6 Effective Applications of AI in Business
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Artificial intelligence has made quite a buzz in the technology industry and made itself an absolute necessity for all the established and immature businesses. Most of the major organizations have implemented the AI and are actually probing it more to make the future implementations easier for themselves.
A survey about AI implementation in Businesses say that:
- 83% of business people believe that AI is a strategic priority for their businesses.
- 84% of people believe that it gives them a competitive advantage over their rivals.
- 75% of business people believe the fact that AI will take their business towards new ventures and trade.
Boston Consulting Group and MIT Sloan management published the study this week. An online summary of the report can be viewed here. The survey involves thorough research and is derived from interviews of 3000 business executives, managers and analysts from different countries.
The research found a significant gap between the companies who have adapted AI and those lagging.
10 effective implementations of AI in businesses:
AI implementation has revolutionized the critical processes and has made them so efficient that they can find their errors on their own and can fix them. So here is the implementation of AI in businesses that clearly says that it holds the potential of future technology.
1) Telecom Industry
According to the survey, 72% of people believe that technology, media, and telecommunications industry is going to thrive with AI in the next five years.
Did you ever wonder how did the Amazon and Netflix find your areas of interest and show you the suggestions of things you most like shop or watch? Well, it’s all because of the AI. Based on your search history Amazon and Netflix suggest you the items you want to buy or watch.
Customer-facing activities are most affected by the presence of AI and have become more efficient than ever.
2) Machine Translation
The two types of AI are flourishing rapidly:
- Text related AI
- Image related AI
Machine learning falls into the text related category. Did you ever want a machine to convert your words from one language to another? Businesses have implemented this thing with the help of AI and have replaced the machines with translators. How cool is that?
Well, this is not just it, its scope is quite wide. Think of anything in your business that could fall into translation task. Like for example stock movement over some period is being translated into a stock movement of next period.
3) Magic Mirror
Online shopping was never as easy as it is nowadays. We all faced problems regarding the size and fitting of the pieces available online. But now it’s no problem at all. The magic mirror technology lets a virtual image of yours to try on clothes and see how they fit you. This has saved us all great hassle of returning and saved our money from being wasted.
4) Object Detection
Object detection is another implementation of image related AI. It helps a big time to find and track objects in a specific image. Google has implemented this object detection technology and can help you to track any image or any scenery. It provides you with the thorough information of the image. The scope of this application is very broad this is just a very simple and understandable example of object detection.
5) Data Extraction
Data extraction is basically a technique to refine data. Not every word of the data counts or provide useful information. This data extraction algorithm helps businesses to extract the valuable data from the pile of data that provide useful information or the can be put to useful work.
6) Supply Chain Management
AI has automated the supply chain processes and made everything digital. Warehouse management, automated procurement, machine learning and autonomous vehicles for shipping and logistics are the very few . in Supply chain management.
Machine learning is a process to educate the machines enough so that they can identify their problems themselves, and are able to fix them all by themselves. Yeah! This seems to be something from a sci-fi movie but this is actually taking the shape of reality.
Forbes in 2017 stated that “A forecasting engine with machine learning, just keeps looking to see which combinations of algorithms and data streams have the most predictive power for the different forecasting hierarchies.”
Mentioned above are the very few implementations of AI in businesses but are the most prominent ones. AI is said to be reshaping the future of technology. And the success of AI in this very short time span is proved of it.