Artificial intelligence is widely used by many modern companies. However, the potential of AI for industry leaders and various firms is not fully understood. In addition, artificial intelligence itself is a truly disruptive technology that offers more and more features and applications every day. Experts predict that in a few years, AI will be used by 90% of enterprises.
How is artificial intelligence used in different industries?
One of the rules that a successful company must follow is «innovate or die.» This means that the company must find better ways to do business than its competitors. Artificial intelligence offers companies new opportunities: better customer service, faster production and automation of many processes. That’s why many companies have already implemented AI to simplify their daily routine tasks.
- Health care.
AI offers almost limitless possibilities for healthcare. AI is currently being used by industry companies to predict disease, identify high-risk patient populations, automate diagnostic tests, and improve the speed and accuracy of treatment. Artificial intelligence can be used to improve drug formulations, prediction and DNA analysis, which can positively impact the quality of care and people’s lives.
AI is also being used to efficiently collect individual patient data. AI-based diagnostics can quickly sort through vast amounts of data to suggest possible causes of diseases and treatments.
- Retail trade.
AI-based chatbots are one of the most useful applications for this industry. This technology allows retailers to increase the amount of customer data they collect, giving them a competitive advantage over those who do not implement chatbots. When customers use spoken queries to navigate sites and make purchases, chatbots can capture audible reactions, enhance communication experiences, and, over time, provide the retailer with analytics that can be related to customer emotions.
As a result, analytics provide retailers with enough data to predict customers’ emotional reactions to their experience. This, in turn, allows retailers to tailor and personalize the customer experience with a focus on creating a good experience. This increases the likelihood that the client will return in the future.
AI is also dominating the financial market, performing many tasks faster and more efficiently than humans, from managing investments to collecting financial data. Industry leaders use predictive analytics to anticipate changes in the stock market and get more investment opportunities. Nearly every company in the fintech sector has already started using AI to save time, cut costs, and add value.
AI also has a lot to offer the education industry. While some professors and teachers are concerned that AI technology may replace them in the near future, educational technology developers and researchers argue that AI technology is meant to help teachers, not replace them.
AI technology is being used very effectively in the transportation industry. AI collects data from various sources to optimize and adjust shipping routes and simplify distribution networks. What’s more, AI may suggest using cars and trucks for self-driving to cut costs and save time.
Some companies are already trying to build self-navigating cars: an embedded AI steering system can map out the shortest, safest, and most economical routes based on information about the weather and any obstacles the car might encounter. Artificial intelligence can help them achieve their goal of developing new technology that predicts disruption, reduces accidents and improves efficiency.
AI has already proven to be a reliable and efficient tool that can be used in any business area. Industry leaders are using it to improve their services and manufacturing process to become more successful and take the lead among the competition.
AI for big and small businesses
It is clear that artificial intelligence is a growing force in the tech industry, with chatbots and virtual assistants becoming a key part of new products, and robots showing potential in various areas.
For enterprises, practical applications of AI can be used in all sorts of ways, depending on the needs of the organization and the understanding of business intelligence. Businesses use AI to solve many different problems, from social data analysis to customer engagement to customer relationship management. AI helps streamline logistics and efficiency when it comes to asset tracking and management.
Another well-known fact: companies with a budget of a billion dollars have more opportunities to develop an effective service integrated with AI. Amazon and Microsoft have teams of data scientists working around the clock to build machine learning models that can improve efficiency.
However, small firms are also using artificial intelligence to improve customer service, collect data and find the best solution for their needs. Voice search and built-in chatbots that help customers find products or information and answer frequently asked questions are some of the most popular AI technologies around the world. Another useful solution for almost all kinds of companies is a tool that analyzes employee engagement and collects feedback on development needs. This helps create a positive work culture and reassures team members that their feedback is heard and understood.
There are AI-enabled tools that can quickly determine product-to-market fit by teaching machines to understand consumer segmentation. Instead of manually analyzing endless amounts of data, companies can use AI to quickly collect and evaluate data. Small and large businesses are becoming more targeted in their advertising, both traditional and online. AI can pinpoint customers and enable businesses to better navigate their customer base.
The use cases for AI can seem limitless to business owners – collecting data, finding and renting corporate real estate, managing day-to-day communications, scheduling appointments, and more.
Problems and Recommendations
Artificial intelligence is used to solve many problems in various industries and areas. However, experts say it is still one of the most difficult technologies to implement into daily activities. Some companies are not ready to meet difficulties in the implementation process. However, the AI is worth all the effort.
- Lack of computing power.
AI is a deep learning technique that is most promising in situations where there is a very large number of calculations that need to be done very quickly. This means that it uses a lot of processing power. One of the most accessible and popular solutions to this problem is cloud computing. As data volumes continue to grow, deep learning is driving the automatic creation of ever more complex algorithms, and this is where the development of next-generation computing infrastructure is needed. Some large companies simply use multiple clouds at the same time.
- Lack of human strength.
Until recently, AI was science fiction that people read about in books. Not many organizations were willing to invest in this area. However, a few years ago, AI became a new technology that disrupted the IT industry. The bad news was that the specialists were far from ready for the challenge. That’s why the IT sector lacks people who know how to operate machines, who think and learn. The main recommendation for those who want to create and implement AI tools is to hire a specialized company that will develop an AI-based application or offer a turnkey solution.
- Lack of trust.
People don’t feel comfortable when they don’t understand how decisions are made. The use of AI in various fields simplifies the daily routine tasks of teachers, doctors, bank employees, etc. However, ordinary customers can be confused with some AI activities. For example, some AI applications can diagnose a disease based on the symptoms and feelings described by a patient and suggest a treatment. The developer claims that this application is only a recommendation for the doctor, and the decision is up to him. The work of the AI-driven application is based on a complex human-designed analysis algorithm, but the patient does not see these months of hard work. All he sees is the few moments that have passed from data entry to the final decision. The solution to this problem is to let people know that this technology works.
Artificial intelligence is constantly transforming our daily business tasks and lifestyle. The efficiency of the business itself will soon depend on further analytic developments and improvements in artificial intelligence technology. That is why it is so important to implement AI applications today. And in order not to lose the advantage over competitors and start developing AI for yourself, you can leave a request on our website.