Vast sums are being invested in artificial intelligence. These investments are all over the map. But which are likely to give a fast return?
Drew Robb, writing for TechRepublic Premium, answers that question by explaining the current investment trends in AI and where the money is likely to be well spent.
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WHAT ARE THE BEST AI INVESTMENTS?
There are many different areas of potential AI investment. Gen AI is the current darling, but there are other areas that may generate better returns for their investors. Here are some of the top areas for return on investment.
Predictive AI is basically the use of machine learning to identify patterns in the past in order to make predictions about the future. It spots ongoing trends and the early stages of new ones, unearthing them from huge volumes of data. It is particularly useful in sales, marketing, supply chain and inventory management. Its various predictions and hypotheses may or may not turn out to be valid. Therefore, they must be reviewed by management and aligned with strategy. The technology has proven itself to have a decent level of accuracy when used in company forecasts. Amazon, for example, utilizes it to predict sales trends, adjust its marketing efforts, shift product emphases on its websites and recommend items to customers based on their browsing history.
Predictive AI, also known as predictive analytics, can detect unusual behavior or anomalies and extrapolate how they will play out in the future. It can help identify the purchasing propensities of customers and their upsell potential, and it can also add greater accuracy to the processes of management.
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TIME SAVED: Crafting this content required 18 hours of dedicated writing, editing, research, and design.
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