|Type of paper:||Article|
|Categories:||Accounting Business management Artificial intelligence Information systems|
The first one is financial accounting. It is the record-keeping activity of any business. The records are maintained in the form of documents such as invoices which contain large amounts of data. Machines are good in the calculation of funds taken in and out of the organization. They also do not suffer from errors such as forgetting which are common to man. The software is made to recognize the different data fed into it using artificial intelligence. It also uses the same principle to determine the correct step that can be taken to the data. The machines that contain the software are made to follow specific steps in the retail process and make the work easier. The result is the formation of a fully automatic financial accounting system that requires minimal human supervision.
Artificial intelligence is also used in the management of retail goods. An illustration of such is the use of algorithms that can be used in dynamic pricing. It is the setting of costs for products and services in a market that undergoes continuous change. The algorithms are fed with vast amounts of data that would not be handled by the human mind. From the fed data, the machines come up with a pricing system that is profitable to the seller and considerate for the buyer. It also considers aspects such as competition among other factors such as consumer preferences. The devices also make forecasts about the future depending on the calculations that they make. Such decisions may be essential in managing the goods that the retailer purchases. The estimates help in deciding the number of resources to invest in that period.
Furthermore, artificial intelligence has been used in ordering goods to replenish or start new stock. The machines calculate the right time to buy new products depending on the records of sale. They also determine the quantity that should be ordered depending on the patterns of purchase. When the records of the sale in the Artificial Intelligence machines, they suggest that one buys a bigger stock and the vice versa is also true. Predictions about the sales also count in ordering the goods since when a suggestion that the sales will be higher is made, the retailer see the urge to make a bigger order.
Additionally, machines play a role in serving customers. Artificial intelligence can be placed in robots that interact with the clients as they purchase the goods and services. The robots can respond to the client's instructions and give detailed explanations about the product that they need. They also make dialogues with the client and react like human assistants which makes them a worthy asset to the store. In case there are frauds and attempts to rob the store, the robots are also fitted with cameras and motion sensors that notice any type of irregular activity and send warnings to the security department. Besides, the machines are vital in detecting credit card fraud by scanning the payment methods of the client for any forged documents.
Technology is also applied in the transport of goods from one place to another. The machines are set in predefined routes and fitted with sensors that monitor for any changes in the set pathways. They also look for alternatives to alterations such as traffic jams to avoid delay in delivery. They are better in preventing cases of fraud during transport and are less prone to accidents. They can also fill the shelves to make the goods available for the client whenever they want them. The AI systems also hand out products to the customers, which reduce the delay in lines waiting for tellers to help them. They promote convenience in the store.
There are several benefits of using the AI systems. First, the retailers get suggestions about the means that they can use to deliver services to the people to win more clients. Furthermore, the devices locate new niches in the market and offer suggestions through which the retailer can fill the gap to benefit from it. It results in more significant profits as long as the retailer can exploit the opportunity.
Another benefit of the systems is inventory optimization. The seller can keep track of the events that happen in the store and come up with a more detailed analysis of the number of sales that they make. It is also easy to calculate the losses or profit that they make and from that decide on measures to increase profit and reduce loss. The machines also ease arrangement of the store since they can arrange the goods in shelves to get a proper display to the client.
By making dialogue with the buyers in the shop, the robots increase customer satisfaction since the client learns a lot about the company and the goods that it offers. The details given are also precise and not viable to errors such as exaggeration as seen in humans. Providing the correct information and making the customer feel free to ask anything from the machine satisfies them, and they bring other people to sample from the retailer. The result is more sales.
In conclusion, Artificial intelligence is one of the best means that machines are used in the retail industry. They help make the work easier for the retail store managers since they carry out laborious tasks such as analysis of the market, calculation of the rates of sale and purchase, predictions and transport. They also increase customer satisfaction by ensuring that the goods are delivered in time for the customer. They increase the efficiency of business activities such as transport by reducing accidents and fraud. The above explanations prove that Artificial Intelligence is an integral part of retailing.
Cite this page
Essay Sample on Artificial Intelligence. (2023, Feb 15). Retrieved from https://speedypaper.com/essays/essay-sample-on-artificial-intelligence
If you are the original author of this essay and no longer wish to have it published on the SpeedyPaper website, please click below to request its removal:
- Free Essay on How the 70s Influenced Modern America
- Should NFL Athletes Be Able to Use Anabolic Steroids? Essay Example
- Law Essay Example: Compare UK Courts and DIFC Courts
- Business Essay Example: Retail Innovation Strategy
- Free Essay about Social Media and Its Effects on Interaction Patterns
- Free Essay - The Application of Data and Primary Statistics
- Pros of Using PFCs to raise Pay for 21st Century Airport Infrastructure