Companies across industries are loaded with information, so it’s challenging to gain insights
from the deluge of knowledge into actionable intelligence. That is where the applications of
artificial intelligence in business comes into the picture. This intelligence drives major and
minor industries by providing students of top engineering colleges in Jaipur with the
leverage to experiment with new concepts that cater to what the market wants.
There are several areas where Artificial Intelligence in business is being applied including
personalised apps, security applications or more popular applications in data analytics within
recent times. The opportunities are endless given that businesses and institutions are
capturing an increasing amount of data across their processes, due to the proliferation of data across the globe.
Different types of analytics
There are four major applications of data analytics, which can be classified as follows:
1. Prediction - Predictive analytics uses machine learning algorithms to sift through the data
obtained to predict potential outcomes. Predicting the price of a stock in the stock market
based on the growth, profits, news etc. are interesting examples.
2. Prescription - Given a set of conditions, the algorithms give the best set of decisions that
can be taken. The efficacy of these algorithms depends on the quality of the data obtained.
Popular apps that offer medical advice to the students of engineering colleges on the basis of the patient’s inputs is a relevant example. The outcome of these apps is a list of possible
illnesses based on the symptoms, with recommendations and precautions to avoid the illness becoming worse.
3. Diagnosis - Identification of the problem at hand is crucial for many companies. In the
instance of profit margins spiralling down for a company, they will need a thorough analysis
of their operations, sales and marketing data to understand the factors that are influencing the decline so that the company can take steps to correct it.
4. Description - Describing the current market scenario, for instance, is an example of the
same. Sentiment analysis gives information about the tonality and image of a company in the market. Finding the factors that lead to the right positioning and marketing is done through descriptive algorithms.
How will AI affect business outcomes?
The impact of Artificial Intelligence in business has immense potential, but there is still a
long way to go. Traditional business analytics requires high IT involvement as businesses
generate a large number of data points. It is tough for a common man to navigate through a
large number of data points. With AI-driven analytics, businesses can automate data
preparation and reveal hidden patterns through sensible data discovery and interactive
exploration. These technologies are enabling businesses to foresee outcomes, thus letting
students of BTech colleges act at the right instant when the opportunity strikes.
Instances of AI applications in business
There are various emerging companies that offer data analytics and AI services for a nominal
amount. They enhance the company’s business prospects by identifying key areas of action.
The user interface and the natural language capabilities of these systems improve the ease
with which managers in companies can leverage large amounts of data. The scope of
Artificial Intelligence in business has the potential to be vastly impactful. Results obtained
are simplified and additional personalised insights and necessary set of actions and
recommendations are captured. Users utilize the services by searching through keywords in
the form of queries.
How far has machine learning come?
In development for several years, machine-learning algorithms will “learn” over time through
the increasing volume of data input, developing the flexibility to detect hidden patterns and
generate predictions. Machine learning is associated with the trial and error-driven sub-field
of AI with roots in applied mathematical modelling. When students of best engineering
colleges in Jaipur try to intellectually code a real-time system, the complexity with which
the world works is way beyond the level that we as humans can conceptualize and convert
into a logical set of statements. Therefore, it permits systems to find out and improve
following prolonged exposure to information while not being programmed explicitly.
What technologies are propping up the rise of AI and ML?
The role of IoT and 5G is going to be huge, as the process of data collection is going to grow both in terms of speed and size. 5G is being prepared to be ML ready and thus high
bandwidth interfaces allow the handling of large ML model execution and thus lead to real-
time analytics accessible from the simplest of an internet-connected edge device.
Companies with more than 100 years’ worth of data which is well documented in the form of
papers, can utilize the services that autonomous analytics systems provide. It is ideal for non-
technical industries to invest in such services as there is no up-front cost, and neither do they
have to employ anyone to do the same. The existing employees can use these interfaces and come up with insights.
How can companies leverage AI?
There is no one-size-fits-all approach for applying artificial intelligence in business.
Formulate a holistic and long-term data strategy, not just a tactical road map for disparate
projects. Doing so requires an assessment of business objectives along with a clear definition
of success criteria and the data maturity of the enterprise. Students of private engineering
colleges in Jaipur must evaluate such variables as existing legacy applications, workload
placement, agility and time to market, security, compliance, capacity, legal/regulatory
requirements, workforce skills, and maturity of offerings from cloud solutions providers.
Identify use cases with a high return on investment that are tied to business goals and
objectives, which will help demonstrate initial proof points and benefits. An important part of
this exercise is to identify the foundational data that will drive such use cases.
