With the rapid development of 4.0 Industrial Revolution, Artificial Intelligence was gradually applied in many fields from manufacturing, services, transportation to health and education. According to the study by Harvard Business Review, there are three main purposes for enterprises to apply AI: Robotic Process Automation, Cognitive Engagement and Cognitive Insight.
Robotic Process Automation (RPA) is the most common need when businesses use AI with low investment costs and ease of implementation. These applications can automatically update the customer information and profiles, communicate with customers through a chatbot and provide basic guidance on standardized information and documents. Those help businesses in management and customer care.
Cognitive Insight uses more complex algorithms incorporating machine learning to identify patterns from multiple data sets and extract meaning from them. The applications of Cognitive Insight are used in activities such as making prediction about purchasing options, detecting fraudulent transactions, automating advertisements in the direction of personalization, etc. Deep insights are accessed from user data, predicting customer behavior, and providing solutions with constantly updated and improved data. The goal is to improve the performance of tasks performed by machines that require a fast level of automation and massive data, beyond human capabilities.
Cognitive Engagement is a way of approaching customers by predicting analytics to provide insight into future customer behavior. Artificial Intelligence helps to provide maximum personalized content in interacting with customers quickly, right content, right audience and right time. As a result, businesses can formulate strategies and plans to increase interaction efficiency with customers and increase competitive advantage.
Depending on the specific needs and purposes, businesses can apply individually or combine the above applications for business activities in the most effective way.
Source: Toptal
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