AI delivers groundbreaking benefits for businesses that operate in all industries. Explore these 10 insightful AI for business cases.

AI has evolved into much more than an engineer's sci-fi technology. It has business applications that are changing the way that companies operate. Businesses across various industries are increasingly demanding  more robust AI-based platforms to stay ahead of competitors. For small business owners asking, “How can I use AI in my business?” or “How can AI be used in business?”,this article provides answers to these and many more useful AI insights from artificial intelligence role in businesses today. Discover the latest trends for using AI in business through these 10 insights.

Feeling enthusiastic about Artificial Intelligence Technologies in Business? Check out our extensive catalog of recorded speeches and seminars on ConferenceCast!

Table of Contents

  1. Exploring the Roles of Artificial Intelligence Technologies in Business
  2. Use of Artificial Intelligence in Business
  3. How Do Businesses Use Artificial Intelligence?

Exploring the Roles of Artificial Intelligence Technologies in Business

AI is a segment of computer science that aims to build computers and machines that mimic and improve on the intelligent actions of humans. A survey  published by Gartner stated that AI was expected to produce $3.9 trillion in business value by 2022. Let’s start by taking a dive into the roles of artificial intelligence technologies in businesses.

Here are the top five industries that are currently benefiting from AI.

#1 Healthcare

How many times have you gone to a specialist for a diagnosis of a health issue only to be waylaid with nearly endless tests and fruitless follow-on visits? The healthcare industry recognizes the problem and seeks to employ AI to help. AI software helps healthcare practitioners to gather data from a variety of professional publications and compare those pieces of data to information that you as a patient provide. The results are faster and more accurate diagnoses.

#2 Financial Services

Ask someone 25 years ago if she would trust a machine to determine her retirement portfolio, and you would have received a resounding "no!" However, seasoned financial advisors and planners currently rely on AI to match clients to targeted investment products that will help them to achieve their retirement goals and more. At the very least, this is merely scratching the surface when we talk about what AI can do in the finance sector. It would interest you to know that artificial intelligence is crucial for generating automated insights when insurance and loan companies need to determine the creditworthiness of borrowers. The same applies to the majority of data-driven industries out there today.

#3 Transportation

Long-distance truck driving is a time-honored profession for many. However, it's fraught with safety hazards as tired, overworked truckers drive overloaded trucks on busy streets and highways. As a result, the transportation industry has prototyped self-driving cars. AI-powered self-driving trucks are in the development pipeline.

#4 Real Estate

Real estate agents differentiate themselves by providing detailed information about properties in a timely manner. AI dramatically cuts down on the time that it takes agents to sift through property listings and find homes and commercial buildings that meet buyers' needs. Agents also employ AI-based software to quickly and accurately determine comparable property prices in specific areas. This helps them to recommend competitive sales prices to property sellers.

#5 Retail

One of the most exciting segments of retail is the peer-to-peer consumer market. Companies such as Rebag make it possible for you to buy or sell quality luxury handbags online. Rebag's handbag connoisseurs inspect the used designer bags and facilitate purchases among handbag lovers across the world. The company recently launched Claire AI, which is an AI software that allows Rebag patrons to snap a picture of their handbags and get near-instant pricing for the luxury items.

#6 Business Management

The role of artificial intelligence technologies in business is clearly evident in how several companies, including startups and large corporations, achieve outstanding results in much less time than before. AI allows companies to automate many processes, ranging from automated customer support and resolution of customer complaints to things like a smart personal assistant to automated security surveillance — all of which contribute to increased productivity.

#7 Marketing

Did you know that artificial intelligence helps marketers bring a better and improved approach to their game? For instance, the success of digital marketing depends a great deal on the ability of marketers to use data gathered from the target audience to launch highly targeted ads. We have seen how AI helps marketers generate ideas for content marketing, design optimized and personalized marketing campaigns, roll out successful display ads, engage in real-time bidding, achieve customer segmentation, and so on. Predictive customer service is also another way AI improves marketing efforts.

Use of Artificial Intelligence in Business

AI and machine learning technologies are a part of some of the most cutting-edge tools that are coming out of the technology sector at the moment. However, they wouldn't garner widespread attention unless they offered some tangible business benefits. The use of artificial intelligence in business largely reflects the widespread importance of technology in business growth.  Businesses that have integrated AI  into their business models have been able to achieve better sales, enhance cybersecurity and detect fraud, improve customer experience, and automate many work processes. Here are 10 insights that describe the long-term advantages of using AI in the business world.

#1 Increases Worker Productivity

Presenting information in a coherent way is what makes the modern workforce thrive. However, it takes a worker a lot of time to gather and analyze the data that's used to pull those reports together. AI-based technologies help workers to cut through the noise and quickly find the data that's relevant to their specific projects.

#2 Better Fraud Detection

AI-based tools that are equipped with machine learning technology contain powerful behavior analysis algorithms. In financial service companies, these tools gather and analyze data about clients and learn their habits. When the tool detects an action that deviates from the norm, it flags the action as a new or emerging threat.

#3 Improves Forecasting

Big companies have been using data to gain an advantage in the market for years now. After gathering the data, the companies usually have analysts who make sense of the data and create informational reports that support decision-making. However, the reports are only as good as the data that was used to create them. AI tools make gathering relevant data fast and simple. The technology quickly sifts through large amounts of data and analyzes the findings through an unbiased lens. The results are reports that can project your target audience's demand for a product.

#4 Elevates User Experience

Today's consumers crave personalized buying experiences. A family that books reservations at a five-star hotel expects certain extras such as child-friendly games and activities. When the hotel uses AI tools, customers get recommendations for those amenities automatically.

AI technology also takes e-commerce to the next level. Online stores have historically been impersonal yet efficient. When store operators employ AI, they can add personal touches to the efficient services that they offer. For instance, a woman who purchases a dress at an online store gets product recommendations about handbags. AI technology can detect that the woman bought shoes during a previous purchase. The handbag recommendation displays products that will match the current dress purchase and the shoes that she bought last month. In this way, AI delivers the look and feel of a personal shopping assistant for clients, and most people love it.

#5 Promotes Positive Brand Image

Advances in technology have raised customer expectations of companies in a lot of respects. If your company doesn't have an online presence that allows visitors to educate themselves about your product on a 24-hour basis, your business isn't top-rated. AI tools that are embedded within your site to offer deep knowledge about your products or services help to establish your business as a strong market leader.

#6 Supports Better Customer Engagement and Decision-Making

Sales support isn't what it used to be. This is one of the key ways by which the use of artificial intelligence in business did revolutionize how business is done. Decades ago, sales people fought to get product information in front of prospects during face-to-face meetings. Today, customers are more informed about the products that are of interest to them thanks to the internet. When they finally reach out to a salesperson, they often have more complex questions that must be answered prior to making a purchase. When sales people have access to AI-based knowledge portals, they can quickly bring up pertinent data for the client. This data can be used to close sales or upsell complementary items.

#7 Decreases Employee Onboarding and Training Time

Some of the challenges of running a growing business are hiring the right people and getting them the initial training that they need to start working immediately. When it comes to getting new employees the data that they need to hit the ground running at work, nothing beats an AI-based platform. AI systems act as virtual assistants that have answers at the ready. Having relevant data at their fingertips gives new employees the confidence to engage customers early in their tenure at your company.

#8 Frees Staff to Innovate

Some of the most notable features of AI systems are their ability to process large amounts of data and give answers to routine questions. These tasks are necessary, and they must be done with laser precision in many cases. When companies rely on people to do these tasks, they often get results that have errors or are of inconsistent quality. AI tools get the job done efficiently, and they free up your staff to think creatively and solve problems that AI can't.

#9 Improve Product Quality

Products that require complex tasks to create such as application software present consistency challenges for software development firms. These organizations look to automated testing to develop programs that operate in a consistent and repeatable manner. AI helps software engineers to accelerate the testing process and prioritize tests according to their projects' needs. As testing efficiency increases with AI, test engineers transform into test managers who oversee tests that are executed by AI bots as needed. By reducing testing time for routine functions, the engineers are free to analyze the big picture that leads to higher product quality and greater customer satisfaction.

#10 Improves After-Sale Customer Support

Providing solid customer support is critical for retaining customers and building brand loyalty. AI platforms allow customer support representatives to respond to products and service inquiries promptly and accurately. In the age of the internet, it's very easy for customers to get information about a company or its brand from other consumers. This means that the information that your customer support representatives give to customers must be consistent across your company. Armed with an AI-based knowledge management platform, customer support representatives give consistent responses to customer inquiries whether they are based in San Diego or Shanghai.

How Do Businesses Use Artificial Intelligence?

Wondering exactly how do businesses use artificial intelligence today? Here are some practical examples of AI-based technologies that are reforming how a lot of  companies are doing business today.

WalkMe

Companies the world over have raced to make digital transformations that drive customer engagement. However, many times their technology platforms and strategies fail to provide site visitors with the information that they need when they need it. WalkMe is a digital adoption platform that employs AI and machine learning to guide customers along the user's journey on your website. It allows companies to maximize the benefits of their software enterprise-wide.

Domo

Domo produces business management software for small to medium-sized companies. It consists of a dashboard that collects the right data sets from a variety of sources and curates them for responsive, fact-based decision making. The company recently introduced an AI capability to its dashboard that gives business leaders recommended actions to take based on the data that's gathered.

IndustLabs

Failing infrastructure is on everyone's mind. AI comes to the rescue with predictive maintenance that improves safety and extends the life of heavy equipment and machinery in industrial settings. IndustLabs has developed an industrial internet-of-things platform that predicts the failure of critical machine components so that plant managers can stay ahead of problems before they start.

Summary of benefits for using AI in business.

  • Better process automation
  • Improved customer experience
  • Supports digital transformation such as IoT development
  • Instant analytics

Conclusion

Now that you have seen multiple answers to the question “How is AI used in business?”, it is time to back up what you have learned with the right actions. In case you have more questions about the use of artificial intelligence in business, do not hesitate to reach out to us at ConferenceСast.tv. We offer premium recording and live streaming services that allow you to get the most out of your AI and machine learning conferences. With ConferenceСast.tv, your conferences will live on to inspire business leaders long after your event is done. Check out these AI and machine learning video talks that were recorded by ConferenceСast.tv to get a glimpse of our work.