Artificial intelligence is no longer a pipedream or something you only see in science fiction. The artificial intelligence is very much thriving and can offer some incredible benefits for companies and businesses. It’sgaining momentum, but not as an enemy that is going to take over the world. Instead, industries are working with artificial intelligence to make businesses more productive, efficient, and successful.
To keep up with the competition, all businesses will have to make use of artificial intelligence and machine learning. You can see the implementation of AI in healthcare, manufacturing, transportation, logistics, retail, and more. Regardless of what business or industry you are in, there are AI applications you can use to transform your business for the better, and often, it starts with taking a masters in cybersecurity!
What is AI?
Artificial intelligence is something that everyone has heard of, but not many know the extent to which they can use it. In a nutshell, AI is the development and creation of computer systems that can perform duties that would otherwise be done by humans. They essentially mimic human intelligence by learning how to respond and react to specific situations. It builds a propensity model by using historical data and algorithms. The propensity model will then begin making predictions and performing actions.
AI has many potentials that have not yet been discovered, and humans are still required to do most essential tasks. That said, there are many tasks that AI can tackle, saving you tons of time, and removing the risks of human error. The most important way to make the most of AI technology is the identify the practical uses for your business. If you’re interested in knowing all there is to know about AI or making a career out of it the best route is through a masters in cybersecurity. With the industry growing by the day,it’s a great time to get involved, and a masters in cybersecurity will also help you tremendously in any business venture.
Here are some of the ways that you can use AI applications within your business.
AI analytics for strategic decision-making
We are living in the age of big data, and businesses have access to a massive amount of valuable information that can benefit them. The problem is that the sheer volume of unstructured data is hard to process, and therefore you could be missing out on a range of insights because you can’t analyze it. Humans just aren’t capable of interpreting that much information, but machine learning and artificial intelligence can. Using algorithms, AI will instantly analyze vast volumes of data and provide insights that you can then use to make decisions regarding your business strategy.
The types of data you might benefit from include transactional and sales data, web traffic data, and more – which you can learn about on a masters in cybersecurity. This data will help you optimize your marketing efforts, your products, and your online presence.
Marketing and sales applications
Artificial intelligence is already capable of handling many routine tasks, and a masters in cybersecurity will show you this. AI applications can create custom sales and marketing information for each customer, tailoring it specifically to them. Humans don’t have the time nor capacity to custom market to everyone individually, but computers do. AI platforms such as RapidMiner can leverage information regarding consumer preferences, competitors, and suppliers, along with market risks, to build a price model. Using those types of AI applications allow you to maximize profit margins.
AI can create an in-depth customer profile for each person by using millions of data points, including purchase tendencies, demographics, past exchanges, on-site interactions, and more. Using this profile, it can then show customers the content they are likely to engage with, and products they are likely to buy. People have short attention spans, and to ensure customer retention, you need to provide them with something valuable, whether that is information or products. Artificial intelligence can provide that value.
When you retain customers, you create loyalty and trust in your product or service, which in turn increases revenue, so ensure you increase your chances by taking a masters in cybersecurity.
Social media marketing
Consumers spend hours each day on social media and being able to reach your target audience via social platforms is essential to your success. While social media is a type of marketing, specific artificial intelligence applications and your masters in cybersecurity can help you in this area. Artificial intelligence is projected to have an increasingly strong impact on social media within the coming years, including improved efficiency and personalization. There is an expectation that it will dramatically excel through lead nurturing. It’s no secret that there are already enormous opportunities for lead generation via social media, and now the key is nurturing those leads. The applications are currently in development and will nurture leads through real-time content targeting, ensuring your content is getting in front of the right people at the right time.
Inventory management, especially for a large company, is always prone to human error. The are many layers to managing inventory effectively, including ensuring a consistent supply stream and keeping track of all the incomings and outgoings. Regardless of what industry you’re in, you need an effective and efficient inventory management system to keep things running smoothly. The last thing you want is to run out of stock of an item and risk losing business and customers. While some companies rely on this more than others, everyone could use a fool-proof system to make sure there is always a continuous supply chain.
Artificial intelligence and machine learning algorithms are hugely beneficial in helping businesses with inventory management, which is why you would benefit from learning more about them through a masters in cybersecurity. You’ll never need to worry about running out of supply as these systems will know exactly what stock you have and what you need at all times. There is no risk of an employee entering incorrect data by mistake or missing an order date for new stock. The artificial intelligence applications will make decisions based on structured data and algorithms to optimize the whole system. That also includes automatically issuing refill requests as needed.
Improved equipment maintenance and safety
If your company or business operates in the transportation or manufacturing sector, you know the importance of equipment safety and routine maintenance. Any company that utilizes equipment must keep on top of maintenance to ensure that it is safe to operate and is functioning correctly. Each piece of equipment is unique and affected by wear and tear at a different rate. Keeping track of every piece of equipment within a company and its individual maintenance needs are almost impossible as a human. It’s not impossible, however, for artificial intelligence.
You will learn on a masters in cybersecurity that an AI application can predict when equipment will need maintenance based on analyzing each piece individually. It can create optimal maintenance schedules, so you’ll know exactly when to service each piece of equipment. Taking a masters in cybersecurity and using these AI applications allows you to reduce the hazards and risks involved with malfunctioning equipment due to poor maintenance. Many large manufacturing companies are already using these types of applications to optimize their schedules effectively.
There are billions of people on this planet, and likely hundreds if not thousands potential candidates for each job. Finding the right fit for your business is extremely time-consuming and resource heavy. Going through hundreds of applications and conducting multi-stage interviews is tedious, and you still have no guarantee that you haven’t missed out on someone better suited. Artificial intelligence applications can streamline the hiring process, save you time, and find you the best candidates. Here are some of the ways your recruitment process can benefit from AI:
1. Better quality candidates
Using AI, you can make the hiring process more thorough than you could all by yourself. The process is broken down into multiple stages, allowing you to find out more details about each candidate and assess whether they’re the proper fit. They are taken through the steps automatically based on answers to questions and information provided. By the time they get to you, you’ll have a solid group of quality candidates. For instance, if you want those that have also undertaken a masters in cybersecurity, you can filter this down.
2. Saves time & money
Recruitment can be a lengthy and costly process. Between flipping through resumes, doing background research, conducting phone interviews, and conducting in-person interviews, you’re out a lot of resources. Artificial intelligence can do all the tedious tasks for you, such as analyzing skills based on things like skill tests and questions. It can create a comprehensive analysis for you, which will help you quickly identify if the candidate is right for you without having to do the work yourself.
One of the best things about AI is that is doesn’t discriminate – this is something you will quickly learn on your masters in cybersecurity. It is entirely unbiased and analyzing candidates solely based on their suitability for the job and their skillset. Humans are both consciously and unconsciously biased by nature and therefore, may discount a potential candidate based on factors that are not relevant, such as if you don’t like their style or they have bad breath due to something they ate that day. As ridiculous as it might sound, it’s the reality of humanity. AI will provide you with fantastic candidates who are the best fit for the job, even if they ate garlic for lunch.
Prevent cybercrimes and fight fraud
Cybersecurity is more critical than ever as fraudulent transactions, and cybercrimes are increasing by the day. Companies often spend vast amounts of time and resources doing everything in their power to prevent and detect fraud. Identifying cyber threats relies hugely on detecting anomalies within your data streams; therefore, artificial intelligence applications can help. Artificial intelligence is the master of scanning data in seconds and catching anything that looks slightly off. Taking a masters in cybersecurity will make finding these irregularities easier and will help you identify fraud and potential cyber-attacks much quicker, allowing you to take the necessary steps to stop it.
Chatbots for customer support
Chatbots are currently the most used form of artificial intelligence, and it’s easy to see why. Chatbots are an incredible piece of technology that not only saves business resources but also boosts customer satisfaction. Customers will always have questions regarding your product or service. Often, these are simple questions that have a simple answer. You will have many people asking the same question repeatedly, and it’s inefficient to waste employees’ valuable time answering these. Most companies have many ways for customers to get in touch, including phone, email, and live chat, which are all operated by humans. Humans must sleep, and therefore your customer hot-lines or email responses will only be available during specific hours. What about if a customer has a question in the middle of the night? Humans have a low-attention span. If a customer has a problem and can’t get an instant answer, they may not stick around or come back later. You could risk losing a sale.
That is where chatbots come in. Chatbots operate 24/7, answering customers’ questions instantly. They are programmed with natural language, and often the chatbot is given a human name. They can answer the most common questions that customers may have regarding your product or service. Of course, there will always be customers with unique circumstances or issues that don’t have a simple answer, and those will need to go to a human. It will dramatically decrease the number of queries coming into your employee inboxes and the number of calls coming through your phone line. It will also increase sales since customers will get instant answers and are more likely to buy straight away. Best of all, it will boost customer satisfaction since they will be happy, they weren’t stuck on hold for hours waiting for a response.
Chatbots will also collect lots of valuable data based on customer queries and even help create leads. By undertaking a masters in cybersecurity, you will be able to program your chatbot to pop up automatically and ask each visitor a set of yes or no questions, and the AI can identify how to properly attract them and turn them from a visitor into a customer.
Artificial intelligence is the key to boosting efficiency, productivity, and success within your business. Though many applications are still a work in progress, there are many you can implement today, such as taking a masters in cybersecurity, to optimize your business procedures and stop wasting valuable resources. The reality is that AI can comprehend data at a rate that humans never could, and it’s essential to use that to your advantage. Most of all, AI is not something to fear but something to work alongside for fantastic outcomes.