There are many ways you encounter artificial intelligence (AI) every day without noticing it.
Many individuals still believe that artificial intelligence is connected to science-fiction dystopias, but that opinion is declining as AI becomes more prevalent in our daily lives. Artificial intelligence is now a household term - and, in some cases, even a household presence.
The concept of AI has existed for decades, but its acceptance in mainstream society is new. It took decades to make significant progress toward developing an AI system and making it a technological reality.
Nearly three-quarters of companies (31% are currently utilising artificial intelligence, and 43% are interested in doing so, as per IBM's "2021 Global AI Adoption Index.") are displaying a surge in artificial intelligence adoption.
Respondents said that data security, process automation, and customer care are the areas where artificial intelligence is most used.
As AI technologies are increasingly popular, they are essential to maintaining a competitive edge. This article will explore how artificial intelligence can make businesses more efficient and customer-friendly.
Table of Contents
What is AI?Industries and AI today
Agriculture
Construction
Education
Energy
Finance
Government
Healthcare
Logistics
Manufacturing
Real estate
Retail
Security
Sports
Technology
Transport
Travel
Takeaway
What is AI?
Defining "artificial intelligence" is necessary before assessing how AI technologies influence the business world. Artificial intelligence describes any computer software that engages in humanlike activities, including learning, planning, and problem-solving.
Let’s grasp what kind of AI is most prevalent in business, makes them more efficient, and provides better service.
Artificial Intelligence in business today
In the modern workplace, there's a lot of talk about artificial intelligence (AI), machine learning, and natural language processing. Many businesses are wary of these new technologies and their implications for the future of work, and this article will outline some ways AI is changing different industry sectors.
Agriculture
By using AI, farmers can improve crop yields and plan for the future by forecasting crop production based on AI.
You can use AI solutions to collect data on resource consumption, like water and electricity, and reduce potential waste.
Computer vision can also detect crop diseases and prevent their spread. By understanding crop health, you can gain long-term advantages and reduce the consequences of such undesirable events.
Companies that use AI in agriculture:
Construction
The construction sector can benefit immensely from AI applications. AI can improve the efficiency and time spent on planning steps by estimating construction periods and costs. If sufficient data from previous projects is available, AI technology can also accurately predict the budget and time required for a new project.
Analysing data can give you an idea of how to develop projects more efficiently and help you understand the team's performance.
Predictive algorithms can minimise unexpected events and save time and resources by predicting future issues and warning the team before they happen to save time and resources.
Companies that use AI in construction:
Education
Parents and the younger generation know how critical education is for them, and they frequently invest a great deal to acquire the finest education achievable. And the institutions are highly motivated to invest in improving the quality of their education while streamlining their operations.
So when students leave the finest educational institutions, those institutions should invest heavily in ensuring that the students are on the correct route to success. Institutions must carefully plan and analyse market data to ensure that the correct number of students are enrolled in each course and degree so that the skills learned are current and in demand.
AI can also help teachers automate many of the repetitive tasks they currently perform, so they can focus on what is essential. Grading tests and homework assignments, filing paperwork, making progress reports, and managing teaching materials, for example, can all be done automatically.
Companies that use AI in education:
Energy
The energy sector is becoming increasingly aware and worried about the effects of CO2 emissions on the environment. AI can estimate the emissions a system might produce in a given period.
Also, mechanical infrastructures related to energy are likely to malfunction, and defective parts can result in substantial lost time and resources if they malfunction. But AI powered by computer vision and analytics can detect potential component defects, lowering maintenance costs.
Energy demand can be accurately forecasted from a short-term perspective and help you better understand your demand evolution, allowing for more assertive decision-making.
Companies that use AI in the energy sector
Finance
Modern finance is one of the businesses in which digital transformation has progressed the fastest. Many financial processes have been substantially or entirely automated. AI technology replaces human judgment in certain aspects of the economic process. For example, when deciding whether or not to grant a loan, a bank must consider numerous variables, including the borrower's and contract's characteristics.
Portfolio management is another significant function of the finance sector. It requires a proper risk/reward balance and accurately forecasting of market fluctuations. AI systems can help you choose diverse, uncorrelated investments that will help you keep your risk/reward ratio down and predict market fluctuations that you may take advantage of.
Companies that use AI in finance
Government
The general population understands that the public sector should also start digitizing some of its services and operations now that AI technology has dominated the private sector. Furthermore, data-driven decision-making can be taken to a national level since nations control and have access to large quantities of data that could be used to make better decisions. It is in nations' best interests to invest in technology advancements that improve millions of citizens' lives, thus yielding billions in returns on investment.
Governments can make data-driven decisions using nationwide data alone. Governments frequently use complex socioeconomic models to assess employment, industrial productivity, imports and exports, housing, health, education accessibility, income distribution, consumer spending, and other variables. All of these distributions are interconnected, and are computer assistance required to model them accurately. You can develop and adjust these computer models to fit the data as well as possible, allowing for testing and planning new initiatives and investments.
Infrastructure is also crucial to maintaining societal order. This category includes transit, healthcare, education, security infrastructure, energy, water distribution, telecoms, and other infrastructure. AI can build custom tools so that public infrastructure can continue functioning properly. Examples are monitoring and managing transit, planning hospital and school locations and expenses, allocating security budgets efficiently, efficiently controlling water and energy production and distribution, evenly distributing the load across telecommunication networks, and many others.
Governments can now easily use AI platforms, such as
Healthcare
Despite significant scientific achievements, our understanding of living creatures is still a work in progress. AI technology finds diverse applications in this industry, from disease diagnosis to drug development.
The most challenging issue with medical diagnosis is that many signs may occur due to various diseases, making eliminating maladies a slow process in which you can determine the proper testing regimen. Only the most experienced professionals can reliably diagnose the most complicated cases since this demands knowledge of the symptoms caused by various disorders, and the tests are used to detect them.
Companies that use AI in healthcare
Logistics
Good logistics help decrease costs and productivity. For example, AI can help you determine which suppliers to select, which vehicles to choose, which routes to take, when to send drivers, how to package packages, where to locate distribution centers, and how to sort packages. You must frequently break down such a large operation into sub-problems to solve each independently.
Companies that use AI in healthcare
Manufacturing
Manufacturing has some of the most complex processes and the smallest profit margins, so small operational efficiency gains can lead to significant savings and higher profits. Quality control and automation, among other areas, can be automated and improved to achieve these gains.
Quality control is a crucial step in the production of almost any product. Visual inspection is essential for ensuring that goods are defect-free. Since it can be time-consuming when done by humans, you can use a camera and computer vision technology to accomplish this job reliably. These systems can detect imperfections in your products so they can be diverted from the production line for manual inspection.
Manufacturing processes frequently use complex machines. Since many machines require maintenance because they use consumable parts, replacing parts periodically is typically less expensive than creating a device that doesn't require maintenance throughout its lifespan. In machine maintenance planning, businesses must not schedule check-ups so frequently that maintenance costs are too high nor so infrequently that machines will break, resulting in higher repair expenses. A better alternative is Predictive Maintenance. It can provide tools to monitor machine data in real time and predict when a machine will break so that it can be serviced before failure to avoid preemptive maintenance and repair costs.
Companies that use AI in manufacturing
Real estate
Digitalisation can revolutionise the real estate market, and every real estate broker will benefit significantly from this approach. By automating property valuations, sellers can more easily agree to list their properties, and by creating digital duplicates of them, buyers can narrow down their preferences, requiring fewer viewings. As a result, real estate brokers can manage more deals simultaneously and effectively close each one, allowing you to reduce broker commissions.
AI can build tools to automate different aspects of your business, from property evaluations, document processing, and client interactions to creating digital, immersive models of your properties so clients can browse through your website and have a true-to-life experience.
Companies that use AI in real estate
Retail
The digital revolution profoundly impacted the retail sector and is still continuously evolving thanks to AI technology. In addition to optimising, monitoring, and automating physical stores, e-commerce and customised product recommendations are examples of AI applications in retail.
Recommendations and suggestions powered by AI algorithms can enhance user experience in online stores. Other recent AI applications include virtual try-on booths using computer vision, augmented reality technology, and voice recognition technology. This helps clients find items by talking or visual searches to help them find other items with the same appearance.
So AI is being used to change the nature of physical retail stores. In addition to cashier-free stores that track customers' baskets to identify the items they want, robotic assistants guide customers to the items they desire. And behaviour tracking systems that help retail stores optimise store layouts are being used to enhance store customer experience.
Companies that use AI in retail
Security
Every company must ensure security by protecting confidential information or detecting malicious threats. Using artificial intelligence can help prevent unauthorized access, like phishing and hacking.
We receive an excessive amount of emails at work these days. In addition to protecting against phishing attacks, you should defend against these by building an additional layer of protection.
Besides, servers in digitized industries are constantly threatened by external attackers, and bots account for a large proportion of internet traffic. Bots can compromise company resources and expose them to unnecessary risk. You must detect suspicious patterns and limit the impact of bots, ensuring the smooth operation of your company's systems.
Companies that use AI in security
Sports
Sports are becoming increasingly technologically advanced, not just in terms of the equipment athletes use but also in the broadcast of events and how coaches use AI and advanced analysis techniques to develop superior tactics.
Analyzing video recordings of sports matches has become popular for identifying strengths and vulnerabilities. Video files can be augmented with object detection and pose estimation technology. This makes it possible to gather information about players and extract hidden patterns from multiple games. Strategy is one of many examples where coaches can uncover how opponents bypass defences.
Player performance can also use computer vision technology to analyze it. By utilizing this technology, teams can acquire players with a tenfold or hundredfold increase in value within a few years. Player analysis is also often used to forecast match outcomes, with gamblers increasingly relying on this technology to improve their predictions. You can then construct technology to scout new talented players and forecast matches.
Companies that use AI in sports
Technology
Because AI is a direct result of the information technology sector, you may imagine it finds most of its applications there. Computer code, any software, website, mobile application, enterprise system, or other computer programs can integrate AI. AI is also widely used in the telecommunications sector, which is closely related to it.
Many internet companies depend on websites and mobile applications for their core operations, sales, and marketing channels.
With AI, you can draw users to use chatbots and customised products. You can analyse usage patterns to find areas where your website or mobile application might be improved and add new artificial intelligence features. It also helps users find what they're looking for, purchase a product, or subscribe to a service.
AI-based products include chatbots, voice assistants, language learning apps, camera apps that can be used with augmented reality or face editing, apps that match customers with suppliers of goods and services, and so on. These apps translate text and speech, and even AI-based games. The range of possibilities for AI is extensive.
Companies that use AI in technology
Transport
AI can also help to improve the transportation industry. For years, self-driving cars and more viable solutions to current transportation problems will impact this industry.
Automotive suppliers are gaining much attention in the transportation industry due to improved driver assistance and self-driving technology. Autonomous driving is one of the most challenging issues to solve using AI, including the perception, control, and navigation subproblems.
A human-engineered control algorithm is used to activate the pedals and steering of the vehicle based on a captured 3D representation of the environment and the desired destination. A 3D environment representation uses computer vision, lidar technology, and existing maps. Then, a GPS navigation system determines which roads to take. Some implementations of this technology use artificial intelligence to predict vehicle control activations directly from video inputs, eliminating the previous human-engineered procedure. Using autonomous driving technology, transportation companies can operate autonomous truck fleets, reducing costs substantially, allowing drivers to relax as they commute, and enabling them to use independent ride-sharing services. Furthermore, autonomous driving technology will reduce road accidents and fatalities as vehicle behaviour becomes more predictive.
Companies that use AI in transport
Travel
The AI sector in travel and tourism is expanding daily. The latest AI technologies are being used for a wide range of purposes: personalisation, route optimisation, airport security checks, and quick response times to tourist requests, among others.
There are several apparent uses for AI-based recommendation engines in this sector, but they are also vital to increasing sales and returning your loyal customers. If, for example, you are an online travel agency, you should automate your recommendations and extract value from your existing customer data.
Companies that use AI in travel
Takeaway
But we already know that AI has the potential to transform the way we work by making businesses more productive. It helps them detect fraud, being easier to understand unstructured data, change the way we work, and makes business processes more efficient. So it’s important to prepare industries for the arrival of AI and show how it could enhance industries' operations. Most players are unaware of its abilities, and this makes it crucial that businesses begin exploring the benefits now. And with competent partners who can assist them navigate inside artificial intelligence, the better the experience.
So take advantage of these AI solutions to prepare your business for the future, as they will make you more efficient, connected, and adaptable than ever before. Hire programmers at Imaginary Cloud.
If you're interested in preparing your business for the future, as it will improve your company's performance and growth, and provide the best and tailored service to your customers, check out imaginarycloud.ai today to set yourself up for success.