Artificial Intelligence has become a gamechanger for various industries in this day and age. Many organizations are utilizing Artificial Intelligence to streamline business processes and reduce operational costs. Businesses implementing AI applications would not only get the most effective business results but it would help them improve the user experience as well. This would enable them to attract the right target audience to their brand.
We will be taking a closer look at all of the industries that can derive huge benefits from the implementation of Artificial Intelligence. AI applications have many use cases which include Manufacturing, Academics, Travel, Real Estate, Healthcare, etc. Before we take a closer look at which particular industries can benefit from the implementation of AI Applications, let’s first understand what Artificial Intelligence is.
In his 2004 paper, John McCarthy defines Artificial Intelligence as “the science and engineering of making intelligent machines.” In its simplest terms, it refers to the ability of a computer to perform tasks that are more commonly associated with intelligent beings such as humans. It therefore demonstrates typical human characteristics such as the ability to reason and learn from experiences.
Now let’s look at all of the major industries that can benefit from incorporating Artificial Intelligence into their business processes.
There are a lot of benefits of having AI applications in the educational sector. For example, AI can help analyze the learning abilities of students and their history, and this in turn gives teachers a clearer picture of the lessons and subjects that need to be reevaluated.
This analysis will help teachers create the most ideal learning program for students. By making an analysis of the student’s specific needs, teachers can make use of these detailed insights to create courses that are tailored to addressing gaps in the student’s learning before the student lingers behind.
Educational institutes can also make use of AI-powered chatbots to answer repetitive questions from students without having to involve faculty members or the school administration.
AI helps teachers and professors focus on what really matters, which is giving their attention to developing an effective curriculum, lesson planning and enhancing student engagement. AI Applications can also help automate a variety of tasks. Exam marking and administrative work are all repetitive and mundane tasks that can be easily automated. With the use of automation tools, schools can speed up manual processes so that the faculty can focus on the core tasks at hand.
Artificial Intelligence is applied to a lot of healthcare services. Data mining is used to identify different patterns so that doctors can make a more accurate analysis and diagnosis of medical conditions, and their effective treatment.
AI can be used to make decisions about patients in hospitals. Patient health can be monitored using AI techniques such as machine learning to make an analysis of patterns in health records and other information stored in electronic health records.
AI can help healthcare professionals process patient data more accurately. Doctors can spend time focusing more on caring for the patient instead of the paperwork.
Banking & Financial Services
Banking and finance sectors have experienced massive transformation with the help of AI Applications. Humans are now being replaced by robots to process various loan applications.
There are also robotic officers in place that can skim through multiple sets of data to recommend the most ideal investment decisions to customers. These robotic advisors can also analyze your emails and social media activity to identify all of the companies that are in alignment with your company’s long-term goals and objectives.
AI-based chatbots are also being utilized in the insurance sector to enhance the customer experience and to create insurance plans using the customer’s data. AI Applications help reduce processing times and also helps banking and financial companies detect fraud easily.
Retail & eCommerce
Retail & eCommerce is the only industry where the use of Artificial Intelligence is quite evident amongst the general public.
Since the retail industry is usually very competitive, retail companies are constantly on the lookout to use different techniques to find patterns in customer behaviors to create strategies that can help them gain a competitive edge.
The product recommendations that you get on your social media feed are the use of real-time complex AI algorithms that determine which services you’re more interested in and which products you are more likely to purchase. There is also the prevalence of AI chatbots on eCommerce websites that can instantly answer all of the common and repetitive customer queries.
Logistics is a crucial component for any company to be able to run successfully. When it comes to logistics, the most important thing is to quickly adapt to any changes as they come.
You need to adapt quickly and in an efficient manner owing to the constant changes in demand. Implementing AI into your logistics systems can really help with this. Firstly, AI will help automate manual and repetitive tasks, that enhance efficiency and productivity. It also helps your business scale.
Using AI can help logistics to significantly improve the customer experience. AI applications can be used to handle multiple customer requests. This helps logistics companies focus on the more demanding tasks. AI can also be used to analyze data and as well as collect data in logistics to help make better-informed decisions. They also help with cost reduction, improve business operations by making them more efficient, and also help logistics companies gain a competitive edge.
AI can be used to implement predictive analytics that can help logistics companies explore and predict future trends. It can help them effectively identify customer behavior, such as which products these customers are more likely to purchase. This helps companies make effective decisions that are beneficial to all parties.