AI is invading all industries. It offers interesting solutions and creates enormous business opportunities. This is what makes the turnover generated by AI today several tens of billions of dollars!
1. Building Customer Loyalty More Effectively
Through scoring methods, AI allows you to assess the reliability of your customers. For example, you can calculate the probability that a customer will switch to the competition. For this you study the data of your exchanges with the customer, has he had several bad experiences with your services?
You can automatically rate the tone of their emails to gauge their satisfaction. If you see that the risk that he leaves you is high, it is in your interest to retain him, send him a voucher for example or offer him an additional service for free.
2. Detecting Fraud On Your E-Commerce Site
Unfortunately, in e-commerce, fraud with hacked bank details is common. And it’s getting easier and easier to get bank card codes on the dark web. In 2018, there were 1,138,200 French cards with which fraudulent transactions were made. When an incident of this kind happens, you lose money and you are forced to deal with customer complaints, which are very often energy-intensive and waste a lot of your time. The cost of credit card fraud amounted to 1.045 billion euros in 2018 (36% more than in 2017). In addition to an obvious loss for merchants, they can be imposed 3D Secure systems or the cancellation of sales contracts in the event of too high a fraud rate (which must be below a threshold of 2% ).
To overcome this problem, many anomaly detection techniques based on machine learning exist. As a seller, you have a number of customer and transaction data: the buyer’s personal information such as his identity, contact details or address, as well as transaction data, such as the content of the order, its amount, the delivery address or the delivery method chosen. With this data, you can assess the degree of confidence in a contract. If you think a contract is suspicious, you can request additional information from the buyer, such as proof of address or additional documents.
3. Improve Your Recruitment Process
One of the most common applications of machine learning in business is assistance with recruitment. In some areas, recruitment is like a war between companies. You have to find the right person, contact them and recruit them quickly without making mistakes.
For this, the classic recruitment is obviously impossible, the process takes several weeks or even several months, you risk losing this pearl that you have targeted. To overcome this problem, AI-assisted recruitment is effective.
It is estimated that 56% of companies receive more than 21 applications for a single position! It is difficult to prioritize the best profiles, and the AI knows how to do it very well.
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