Machine learning and AI improve management industry

Machine learning and artificial intelligence have emerged as the most futuristic technologies with an enduring impact. Despite being different, the combination of these two technologies ensures the huge success wherever applied. Today, the tech giants are heavily investing in these areas to gain benefits. Nonetheless, the advantageous potential of these technologies isn’t restricted to the tech sector. Rather it possesses the power to endow tremendous benefits to the management industry as well.

In fact, AI and ML are already benefitting businesses by streamlining operations. Blending the pros of technology to business management, hence, becomes a wonderful alternative to traditional work processes to increase productivity.

The applications of machine learning and artificial intelligence for the betterment of management can be done in numerous ways, covering different work dimensions to expedite overall operations. Here we list a few of those areas where ML/AI can benefit the management industry.

 

1. Cybersecurity

Cybersecurity is a niche where almost all small and large businesses need to pay attention to. It forms one of the core management aspects that directly deal with the overall security of a firm’s IT infrastructure. During the past few years, there has been a horrifying increase in the number of cyber crimes targeting various businesses, conferring huge financial and credibility losses to the victims – often bringing the firms to the brink of bankruptcy.

To handle such situations, artificial intelligence and machine learning have proved to be more efficient than the presently available antimalware and firewall programs. The cybersecurity tools based on AI and ML provide better defense against cyber threats as they ensure continuous monitoring of all traffic without interruption. Moreover, such systems will also map network packets with time for ensuring up to date status of the system.

2. IT Services

Besides cybersecurity, AI- and ML-based applications can also help create solutions to different IT services. From network infrastructure to security and operational services, machine learning and artificial intelligence can play a tremendous role in managing all these areas. Moreover, the AI-powered platforms also assist in helpline management through various conversational interfaces such as chatbots and voice assistants. Today, AI and ML is empowering the IT industry to manage workload, secure computing systems, and offer value-added technology services, endowing benefits to the overall hyper-converged infrastructure.

3. Customer Support

One of the most beneficial applications of artificial intelligence and machine learning is in the area of customer support. Perhaps, for any business to thrive, adequate management of customer services is the key. Yet, managing this single operational area is really a difficult job. Nonetheless, thanks to deep learning process facilitated by AI and ML that managing customers has become much smoother and easier than ever before. These technologies have together given rise to chatbots and voice assistants that are capable of handling queries in a human-like style. These intelligent chat support tools are capable of handling different queries by giving the most relevant answers.

These tools work by leveraging a sort of FAQ saved with them by humans, through which they match the incoming query with the questions stored in their database, and bring out the most relevant answer. The systems work to the best of their ability to satisfy the customers, thereby saving a lot of time of energy of humans to deal with this tedious task. On the other hand, it also ensures happy customers by giving them prompt responses to their queries.

4. E-commerce

E-commerce is a widely growing sector that combines the power of the retail sector with the internet. While it already has emerged as one of the strongest businesses online, it still bears a lot of margins for bringing operational improvisations. Such improvements are particularly essential in today’s era where online shopping is gaining huge tractions with an ever-increasing customer base with each passing day. This high volume of traffic and greater customer turnover cannot be handled efficiently through conventional technological means. Thus, the application of artificial intelligence and machine learning is, once again, inevitable.

These two technologies provide better user experience to the end user by creating applications that are customer-centric in terms of color, shape, design, features, and the brand. Certainly, the e-commerce giants have recognized this tremendous potential of AI that they now are leveraging the technology to make it convenient for the users to shop online across different markets.

5. Recruitment

Recruitment is among the core management processes for any business that demands utmost care, attention, and expertise by the managers for efficient functioning. This entirely human-driven tedious task is fortunately now handled by AI with greater efficiency. The technology has at least managed the tasks of searching candidates, job matching, and is also assisting in the manual screening of resumes to pick up the right candidate(s). This has not only managed the workload of recruiters but has also streamlined the overall recruitment process at a larger scale.