6 Useful Applications of AI & Machine Learning in Your Business Processes
As human intelligence continues to progress, we see new and more sophisticated technologies, and AI is its latest manifestation. Artificial intelligence (AI) has gained a lot of recognition in the past few years. AI is one of the greatest technologies developed by humanity. Many businesses were quick to grab it because of how many opportunities it offers them for significant development.
AI machines are quick to produce accurate answers to any question in the company via data analysis. AI machines also save time and money. Because they can work for more than 24 hours without feeling tired, needing to rest, or getting bored with the repetitive tasks they must perform.
Interesting Facts about AI:
- The global AI market is expected to have reached a revenue of 118 billion dollars by 2025, according to the market research firm, Tractica.
- Servion Global Solutions stated that AI would facilitate 95% of customer interactions in 2025
- The global AI software market is expected to reach a staggering 22.6 billion dollars and grow approximately 54% year-on-year based on a recent 2020 report from Statista.
Here are 6 useful applications of AI & machine learning in business processes:
1. Use of AI in Ecommerce
AI is used when providing recommendations for your customers based on their browsing history and interests. AI’s ability to remember consumer preferences will allow your company to attract the right audience and convert them into loyal customers.
E-commerce companies have a lot of trouble in dealing with credit card frauds. AI eases their troubles and decreases the number of credit card frauds by checking if the transaction matches with the cardholder’s profile; if it doesn’t match, then the card is blocked.
2. Use of AI in Navigation
AI is commonly used by logistics companies for examining roads, optimizing paths, and improving operational efficiency. Based on research by MIT, GPS technology uses a mixture of Graph Neural Network and Convolutional Neural Network that allows detecting the number of lanes and roads behind obstacles. It also provides users with properly researched information to improve safety. It can help delivery service providers to reduce their shipping times and costs.
3. Use of AI in Healthcare Departments
Healthcare departments use AI to examine different chronic conditions to ensure early diagnosis with lab and other medical data. Based on this research, they will be able to create medicines to treat these chronic diseases. For example, a renowned AI tech company PathAI leverages machine learning to help pathologists diagnose and treat cancer.
Virtual nurses were also made using AI. Their job is to monitor patients, assist in the daily activities, and deliver medication. They can interact with the patient and give information and solutions without the need for a doctor.
An AI-based symptom and cure finder, Buoy Health, uses algorithms and deep learning to treat ailments. It applies a chatbot that listens to a patient’s health concerns, then guides that patient for the correct treatment based on that diagnosis. Harvard Medical School is one of the various medical centers that use Buoy AI.
4. Use of AI in Social Media Marketing
Businesses are incomplete without digital marketing in 2021, and social media is an essential facet of this modern promotional strategy. Brands depend on social media to keep in touch with their targeted audiences. With machine learning in social media platforms, businesses can target the right niche with their marketing strategies.
Below are a few examples of Social media platforms that use AI:
AI on Instagram focuses on what kind of posts you’ve liked and searched. Based on this data, the software uses algorithms to customize your explore tab with similar posts.
Twitter uses AI to recommend tweets that users would enjoy reading, judging by the type of tweets that they like to interact with and accounts they follow. It is also used for fraud detection and removes hateful and inappropriate content.
Facebook implements AI, along with an application called DeepText. This software reads and understands textual based content such as comments, posts, and messages. It can report instances in which bad language was used and can translate content into different languages.
5. Use of AI in Farming
Various metrics need to be recorded for crop growth. Farmers can easily analyze various conditions such as weather, temperature, water usage, and soil quality with the use of AI. AI will help them make better decisions for the growth of their crops.
Usage of AI in improving the quality of crops is called precision agriculture. This aids in detecting diseases in crops, pests, and poor plant nutrition. It helps in the detection and killing of weeds with the use of the right herbicides.
6. Use of AI in Marketing
With machine learning, AI systems can recognize search request patterns for streamlining advertisements according to the target audience’s interests. It will enable businesses to send advertisements at the right time, preventing customers from getting irritated.
Many businesses implement chatbots to aid customers if they require assistance in conducting transactions, placing an order, or asking brand relevant questions. According to Intercom, businesses using chatbots saw an average 67% hike in their sales, with 26% of all sales beginning from a chatbot interaction.
With AI’s ability to collect and learn from large sums of data, they are revolutionizing how businesses run. Small companies are using simulations to achieve their business goals. Large enterprises are supporting this technology to solve arising problems. Research in Data Sciences is driving this machine learning tech to allow organizations to grow and face challenges on a global level.