Book Image

Artificial Intelligence Business: How you can profit from AI

By : Przemek Chojecki
Book Image

Artificial Intelligence Business: How you can profit from AI

By: Przemek Chojecki

Overview of this book

We’re living in revolutionary times. Artificial intelligence is changing how the world operates and it determines how smooth certain processes are. For instance, when you go on a holiday, multiple services allow you to find the most convenient flights and the best hotels, you get personalized suggestions on what you might want to see, and you go to the airport via one of the ride-sharing apps. At each of these steps, AI algorithms are at work for your convenience. This book will guide you through everything, from what AI is to how it influences our economy and society. The book starts with an introduction to artificial intelligence and machine learning, and explains the importance of AI in the modern world. You’ll explore how start-ups make key decisions with AI and how AI plays a major role in boosting businesses. Next, you’ll find out how media companies use image generation techniques to create engaging content. As you progress, you’ll explore how text generation and AI chatbot models simplify our daily lives. Toward the end, you’ll understand the importance of AI in the education and healthcare sectors, and realize the risks associated with AI and how we can leverage AI effectively to help us in the future. By the end of this book, you’ll have learned how machine learning works and have a solid understanding of the recent business applications of AI.
Table of Contents (10 chapters)

AI in retail

The sale of goods is a prototype of all human economic endeavors. AI plays already a prominent role in boosting sales of virtually any item, be it online or offline. Just think about the following use cases:

  • classifying customers based on their purchase history;
  • personalization of offer for each potential customer;
  • analysing demographics and proposing an individual message for each customer;
  • automation of sales via in-store technology;
  • customer service done by chatbots;
  • analysing competitors live 24/7 and reacting to changes fast;
  • optimising ad spend and marketing campaigns;

to name just a few more basic ones. They are all related to smart analytics, and while they existed before the technological revolution, AI allowed retailers to boost analytics in a tremendous way. It gave companies tools to analyse and act upon insights 24/7, perform hyper-personalization, and considerably lower the cost of operating a retail business.