuinely represents cutting-edge technology in generalized artificial intelligence systems.
Artificial intelligence software companies can lend a hand to organizations in achieving considerable cost and time benefits by incorporating their artificial intelligence and machine learning solutions into their business stratagem.
The contributions of great consequence are in:
1-Cross selling or recommendation algorithms
2-Customer segmentation or lead prioritization
3-Demand and/or sales forecasting
4-Machine learning – sentiment analysis
5-Recency frequency monetary analysis
A case in point would be how customer segmentation in an auction management system for a prominent helped an online jewellery retailer migrate from legacy architecture and reduced his business costs. Up to that time, his overheads were steep because of high maintenance costs.
Using artificial intelligence solutions, a setting is laid down where all the current and different modules and applications of the online jewellery retailer are gathered and brought under one roof, so to speak; this escalates the portrayal of the client across their modules.
With respect to the aforementioned auction management system of the online jewellery retailer, a single codebase at every single location was designed for his numerous applications that used to control and co-ordinate auctioning, sales, PnP, discounts, return and refunds, manifesting, customer management and administration.
In addition, a flexible architecture was worked out for the client, which made it possible for him to take on new sale items, with no overhaul of their present processes and systems.
Furthermore, all the client’s diverse points of sales such as IVR, customer care, call centre, personal shopper, smart television, mobile application and website were all brought together and joined to the core system of the company which carries out order fulfilment.
Also, a market place was established for the client from where he could supply particular products to a third party vendor for selling through other media.
Multi EMIs (Easy month instalments) were launched for the client that would determine the number of EMIs based on the item’s value. This helped in adding to the sale of the high end items.
Invoice splitting was also proposed to the client as it would help him generate different invoices and cooperate with his shipping partners.