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What is AI for business?

With growing large amounts of data and the constantly updating preferences and complexity of customers, businesses can no longer depend on traditional business methods to drive growth. These basic changes have opened up a new area of possibilities, and helps business to grow and provide excellent insights from customer data.

Artificial intelligence in business consists of use of intelligent computer software with human-like capabilities to boost revenue, improve customer experience, increase productivity and efficiency, and drive business growth and transformation.
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it’s important to understand the basic building blocks of AI technology.
Let’s take a look at the four main integral part of any good AI platform:
Yes-and-No Predictions:

The first element is yes-and-no predictions.it enables you to answer some basic questions like, “is this opportunity going to convert into a deal?” or “How often should you contact your prospect.?” AI helps you answer these questions by examining historical data you’ve stored in your system.
Numeric Predictions:

Numeric predictions generally allow predictive forecasting solutions.Like how your sales team is performing? Or enable customer service agent to select the next best action for better customer relationships Numeric predictions also use your historical data to arrive at these numbers.

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Classifications:

Classifications often use “deep learning” capabilities to operate on unstructured data like free text or images. Basic idea behind classification is to take out useful information from unstructured data and answer questions like, “How many fruits are in this picture?”
Classification using deep learning is very robust, even when the unstructured data is arriving in different forms.
Another type of classification—which may or may not use deep learning—is called clustering.Its depends on customer intuition and help in marketing different products.
Recommendations:

Recommendations are key when you have a large set of items in your store to recommend to users. Many ecommerce websites apply recommendation strategies to products.
Recommendations are not just for products. Marketing teams use the same technique to suggest content like whitepapers to business users.
Few important steps required, before starting with AI in your business:

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  • Decide what to predict.
  • Get historical data in order.
  • Turn predictions to action.
How different parts of a business can use salesforce Einstein(AI) to improve your business outcomes.
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Sales Cloud:

Sales Cloud Einstein scans your CRM data and analyzes what’s the difference between the deals won and the deals lost. Next, it puts the emphasis on top leads and provides the next steps needed to close them.
Marketing Cloud:

If you have lots of potential customers, and need help in wrapping them up. Marketing Cloud is a great place for AI because companies usually have lots of data that can be used to target communications and send relevant messages. AI can also help send messages at the right time using Send Time Optimization. Send Time Optimization helps predict the best time to send a communication for the highest response rate, specific to each person.
Service Cloud:

Service Cloud Einstein helps you understand which articles and replies will resolve service cases.It also helps you resolve issues fast and free up agents time by suggesting the best knowledge articles to share and steps to take.
Conclusion:

In Today’s business world, AI plays an important role in understanding needs and preference of customers. Using AI in business companies can improve productivity and revenue and reduce operational expenses.
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