AI came a long way in the past few years. Something you would see in science fiction movies not so long ago became the go-to solution for all kinds of devices, companies, and practices all over the world.
Artificial Intelligence today has the power to improve all kinds of activities by crunching tons of data to identify weak spots and propose potential solutions. It also has a huge impact on businesses, as it's able to automate tasks, identify trends, etc. The future of AI is looking bright, and this article will tell you why.
The Technology behind AI
AI uses multiple high-end technologies and advanced concepts to provide useful insight for a multitude of industries. It is used for things such as facial recognition, robot construction, and machine learning (ML) designed to find solutions to many different problems.
It is designed to allow computers to imitate human behavior, and it can help grow a business using the best practices derived from ML and Natural Language Processing. Let's take a closer look at these two prominent AI applications.
Machine Learning
Most AI models use ML to identify weak spots in an operation by managing generated data. The model examines the data and identifies patterns allowing it to make accurate predictions about future trends. ML models can help improve all kinds of businesses. For example, think about Spotify. Once you start listening to music you like, the platform will propose new artists based on your current playlist. Most successful companies use AI and ML to improve their offers and increase sales, so it’s definitely a game changer for businesses far and wide.
Natural Language Processing
Just like ML Natural Language Processing is a subsidiary technology behind AI. It's designed to read, understand, and respond to conversational languages such as Siri, Google Assistant, Alexa, and so on. The most advanced NLPs can differentiate details such as tone, context, etc.
It has a prominent application in the business industry and it can help companies improve their presentation, get closer to their audience, and grow the business using the best possible practices.
Industries Using AI to Improve Their Operations
AI has proven its worth and is already used by many different industries and it’s definitely a game changer for businesses everywhere. The ability to boost human efficiency and productivity has led thousands of companies to adopt AI and make it a standard feature of their operations. Today, AI is used to help with decision making, data analytics, translation, learning, etc. Here are some of the industries where AI is making the biggest difference.
1. Manufacturing
When it comes to boosting productivity and efficiency, the manufacturing industry is obviously one of the first to include AI in complex manufacturing operations. Special AI solutions helped hundreds of companies improve the efficiency of production lines, boost employee efficiency, generate real-time insights, and improve overall product design and development.
The right AI solution can help manufacturing companies in the following ways:
- Providing full monitoring of every stage during product production.
- Accurately predicting product stocks, improving logistics and production planning.
- Helping develop robots for dangerous tasks to minimize the risk of injuries.
- Predictive maintenance that minimizes downtime.
- Helping engineers achieve better results by using machine learning to understand what solutions work.
- These are just some of the benefits AI brings to the manufacturing industry. When coupled with sensors and IoT, AI can also help with asset management, employee tracking, etc.
2. Healthcare
Healthcare is another industry that adopted AI as a game changer for business applications. It is widely used to automate processes within the industry to improve operational capabilities. AI is used for practices such as:
- Providing more accurate diagnoses based on trends, data, and previous patients.
- Helping surgeons reduce pain, prevent blood loss, and shorten hospital stays by using bots.
- Digitilizing health records to improve patient access to information online.
- Remote patient monitoring during a pandemic to minimize exposure to viruses.
Artificial intelligence has proven to be a very powerful tool for the health industry, and we will see new implementations shortly. AI models will soon be capable of developing drugs, interpreting radiology images, and much more.
3. Finance
As the world economy becomes more and more complex, it makes it increasingly harder for financial experts to stay on top of what's going on. That's why over 75% of banks that own assets over $100 billion turned to AI technologies to improve their operations.
An advanced AI solution is able to quickly identify issues and cut down on expenses on every level. As a result, these technologies managed to generate over $250 in value for the largest financial companies. AI's ability to identify trends, find saving opportunities, and make accurate predictions keeps attracting more and more companies from the financial sector. AI is a definite game changer for businesses in the long run.
4. Retail
As the world is making a final push towards complete digitalization, the number of eCommerce platforms has skyrocketed in the past few years. Most online stores generate massive volumes of customer information and other useful data that can help improve sales and logistics.
Naturally, AI is used to boost quality and management on a massive scale. Once an AI model organizes customer data, it can improve ad targeting by helping platforms display the right product to every specific user. For example, it can learn what each individual wants based on their budget, color preference, browsing data, online behavior, etc.
With the use of chatbots and predictive analytics, AI can also reduce the chances of cart abandonment, which is a huge challenge for most online stores. Moreover, by implementing voice search features, AI can help boost the overall shopping experience.
5. Education
Last, but not least, AI has the power to improve education by offering solutions to automate administrative tasks. It is also very efficient at improving the time needed to complete complex tasks. Once a university adopts an AI model, every teacher can spend more time working with students rather than filling out the paperwork.
Moreover, it can also help teachers evaluate tests faster, and with the use of advanced robots, schools can create custom educative material, simulations, and textbooks. The increasingly popular smart campus initiatives proved that technology and humans can work together to improve education quality.
The physical requirement is not there anymore, so students all over the world can get the same high-quality education using AI-created interactive platforms.
Other Business Applications
Apart from the industries, we covered above, AI can provide all kinds of benefits for all businesses. It can help improve operations and marketing efforts to increase conversions and ROI. Here are a few common AI applications in business:
1. Full-Time Customer Support
Businesses don't have to rely on call centers to provide customer support anymore. With the use of chatbots controlled by AI, companies can provide full live support anywhere in the world. Instead of talking to a real person, customers can communicate with a voice AI such as Siri or Alexa, which are programmed to answer frequently asked questions.
2. Advertising
Making sure that your ads reach the right audience is becoming increasingly complicated. Without the use of AI, businesses have to spend a lot of time on SEO and other practices to ensure that their ads reach the right people. However, AI can help identify the right audience and display the ads more accurately. It can identify what a user is looking for in their searches and redirect the ads to the right people. That can be done directly in the browser, but also on social media such as Instagram and Facebook.
3. Buying Recommendations
Similar to specific ad targeting, AI can also predict what users want and provide them with related offers. That gives the company another channel they can use to make sales. The best thing is that AI is only at the beginning when it comes to practices such as this one. It will soon change how the world works in many different applications. Another area where AI proves to be a real game changer for businesses and business applications.
AI is the Future
Artificial intelligence and machine learning are the next steps in worldwide digitalization. Together, they have the power to help transform businesses and entire industries for the needs of the 21st century. AI provides all kinds of benefits, especially when it comes to streamlining operations and automating tasks.
It has an application on all levels of an organization from improving the customer experience, to running tests, developing apps, and solving complex problems. It's a game changer for businesses and it's here to stay.
