The uses and popularity of AI in businesses are soaring at an unprecedented pace. Dall-E, Chat-GPT, Bard, and many such AI and machine learning applications have shown how AI has revolutionized the day-to-day operations of the real world.
According to Statista, revenue from the applications of AI in businesses worldwide is expected to reach $126 billion by 2025. 86% of entrepreneurs have confirmed that AI business applications have become a driving force at their companies and have transformed how they do business.
The Revolutionary Role of AI in Business
Business applications for artificial intelligence have significantly evolved over the last few years and have secured their place in almost every business sector, like finance, aviation, logistics, healthcare, transportation, etc.
In fact, AI for businesses proved to be a lifesaver during the global COVID-19 pandemic. From anticipating customer behavior to minimizing manual data entry, AI in business has streamlined operations and improved efficiency in ways never seen.
Let’s discuss in detail the top 7 applications of AI which are revolutionizing businesses across different industries.
1. AI in Human Resources
The HR team has to face several new challenges than they used to deal with before the COVID-19 pandemic. It is why many companies from different corners of the world use intelligent technologies in their recruitment process to ease the hiring process. Consequently, online interviews, hybrid working, virtual training, etc., have increased in popularity in recent years.
Thereby, companies need immersive technologies and new platforms to get ahead in the competition of the recruiting market, and AI has been the driving force for this growth. AI helps human resource teams analyze candidates’ profiles and match them for the best role available in the company.
2. AI in Aviation
The aviation sector is one of the earliest adopters of AI aviation software development. The best use cases of AI in aviation can be seen in predictive maintenance. It helps airline operators analyze data to predict when a particular machine or component will likely go out of order or require maintenance.
Consequently, airlines can take essential preventive measures before critical issues arise, resulting in reduced downtime, enhanced safety, and improved life of components. Also, Artificial Intelligence business applications assist airlines in optimizing flight routes, minimizing congestion, reducing delays, advancing efficiency, and improving safety by alerting the pilots of potential collisions or conflicts.
3. AI in Healthcare
Using AI for decision-making, business strategies, and applications greatly benefits healthcare. AI in the medical industry helps clinicians detect and diagnose diseases early and develop more personalized treatment plans crafted for maximum efficiency.
Additionally, artificial intelligence and machine learning in the business allow people to analyze vast troves of medical data, identify patterns, and predict the feasibility of a patient developing a particular ailment over time. Furthermore, AI-based chatbots provide patients with 24/7 support for medical advice and assistance. Patients can leverage chatbots to seek advice on managing symptoms, schedule appointments and get updates on their medical history.
4. AI in Finance
Application of artificial intelligence in business has transformed the financial industry in multiple ways. The most obvious AI business use cases in finance are fraud detection and data security.
Financial firms rely on machine learning algorithms to analyze data and then identify customer behavior patterns to detect fraud transactions. Banks and other financial firms also use AI technologies to make crucial decisions regarding trading, investment, wealth management, loan approvals, etc. Accordingly, data science providers progressively leverage AI across their operations.
5. AI in Retail Industry
Business applications of AI are significantly revolutionizing the day-to-day operations of the retail industry by providing personalized shopping experiences to customers of all genres. It helps store owners analyze the shoppers’ buying history, behavior, and demographic information to suggest products that best suit their interests.
Furthermore, retail industries also use intelligent technology like chatbots to provide round-the-clock customer support. The chatbots answer a wide range of customer queries, recommend suitable products, and even process orders. In short, AI in the retail industry provides an unparalleled shopping experience to customers like never before.
6. AI in Transporation
The transportation industry is leveraging AI-powered applications in many ways to revolutionize operations. For example, AI has enabled a growing fleet of driverless vehicles to detect potential barriers and make decisions on the road.
Traffic is a common problem that hinders the way of smooth transportation, and AI helps solve it significantly. The logistics industry widely uses AI-based apps for traffic management and smart shipment. AI helps identify better routes, optimize traffic flow, reduce congestion, minimize fuel consumption, and improve travel times.
7. AI in Marketing
If you work in marketing, you will know that maintaining a good balance between operational efficiency. It is such an aspect of business where customer experience is the key to climbing up the stair of success. One of the most innovative ways to optimize both is using artificial intelligence business strategies and applications.
Artificial Intelligence for business applications streamlines operational activities and provides more personalized experiences to customers. For instance, deep learning systems help analyze customer data and detect patterns to predict their shopping interests. This data allows marketers to provide customers with more targeted advertisements, which they will likely watch and take intended actions.
AI Application for Small Business
AI applications are not just for big enterprises; small businesses can leverage AI technology in several ways. The robust use cases of AI applications for small businesses can be noticed across the operation, marketing, customer support, and sales departments, greatly benefiting businesses.
Let’s talk about some best benefits of AI applications for small businesses.
- AI in business process automation: Artificial Intelligence for the business world helps SMBs save time spent on doing mundane tasks by analyzing large amounts of data and automating repetitive tasks.
- Improve service: Using AI algorithms to analyze customer behavior and predict their interests can help you proactively improve your product advertisements and offerings.
- Reduce Costs: AI in businesses helps improve efficiency by saving time and resources, reducing costs in the long run.
- Enhance security: Enhanced security is one of the most significant use cases of AI, assisting small businesses to straighten their security measures and prevent feasible cybercrime.
Overall, AI for small businesses helps increase efficiency, reduce cost, improve productivity, and enhance customer experience.
Final Thought
Unsurprisingly, AI has become an indispensable need of businesses across domains, revolutionizing industries worldwide in various ways. From operations to sales to customer support and marketing, the use cases of AI are irreplaceable in almost every aspect of businesses. It is why small businesses and enterprises leverage AI applications across all operational functions. As the application of AI in business intelligence continues to evolve, businesses worldwide can expect to see more innovative use cases of AI in the future.
