In recent years artificial intelligence became real leverage for businesses from various industries. It’s a proven fact since, according to recent research, the worldwide artificial intelligence market was valued at $27.23 billion in 2019. Moreover, analysts forecast its astonishing growth to more than $266 billion by 2027. Every year more and more enterprises implement AI into their workflows to make them more efficient and profitable.
In this article, we’ll cover what AI is and reveal all benefits that artificial intelligence can bring to businesses in various industries. Without further ado, let’s get started.
What Is Artificial Intelligence?
Many people treat artificial intelligence like alien technology, even in our modern age, and don’t fully understand what AI actually is.
In simple words, artificial intelligence is any kind of software that can simulate a human-like activity. This activity can include actions like problem-solving, analyzing, predicting, planning, and much more. AI’s main power lies in no need for human help to fulfill tasks after receiving all important information. To briefly describe the power and flexibility of artificial intelligence, here are several examples of AI use cases that we meet every day:
- Voice assistants (Siri, Alexa, Google Assistant)
- Smartphone cameras (AI-driven options like face detection, bokeh, and so on)
- AI recommendations in apps (Spotify, Amazon, Instagram, and so on)
- Face unlock features
Artificial Intelligence Benefits in Different Industries
Now let’s take a closer look at more specific AI use cases in various industries and the benefits artificial intelligence brings to them.
AI Levels Up Ecommerce Industry
Every year, retailers are increasingly adopting artificial intelligence solutions to improve their commerce businesses. The main application area of artificial intelligence in this area concerns the improvement of user experience and customer satisfaction. For example, trading giant Amazon uses artificial intelligence to manipulate cookies to provide highly personalized product recommendations to shoppers.
Besides, artificial intelligence is used to collect various information about customers’ behavior on the network. Thanks to this information, analysts can draw up development plans, correctly distribute resources, and think over effective marketing campaigns that will hit the target audience straight. For example, the Flipkart service uses artificial intelligence to analyze the likelihood of a customer returning an item, making it possible to accurately calculate suppliers’ efficiency and correctly distribute purchases.
Upgrading Human Resource Management
People are everything for business, but is there any place for artificial intelligence? Yes, of course. AI can level up many human resource management operations with great ease. Beginning from a simple recruitment process and ending with employee management. AI suits perfectly for optimizing and fulfilling repetitive tasks.
For example, PepsiCo upgraded their recruitment process with the use of a robot named Robot Vera. Its main tasks were calling and interviewing candidates for the sales department. The AI-driven robot successfully accomplished delivering a personalized approach for each candidate and fulfilling a repetitive yet necessary interviewing process.
AI Enhances Contact Centers
Contact centers play a huge part in customer experience building. Moreover, they gather information about the customers that helps businesses in the decision-making process. Artificial intelligence can significantly enhance this process and increase the amount of gathering information. Besides simple gathering, AI shines at its best when there’s a time to analyze this astonishing amount of customer data.
Another example is that more and more companies strive to build a chatbot for their businesses. AI-driven chatbots are a cost-effective and straightforward way to enhance customer support service. They don’t need to sleep, eat, they give answers in a matter of seconds and can process hundreds of customer’s queries in a short period of time.
Manufacturing Optimization with Artificial Intelligence
Manufacturing enterprises can make great use of artificial intelligence in their workflow. For example, the beer manufacturing giant Heineken utilizes AI power to leverage its profits and stock management efficiency. They use AI analysis and prediction capabilities to predict product demand on various periods and optimize warehouse loading. Besides that, AI is a great helper when there’s a need to look after a thousand technical equipment units. Artificial intelligence continuously checks the manufacturing equipment’s technical condition and signals about various malfunctions and the need for maintenance.
AI Makes Education More Engaging
Artificial intelligence upgrades the education process to a whole new level. AI can help deliver a personalized solution for each pupil and student anywhere and anytime. Besides, artificial intelligence takes control of routine tasks’ fulfillment and speeds them up, freeing teachers for more important tasks. For example, teachers already use multi-answer tests and held a check of these tests on artificial intelligence.
Let’s go further. AI can level up the engagement of the education process for rather dull and complicated subjects in schools. For example, the Ozobot robot helps children dive into back-end web development basics interactively via a special mobile app. This AI-driven robot dances and interacts with the children, encouraging their engagement and will to learn.
Healthcare System Gets Stronger with Artificial Intelligence
Health is the basis for everything. And even such an essential thing as the healthcare industry can benefit from utilizing artificial intelligence in the workflow. For example, Aperiomics company created an AI-driven method to analyze organic samples for various diseases with incredible speed and accuracy. This method consists of a database and machine learning algorithms that can identify every pathogen from an organic sample. To be more precise, database 37,000 known and documented pathogens, and these algorithms can identify what pathogen is in the organic sample.
If you want something down-to-earth, artificial intelligence can manage EHR systems that can be familiar to you. EHR systems hold many patients’ data, and it’s hard for humans to analyze all these arrays without special tools. AI is an excellent tool in drawing up comprehensive analysis reports that help physicians in medication prescribing, disease prediction, avoiding ADR, and so on.
Wrapping Up
We’ve covered everything you need to know about AI and its benefits for business. Of course, it's not the whole list of advantages that artificial intelligence can grant to companies. We hope that this article was useful, and now you are ready to go towards AI implementation into your workflow.
