Artificial intelligence’s market size is projected to reach $641.3 billion by 2028. Its potential contribution to the global economy is estimated to be $15.7 trillion in 2030, so it is no wonder business owners ask themselves if investing in AI is worth the effort and cost. With almost 100 million people projected to work in the AI space by 2025, it is obvious that AI is here to stay and benefit businesses in many ways. In this article, we’ll discuss 8 of those uses and how they can help your business gain a competitive edge.
Do you have a particular question about uses of AI? Then use the table of contents below to jump to the most relevant section. And you can always go back by clicking on the black arrow in the right bottom corner of the page. Also, please note that some of the links in this article may be affiliate links. For more details, check the Disclosure section at the bottom of the page.
Here's what we'll cover:
- What Is AI All About?
- 8 Incredible Use Cases Of Artificial Intelligence
What Is AI All About?
Before diving into AI’s uses, it’s essential to understand exactly what it means. In a nutshell, this is a broad term that encompasses a variety of technologies, from machine learning, deep learning, and natural language processing to robotics, computer vision, and more. In essence, these technologies empower machines to take on tasks previously done by humans.
Here’s a quick breakdown of the main AI-based tasks:
- Automation: By programming machines to automate repetitive, tedious tasks with speed and accuracy, you can free up time for your team;
- Predictive analytics: With specially trained algorithms, you can predict customer behavior, anticipate market trends, or forecast equipment malfunctions;
- Natural language processing (NLP): This type of machine intelligence interprets natural language, enabling computers to understand human instructions and interact with them;
- Computer vision: computer systems can capture and process images from cameras or drones, providing valuable insights for businesses;
- Robotics: With AI algorithms embedded, robots can perform specific tasks and interact with the world around them;
- Machine learning (ML): This type of algorithm allows machines to “learn” from data without being explicitly programmed;
- Deep learning: It uses neural networks to build models based on large amounts of data
8 Incredible Use Cases Of Artificial Intelligence
As you can see, AI is an incredibly powerful tool in various ways. Suppose you want to embrace this disruptive technology in your business. In that case, an experienced AI software development company can help you out. And now, let’s look at some of the most exciting uses of machine intelligence for businesses.
Automated Customer Service And Sales Processes
By embracing artificial intelligence, businesses can provide better customer service and sales experience for their customers. Specially trained bots that are common today can detect customer questions, understand the context, and provide relevant answers. Moreover, automated systems can even suggest products based on the user’s preferences.
Automated Supply Chain Management
Another use of machine intelligence in business is supply chain management automation. Special algorithms can help track your inventory and order levels in real-time. With AI-enabled systems, you’ll never have to worry about running out of products or overstocking items.
Predictive maintenance is a form of AI-enabled maintenance that utilizes ML and big data analytics to predict when machinery will require servicing or replacement. By leveraging sensor data, logs, and specialized algorithms, companies can detect potential faults and take preventative action before any major issue arises.
Predictive maintenance allows for greater insight into the health of the machines and can significantly reduce downtime. In addition, it saves businesses the cost and hassle of unexpected breakdowns.
Fraud Detection And Prevention
Using AI to prevent fraud has become increasingly important. As fraudsters are becoming more sophisticated and subtle than ever before, it becomes more difficult to detect them using traditional methods. Instead, specially trained algorithms provide a far more effective way of detecting suspicious patterns that humans may overlook.
AI systems can easily spot such abnormalities as suspicious financial transactions or identity theft. For instance, deep learning can help analyze customer data such as spending patterns, account activity, and other information to detect fraudulent activities. The quick reaction of AI-driven systems to fraudulent activities detected prevents further losses for the business.
Automated Processes And Quality Assurance
AI can greatly improve quality assurance processes by detecting errors in processes quickly and efficiently. You’ll have better control over your operational costs and customer satisfaction with specialized solutions.
AI algorithms can examine various data points to identify potential production or product development flaws. For instance, they can analyze customer service or website feedback, helping to identify issues that need to be addressed. Specially trained systems can also automate inventory management and order fulfillment processes, freeing up your employees’ time and increasing efficiency.
Self-driving cars rely on AI systems when analyzing their environment and building the optimal route to reach their destination safely and efficiently. The algorithms embedded in autonomous cars interpret huge arrays of data — image recognition, object detection, sensor readings, and more.
Self-driving vehicles are gaining traction in various industries — transportation companies, delivery services, and eCommerce stores. With autonomous vehicles, businesses get better control over their fleet and save money on manpower costs.
Advertising And Targeting
AI-powered advertising platforms enable businesses to target their ads to potential customers based on demographics, interests, and buying behavior. With these systems, advertisers can create personalized ads more likely to draw customers’ attention.
AI algorithms also allow advertisers to dynamically adjust their ad campaigns based on user feedback and performance metrics. Along with increasing the effectiveness of your advertising efforts, they help with cutting down on costs. Thus, you can reach more potential customers and increase the ROI from your ad campaigns.
Security solutions empowered by machine intellect help ensure protection from cyber-attacks and data breaches by detecting potential threats quickly and accurately. In addition, AI systems can automate tedious tasks associated with cybersecurity, making it easier to keep your data safe. The embedded algorithms can also track user behavior to detect any suspicious activities and block malicious users from accessing your systems.
As AI is gaining traction in various industries, businesses must recognize its potential in their operations. Specialized solutions can streamline many processes, improve customer experiences, and cut operational costs. Don’t deny your business these amazing benefits! Instead, start leveraging machine intellect solutions today to stay ahead of the competition and increase your profits.
Credits: Thanks for the photo to Canva.
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