Discuss 5 commercial application of artificial intelligence

Artificial intelligence (AI) is defined as machines that exhibit aspects of human intelligence
(Huang and Rust 2018), imitate intelligent human behavior (Syam and Sharma 2018), or mimics
as no biological intelligence (Tegmark 2017). Similarly, McCarthy (2007) defines AI as “the
science and engineering of making intelligent machines, especially intelligent computer
programs”. Artificial intelligence has the ability to predict outcomes accurately and with
reliability. There are several techniques which are used for task planning, recognizing actions
and self-learning. Artificial intelligence can be applied to many different sectors and Industries,
for example AI is being tested and used in the healthcare industry for dosing drugs and doling
out different treatments tailored to specific patients, and for aiding in surgical procedures in the
operating room.
Organizations can make use of Artificial intelligence to perform market research, the primary
focus of the market research is to recognize the accurate segments of customer groups. Artificial
intelligence can be applied in marketing strategies. Selected segments are targeted with suitable
products, presented with appropriate prices, and supported with reasonable advertising and
communication strategies to deliver products to customers through an appropriate distribution
strategy (Syam and Sharma 2018). Used to digest unstructured data from customers and sales
prospects, real time bidding and automated web design. Artificial intelligence system can
identify the psychographic characteristics expressed in a piece of text to give valuable insights to
marketers for the new product development or innovation (IBM 2020). Artificial intelligence can
identify themes and patterns in users’ posts to interpret the user experience, and the information
can be used for creating strategies to enhance the user experience. It also helps in gathering,
sorting, and analyzing external market knowledge, for example, intelligence about external
market forces and stakeholders, which may influence the customer preferences and behaviors.
Artificial intelligence can be applied in e-commerce. This implies the in the smart searches and
relevance features, personalization as a service, product recommendations and purchase
predictions, fraud detection and prevention for online transactions and dynamic price
optimization for example, through email, social media, text chat, or phone. In this situation, AI
can be applied as a functional science to give an advantage in the negotiation process
(Mckendrick 2019). Organizations can make use of AI to train their chatbots and virtual
assistants to plan several steps ahead and assess how saying different things could change the
outcome of the negotiation (Reynolds 2017). These AI negotiation agents can operate 24/7 on
behalf of e-retailer to locate customers and automatically negotiate to the best term as per the
parameters set by the administrator or even market conditions (Krasadakis 2017).Order Selection
and Priority, Customers can upload pictures of a product they would like to buy to organization
e-commerce site, and the website automatically searches that item for sale similar to the photo
(Simon 2019). AI can collect the real-time data by tracking an online activity of the customer on
their or competitor’s website to decide and offer a price discount or search through company’s
database to check if those shoppers have rejected or accepted the previous product
recommendations (Canhoto and Clear 2020).

Order Billing/Payment Management, AI can help organizations in three key areas: invoicing,
payment optimization, and fraud detection (Mejia 2019). Billing and invoice processing are the
most arduous and complex tasks in business. AI applications can help industries in matching
customer invoices with payments received (Dwivedi et al. 2019). Manual billing processes
cannot handle large number of customer payments, but AI-enabled billing systems support
features like invoice exclusion, data mining, invoice generation, etc. and can handle a large
amount of data to avoid any irregularities, contradictions, and differences within the invoices
(Bajpai 2020). Online transaction is one of the most convenient ways to perform payment with
the help of computer and internet. Customers can make use of e-wallets, credit card, debit card,
and online banking credentials for an online transaction (Kalia 2016; Kalia et al. 2017a). AI-
powered billing software can detect and prevent fraud from occurring in the first place by
activating the automatic decision-oriented and sophisticated fraud detection system (Khattri and
Singh 2018).

Customer support and service, Service quality can drastically alter the e-commerce landscape. AI
will significantly improve relationships, personalize help, increase organizational customer
satisfaction, and provide recovery in the event of unforeseen service failures. AI-based services
are more reliable, of high quality, consistent, continuously available (24/7), and less subject to
human errors coming from weariness and limited logic, AI can have an impact on consumer
happiness (Huang and Rust 2018). Virtual assistants can do tasks that are outside the scope of
human capability, such as forewarning millions of users or scrutinizing their purchases, returns,
or loyalty card data. AI can learn to communicate in different languages, identify clients'
emotional states, and create high-quality personalized experiences for customers. (Lo and
Campos 2018).

Application of artificial in aviation, the World has become so demanding in huge number of
aircrafts and unmanned vehicles for transportation. Artificial has been applied in Air Traffic
Controllers to improve hoe they do their work to counter the huge demand of responses owing to
this growth of air traffic. In the thrust to do so artificial intelligence models for evaluating
correctness and timeless of the decision making by the specialist of air traffic services during the
pre-simulation training has been presented. There are 4 layers which are the input which
exercises that cadet/listener performs to solve a potential conflicts situation, second layer which
depends physiology characteristics of the cadet, the third layer which takes into account the
complexity of the exercise depending on the conflicts situations and output layer or the fourth
layer which is the assessment of cadet during performance. Modern aircrafts have been equipped
with software embossing artificial intelligence to correct near misses or accidents threats and
assist the pilots to fly plane safely based on human behavior.

Artificial intelligence is dedicated to doing the impossible, emulating human intelligence. AI has
spun off many useful technologies which includes automata theory, pattern recognition, optical
character recognition and speech recognition. Commercial applications are pure artificial
intelligence technologies. Artificial intelligence products will be measured like any other
products in the commercial world.
References

Huang M, Rust RT (2018) Artificial intelligence in service. J Serv Res 21:155–172. doi:
10.1177/1094670517752459.

McCarthy J (2007) What is artificial intelligence? https://www-formal.stanford.edu/jmc/

whatisai/node1.html. Accessed 17 May 2020.

Mckendrick J (2019) Now, AI can give you an edge … in negotiations.

https://www.rtinsights.com/now-ai-can-give-you-an-edge-in-negotiations. Accessed 16 May
2020.

Syam N, Sharma A (2018) Waiting for a sales renaissance in the fourth industrial revolution:
Machine learning and artificial intelligence in sales research and practice. Ind Mark Manag.
69:135–146. doi: 10.1016/j.indmarman.2017.12.019.

Tegmark M (2017) Life 3.0: Being Human in the Age of Artificial Intelligence. Alfred A. Knopf,
New York, NY.