Future of business with adoption of AI & Machine Learning
What is Artificial Intelligence (AI)?
Artificial Intelligence assist machines to perform human-like tasks. AI is a popular technology adopting by many industries with its smart features. Artificial Intelligence is two types: Strong AI and Weak AI.
Artificial Intelligence by Industry
This advanced AI technology is empowering in many industries. The organizations are adopting AI and moving faster than ever. Multiple sectors are gaining huge profits using AI technology.
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Just have a look at the significant reasons behind the increased adoption of AI:
Due to the above reason, the popularity of AI across businesses is rising. By 2025, AI will reach over $190.6 billion in value. It will remain as the core of future technologies in the market. Tech giants like Microsoft, IBM, and Dell are already deployed AI to stay a step ahead in the future IT industry.
The companies that have adopted AI are observing fruitful business growth. AI-powered machines or AI apps are helping companies to generate increased revenues. The figure below depicts the market forecast of revenues generated by enterprise level AI:
Due to the above reason, the popularity of AI across businesses is increasing. By 2025, AI will reach over $190.6 billion in value. It will remain as the core of future technologies in the market. Biggest IT corporations like Microsoft, IBM, and Dell are already deployed AI to stay a step ahead in the future IT industry.
The companies that have adopted AI are observing fruitful business growth. AI-powered machines or AI apps helping companies to generate increased revenues. The figure below depicts the market forecast of revenues generated by enterprise-level AI:
In the graph above, it can be seen that the companies are planning to increase their revenue from $ 0.8 billion in 2017 to $ 31.2 billion by 2025.
Over 80% of companies believe that AI is best for improving sales and predicting future growth.
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Now, we will look at what kind of benefits will AI provide to varied industries?
AI in Healthcare
The term Artificial Intelligence technology helps healthcare service providers in detecting diseases. AI-based virtual assistants used to monitor the patient’s health disorders. AI uses machine learning (ML) and deep learning to deliver accurate insights into the patient’s data.
AI in healthcare helps service providers in multiple ways. Few of them include:
#1 To Detect Diseases Faster
AI-driven apps can detect severe health conditions. In particular, AI healthcare devices find cancer in the early stage. The use of AI in healthcare gives 99% of accurate predictions that help to provide treatment at the right time.
The researchers proved that artificial neural networks identify severe diseases like retinal risks and tumours etc.
Wearables and other medical devices trained with AI and IoT can detect heart diseases in early stages. Thus, AI with cloud technology, physicians can monitor their patient’s conditions efficiently.
#2 To Take best Clinical Decisions
AI machines uses predictive analytics to offer the best clinical decisions. These machines predicts and easily recognize the level of risk. Thus, the healthcare sector is highly adopting AI to take the best clinical results.
#3 To Reduce Human Errors
AI technology avoids human errors as it automates the entire processes. It helps physicians to reduce the risk rate of patients who undergo the operation. Thus, Artificial Intelligence in healthcare acts like the best assistant to monitor stressful situations.
#4 For Providing Virtual Assistance
Artificial Intelligence supports Tele medicine (a virtual service provided by physicians) services. AI helps doctors to assist their patients who are in remote locations. Using AI-based medical devices like robots, doctors can assist their patients/staff in hospitals.
The above are only a few of the essential advantages of AI in healthcare. Be ready to observe breakthroughs in AI in the future.
AI In E-commerce
AI in e-commerce transforms traditional retail ways. Artificial Intelligence helps online retailers to provide increased customer personalization and satisfaction to their customers.
How can AI help e-commerce Companies?
Artificial Intelligence in e-commerce assists retailers in analyzing customer behaviours and preferences. AI offers operational agility, decision making power, and quick product launch. In addition, increased customers and sales are other significant benefits of using AI in retail.
Nearly half of the global online retailers have adopted AI in 2019. In addition, many more retailers are also in plans of investing in AI. Below are the few of the significant benefits of AI development in the e-commerce sector:
#1 Customer Centric Visual Search
Customers face some risks in doing online shopping. Mostly, the customers will disappoint when they received an irrelevant product. Thus, the business is affected. For problem solving, e-commerce giants like Amazon, Walmart, Bigbasket, and others are using AI systems in retail.
By deploying Natural Language Processing (NLP) techniques, the companies are improving search results for customers. In addition, AI can find and match wished products accurately. Thus, AI, ML, deep learning, and NLP technologies together improve the customer experience.
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#2 Improve Sales Procedures
AI tools boost your sales process. This computer systems using NLP technology enables your sales team to manage clients efficiently.
USM’s AI solution helps retailers to understand your customer needs. For instance, our proprietary CRM tool assists your sales team to manage clients efficiently.
#3 Personalized Customer Experience
AI products for sales and marketing ensures increased satisfaction and personalization. Artificial intelligence solutions in e-commerce can analyze customer behaviour patterns. This computer science based technology monitors every connectivity channel (like email, website, or android/smartphone apps) and creates a complete customer view.
#4 The Best AI Chatbot
Nowadays, E-Commerce companies are using AI Chatbots to increase customer experience.
An AI Chatbot is the best way to engage users online. AI-based Chatbot automates the online ordering processes and provides 24/7 customer services. This conversational e-commerce app helps to increase conversation rates.
Moreover, AI Chatbot tracks customer behaviour using their search patterns. Thus, these virtual assistants open new opportunities to e-commerce retailers.
According to a research report, the Chatbot market will reach $7.6 billion by 2024. Moreover, voice-based smart chatbots are in high demand. The figure below depicts the market growth of Chatbots from 2019-2024.
AI apps and solutions in e-commerce industry help to filter fake customer reviews.
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AI In Banking and Financial
Ranging from ML and deep learning to neural networks, AI includes many advanced technologies. AI is widely adopting by the banking and finance companies. The following are the few of the significant benefits of AI in the banking and finance sector:
#1 Boost Customer Experience
One of the most significant benefits of using AI in the banking and finance sector is improved customer experience. AI enables the business to understand their clients better. This capability improves the overall customer experience.
#2 Personalized and Secured Payment Systems
AI solutions provide a personalized payment experience. AI-based mobile apps allow users to select the choice of payment in a secured manner.
#3 Fraud Detection
AI applications in banking detect risks and minimize fraudulent acts. AI tools in finance scan the transactional data to detect irregular behaviour patterns. Hence, using smart AI tools, banking and finance companies are protecting their business from breaches.
#4 Increase Productivity
AI automates the entire banking process and thus improves overall productivity.
#5 Mobile Apps Drives Growth in Banking
To expand the brand, insurance companies are heavily investing in AI-powered mobile apps. Just have a look at the significant AI use cases for the banking and finance sector:
Many multipurpose insurance mobile apps are existing in the market. AI-based solutions for insurance companies help in grasping customer experience. The significant benefits of AI-driven insurance mobile apps include:
- Lead management
- Customer retention and nurture
- Automatic notifications
- Online payments
- Report incidents, seek help and file claim.
The investment mobile apps let your customers gather portfolio values, a summary of their holdings, and intelligent insights on their investments. Major benefits include:
- Smart Investment Advice
- Portfolio Management & Holding Summary
- Regulatory compliance
- Performance Reporting
This kind of apps handles every financial transaction smoothly. In addition, AI apps handle financial information like cash assets, liabilities, and fixed assets. The benefits of customized accounting mobility solutions include:
- Automated invoicing
- Tax preparation and saving
- Bank reconciliation
#4) Banking Apps
The AI-based mobile apps for banking helps to expand the brand globally within a short span. The benefits include:
- Personalized banking experiences
- Secure and user-friendly
- Customer engagement
- Compliance safety Apps
#5) Digital Wallet Apps
Digital wallet apps empower users to pay from their smartphones only. Using a secured payment gateway it allows users to pay through credit cards, debit cards, and internet banking.
- Payment using NFC, QR, and mobile numbers
- High security
- Avoids fraudulent acts
- Reduces response speed
- Leading payment gateways
- Improved user experience
- AI in Marketing and Sales
Increased connectivity and lead generation & conversion are prominent for the sales and marketing industries. AI allows sales and marketing groups to connect to targeted clients easily.
#1 AI in Sales
AI-based tools in sales help to find and sort out qualified leads. Besides, AI tools continuously monitor orders and communicate with potential clients. Thus, AI assists the sales team in increasing conversion rates and excelling revenue margin.
Below are the few of the key AI benefits in sales:
- Artificial intelligence provides excellent assistance to sales professionals.
- AI apps in sales can process a massive quantity of data collected from cloud and IoT devices.
- AI helps sales business to reduce labour, as AI automates the traditional sales process.
- AI performs tasks which are complicated and allows the sales team to focus on specific tasks.
- Strengthens lead generation pipeline
AI provides new opportunities for salespeople. For instance, automatically sending follow-up e-mails on a timely basis to prospect clients helps sales individuals deliver fruitful results.
#2 Artificial Intelligence in Marketing
Below are the few of the key Artificial Intelligence benefits in marketing:
- Artificial intelligence empowers digital marketers.
- Using AI tools, marketers access to vast customer’s profiles and thus gathers valuable data.
- Marketing AI tools involves the process of content curation. Thus, AI can publish brand specific content that is visible to the targeted audience.
- Artificial intelligence solutions in marketing help to service providers take the best business decision quickly.
- AI provides increased personalization.
- Incorporates continuous communications between customers and marketers
- Marketing AI helps marketers prevent prospective clients from slipping away.
#3 AI in Manufacturing
The manufacturing companies are adopting AI to reduce operational costs. They believe that AI in manufacturing gives unbelievable growth opportunities. Many companies are using AI-powered machines and tools to improve operational efficiency. In addition, safety measures and product quality will also be improved with AI.
Below are the few benefits of industrial AI in manufacturing industry:
- Brings Automation for driving cars or other vehicles
- Improves product quality
- Continuous production using intelligent robots
- Improves safety measures
- Predicts market trends
- Tracks devise and equipment performance.
- Predicts malfunctions and failures
- Give the ability to take Quick decisions making.
#4 AI In Agriculture
Agriculture is a significant contributor to the economy. The farmers are using AI to produce healthy crops, control pesticides, and monitor soil conditions. The below are the top four applications of AI in agriculture:
- Agricultural Robots: These AI-powered robots can harvest crops faster than humans can.
- Weather Monitoring: AI accurately monitors weather conditions and predict future environmental impacts on crops.
- Soil Monitoring: Using ML and deep learning techniques, AI-powered devices continuously monitor soil conditions.
- Detects Plant Diseases: AI apps can detect plant diseases in early stages. Thus, a proper diagnosis at the right time will be given to protect the crop’s health.