Applications of AI Across Different Verticals

The term ‘artificial intelligence’ was formed in 1956 at a conference in New Hampshire, and since then, the world has seen a number of milestones with different adoptions of AI. From virtual assistants such as Alexa to self-driving cars, AI technology is helping consumers improve their lives and make everyday operations easier. But what about businesses? How will they be using AI to attract customers, manage their business, and save time? It turns out, different verticals have their own applications of AI to scale their business and overall growth. 

Artificial Intelligence Software Market Growth

As the world continues to adopt AI practices, the software market is growing, as expected. According to Statista, the market is expected to reach $126 billion by 2025. Applications will include natural language processing, robotic process automation, and machine learning. 

COVID-19 Propelling the AI Movement

A major question to address is: Has COVID-19 propelled the AI movement? The answer is yes. 

In a survey by RELX, more than a thousand senior executives were surveyed on the topic of AI adoption during the pandemic. The majority of respondents (68%) increased their investment in AI technologies during the COVID-19 pandemic, 48% invested in new AI technologies while 46% invested further in AI technologies already in use at their companies. Similarly, 63% of business leaders polled reported having a positive experience with applications of AI technologies, as it helped their business stay resilient during rough times.  

However, it is crucial to note that the companies are using AI to increase worker productivity, not necessarily replace labor. That is not to say that AI is not being used to replace labor at all, it just means that those were not the results that were yielded from this survey. 

How AI is Being Used in Different Industries

Healthcare: As healthcare is rapidly transforming, especially during the pandemic, AI is increasing its presence in the vertical through various ways. Check out 5 Ways AI is Transforming the Healthcare Industry. Some other advanced healthcare methods that involve AI and ML are applying it to reduce diagnose errors, improving patient convenience, and assisting in delivering telehealth services.

Agriculture: The terms ‘smart farm’ and ‘farming 4.0’ are spreading fast within the agriculture sector. Both terms are synonyms for automation in farms which involve the application of AI. Robots are ready to take over farms and carry out various processes involved in the food chain including detecting weeds and packing. This will likely take over human jobs as mundane tasks will be handled by advanced technology. 

Manufacturing: Another sector which requires mundane processes to be handled, manufacturers are constantly looking for several tasks to be automated. Luckily, AI is here to save the day again. Common applications of AI include product development, price forecasting for raw materials, and customizing the look and feel of the products as well. 

Retail: Artificial intelligence is changing the way stores operate, both in-store and online. The main goal here is to improve customer service. Whether that is through helping customers find a product in a store, reduce long lines during checkout, or even robots that recognize customers by face and determine their likes and dislikes. The possibilities are endless.

Real Estate: You may have heard of various technology disrupting the real estate scene before, such as augmented reality (AR) and virtual reality (VR) online tours. Well, AI is also transforming the way realtors do business in various ways. Realtors can take advantage of this technological shift by incorporating a chatbot to their site, examining Big Data to have more targeting marketing campaigns, and better manage their properties. 

I want to Incorporate AI Technology to My Business, Where Do I Start?

Artificial intelligence can get complex, so you need to partner with a reputable software development company that has decades of experience to examine your business properly and craft the perfect AI solution to scale your business. From AI strategy consulting to development, we got you covered every step of the way. 

Sunvera is one of the top AI companies in Orange County, and can help you implement the right software solution for your business while helping you reduce costs and improve operational efficiency. Contact us for a FREE 2-hour consultation.  

5 Ways You Can Use AI to Scale Your Business

We couldn’t make it to flying cars in 2020. However, a far more revolutionary concept has set its foot in the Modern World. Artificial Intelligence, despite being a novice concept, has initiated to change the paradigms of life. Small and mid-sized companies as well as startups and entrepreneurs are adopting AI to scale their business.

Large scale corporate giants and startups both are investing in AI to gain a competitive edge in the market. If you’re wondering how to integrate AI into your business model to make it efficient, just keep reading and we’ll steer you to five ways you can use AI to scale your business. 

1. Improving Customer Experience Using AI

According to an American Express survey, 90% of Americans consider customer service as a deciding factor in choosing a product/service.

 If your company fails to provide an outstanding customer experience, it’s only a matter of time before you are ruled out of the market.  

Artificial Intelligence tools can help you build a flawless customer service model. An Accenture report concluded that by the end of 2020, AI-powered bots will be handling 80% of customer support. AI chatbots are being used by businesses on every scale. A chatbot not only provides a swift response but it can also deal with common issues faced by customers. 

2. Automated Marketing Via AI-Powered Tools

Marketing has not only been made easier but it is at the pinnacle of its success. Marketing ads are achieving higher conversion rates. It is due to consumer behavior analysis that marketing has become highly sophisticated and targeted. 

AI has shown improved performance in the following domains of Marketing:

  • Email Marketing
  • Content Generation
  • Digital Ad Campaigns

AI understands and makes predictions based on customer behavior. Understanding customer behavior can be used to send personalized emails. According to a Statistica report, personalized emails have an open rate of 18.1 percent in comparison to 13.1 percent of non-personalized emails. 

Digital ad campaigns are much easier with AI being able to handle the campaign on its own. All you need to do is create an ad and AI handles optimization, Analysis, cross-channel execution, and audience segment creation. Isn’t it great how AI has cut down the efforts that were needed to build an effective marketing campaign online?

Content creation and comparison is a great thing that can be done with AI-powered tools. You will get important insights about your content after it is compared with successful content online. This can help you significantly improve marketing efforts and scale your business with AI.

3. Hiring Process and AI

Recruiters spend a lot of time sifting through applications to find the right candidate for the job. 50% of the recruiters agree that hiring the right candidate is one of the hardest parts of their job. 

AI tools are used to hire the right candidate for the job. Proven performance data is used to create tests that need to be completed by applicants. Soft skills can also be tested in this way. Wouldn’t it be great if you don’t have to interview every candidate to find out whether they know how to use software or not? 

ProductiveHire is a great example of an AI-powered tool that is being used by recruiters in leading businesses. 

4. Data Security

Online businesses are under constant threat from scammers and hackers. Data breach and ransomware issues damage businesses to a great extent. A survey conducted by Norton concluded that it costs $3.86 million to recover the data after a data breach. The conventional ways to secure online businesses are being replaced by AI-powered tools. 

AI provides a reliable alternative to data protection. AI spots suspicious user behavior and blocks them timely. Google launched an update in 2016 which ended up blacklisting 20,000 malware-infected websites every week. 50,000 phishing websites were also blocked per week. 

Developers are integrating similar AI tools in their security system to tackle security risks. 

5. Data Science and AI for Intelligent Decision Making

Studying data and intelligent decision-making decisions based on that data has proven to be beneficial. AI uses Machine Learning and predictive analysis to create the probability of results for every decision that we can make. In this way, companies can make the best decision based on ever-changing customer needs. Consumer behavior analysis is one of the most important services offered by AI. You know what your customers are looking for and can provide that particular service without them asking for it. 

There might be several downsides of AI and people are a little hesitant to adopt it as an alternative to the conventional methods. However, the results so far have been so good that businesses are not only going to integrate AI tools in their business but also switch to them permanently. All you need to do now is find the perfect AI consulting firm to get started.

References

https://www.entrepreneur.com/article/337911

https://www.entrepreneur.com/article/337911

https://www.coxblue.com/5-ways-small-business-is-using-ai-and-machine-learning-right-now/