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Developments in big data, machine learning, and other technologies have made it essential to use artificial intelligence (AI) in core business processes of different industries. Companies of all sizes are leveraging AI for intelligent operations, to improve business productivity, earn more revenue, make smarter decisions, serve customers better, and enjoy other benefits. These AI technologies provide actionable and intelligent insights to help companies achieve higher ROI and transform their business operations.
Though it was once exclusively used by tech companies, today, AI has become a household name worldwide. Organizations from different industries are finding new ways to incorporate AI in their business dynamics. While the end solution might look different for different companies based on their needs and requirements, the foundation on which the fourth industrial revolution is being imagined is the same. So, here is a look at the different industries that have warmed up to AI and how.
Industries that are using AI for Intelligent Operations
Although AI is still undergoing developments and improvements every day, it has evolved a lot since IBM’s Deep Blue beat the reigning chess grandmaster Garry Kasparov in 1997. Every industry is now using machine intelligence and other technologies in some way or another.
E-commerce and Retail
Predictive analysis, machine learning, data analytics, and other AI technologies are bringing a paradigm shift in the e-commerce and retail industry. Tasks that were predominantly done manually, such as picking, packing, or shipping, are being shifted to automated machines, to not only complete them faster, but also ensure fewer errors. Customer feedback and past shopping records are being utilized to create a targeted shopping experience that adapts as per the customer’s needs and liking. All these techniques have resulted in an increase in sales and revenue.
This industry is perhaps one of the biggest incorporators of AI-based applications. From digital consultation to medicine prescription, the healthcare industry is embracing AI with wide open arms. The industry is finding new ways of using AI in surgeries and operations theaters as well. Machines are less prone to fatigue or bias that can lead to a wrong decision, making them dependable for supporting doctors or carrying out operations on their own. AI is especially beneficial for doctors and patients living in remote areas as it can provide knowledge and training for potentially life-saving procedures.
Digging for gold, diamond or other precious metals can be highly profitable if miners hit the right spot at the very first attempt. Mining can be a costly initiative since it requires a large workforce, sophisticated machinery, and accurate calculations. The use of AI and related technologies can make it easier for mining professionals to find raw materials, precious metals, or potential energy sources more accurately. This makes the whole operation cost-effective and error-free. AI is also proving useful for ensuring worker safety in tough conditions.
The education industry is getting a major revamp by incorporating AI in its learning methods. Online learning, bite-sized modules, gamified assessments, virtual classes, and other methods are not only keeping learners engaged, but also improving knowledge retention. Machine learning and data analytics are helping institutions to keep a closer tab on their students and help those struggling academically or financially as well. AI is also turning out to be instrumental in handling student dropout rates across colleges and universities.
AI and modern technologies are largely responsible for the emergence of Fintech and Insurtech companies, the likes of which were unheard of about a decade ago. Banks and financial institutions are incorporating AI into their services to assess risk efficiently, detect frauds, process claims and loan applications quickly, and do a lot more. Analyzing customer data with AI is also helping financial companies to create personalized investment plans, insurance policies, and marketing campaigns for their clients.
The food industry has started using AI inside food processing plants to automate packaging, picking, and other tasks. The travel industry is using advanced AI algorithms to analyze traveling trends for different demographics and curate smart strategies to target users better. It is also using chatbots to quickly resolve customer queries related to booking, accommodation, flights, and more.
To wrap up, businesses that are digitizing their processes are investing in AI-based technologies and devices. These solutions can help these organizations to become more efficient, error-free, flexible to changing market needs, and stay competitive. AI automates and completes manual tasks quickly and accurately to prevent them from becoming a hindrance when it comes to achieving business goals. With the AI market size expected to reach USD 309.6 billion by 2026, corporations are realizing the benefits of using AI for intelligent operations and are transforming to a more digital approach.