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Artificial Intelligence Business Potential

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By John White Last Updated on Jun 11, 2021

Artificial Intelligence is broadly used by several modern companies. Small and big businesses have now discovered its benefits and advantages. Though, the business potential of the AI for industry leaders and different firms is not completely understood. In addition, Artificial Intelligence itself is an actually disruptive technology that suggests more and more functions and applications every day. The experts forecast that in a limited year, AI will be used by 90 percent of businesses.

How Is Artificial Intelligence Used in Different Industries?

One of the rules that a successful company should follow is “innovate or die.” It means it should find better ways to conduct the business than other competitors. Artificial Intelligence proposals companies new opportunities: enhanced customer service, faster production, and automation of many procedures. This is why various businesses have already implemented AI to shorten their daily repetitive tasks.

artificial intelligence

Healthcare

AI offers nearly endless possibilities for healthcare. It is presently used by industry innovators to forecast diseases, recognize high-risk patient groups, and automate diagnostic tests and to raise the speed and correctness of treatment. It can also be used to improve drug formulations, predictive care, and DNA analysis that can positively impact the quality of healthcare and affect human lives. It is also used to proficiently gather individual patient data. AI-driven diagnostics can quickly sort through the massive amounts of data to suggest possible causes of medical conditions and ways to treat them.

Suggested Read: Key benefits of AI in testing

Retail

AI chatbots are among the most useful applications for this industry. This technology allows retailers to increase the amount of collectible customer data, giving them a competitive advantage over those who do not implement chatbots. When customers use verbal requests to navigate websites and to make purchases, chatbots are able to capture audible reactions, improve conversation capabilities, and over time, provide a retailer with the analytics that can be related with the sentiments of customers while online. As an outcome, the analytics deliver retailers with sufficient data to predict customers’ emotional replies to their online knowledge. This, in turn, enables retailers to tailor and personalize the customer experience with a focus on creating a happy experience. This increases the chances that the customer will return in the future.

Finance

AI is also controlling the finance market, performing many tasks faster and more professionally than humans from managing investments to gathering financial statistics. Industry leaders use predictive analytics to anticipate changes in the stock market and gain more investment opportunities. Practically every company in the financial technology sector has now started using AI to save time, reduce costs, and add importance.

Read: Why ML and AI will redefine software testing in 2019

Another good example of an implemented AI-drive application is a bank chatbot. When customers want to discuss their account information or reset an account password, this job is done by an AI robot. Some banks use AI as an image recognition software to analyze legal banking documents. The AI abstracts specific information and clauses in seconds, compared to the 360,000 hours it takes to physically analysis 12,000 annual commercial credit agreements.

Education

AI also has a lot to deal with the education industry. While some professors and teachers concern that AI technology may substitute them in the nearby future, developers and educational technology scientists claim that AI technology is intended to assist teachers rather than take their jobs. This includes exploring how courses could be improved. From finding gaps in lectures during a class to giving students extra educational support, AI technology can provide immensely helpful feedback to both educators and students to rapidly improve educational methods and refine the curriculum.

Transportation

AI technology is very efficiently used in the transportation industry. AI gathers data from a variety of sources to enhance and regulate shipping routes and shorten distribution networks. What is more, it can suggest using self-driving cars and trucks to reduce costs and save time. Some shipping companies are already trying to build self-navigating cargo ships: implemented AI-driven steering system may lay out the shortest, safest and most fuel-efficient routes based on the information about weather and any obstacles that might be in a ship’s way.

Read also: Difference between AI & ML

Artificial intelligence can help them to extend their goal to develop new technology that forecasts malfunctions, reduces maritime accidents and increases efficiency. AI has now proven that it is a dependable and effective tool that can be used in any business domain. Industries’ leaders use it to recover their services and production process, to be more popular and take first positions between competitors.