Did You Know?
$29.5 billion were invested in AI startups in 2021.
48% of businesses leverage data analysis, machine learning, or AI solutions in their offices.
In 2022, companies worldwide are estimated to have around 35 AI projects in place.
AI adoption has grown even more since 2020, and with the global AI market being predicted to reach $190.61 billion in 2025, artificial intelligence is currently recognized as the world’s most popular innovative technology.
So, why is AI so popular among innovative companies today and where can it be applied? Read this article to find it out.
The Benefits of Using AI in Business
In simple words, Artificial Intelligence (AI) refers to smart machines (computers and robots managed by computers) able to perform tasks that are usually done by humans. This applies to everything - from understanding human words, recognizing and describing objects, and identifying/extracting information to analyzing big data, forecasting events, and much more.
The reasons why businesses are switching to or introducing some of the AI-driven functionality in their products are numerous. Most of them come down to creating a better workspace with important insights for businesses. We’ve defined 6 fundamental benefits of artificial intelligence:
Automation Is The New Era
Repetitive, monotonous, and time-consuming work is no longer a problem since artificial intelligence can imitate human work and this way automate many the processes. This can enable faster and - what’s no less important - flawless operations, streamline the workflow, and increase the overall productivity as a result. Such industries as manufacturing, IT, HR management, sales & marketing, etc. can benefit greatly from automation, by leveraging manual work decrease. Besides, automation allows saving time and resources that can be used for other departments/goals.
No Sleep Is No Stress Anymore
Due to the absence of human emotions and basic needs, AI-empowered machines can operate 24×7 without taking breaks, vacations, or sick leaves, falling asleep, and more. Besides, you can remove the workload and stress from the human workers and not worry about the machine leaving the job because of getting burnt out or stressed out.
Making Smart Decisions Is Easy
The AI marketing and business research tools optimize the decision-making process, enriching it with valuable insights and giving a way to more human creativity in making business decisions. Besides, the AI’s ability to stay unbiased in the process of analysis may add great value to choosing the right option when it comes to changing strategies, buying new solutions, etc.
AI Boosts Customer Experience
When it comes to customer acquisition and improving customer experience, AI solutions are great to use. The development of numerous chatbots combined with natural language processing abilities can easily smoothen communication processes with clients, by fast responding to customers, and help create highly personalized messages that may eventually increase your sales.
Complex Issues Are No Longer Those Frightening
With the help of AI technologies that enable machines to detect, extract, and analyze data the way humans do (or, we’d say, even better), it has become easier to define, conduct, and manage different complex issues - from fraud detection and its prevention to event prediction, medical diagnosis, and more. In terms of business, collecting and analyzing big scopes of data get easily optimized by AI and Machine Learning technology. Besides, the AI’s ability to forecast events is a great way for businesses to understand the potential results of different activities, build possible business scenarios, etc.
AI’s Everywhere
Finally, AI is highly appreciated for its big potential to be adopted in many industries - from manufacturing to IT, healthtech to entertainment, fintech to agrotech, transportation to marketing, and much more. Read further to learn what industries AI is mostly used in nowadays. 😉
Where AI is Currently Applied: Most Common Cases
Sales and Marketing
With the development of the Covid-19 pandemic that restricts live human communication, voice assistants have become one of the most common applications of artificial intelligence in marketing and sales.
Take a look at Amazon’s Alexa, Apple’s Siri, Microsoft’s Cortana, and Samsung’s Bixby which are AI-based systems taught to understand human language and reply to human requests. By the way, Alexa made by Amazon is not the only case where they leverage artificial intelligence. Not so long ago, Amazon developed Amazon Go. With the help of AI, this store combines both online and offline features, by tracking what items the buyers take and automatically charging for them through the online Amazon Go app.
Another example of AI in marketing is recommendation systems. Based on artificial intelligence technologies that collect and analyze big scopes of data, these systems are able to understand the users’ preferences and predict their possible purchase actions.
It’s not only the e-commerce platforms like Alibaba that use AI to help the customers in making buying decisions, but also other companies like Facebook, Youtube, Google, Netflix, etc. integrating AI to recommend to their users what videos to watch, what music to listen to, and where to shop best based on your preferences and previous shopping activity.
Finally, leveraging artificial intelligence in marketing is all about customization and making the user experience more personalized. With 67% of global consumers having interacted with chatbots since 2021, more than 87% of consumers worldwide admit they have neutral or positive experiences with chatbots. The advantages of chatbots include timely response to customers’ requests, the fast finding of the needed info, an individual approach to every customer, etc.
Security
Another industry influenced by artificial intelligence is security. It’s been estimated that cybercrimes have taken away $600 billion of all global economy.
Extracting and analyzing thousands of transactions at a time, artificial intelligence is capable of detecting and eliminating fraudful activities as well as predicting the possible ones in the future. Such well-known fintech companies as PayPal, Visa, and hundreds of global banks implement machine learning models to detect and prevent fraud on their platforms. Apple also utilizes artificial intelligence and machine learning to enable face identification, apart from its other AI-powered services.
Big Data Management
Search engines like Google, Bing , Yahoo, Baidu, etc. or Google Translator leveraging deep learning and artificial intelligence to generate, extract, process, and analyze big amounts of data are not the only cases of using AI technologies for data management. Facebook also uses artificial intelligence to structure data. The company implies DeepText to automatically identify and interpret the content and emotional sentiment of its users’ publications made in multiple languages. Its DeepFace solution is the way the platform automatically recognizes Facebook users in photos. Moreover, Facebook also automatically extracts and removes prohibited images published on the platform based on AI technologies.
Apart from sales and marketing management, AI adoption in business is mostly about utilizing data management tools for optimizing service operations and product and service development. Hundreds of useful data management tools have been elaborated by software companies to help businesses effectively manage their employees/customers’ documents, streamline and automate all company’s communication processes, and much more.
Healthcare
Artificial intelligence is a real game-changer in the healthcare industry that works in many ways. For administrative purposes, AI is successfully used to automate the process of claims’ processing, clinical documentation and patients’ medical cards’ storing, timely penciling in of patients, and more.
Artificial intelligence also helps doctors in checking and making more accurate diagnoses (there are dozens of chatbots assisting patients in checking and diagnosing illnesses), physically assists them in conducting surgeries, and is even capable of predicting diseases to help identify or prevent them at the very early stage. On top of that, AI’s deep learning capabilities are successfully used to find new applications for existing drugs.
Manufacturing
With AI being expected to reach $16.7 billion by 2026, more than 60% of manufacturing companies have used or are using AI technologies for their services.
AI solutions are being adopted in manufacturing for many applications, including optimizing performance - substituting people in activities that presuppose monotonous work, quality assurance - evaluating the quality of products/operations, and failure detection - timely identifying of even the smallest product or equipment failures. Apart from that, AI technologies effectively help to predict flaws in machinery, this way tracking and recommending the exact time for equipment’s periodic maintenance.
Fintech
Powered by AI, the fintech industry is predicted to reach $26.67 billion by 2026.
Artificial intelligence solutions are being currently adopted by financial institutions for multiple purposes - from investment, insurance, or lending decision making, assessing customers’ profiles, customer support, and fraud detection to even data analytics - to predict the price movements, build effective risk management strategies, and more.
To illustrate some of them, ZestFinance has been utilizing AI for its automation platform that enables fintech companies to fast-evaluate potential borrowers and helps decide if they are reliable enough to be registered on the platform. Crest Financial Group uses a machine learning platform to predict, detect, and prevent fraudulent transactions. Payoneer and Skrill, on the other hand, use AI to analyze unstructured data - on the users’ scanning and uploading their documents to the platforms, the systems are able to recognize the text shown in these documents.
At Titanium Technologies, our AI division specializes in helping tech startups build AI solutions - from deep video analytics to recommendation systems, chatbots to predictive marketing solutions, expert systems to data mining and augmentation, fraud detection, and much more.
Learn more about our services here.
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