Artificial Intelligence has of late, been gaining incredible momentum in the contemporary world. Be it any industry for that matter, Artificial Intelligence is consistently striving to play a big, meaningful role, especially in creating an impact on your business.
In fact, industries which were once nonchalant to technological innovations like logistics, retail etc. are now imploring this Artificial Intelligence to improve productivity and performance.
A small research told me that Artificial Intelligence will contribute $15.7 trillion to the global economy by 2030.
This means businesses can reap huge benefits from investing in AI. In fact, 85% of executives believe that AI will help their businesses gain or sustain competitive advantage.
Well, you’ll be surprised to see how AI can play an extremely significant role in creating a booming impact on your business growth.
Here are 7 incredible ways industries have used Artificial Intelligence for Business.
AI-based Analytics to take better decisions
Did you know HANA, SAP’s in-memory data platform that uses machine learning to analyze and find patterns in big data?
Currently used by Walmart, HANA’s machine learning algorithms are bringing the important data to the forefront, so Walmart employees can make more data-driven decisions to handle their 25 million-plus customers who visit their stores from different parts of the world.
Marketing and Sales Automation
Gone are the days when a sales rep is stuck to phone calls and follow-ups. Today, thanks to AI, Chatbots are creating a soar in the marketing and sales automation.
AI-based Chatbots manage your routine work, respond to customer service requests, improves customer satisfaction and create recommendations for upselling.
Optimize your profit margins
Machine learning helps with price-optimization for various markets. For instance, RapidMiner, a data science platform, leverages data about its competitors, suppliers, consumer preferences, and risks to create pricing models for individual market segments automatically.
This AI-based approach helped these businesses to optimize its profit margins.
Inventory and Supply Chain Management
Machine learning algorithms help retail and other businesses to manage their inventory by automating refilling requests and optimizing supply chains.
In fact, these machine learning algorithms are intelligently carved so that you can hand over your inventory management and supply chain decisions to AI-based applications.
The most prominent AI platform used for supply chain management is IBM Watson. IBM’s supply chain products help you automate your order management and fulfilment.
Improve Maintenance and Safety of Your Equipment
Artificial Intelligence helps manufacturing and transportation sectors improve their maintenance schedules.
For example, General Electric (GE) has developed the Predix platform that uses Artificial Intelligence to optimize and scale industrial applications.
Likewise, the German conglomerate Siemens has been using neural networks to monitor its steel plants and improve efficiencies for decades.
Like GE, Siemens aims to monitor, record, and analyze everything in manufacturing from design to delivery to find problems and solutions that people might not even know exist. The German government has referred to this general dynamic of “Industry 4.0.”
Get Better at Hiring and Find the Top Candidates
Companies like Unilever, IBM, Dunkin Donuts are already using Artificial Intelligence to screen entry-level employees.
These new AI-based facial recognition applications, can interview candidates and evaluate their performance using emotional cues. Unilever has declared their AI-aided hiring a huge success.
Applicants can give an interview using the HireVue app on their smartphone. The app takes in the video and audio data from the interview, analyzes it and provides recommendations for the next steps to human recruiters.
Use AI to Fight Fraud and Prevent Cybercrimes
Businesses spend enormous time trying to detect fraudulent transactions. But fraud detection depends a lot on pattern recognition. Thanks to recent innovations, Machine Learning tools can pick these tasks up.
Cybersecurity threats are also a matter of detecting pattern anomalies. The company deepsense.ai is using machine learning techniques to develop solutions that can help companies better detect fraud.
With rule-based systems, there are a lot of false positives. Machine learning algorithms can decrease these false alarms.
Image Credit – https://blogs.systweak.com/