Applications of AI: How your Business can Benefit from this Technology
It is one of the most booming sectors of computer technology today, and happens to be one of the least understood.
Maybe it’s because most of our knowledge about AI comes from the enthusiastic and imaginative representations of Artificial intelligence in pop culture. From the loveable R2D2 in star wars, and Wall-E from the Pixar movie to the infamous blood-thirsty Terminator, AI is undeniably exciting and never fails to pique everyone’s interest.
But where does the AI industry stand in reality and how is it helping shape industries today?
Read more to find out.
What is Artificial Intelligence?
Artificial Intelligence is the simulation of the natural intelligence in machines and mimics human actions. With the growth of technology, AI has had a great impact on our lives. Today, every industry wants to connect with AI technologies and AI itself has now become a promising career goal.
Why is artificial intelligence important?
AI has made it possible for machines to learn from experience (and hereby data) and perform tasks like humans. Using this technology, computers are trained to accomplish tasks by processing and recognizing large data. The application of AI ranges from a chess-playing computer to self-driven cars.
What are the advantages of artificial intelligence?
AI has been pushing the limits of automation. It facilitates machines to act with a degree of autonomy, resulting in the effective execution of various tasks.
Just like a human brain processes information to make decisions, AI enables a machine to process large chunks of data to provide insights, make decisions, or perform specific tasks. Since it is able to work at a super-human speed and capacity for long hours, the primary advantages of AI are:
- It is data driven and facilitates decision making
- Quicker turnaround
- It relies on data and isn’t as averse to risks
- Increased convenience for users/customers
- Reduces human error
- Can work 24*7
- It reduces need for manual oversight and can free up manpower
APPLICATION OF AI ACROSS DIFFERENT INDUSTRY
AI has become a part of everything in our day-to-day life. Right from the music recommendations, directions, mobile banking to fraud prevention, AI have taken over.
USE OF AI IN HEALTHCARE INDUSTRY
The evolution of healthcare has been quite prevalent since the implementation of Artificial intelligence. AI offers various advantages over traditional clinical decision-making techniques. The algorithms allow unprecedented insights into diagnostics, care processes, treatment variability, and patient outcomes. The possible welfare to the healthcare industry by using AI are:
More Accurate Diagnosis
According to a report by WHO, more than 138 Million patients are harmed every year by doctors’ errors. Against that, the promise of improving the diagnostic process is the AI’s most exciting healthcare application. Incomplete medical history and large data loads are the major causes of human errors. On the other hand, AI can predict and diagnose diseases at a faster rate than most medical professionals.
Developing New Medicines
One of the biggest breakthroughs in AI was drug development. The drug development industry is stalled by the skyrocketing research cost. With the use of AI technologies in biopharmaceutical companies are quickly taking advantage of developing better, efficient, and accurate chemical compositions.
Streamlining Patient Experience:
Implementing AI solutions offers to channelize the hospital operations through data gathering and prediction-making abilities. The advantage lies in the potential to improve treatment for the patients. AI continuously integrates active as well as passive data with the e-medicinal record. When using AI, the patients’ data will be available real-time, which can avoid possible friction in the availing treatments. The records insights can also make it possible to predict and diagnose future complications too.
USE OF AI IN E-COMMERCE INDUSTRY
In the current time, the e-commerce industry has been growing with aggressive competition. To keep up in the race, the companies are constantly updating their technologies and AI has become a part of their everyday activities. Below mentioned are the few domains where AI is used extensively by e-commerce companies.
Almost all companies have implemented the benefits of the chatbox in their online business. Customers get prompt responses to their queries or grievances.
This feature allows the user to select a part of the image and identify similar items with the help of recognition software. This feature is of great use in the e-commerce industry as it enhances the customer experience
Artificial intelligence allows computer systems to study user generated content to determine fake reviews from real reviews. Amazon is a good example of this. Their technology takes into consideration recency, upvotes and source of reviews to determine its authenticity.
The e-commerce companies have to deal with a lot of data on a daily basis. With the help of AI, an organisation can get customer insights based on this data. Not only do these technologies keep track of your location it also keeps a log of time you spent on a product or page. This is how you end up receiving notifications for price drops, sales and get ads for products you’ve been searching.
USE OF AI IN BANKING INDUSTRY
Over the past few decades, the banking industry has undergone a tremendous change in improvising the interaction with customers by involving modern technology in their process. Banks and independent financial organizations use AI to identify fraud, personalized services, creditworthiness, language processing, cybersecurity, risk management, and others.
Mobile banking is now more advanced, personalized, and secure with the use of AI. Canadian Bank has successfully integrated voice assistants to their application, providing more convenience and attracting higher revenue as compared to traditional methods. Banks are paying more attention to emerging technology in order to improve service quality and thus sustain competitiveness in the market.
AI technologies can appraise the credit history of the customers more accurately, than humans. Mobile banking can also track financial transactions and analyze user data effectively. Thus it can be said that AI helps the banks to anticipate the possible risk associated with loan issuing, identifies insolvency and fraud threats.
Even though banking has become highly digital, there are many human-based processes, which also involve a high amount of paperwork. Automation of these processes by AI eliminates the time consumed and human errors. The AI technologies are now more intelligent that can handle a wide range of banking workflows which was previously handled by humans.
USE OF AI IN LOGISTICS INDUSTRY
Logistics in a simple term is the management of the flow of products between locations. However, it is not as simple as it sounds. With the world becoming one family, logistics have become more frequent between locations that earlier never had been in business. The introduction of AI has been fruitful for the industry in the following ways:
Demand & Supply Planning
AI-enabled logistics organizations use real-time data in forecasting. This has enabled the drastic reduction of the forecasting outcome when compared to the traditional methods. With a more accurate prediction, the manufacturers can optimize their movement and control their operational costs. Also, the customers are less likely to experience stockouts. AI also helps in dynamic supply planning, with which the businesses use fewer resources and thus minimize waste.
Damaged products are quite common in logistics and it can lead to unsatisfied customers and loss of money. AI enables the business to identify such damages, and take actions to reduce the same. Also with AI, companies can take up predictive maintenance. Predictive Maintenance is about predicting the potential failures in the machine/process, by analyzing real-time data.
Pricing & Freight Management
Dynamic pricing is one of the biggest perks of AI. The real-time pricing changes with the demand and supply, competition price, and subsidiary product price. AI uses algorithms to analyze the customer’s historical data and thus respond to the demand fluctuation by adjusting prices. AI technologies also support the business in analyzing the existing route and the possible route optimization.
USE OF AI IN GAMING & ENTERTAINMENT INDUSTRY
AI automation has already gained much popularity in the entertainment industry, by allowing companies to deliver trending content. AI also boosts production businesses to make decisions about advertising and marketing by examining critical insights. Entertainment companies use AI in the following ways:
Entertainment firms are adopting AI technologies to analyze individual user data. These platforms then present insights on the particulars and thus extend them an extremely personalized encounter.
Classification of content
The platforms are full of different types of content, which can be overwhelming. This is where AI comes into the picture. Using the AI algorithms the platforms show content as per the viewers’ preference. AI detects the data, visual scenes, and other details including cast, genre, etc, and shows similar contents.
Controlling the contents
The industry is running with different types of content, and there are definitely many objectionable contents. Controlling such objectionable content is mandatory to be safe from regulatory authorities’ actions. AI detects and filters such content, by identifying users’ ages and demographics.
The applications of AI in today’s world are wide-spread and AI has led to the increasing adaptation of technology in various industries.
AI can help transform business functions in various industries by providing the machinery a sense of autonomy that increases accuracy and speed. Not only does AI help increase efficiency, it also plays a vital part in reducing redundancy and it will undeniably be a big part of technology in the future.