Artificial Intelligence Development Company Boosty Labs
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Artificial Intelligence Development Company

Artificial Intelligence (AI) refers to a system or machine capable of emulating human behavior to execute specific tasks and acquiring knowledge incrementally through the assimilation of information. Boosty Labs stands as the leading organization specializing in the development of artificial intelligence across Europe. Supported by an exceptional team of fintech and cloud engineering experts, boasting extensive practical experience in consulting, strategic planning, design, and large-scale engineering, they offer unparalleled assistance in artificial intelligence development.
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Scenarios for Using AI in Business

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AI in Sales and E-commerce

Trade is one of the first areas where AI began to be used on an ongoing basis to optimize processes. AI-based solutions for retail companies can increase customer flow by 50%. At the same time, AI significantly reduces the number of “unnecessary” customer calls, as well as costs. Stores and marketplaces can discover the following opportunities: analyzing potential audiences, attracting them, forecasting demand; monitoring employees and increasing their productivity; ordering goods that are running out and launching promotions on items with an expiring expiration date; Recommendation systems allow marketplaces to increase the number of items in one receipt. For example, computer vision systems analyze streaming video, studying the contents of shelves and notifying staff in a few seconds about the need to display new products. A predictive analysis model based on customer needs allows us to fill warehouses with goods that will be ordered in the near future.

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AI in Marketing

There are numerous scenarios for the use of intelligent control systems and neural networks in marketing: the formation of personal offers and content generation; formulation of briefs for advertising campaigns; development of advertising modules, formation of tasks; sales of standard positions on b2b platforms without the participation of intermediaries.

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AI in Customer Service

Developers of CRM systems have paid great attention to customer accounting and communication with them. The most popular tool for working with clients is chatbots. While their communication is imperfect, their skills are improving day by day. Also helping to interact with clients are: voice assistants and chatbots; tools for decoding the contents of calls; preventative support and tips; improving search results and creating personalized offers.

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AI at Work in Reporting and Accounting

AI is indispensable for the development of businesses related to accurate numbers. Even when reading handwritten numbers, the accuracy of the results obtained by the neural network exceeds 96%. Today, accounting is carried out in digital format, so accuracy approaches 100%, which is unattainable for a living person. Here are several capabilities of AI business applications for accountants: processing incoming primary information; filling out details and processing payments; uploading documents before inspection by the tax service; intelligent recognition of tickets, checks, invoices.

AI in HR

Personal data of employees represents a huge amount of information and each legally important event is recorded as a new entry in the personal file. AI can take over some of the powers of an HR manager: creating advertisements, initial screening of applicants, assessing abilities; generating test tasks, training new employees and conducting adaptation; performance assessment, selection of team members, elimination of burnout.

Benefits of Using AI in Business

Strengthening Cybersecurity

With the help of AI, you can provide protection against phishing programs and cyber fraudsters. AI-based systems are programmed to prevent various cyber attacks. The robot monitors unusual behavior of programs, checks sources, compares files or resources with safe ones. If something seems suspicious, the activity of sites, files or programs is blocked.

Improving the Efficiency of Collecting Sales Statistics and Forecasting Consumer Demand

By providing the algorithm with sales data, you can get a detailed report and fact-based forecast of customer demand. Thanks to such reports, you can regularly monitor customer reactions to promotions and note how customer demand changes from season to season. One of the advantages is that specialists do not need to waste time sorting data.

Automation of Customer Service

The work of most technical or customer support services is based on processing requests of the same type. A lot of time and resources are spent on an issue that can be resolved in a couple of minutes. The solution is to use a bot that will answer standard questions, advise the client, and, if necessary, transfer it to the operator. Chatbots are especially relevant in those business areas where customers consume services through dialogue, that is, they ask questions and receive answers. In this case, AI can successfully replace a person if it has a clear algorithm of work. For example, this approach has long been used in the insurance or banking industries. Important conditions: scripts must be written in advance, there is strict regulation, and the rules are clearly defined. The robot simply follows a pre-written script, thus eliminating the human factor. By introducing a chatbot into the customer service or contact center, the company provides the client with the opportunity to obtain the necessary information at any time, 24/7.
 

Currently, artificial intelligence is no longer something out of science fiction, but a completely working tool for business development. Automation of routine tasks in business, analysis and making accurate forecasts, personalization of customer service - this is not a complete list of what artificial intelligence can do today.

What Is Artificial Intelligence?

According to modern experts, artificial intelligence should not be overly romanticized by comparing it with human consciousness or thinking. It is more correct to talk about automation, that is, the replacement of human labor with computer work. It is likely that over time, more and more typical operations that humans perform will be done by computers.

There are two main directions in the development of artificial intelligence today:

  • Machine learning or learning by example. In this case, the machine does not need to explain the principle of decision-making. The algorithm learns independently by repeating human actions and analyzing a large number of typical examples. But it is important to understand that with this approach, experts’ errors are also inherited, since the algorithm takes all this data as the basis for its training.
  • Expert systems or human knowledge implemented in a program. With this approach, experts explain to developers the principles of their work, and this data is used as the basis for a program for the machine. For example, expert systems are now used in the development of chatbots.

To summarize, maximum accuracy of an algorithm based on artificial intelligence can be achieved by combining two approaches – machine learning and expert systems.

How to Use Artificial Intelligence in Business

You can use the potential of AI to automate and scale your business, for example:

Cyber security products

With the help of AI, you can provide protection against phishing programs and cyber fraudsters. AI-based systems are programmed to prevent various cyber attacks. The robot monitors unusual behavior of programs, checks sources, compares files or resources with safe ones. If something seems suspicious, the activity of sites, files or programs is blocked.

Collection of sales statistics and forecast for consumer demand

By providing the algorithm with sales data, you can get a detailed report and fact-based forecast of customer demand. Thanks to such reports, you can regularly monitor customer reactions to promotions and note how customer demand changes from season to season. One of the advantages is that specialists do not need to waste time sorting data.

Automation of customer service

The work of most technical or customer support services is based on processing requests of the same type. A lot of time and resources are spent on an issue that can be resolved in a couple of minutes. The solution is to use a bot that will answer standard questions, advise the client, and, if necessary, transfer it to the operator. Chatbots are especially relevant in those business areas where customers consume services through dialogue, that is, they ask questions and receive answers. In this case, AI can successfully replace a person if it has a clear algorithm of work.

For example, this approach has long been used in the insurance or banking industries. Important conditions: scripts must be written in advance, there is strict regulation, and the rules are clearly defined. The robot simply follows a pre-written script, thus eliminating the human factor. By introducing a chatbot into the customer service or contact center, the company provides the client with the opportunity to obtain the necessary information at any time, 24/7.

These are the most common areas where artificial intelligence is used. But in practice, AI is used much more often and in completely different industries. For example, labor protection, credit scoring, automatic selection of product prices, equipment monitoring and early detection of failures.

Business Problems That AI Can Solve

What tasks can be entrusted to AI algorithms in your business? In fact, there are many such tasks in any business, and by connecting AI, you can save time, company resources and increase income.

Automatic processing of customer requests

Virtual assistants are a lifesaver for modern businesses. Experience shows that the program can process up to 96% of incoming requests without errors. Just imagine how this helps a business reduce the workload of call center agents and increase the efficiency of customer service. It is not surprising that interest in chatbots and voice robots is growing every day. They can be used on websites, instant messengers, and social networks.

Classification of incoming messages

The introduction of AI will free qualified experts from routine work. Simple requests will be immediately processed by the program, and only complex tasks will be transferred to specialists.

Working with image catalogs

A very pressing issue for retailers is mass processing of product images. Typically, employees spend many hours working with a photo editor, but now robots can solve this task. With this approach, the volume of processed material increases significantly, and employee time is saved for more important tasks.

Automatic recognition

Artificial intelligence can be a real salvation for companies whose work involves a lot of paper drawings. While the information is stored on a shelf in rolls, it is impossible to work with it in special programs. Using AI, you can recognize and digitize drawings with almost 90% accuracy.

Competitor Analysis

AI can also be used to collect information about competitors from available open sources. This data is necessary for business to improve service, expand assortment and gain competitive advantages in the services market.

Analytics and Automation

AI can be used to analyze huge amounts of data, which is relevant for almost different types of businesses. Algorithms can analyze and visualize business processes, predict demand, and improve marketing strategies. AI-based recommendation services work well, providing personalized advice to clients based on data about their preferences and online behavior.

Logistics and Warehousing

The programs are used to configure the optimal route and optimize storage in the warehouse. This approach is very effective and brings real money to the business.

Production

In this area, there are specific programs for optimizing production lines and determining the quality of finished products. By integrating AI with machines and other equipment in manufacturing, manufacturers and suppliers gain many benefits.

But is artificial intelligence really accessible to every business? In practice, many small and medium-sized businesses face limitations, for example, a lack of expert knowledge, insufficient data to train the algorithm, and a lack of understanding of how to adapt specific systems. In this case, it is better to use the help of experts who can develop an algorithm, load it with the necessary array of data to train the machine, and configure the operation of the algorithms in your company.

Implementation of AI in Business: Main Stages and Difficulties That May Arise

According to most experts, if at the current stage the use of technology is an advantage and opportunity for company growth, then in a few years it will be a necessity for almost any business. It will not be possible to continue operating in a market where competitors are actively using modern technologies, avoiding automation and robotization.

At the very beginning of implementation, it is necessary to review the company’s processes and clearly define why the organization uses artificial intelligence, what tasks it allows to solve, and what benefits can be obtained immediately and over the long term.

One of the important signals that it’s time for a company to think about robotization is the fact that the marketing department generates a large number of leads, and employees are not able to cope with such a flow. Thanks to robotization, the company will be able to solve this issue. Automation can also be a solution for organizations that are hesitant to increase advertising budgets and reach larger clients due to fears that the marketing or production departments will not cope.

What Difficulties May Arise

When it comes to automation and the use of chatbots in business, not everything is as rosy as we would like. Unfortunately, in the wake of increased popularity, many chatbots with unfinished functionality are appearing on the market. But for the development of a company, it is important not just to get into a fashion trend, but to develop an effective tool that is suitable for a specific business.

One of the serious problems that organizations may face at the first stage of technology adoption is data quality. AI systems are trained based on highly accurate data; initial information is needed for detailed analysis and forecasts. If the data is inaccurate or insufficient, the robots' performance may be unsatisfactory.

Another common problem is the need for special skills. Technologies require skills in machine learning, data processing, and software development. If a business lacks these skills, implementation can face significant challenges.

In addition, it is worth noting ethical considerations. Transparency of systems is important to ensure that customers clearly understand how decisions are made. It is also important for businesses to be confident that systems do not perpetuate discrimination and maintain security and privacy.

Technologies are developing at a rapid pace and, most likely, their role in business will only grow in the future. Businesses that can already overcome possible difficulties and effectively use artificial intelligence will compete more successfully in the market.

Main Stages of Introducing AI into Business Processes

Defining the final goal. In this case, it is better to start from the end and immediately determine what goal needs to be achieved through tools with artificial intelligence. For example: reducing costs, speeding up processes, increasing the average bill. It is important that the parameters are achievable and measurable. At this stage, it is necessary to understand that the process of implementation in industrial and non-industrial enterprises occurs a little differently. In industrial organizations, the emphasis is on automating processes related to cognitive services, while in non-industrial organizations, priority is given to marketing departments.

Formation of a culture of working with information. Everything related to artificial intelligence requires a large amount of accurate data. The company must maintain a certain culture of collecting, processing, and storing data. All information that comes at every stage of all business processes is important for the operation of algorithms, including analysis and forecasting.

Collection and processing of information. It will likely take time for the company to collect enough data to train its algorithms. There should be a lot of information so that statistical errors are leveled out and a control sample is formed.

Building models. All the stages mentioned above can be classified as preparation. Next, we move on to building models that are trained on the basis of previously collected data. The models are then tested on a control sample of the database. Different models may produce equally correct results. This is normal, as in mathematics, solving an example in different ways, you can get the same correct solution.

Examination. When the models are built and tested, it is necessary to check the operation of the system using “combat” data. Model testing should be carried out taking into account the leveling of such difficulties as cognitive distortions caused by the presence of a forecast. Humans can adjust real-world results to match AI results, or vice versa.

Clarification. After testing on real data, we obtain information that can be used to improve the model. Any discrepancies may be due to data changes, for example, the information in the archive differs from the actual current data. The constructed model is retested on a new data set.

The introduction of artificial intelligence algorithms into a company’s work will definitely bring many positive changes – it will help to achieve KPIs more easily and minimize costs. But for this tool to be as effective as possible, you need to constantly collect data and input it to improve the algorithm’s performance. The more new and relevant information is entered into the databases, the more accurately the models will work.

Will AI Be Able to Replace Human Labor?

Every coin has a flip side – this also applies to the issue of using AI in business. Some expect too much from AI, while others, on the contrary, worry that machines will completely replace people. But in the near future, robots will not be able to completely replace human labor, but they will be able to take on routine tasks.

The more creativity there is in a task, the less likely it is to use AI. Of course, many will argue that machines write pictures and texts, but this is not creativity, but the assembly of something new using ready-made models. Therefore, there is no need to fear that real experts will no longer be in demand due to the introduction of AI. Rather, on the contrary, real specialists have always been and will be valuable, and the use of algorithms allows them to be relieved of routine tasks.

To summarize, when you need to automate routine processes, artificial intelligence is the best solution. But creating new processes always requires an expert. Machines can also be considered as a tool for increasing the productivity of various specialists - from marketers to designers.

Boosty Labs experts develop software for company automation, help create chatbots for various businesses, and support the process of implementing machine algorithms at every stage. If you need specialist advice or assistance in developing and applying an AI model, leave a request on the website and we will contact you.

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