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How Do the Companies Involved in Artificial Intelligence Succeed?

May 26, 2021 • Shannon Flynn

Artificial intelligence (AI) is a hot topic in today’s tech sector. However, it’s not enough for a brand to have a business model that stipulates they will use AI. The most successful companies involved in artificial intelligence have dedicated frameworks that explain how they will use AI and why. 

Here’s a look at some of the broad characteristics of companies involved in artificial intelligence. Whether you’re simply a tech enthusiast or someone who may bring AI into a company soon, these examples will provide fascinating food for thought.

They Link Usage to Customer Needs 

The companies that offer or invest in AI usually do so in connection with identified customer pain points. Maybe a shipping company’s clients complain about parcels arriving late. Perhaps a doctor’s office’s patients would love an easier way to schedule appointments for recurring health needs. Could AI help with those things? Yes, and it often does. 

Consider the example of Cogito, a company that blends behavioral science with AI to create better interactions between customers and sales or support agents. Algorithms analyze hundreds of signals to detect genuine distress in a caller. They also gauge things like an agent’s energy level and whether they respond too quickly or at the right speed, then provide in-the-moment coaching.

The Cogito team understands how their current and potential customers prize and strive for better interactions.  They offer a solution that gives the desired results. Other companies involved in artificial intelligence take similar approaches. Representatives don’t just ramp up usage for the sake of it. They investigate how AI could support known needs in a customer base.

They Recognize the Value of Human Input

Representatives from many of the companies involved in artificial intelligence stay tight-lipped about their proprietary technologies’ specifics. They don’t want to give away secrets that could aid their competitors. However, one widely known fact is that humans play a major role in helping artificial intelligence work. 

People give data meaning so that AI algorithms know how to treat it. Statistics indicate that up to 80% of AI project time gets spent preparing and labeling the information that helps the products learn. People are the ones that tell an algorithm how to differentiate between a dog and a doll. 

Besides handling the initial training for AI, humans often play a vital role in making artificial intelligence products better. For example, it came to light in 2019 that companies including Amazon and Apple relied on paid contractors to listen to people who used voice-activated AI devices and learn things that led to the gadgets giving improved responses. The critical detail was that those workers said they often heard confidential information, like those related to business deals or doctor’s office visits. 

People at the companies in question reevaluated their reliance on contractors then, with some choosing to stop using them for that purpose. However, the fact remains that AI products would fail without human involvement. Even the most amazing example of artificial intelligence you’ve ever heard about or seen only became that way after hours of training from humans who first ensured the source data’s accuracy the best they could. 

They Connect AI To Business Goals

Brands are also more likely to make gains with artificial intelligence when using it to directly support what a business must achieve to survive and thrive in the marketplace. That way, AI investments become purposeful and easier for business leaders to justify making. 

Amazon is one of the most dominant e-commerce brands in today’s corporate world. Its leadership team members also understand that the companies involved in artificial intelligence will get the best results by using AI to boost user experiences.

The site’s collection includes millions of products — and that count does not include items sold by Amazon’s Marketplace merchants. You’ve probably noticed that most of the search queries made at that site generate relevant results for things that truly relate to the products you want. AI helps make that happen. 

A recent blog post published by Amazon explained the company’s efforts to determine the context behind shoppers’ search queries. Knowing what a customer wants is helpful, but it’s even better to understand the purpose for buying it. Then, Amazon becomes well-positioned to offer complementing products. 

Internal tests indicated that Amazon created an algorithm that was correct 81% of the time when predicting the context of a person’s desire to buy something.  Suppose Amazon can suggest products that keep customers on the site for longer and ultimately cause them to buy more. In that case, the company will continue profiting and, likely, meeting several of its business goals. 

They Explore Options To Strengthen a Company

Provided they have enough financial resources to enjoy the freedom of choice when selecting service providers, people in modern society often take action after becoming fed up by single bad experiences. They switch to alternative companies rather than giving the original brands more chances. AI can keep customers feeling content. 

Take Lyft, for example. It uses artificial intelligence to improve customer experience in a variety of ways. If a rider or driver rates a trip three stars or less, that action automatically triggers a specialist to look at the case and determine what went wrong. AI also improves aspects related to routing so that customers reach their destinations as swiftly as possible. 

If a person needs support from Lyft’s customer service team, AI shapes the associated interactions. The ride-sharing brand is another one of the companies involved in artificial intelligence that values the context behind queries. The support algorithm predicts a person’s needs and their responses based on their previous interactions with Lyft. It’s more able to give the right answers by accessing details about past trips or when a driver signed up with the Lyft platform, for example. 

Customers in many cities have several choices when deciding how to meet their local travel needs. The representatives at Lyft hope that AI will help the company maintain a top-of-mind position as people select which transportation companies to use. If that happens, Lyft should maintain marketplace strength, even as more competitors emerge. 

Careful Decisions Guide the Companies Involved in Artificial Intelligence

These examples emphasize that artificial intelligence alone does not cement a company’s success. Representatives from the brands that plan to use it must confirm how the technology supports business growth, then pursue practical ways to make success happen.

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