The amalgamation of the famous trio – AI, ML, and DL (Deep Learning) has proven to be beneficial for the world of business. We can’t imagine surviving in this data-driven world without these high-tech concepts. In today’s post, KR Elixir Technology will acquaint you with how corporations are achieving enormous growth via AI (Artificial Intelligence), Machine Learning (Machine Learning), and DL (Deep Learning). But before we move forward, let’s first understand what these concepts actually imply. AI aka Artificial Intelligence is one kind of computer science that makes machines perform tasks that require human intelligence – speech recognition, problem-solving, reasoning, etc. ML (Machine Learning) is the subset of AI that deals with the usage of data and algorithms to make systems more accurate and efficient. If we talk about DL (Data Learning), it is a subset of Machine Learning that teaches machines to imitate the way a human learns and requires multiple layers of processing through which machines can execute complex tasks with simpler concepts.

How AI, ML, and DL have transformed the business world?

Personalized Customer Experiences

With AI, ML, and DL, the brands are able to deliver personalized and improved customer experiences and build customer loyalty – data mining, algorithms update, and natural language processing.

Streamlined IT Operations

Needless to say, the IT industry has obviously taken full advantage of AI and ML by automating mundane and repetitive tasks so that human executives can focus on more productive and complex things.

Fraud Detection

Machine Learning has significantly reduced fraudulent transactions by tracking data and applying pattern recognition to identify abnormalities. This has helped organizations save millions and in turn, build a sense of trust and confidence in the minds of customers/clients.

24/7 Customer Service and Support

The union of AI, ML, and DL enabled machines to become smarter and real problem solvers. AI-powered chatbots have made providing round-the-clock customer service and support an easy job.

Cost Elimination

AI helps in improving the productivity of your team whereas ML manages your equipment and database thoroughly. With Artificial Intelligence, corporations are cutting down indirect costs and expanding their businesses.

Faster Recruitment 

Recruitment has been completely transmogrified by AI and ML. Now, recruiters or hiring managers do not have to sift through each and every application manually because the AI-powered IT staffing solutions automatically handle the same and allow the right talent to come on board.

Upgraded Products 

AI, ML, and DL have made businesses understand what their consumers want so that they can develop efficient consumer-oriented products. The perfect example would be Hello Barbie, an AI-powered doll for children that talks and holds conversations actively using deep learning.

Latest Statistics: AI, ML, and DL

• Netflix’s recommendations engine (powered by AI) is worth $1 billion a year.
• The value of the global machine learning market was $8 billion in 2019 and is likely to reach $117 billion by the end of 2027 at a CAGR of 39%. [Source: GlobeNewswire]
• 87% of companies use AI for sales forecasting and email marketing. [Source: Statista]
• As per IT leaders, the top areas for ML adoption are Business Analytics (33%), Security (25%), Sales & Marketing (16%), Customer Service (10%), and Others (16%). [Source: Statista]

KR Elixir Technology will help  you bring about the positive changes you desire to see in your business. Get in touch with our team for customized digital transformation solutions.