How AI will impact and Digitize the Accounting and Finance Industry?

 As we all know that nowadays, every industry are adopting Artificial Intelligence, and the Finance industry are also one of them.  No doubt, we are moving towards digitalization, and AI plays a very important role in the digital transformation of the accounting and finance industry. It reduces so many financial tasks and it reduces the burden of repetitive and time-consuming tasks. In Business, AI becomes very essential for every businessman. Finance and accounting are very important in every business sector and finance professionals maintain all accounts. The role of finance professionals is to record and maintain a report of every financial transaction of business and also they face so many issues related to accounts like errors in a financial transaction, audit mistakes, and procurements process error, and many more. But after the implementation of AI in accounting, Finance professionals performing their tasks more efficiently without any errors. In the accounting and finance sector, the digital transformation using AI is incredible. AI accounting software brings a drastic change in every company. 

So let’s see how AI will impact and Digitize the Accounting and Finance Industry: 

Automation of Accounting Tasks:

The use of robotic process automation for repetitive high-frequency tasks removes the space for human error and allows a financial institution to refocus staff efforts on processes that require human participation. Ernst & Young has reported a 50% -70%  cost reduction, and Forbes calls it a "Gateway Drug To Digital Transformation."

Artificial intelligence automates the processes of accounting far and wide. By reducing costs, it maintains operational efficiency. As automation enters every corner of a business, financial companies are also adopting the digital transformation that will benefit from technological innovations. For example, Xero, an accounting firm, has introduced the Find & Recode algorithm that automates the tasks and by scanning code corrections, it finds common patterns. Using the algorithm, when reviewing 50 invoices, 90% more accurate results were found. 

 Audits:

Expense claim auditing is another transactional finance activity that could benefit from AI-enhanced automation. Employees in finance must ensure that receipts are valid, match amounts claimed, and are in accordance with company policy. While using state-of-the-art travel-and-expense solutions will simplify the claim process, the auditing is still manual. 

The level of protection is improved by digitization in the audit process. The auditors can monitor any file that is accessed by using a digital tracker. Rather than searching all paper files, the digital files can help auditors in the audit work. Therefore the digitization approach of auditing offers increased accuracy of audits. Therefore, artificial accounting and auditing intelligence help to monitor the company's every financial activity. AI-powered audits are more accurate and flawless. 

AI chatbots:

Chatbots is leading technology which enabling the customers to use banking services with voice commands. In order to answer queries, the Interactive Voice Response System (IVRS) helps process requests and connect users with different banking services and provides the necessary information. AI-driven chatbots are developed to effectively resolve user queries. The quiries can include the latest account balance information, statements, credit bills, and account status, etc. In this ways AI help Accoutant in many ways. 

Procurement:

When it comes to filing the procurement and buying methods of the company, there is a lot of paperwork involved. It is important to maintain a large number of records on systems that are not connected to each other. The procurement process will be automated as AI-machines process unstructured data by using APIs. 

Blockchain:

Blockchain technology would allow users to get to the fine records, create smart contracts and record transactions, and it is anticipated that accountant practitioners will be alerted by the system and also the blockchain is set up to incorporate the benefit of the payment process, which speeds up the payment process by maximising assistance and satisfaction.

AI in Credit Decisions:

Artificial Intelligence offers a faster, more reliable, lower-cost evaluation of a potential borrower and accounts for aider variety  of factors, leading to a better-informed, data-backed decision. Compared to those used in conventional credit scoring systems, credit scoring offered by AI is based on more complex and sophisticated rules. They will help to identify applicants who are more likely to default and others who lack any credible credit history. AI holds great potential, and business leaders are left to make the smartest decisions with the right data. Digital banks and loan-issuing applications use AI algorithms to use alternative data to determine loan eligibility and provide personalized option.

Risk Management:

Artificial intelligence plays a important role in managing risk. Algorithms may be used for risk cases to examine case history and find any possible issues. This includes using machine learning to create accurate models that allow financial experts to track real patterns and notice potential risks. These models can also ensure that more reliable information is obtained for use in future models. The use of Artificial Intelligence in risk management means that vast amounts of data can be subject to powerful processing in a shorter period of time. It is also be managed both structured and unstructured knowledge with cognitive computing. All this would otherwise be equal to long hours of work for human teams.

Working in cloud technology:

In the cloud, a powerful technology trend is currently running. The cloud provides immediate access to computing abilities and data.  The regular updating of data which helps accountants to evaluate information and make strong decisions based on data is a major benefit of a cloud-based system. In addition, as reported in the Journal of Accountancy, "cloud-based technology can also ensure constant monitoring, rather than intermittent analysis," whenever computer data is updated."

Monthly/Quarterly cash Flows:

The AI-powered machines can collect data and integrate the data from several sources. It not only AI software, devices, or AI apps speed up your processes, but they also make your financial processes accurate and secure.  AI-powered computers can quickly collect and consolidate your monthly, quarterly, or annual cash flows.

AI and Fraud Detection:

AI is particularly effective in preventing credit card fraud, which has grown exponentially in recent years as e-commerce and online transactions have increased. Fraud detection systems analyse the behaviour, location, and purchasing habits of customers and trigger a safety mechanism when something seems out of order and contradicts the spending pattern that has been established. All cases of use in fraud management have different criteria for AI algorithms, but they are used somewhat differently in each case. Transaction monitoring includes faster response time, error rates and accuracy, and the availability and consistency of training data. 

Conclusion

Nowadays, Artificial Intelligence totally changing the accounting process and finance industry. AI-powered systems help accountants to maintain a large amount of transactions and record data. In the coming days, It reduces so many workloads and burden of accountants and take our finance industry in a new direction. AI is bringing a revolution in the finance industry. 

Also Read: HowArtificial Intelligence is impacting Automotive Industry?

So here you can see how artificial intelligence will impact and Digitize the Accounting and Finance Industry, Apart from this if you want to start your career in Artificial Intelligence and want to do a course then join “Nearlearn”. Nearlearn is the Foremost Artificial Intelligence Training Institute in Bangalore and also the best Machine Learning Training Institute. They provide highly skilled trainers having 10+ years of industry experience in these filed. They provide both online training and classroom training facilities. After completion, of course, they help you to get placement in various companies and also provide internship facilities to their students.

 

For more information contact us:

Visit: www.nearlearn.com

How Artificial Intelligence is impacting the automotive industry?

Nowadays, the growth of Artificial Intelligence is continuously increasing in every sector. In this technological era, it really likes a blessing for every business, and for us also. Artificial Intelligence is now becoming the most demanding technology and because of this, its market share is continuously increasing. If we look around us then we will find my technology that related to Artificial Intelligence. Artificial Intelligence is the ability to think and work like humans and it reduces so many workload and errors and makes our tasks more easier and efficient. That is the main reason that every business is adopting Artificial Intelligence. It likes bringing a revolution in every sector and no doubt it is the biggest booming industry in this technological world. With this help, we did so many successful researches.  

On another part, Artificial Intelligence has a great impact on the Automotive Industry. It completely changed the automotive industry, Starting with driverless cars to robots that work on the factory floor. Today, we are rapidly moving into a world of self-driving cars and automation. It is now becoming the most trending issue and most of the auto tech companies are developing self-driving technology. Artificial Intelligence technologies in the automotive industry are not limited to autonomous driving. AI and machine learning also help to keep us safe. In addition, it is those new technologies that are now being implemented in the manufacturing process. As per the automotive market report, the market size of AI in 2019 is 1 Billion USD and the value of artificial intelligence will exceed $10.73 billion by 2024 in automotive production and cloud services. Due to the rapid adoption of driver-assisted technology by customers to minimize driving burden and ensure road safety, demand for autonomous vehicles will prolifically increase over the forecast era. Automotive manufacturers take notice of these developments and deliver innovative solutions for driver assistance to gain a competitive edge.

Here we discuss how artificial intelligence is impacting the automotive industry.

Driverless Automobiles

Earlier, It was just a dream to see a self-driving car on road but now, today it is happening and we can see so many autonomous cars are moving around the surrounding. With the implementation of Artificial Intelligence, we don’t need a driver. However, Artificial Intelligence allows vehicles to learn, and that is what driving requires. Although a number of automakers and automotive start-ups are working on automotive AI applications. In order to enhance self-driving capabilities and passenger safety, companies are constantly upgrading their applications. In addition, the company also built in-house AI-chips to enhance the car's performance and safety. Tesla is very close to producing a car which is fully driverless on other hand, Google's Waymo has been tested on the roads for quite some time now. The most important benefits are that AI provides such vehicles is the ability to learn and adapt its rules.

Driver Assist

AI-based driver assistants bring major improvements to road navigation and safety measures. AI can assist the drivers in protecting against unexpected risks. With AI-enabled sensors, AI can identify dangerous situations. In order to prevent an accident, it will either alert the driver or take emergency control of the car. In the process, emergency braking, cross-traffic alarms, blind-spot tracking, and driver-assist steering will help to prevent accidents and save lives. This not only makes it easier for inexperienced people to drive but also increases the contact between the car and its owner. For example, driver assistance software can monitor a driver’s behavior and tell whether he has fallen asleep on the road or the driver is not wearing the seat belt properly, When the door of the driving car is not properly close then It provides an alert sound occurs immediately. 

AI Cloud computing 

Car connectivity is the primary use of cloud computing in the automotive industry. Cars can connect both to the network and to each other with the technology used which gives a lot of extra benefits to drivers and all road users in general. Cloud computing helps drivers pay for their fuel purchases from inside their cars and helps to locate nearby restaurants and even buy household items from nearby shops. The application of AI cloud platforms ensures that all this data and information is available whenever it’s required. 

AI Automotive Insurance

Nowadays, customers take advantage of AI schemes. It speeds up the insurance filing process when any accident occur. In this customers need to take photo of their cars when claiming for the policy amount, and upload those photos with insurers. These pictures are used by AI apps to separate the images into various structures and locate other parts of the vehicle to search for damage. When accidents happen, AI car insurance is much faster than the conventional insurance industry. 

Driver Monitoring

Advanced AI algorithms now can detect the driver behaviours and check whether the driver is full active or not. Through the use of AI, sleepiness is detected by eyes openness and the head position then AI-sensor alarms enabling the system to wake the driver up if necessary. AI monitor the seat position and help the driver to create maps for the preferred destination and create various information which help the drivers while driving. 

AI in smart Automotive Manufacturing

AI not only changes what a vehicle can do it also changes how vehicles are manufacture. In automotive manufacturing industries robots are used In exterior installations, such as car painting and welding.  These robots can also detect inaccuracies and defects on the automotive surface. The technology behind AI robots is called SLAM (Simultaneous Localization and Mapping). Implementation of robotics in the manufacturing work routine would minimise human labour by up to 70%, which will have a positive impact on a manufacturer's productivity.

In 2018, Hyundai was testing Hyundai chairless Exoskeleton (H-CEX) and introduced AI-powered wearable robots that helps protect the knees, back and neck of employees while giving them the mobility and power to carry out tenuous jobs.

Mobile Apps

Telematics allows drivers to interact with the vehicle. AI Remote is based creating the Remote Connected Car Platform, which collects data from hundreds of thousands of connected drivers.Nevertheless, mobile applications can also have better functionality than the one included in the vehicle’s user interface. Some helpful automotive applications include features like low-cost fleet tracking, UBI insurance, vehicle maintenance alerts. 

Conclusion

Every automotive industry is starting adopting AI technology is every aspect of vehicles manufacturing process and in the coming days, AI totally change the automotive industry and will bring autonomous vehicles which help drivers in many ways and also prevent from road accidents and now many automobile manufacturers will built autonomous vehicles. The tech stack of artificial intelligence for every vehicle is an essential step towards our safety and positive experience as users of the car. 

 Also Read: How Artificial Intelligence plays a key role in the Pharmaceutical Industry?

So here you can see how artificial intelligence is impacting the automotive industry and apart from this, if you want to start your career in Artificial Intelligence and want to do a course then join “Nearlearn”. Nearlearn is the Foremost Artificial Intelligence Training Institute in Bangalore and also the best Machine Learning Training Institute. They provide highly skilled trainers having 10+ years of industry experience in these filed. They provide both online training and classroom training facilities. After completion, of course, they help you to get placement in various companies and also provide internship facilities to their students.

 

For more information contact us:

Visit: www.nearlearn.com

How Artificial Intelligence plays a keys role in the Pharmaceutical Industry

 Artificial Intelligence which is simply known as AI, is a rapidly growing technology that finds applications and uses cases in all aspects of the businesses. AI is one of the smartest technology that helps the industry to become smarter and advanced. Every industry taking huge benefits from AI for better management, production, and customer experience. Artificial Intelligence has overtaken beyond our thinking and day by day it is bringing new innovation and advancement in every sector. Because of this, Govt and industrialists are investing more in Artificial Intelligence. As per the Tractica reports, the global artificial intelligence software market is predicted to grow from $10.1 billion in 2018 to $126 billion by 2025. Through this prediction, you can assume the rising demand for AI in the near future. 

Apart from the AI introduction, if we talk about the roles of Artificial Intelligence in the pharmaceutical Industry then we came to know that the pharmaceutical industry totally changes as compared to before and its effect of Artificial Intelligence is undeniable. The pharmaceutical industry is already finding innovative and smarter ways to use this technology to resolve some of the significant issues facing the pharma sector. Many pharmaceutical companies around the world have already begun to utilize AI in their business.  In almost every field of the pharmaceutical business, AI can be applied, from drug discovery and development to production and marketing. Pharmaceutical companies can make all business processes efficient, cost-effective, and hassle-free by leveraging and integrating AI systems in key workflows. By developing new and existing business models, Artificial Intelligence develops the value proposition of pharmaceutical companies. Not only Artificial Intelligence can beneficial for the treatment of patients and offer care solutions, but it can also optimize the industry. 

 Here we discuss the keys role of Artificial Intelligence in the pharmaceutical Industry:

 Research & Development

Pharmaceutical companies around the world are developing advanced AI-powered algorithms to smooth the process of drug innovation. In large datasets, these technology tools are designed to detect complex patterns, and therefore, it can be used to solve problems related to complex biological networks. This technology can help to research and understand the patterns of different diseases and to identify which drug formulations are better suited for the treatment of particular types of a specific disease. Pharmaceutical companies should invest in the Research & Development of those medicines that are most likely to cure a disease or medical condition effectively. 

 

Diagnosis 

Physicians can use advanced machine learning systems to collect, process, and analyze patient health care data. Healthcare professionals are using deep learning and AI to safely store patient data in the centralized database system or cloud. This is known as EMR (Electronic Medical Records). Physicians use these records to understand how specific genetic traits can have an effect on the health of a patient or how new drugs can improve the health of that patient. They can also have a clear idea of the diseases and recommend the medicines that are most appropriate for the treatment. Such electronic health notes save time and expenses.

 

Drug discovery and Design

AI plays a role in drug target identification and validation, target-based, phenotypic, and multi-target drug discoveries, drug repurposing, and biomarker identification, from the design of new molecules to the identification of novel biological targets. The key advantage for the pharma industry is the ability of AI, especially when implemented during drug trials, to reduce the time it takes a drug to get approval and reach the market.  This will result in significant cost savings, which could mean lower-costs drugs for patients, as well as more treatment options. 

During the process, where various biomedical data is generated, identifying new patterns in that information can be easily done by Artificial Intelligence and these all kinds of data can be analyzed using AI and later utilized to create unconventional solutions for drug discovery.

 

Identifying clinical trial candidates 

Healthcare organizations can take out appropriate EMR data with Artificial Intelligence to go through physician notes. The information gathered can later be used to determine the right patients for the trial procedure. Artificial Intelligence not only helps to understand clinical trial data but also helps the pharmaceutical industry to find patients to participate in clinical trials. AI will analyze genetic data in order to assess the appropriate patient population for a clinical trial and identify the appropriate sample size. This technology can read free-form text that patients enter into clinical trial applications as well as unstructured data such as doctor's notes and intake records.

 

Manufacturing Improvements

In the pharmaceutical manufacturing process, AI provides many resources to enhance the production processes. It can perform various management options in manufacturing procedures that include quality control, reduce design time, predictive maintenance, Improvement of production reuse, reduction in waste materials and many more. With faster performance and less waste, AI can be used in several ways to make production more efficient. Artificial Intelligence would remove any older processes that would usually rely on the need of human intervention or input, reduce the human error. 

 

Epidemic Prediction 

Pharma Industries are using AI technologies to monitor and assess the spread of infections worldwide based on web-based data, social and digital platforms, satellites, and other popular sources. Such models of artificial intelligence are particularly advantageous for underdeveloped countries lacking medical infrastructure and a financial system to battle infection spread. For example, the Machine Learning based Malaria Outbreak Prediction Model' serves as an early warning tool to predict potential malaria outbreaks, raise awareness among peoples, and allows healthcare providers to take better decisions faster and quicker.

 

Rare Diseases and Personalized Medicine 

Based on their full medical data, artificial intelligence may be used to develop personalised treatments for individuals. Personalized medicines can be recommended to patients that will help the patient recover easily and quickly. Not only does artificial intelligence prove helpful in assessing the outcome of current medical care but it can also predict the likelihood that the patient might suffer from future diseases. AI is also used to create customised drug therapies based on the test results of an individual, reactions to past drugs and historical drug reaction data of patients. 

 

Drug Adherence and Dosage

Ensuring that voluntary participants in clinical trials comply with a drug study protocol is a major challenge for pharmaceutical companies.  If the trial rules are not followed by patients in a drug study, they must either be excluded from the study or risk corrupting the results of the drug study. One of the significant factors of an effective drug trial is ensuring that at the prescribed times, patients take the required dose. That's why it's so important to provide a way to ensure drug adherence and AI technology help to get required dosage. 

 

Conclusion

Nowadays, Artificial Intelligence plays a big role in Pharmaceutical Industry Not only pharma industry but also many companies are started adopting AI technology and brining revolution in industries. In Coming days, AI will totally change the pharma and healthcare Industry and completely change the way of treatments of patients.

 

Also Read: How Artificial Intelligence can be beneficial for us and some Risks

 

So these are the keys role Artificial Intelligence in the Pharmaceutical Industry and if you want to start your career in Artificial Intelligence and want to do a course then join “Nearlearn”. Nearlearn is the Foremost Artificial Intelligence Training Institute in Bangalore and also the best Machine Learning Training Institute. They provide highly skilled trainers having 10+ years of industry experience in these filed. They provide both online training and classroom training facilities. After completion, of course, they help you to get placement in various companies and also provide internship facilities to their students.

 

For more information contact us:

Visit: www.nearlearn.com

How artificial intelligence can be beneficial for us and some risks

Today, we all hear about one of the most trending technology i.e. Artificial Intelligence. Now Artificial Intelligence uses in everywhere. Without this technology and businesses is nothing. We can say that Artificial Intelligence is one of the emerging technology which try to mimic like a human in an AI system. It is a revolutionary technology that rapidly implementing in every sector and bringing new phases and innovations and also, for a long time, it has been a dream for humans to create such machines that have the capacity to make decisions on their own and act the same as humans and they successfully create machines which act as same as humans and ability to take decisions and responses. AI is the ability of a computer program to learn and think.

Artificial Intelligence is the growing technology in this technological era. As per the report,  the global Artificial Intelligence technology market revenues rising from around $10 billion to $126 billion by the year 2025.

But everyone is talking about the impact and implementation of this AI technology but many of us don’t know the actual stage of AI and what is the benefits and risks will rise in near future.   

Companies around the globe take benefits of Artificial Intelligence for their Brands. Many business leaders say that artificial intelligence will be a key part of the business landscape of the future. The advantages of this innovation are hard to doubt. Particularly when popular companies such as Google, Facebook, Amazon and Tesla are successfully implementing Artificial Intelligence. However, these AI technologies of the future bring uncertainty and doubt about the risks and benefits.

So let us discuss the benefits and risks of Artificial Intelligence:

How AI can be beneficial?  

 

Helping in Repetitive tasks: 

AI systems take care of all Repetitive and routine tasks, enabling resources to focus on tasks that add value to their company which serves as a game-changer for SMBs and in our daily lifestyle also, we perform so many repetitive works, such as verifying certain documents for mistakes, replying to mail, etc. Using AI technology, without repetition, we can automate these repetitive tasks and can also eliminate the tedious work for humans.

 

Improve Work Efficiency:

AI-powered systems are well equipped to carry out any role that humans perform. Using AI technology, marvelous work efficiency is ensured. AI machines correct human mistakes and achieve the best business outcomes. Unlike humans, machines can work round the clock without any break, and without incurring any additional cost it can perform essential tasks. For Example, Instead of hiring employees for day and night shifts of works for taking care of customer’s inquiries, Organisation deploys AI-powered chatbots to provide aid and assistance to customers with queries. 

 

AI takes Faster Decision:

Nowadays, Machines can takes faster decisions than humans. we can use Artificial Intelligence to make machines make decisions faster than a human and perform actions faster. Humans will Analyze while taking decisions,  but the AI-powered machines operate on what it is programmed for and produce the results more quickly. One of the biggest examples is chess games on the computer. It is impossible to beat in the hard mode and these things possible only because of the AI algorithms behind in that game.

 

Reduces Operational Costs: 

Artificial Intelligence uses machine learning algorithms like Deep Learning and neural networks to learn things like we humans do. AI devices that optimise their machine learning skills so that they learn about new processes much more quickly.This would make the cost of training robots much lower than that of humans. In addition, robots are now reducing the cost of operations with their high work performance and accuracy.

 

High accuracy in Tasks completion:

AI reduces human errors and perform any tasks with high accuracy. With Artificial Intelligence, decisions are made using a certain set of algorithms from the knowledge previously collected. So mistakes are minimized and the probability of achieving accuracy with a greater degree of precision is a possibility. Healthcare sectors take a big advantage of Artificial Intelligence. These sectors already adopted AI-based Robots and these robots reliably identify life-threatening diseases and even conduct operations to save human lives.

 

Improve work processes:

The advantages of using the AI-powered computer are that it enables us to collect a large amount of work-related information. This data is important to an organization's growth as it allows getting into deep insights and a detailed quantitative analysis to be carried out for further optimization. The AI-based machine-learning abilities enable their abilities to carry out self-analysis in the most efficient way possible.

 

How AI can be Risky?

 

High Cost of Creation:

On the other hand, certain limitations can be created by artificial intelligence. High-cost creation is one of the main challenges for every business. AI itself is a complex mechanism, so it takes a lot of money to build and install it in businesses. After installation, you have to require maintenance and the maintenance of the AI machine also required a high cost. 

 

Making Human Lazy:

Nowadays human totally depends on machines which cause less physical works of human and Artificial Intelligence makes people lazy with its app that automates most of the tasks. Human beings are likely to become addicted to these advanced technologies, which may create a problem for future generations.

 

Misuse can lead to severe threats:

Machines can be programmed with the intention of killing, being a threat to other nations that do not have the same technological advances. Many people can use Artificial Intelligence for threatening others not only on the ground but also technically like cyber attacks. The misuse of autonomous weapons controlled by AI could cause mass destruction. This means that if autonomous weapons are in the wrong hands then it will be a big disaster. 

 

Invasion of Privacy: 

With the help of Artificial Intelligence Spyer can track our privacy. For Example, With the home assistant like Alexa and Google Home listing in it to user conversation and based on this they can track our conversation and chatbots and may steal our data and information. Not only this they can also steal our private data from our devices which can lead to huge loss and destruction. 

AI-Powered devices can store and gather large amounts of users data and these AI devices can use your personal information and data without your permission which spyers and hackers can take advantage of it.

 

Conclusion

 

We all know that AI-powered devices helps us in many ways but every things have some merits and demerits. It give many advantage but also it has so many risks. But in coming days it will bring big revolution in every sectors and it is the biggest booming technology. Also as per the recent news, Microsoft and AICTE have partnered to empower students and educators in new-age technologies, and this technology including Artificial Intelligence, IoT, cloud computing, etc. So you can predict the rising demand for this technology in near future. 

 Also Read: Applications and use cases for Artificial Intelligence in E-commerce Industry

So these are the benefits and risks of Artificial Intelligence but if you want to start your career in Artificial Intelligence and want to do a course then join “Nearlearn”. Nearlearn is the Foremost Artificial Intelligence Training Institute in Bangalore and also the best Machine Learning Training Institute. They provide highly skilled trainers having 10+ years of industry experience in these filed. They provide both online training and classroom training facilities. After completion, of course, they help you to get placement in various companies and also provide internship facilities to their students.

 

For more information contact us:

Visit: www.nearlearn.com

Applications and use cases for Artificial Intelligence in E-commerce Industry

In today’s technological era, Artificial Intelligence is now becoming a trending technology and now implemented in every sector of business. Not only this it also help in raising the revenue of the business and helps in making for millions of profits. If you check the report then you will get that business got more than 60% of profit by the adoption of Artificial Intelligence in business. It is like a blessing for us. Every day we see a new phase of technology. With the rising of this technology, Govt also starts investing a huge amount in Artificial Intelligence to drive their country full of technologies and for rising the more employments opportunities.

If we talk about the adoption of Artificial Intelligence in business then you will get that the E-commerce industry got a huge profit from it. AI taking E-commerce industry to next level. E-commerce Industry are generating a revolution in the global market by the adoption of Artificial Intelligence and its moving steps towards rising development. For the sellers, the E-commerce industry has unlocked new opportunities and scope. Seller also has never seen such a growth in their sales. AI brings new shopping experiences for the customer and it enhances the sales and provides a better customer experience. 

 So here we discuss the Applications & Example Use cases Of AI in E-Commerce:

 

Customer-centric visual search

Consumers often face many problems with the experience of e-commerce because the product results showed are often irrelevant and meaningless. AI utilizes natural language processing to narrow, contextualize, and optimize search results for online shoppers to tackle this issue. It also makes it easier to identify and match items with visual search capabilities. AI also allows shoppers to discover complementary products and maximize the consumer’s experience. Now, customers can take a photo of new shoes or clothes of friends, upload it, and then AI allows customers to quickly find similar goods through e-commerce stores. Amazon has this option that allows you to point to the product what you want, and Amazon will recognize it and send you the results that you're most probably going to like because it will be exactly what you were looking for. 

 

Retarget Potential Customers

According to Conversica 's report, about 33% of the leads are not followed by the sales team. The sales team also fails to keep track of the most popular products and services on the market and therefore they unable to attract potential buyers interested in the product.

AI technology maintains certain consumer data and tracks the amount of time they spend on a particular thing. Taking this over data and information, Artificial Intelligence reacts to these customers' next shopping day and highlights any offers available with the previously searched products. For Example, If the customer spends a lot of time on a product i.e. clothes or shoes then this data will be saved for the customer's next visit and gives suggestions with excellent discounts and offers on that product. 

 

Create an Efficient sales process

artificial intelligence could help to boost the sales cycle, By tailoring the problem-solving solutions and delivering a clear promotional message that reaches customers on the right platform at the right time. There are several AI systems nowadays that allow NLP and voice input, such as Siri, Alexa, etc. This helps a CRM system to answer customer questions, fix their issues, and even identify new opportunities for the sales team. In order to collect the information and represent the customers, Customer Relationship Management relied on peoples to collect a huge amount of data. But today, artificial intelligence can predict which clients are most likely to make a purchase and how can we better engage with them.

 

Recommendation and personalization 

According to Forrester, 77% of customers have selected, suggested, or paid more for a brand that offers a personalized service or experience. The personalized user experience helps companies to connect with customers. In E-commerce applications,

 Personalization is typically made through recommendations. By using AI technology, Personalization and recommendations can be simplified.  In order to recognize their interest, the technology uses cognitive learning to understand user behavior within the application.  

 

Inventory Management and Forecasts

One of the most important fields of any organization is inventory management. You have to keep updated on how much stock you hold and how much more is expected. There are thousands of types of products on e-commerce websites.

It is an exasperating job to keep the shelves stocked, to respond to dynamic requirements, and to update the inventory manually especially during sales. 

Artificial Intelligence will simplify this job through predictive analytics, which includes data mining, machine learning, and predictive modeling to keep track of current and past evidence, In order to make futuristic predictions. This way, AI keeps admins updated without human interference about product quantity, sales, returns, demand, etc. 

 

AI Chatbots and Virtual Assistants

E-Commerce is now focused on better user experience. The new AI Chatbot is a powerful tool that is designed to connect with users and solve their problems with AI solutions. Chatbots contribute to the convenience of online shopping because they have learning capabilities and therefore know customer requirements and needs. They are also an efficient and affordable way to provide customer service 24/7 and collect useful data and track behavior. With chatbots, e-commerce sites can improve conversion rates by tailoring the online experience for the customer. One of the most famous examples is Amazon’s visual assistant, Alexa. 

 

AI Filter Fake Reviews

Reviews of the product give a big impact on sales. Before Buying any products, most of the customers see the reviews of the products, and based on that they purchase and Fake reviews give a negative impact on E-commerce products as well as online retails stores. In order to counteract this, Many E-commerce industries use AI technology to remove these fake or misleading reviews and help consumers with honest feedback on the company or product.  For example, Amazon uses Artificial Intelligence to combat fake product reviews and its popular star ratings inflation. It focuses on the prominence and verified customer purchase reviews and help to boost them.

 

Automation

Artificial Intelligence doesn’t mean that robots are taking over. They're not scary things; they give retailers the ability to have exactly what the customer needs when they want it. The e-commerce industry continues to grow, which means that automation is a must for a rising number of clients and has become one of its top investment priorities for e-commerce stores. The number of repetitive tasks is also rising as the eCommerce industry continues to expand. They can be taken over by robots, from publishing new goods on various platforms to scheduling promotions, offering discounts to loyal customers, etc.

 

Conclusion

Digital platforms have made life easier for sellers as well as buyers. E-commerce websites are seeing unprecedented growth in their revenues. AI has helped E-Commerce Industries in providing a better customer experience. Artificial intelligence study in the area of e-commerce also leverages e-commerce revenues.

In eCommerce, Artificial Intelligence can affect transactions, retention of customers, loyalty, productivity, and many more.  AI is changing the online way of buying and selling.

 Also Read: Top AI and Machine Learning Apps that will be usefuls for start-ups & SMEs

So these are the Applications and use cases for Artificial Intelligence in E-commerce Industry but if you want to start your career in Artificial Intelligence and want to do a course then join “Nearlearn”. Nearlearn is the Foremost Artificial Intelligence Training Institute in Bangalore and also the best Machine Learning Training Institute. They provide highly skilled trainers having 10+ years of industry experience in these filed. They provide both online training and classroom training facilities. After completion, of course, they help you to get placement in various companies and also provide internship facilities to their students.

 

For more information contact us:

Visit: www.nearlearn.com