AI Applications that are Transforming Businesses

Introduction

In the previous blog post we discussed a few real world examples of Computer Vision which is a subset of Artificial Intelligence (AI). In this post lets discuss some other AI applications that are transforming businesses. AI is no longer the stuff of science fiction movies. This burgeoning technology is being leveraged by businesses in a number of different industries to streamline processes, improve efficiency, and augment human decision-making.  Here are some examples of how AI is currently being used in businesses.

Predictive maintenance

Predictive maintenance is a field of AI involving the use of algorithms to analyze data collected from sensors to identify patterns that could indicate when machinery is about to fail. This information can then be used to schedule repairs during downtime, before the equipment breaks down completely. United Airlines, for instance, has been using AI for predictive maintenance on its aircraft for several years and has reported saving millions of dollars as a result.

Financial analysis

Many financial firms are using artificial intelligence to automate the task of analyzing financial reports. This frees up human employees to focus on more strategic tasks, such as identifying new opportunities for investment. Goldman Sachs, Morgan Stanley, and JPMorgan Chase are all using AI in this way.

Recruitment

Recruitment is another area where businesses are beginning to utilize AI. By sifting through resumes and identifying candidates with the right skills and experience for vacant positions, AI can take a lot of the legwork out of recruitment and help businesses save time and money. IBM Watson candidate assistant is one example of an AI tool that’s being used for this purpose.

Automated Ad targeting

One of the main advantages of using AI in marketing is the ability to target ads more effectively. By using customer data, businesses can create detailed customer profiles which can then be used to target ads at specific customers who are more likely to be interested in what they have to sell. This type of targeted advertising is much more effective than traditional methods and can lead to increased sales and a lower cost per acquisition.

Chatbots

Another way businesses are using AI in marketing is through chatbots. Chatbots are computer programs that simulate human conversation and can be used to provide customer support or lead generation. They are an effective way to handle large volumes of customer enquiries without the need for human intervention. Additionally, they can be programmed to understand customer intent and provide relevant information or recommendations.

Personalised recommendations

An important part of marketing is providing customers with personalised recommendations that are relevant to their interests. This can be a time-consuming task for human employees, but it is something that AI excels at. By analysing customer data, businesses can provide highly accurate recommendations for products or services that the customer is likely to be interested in. This not only improves the customer experience but can also lead to increased sales.

Conclusion

AI is already beginning to transform many aspects of business, with more applications sure to emerge in the years to come. As businesses increasingly adopt AI-powered solutions, those that don’t risk being left behind.