Benefits of AI in Different Business Sectors
The world is changing fast. Can you imagine that we went from the first computers that could only perform simple calculations to sophisticated devices, like virtual reality, that can help us travel and experience any place using nothing but the power of technology?
Thanks to all the technological advances, we are truly living in an exciting world full of possibilities. However, such rapid development also created a challenge for the business sector.
Companies are forced to adapt their business models and operations with recent innovations to keep up with the pace of change.
Today, one of the greatest innovations in the business world is Artificial Intelligence. It has become a popular buzzword in recent years, and for good reason.
From automated data entry to predictive analytics – Artificial intelligence solutions offer a wide variety of benefits for the business sector that helps with revenue growth, increased productivity, and overall competitive advantage.
In this post, we will discuss how AI benefits different business sectors!
AI in Ecommerce
E-commerce is now estimated to account for 19.5 percent of retail sales worldwide, and this is despite the challenging year of 2020 due to the pandemic.
Like artificial intelligence, e-commerce is also developing in a rapid phase. This makes e-commerce and AI increasingly intertwined.
These are the main benefits that AI offers to the e-commerce sector:
- Customized experiences: By analyzing customer data (most viewed products, shopping list, etc.), Artificial intelligence can predict what customers want, and suggesting products that are similar or relevant to the user’s interests. Delivering such personal experiences helps increase sales and customer loyalty.
- Price optimization: By analyzing various factors that affect customer demand, such as seasonality, market trends, the number of competitors, etc., AI can determine how customers will react to different product prices and choose the one that can best maximize operating profit.
- Improved customer service: AI chatbots free up customer service agents by answering frequently asked questions so staff can focus their attention on clients who really need help. Since AI can instantly check each customer’s order history and package status, it can provide a quick and satisfactory response in no time.
- Time-Saving: From customer service to package handling automation, AI has saved e-commerce businesses millions of dollars and hours by automating various tasks.
AI in Manufacturing
Artificial Intelligence works by mimicking the cognitive functions of humans and using decision-making algorithms for tasks like identifying patterns, making predictions and improving responses.
All of the above, combined with the data provided by the IoT sensors, helps the manufacturing sector to use artificial intelligence solutions to reduce labor costs, increase production, optimize the use of resource allocation (for example, energy) and minimize human error in the workplace.
AI in Healthcare
The adoption of AI takes healthcare delivery to the next level. One of the biggest challenges for the industry, especially after the pandemic, has been the high demand and low supply of healthcare resources.
However, with the help of artificial intelligence, the healthcare industry can effectively overcome these challenges.
For this reason, healthcare assistants use AI to help them provide better patient care through monitoring devices such as smartwatches or blood pressure bracelets that offer constant feedback to patients and their doctors.
As in other sectors, also in the healthcare sector, AI can automate certain tasks. For example, artificial intelligence systems are used to analyze CT scans or X-rays against previous scans of the same patients. This helps detect and diagnose diseases such as cancer or heart disease at an early stage.
Automation has been taken even further, with healthcare centers using AI-powered surgical robots to improve surgery performance.
Another benefit of AI for the medical sector is helping to triage patients, which became even more important after the patient increase in emergency rooms due to COVID19.
These are just a few examples of the use of AI in healthcare; However, due to the increasing adoption of this technology, we will surely see more innovative applications of AI.
AI in Finance
Game changer – that’s what Artificial Intelligence has been called for in the financial sector.
This is due to the ability of AI to automate data entry for financial institutions. We know that the financial industry is bombarded with mountains of documents such as reports, agreements, and contracts, making manual data entry extremely cumbersome and paving the way for human error.
But thanks to AI’s optical character recognition and deep learning algorithms, companies can automate manual data entry, increasing productivity and accuracy.
However, the main application of AI for the finance sector is compliance and data accuracy. AI helps banks and other financial companies examine and analyze the different financial activities of clients, such as transactions, investments, withdrawals, and general financial health.
With the use of Artificial intelligence, companies can identify irregularities in account balances, transactions or specific activities which may lead to a fraud alert.
Predictive analytics, on the other hand, helps to analyze real-time or historically collected data and identify behavior patterns of people with the aim of detecting those who pose the most risk of committing financial crimes such as money laundering or illicit financial flows.
AI in Gaming
Those who played the HALO game know how interesting its gameplay and campaign missions are. All this is thanks to AI-powered enemies that make the whole experience more challenging and interesting.
The applications of artificial intelligence in the gaming industry are varied. AI in gaming can be used to make sure that games stay challenging and interesting for players over time.
The gaming industry has started to use artificial intelligence technology, such as machine learning algorithms, to analyze user behavior and devise strategies to increase engagement and monetization.
The result is a more lively and dynamic feeling for the player that creates a challenge for the user and the need to win the game.
AI technologies help game developers with mundane tasks such as building data-driven models on player behavior – for example, to see how often a player will reach a given point in the game. Based on these insights, AI systems can later personalize the gaming experience in such a way that will make players even more engaged.
There is no doubt that artificial intelligence is revolutionizing and rapidly changing the way businesses operate.
Access to business data enables artificial intelligence systems to understand, reason, and learn from patterns to help solve complex problems. All of this translates into improved productivity, increased sales, and a better customer experience.
And while AI use cases are already fascinating, we have yet to see more integrations and creative solutions that artificial intelligence will deliver.
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