How is Artificial Intelligence been used in businesses today?

How is Artificial Intelligence been used in businesses today?

Artificial intelligence, machine learning and data science have completely changed the way businesses operate. These technologies have paved the way for some breakthrough developments that hold the potential to change the world. In the business world, artificial intelligence has permeated deeply, changing the way organisations work and deliver value. Companies, large and small are looking at ways to use artificial intelligence to derive competitive advantage for their business.  

The truth is businesses can no longer choose to ignore implementing AI tools in their way of working. Thousands of businesses across the globe have derived tremendous benefits from AI. From reducing costs, increasing profits to changing the face of consumer engagement, AI has been instrumental in paving the way to growth for many companies. 

Let’s look at some of the best use cases in the category of artificial intelligence. 

Driving Quality Inspection and Assurance 

AI has been helping companies automate their quality checks without compromising on safety. The technology assures no errors are made in the quality check process.  

For instance, automotive companies can deploy automated optical inspection, which is a technique where a camera autonomously scans the device to detect any production issues or potential defects. By using supervised machine learning to recognise and classify images based on types of failures, companies can achieve a decrease in testing time, an increase in the number of devices tested and a reduction in the cost associated with defects. 

Turning Data Insights into Profits 

Customer satisfaction and engagement is the biggest game changer in the retail business. Leaving this critical aspect to manual solutions can prove to be a huge cost to businesses as they try to scale up. 

Every business has a lot of their own data, which is either unstructured or in raw formats that cannot be easily comprehended. Besides knowing how to turn these data into actionable insights can be a big challenge. By using artificial intelligence, retail businesses can interpret such massive amounts of unstructured and raw data, along with getting access to previously hidden insights about consumer behaviour. They can use this knowledge to understand their customers better and identify opportunities for higher profits. AI can also help retail businesses to automate mundane and time-exhausting data analysis tasks, leaving more time for staff to focus on strategy.  

Improving Customer Engagement Through Chatbots 

For businesses expanding online, customer queries through emails, calls or online forms could create a humongous load of data. Responding to these customer queries needs to be quick and effective for the customer to retain their interest.  

Such businesses can use AI to create an instant messaging platform and deploy chatbots to address basic and common queries. AI can make the business more accessible to users online and the use of Natural Language Processing (NLP) techniques can help interpret words and data to offer quick, human-like solutions in a fraction of the time and cost. Automatic responses to basic queries also leave more time for staff to focus on building sales opportunities with the customers. 

Elimination of loan defaulters with AI 

Manual validation of customer applications eligible for loans can be a tedious task. The cost of such a labour-intensive underwriting process can be huge for banks. 

With AI, banks can integrate individualised consumer psychographic pattern profiles with real-time data to determine credit scores. Banks can use predictive analytics based on consumer behaviour to minimise risk in underwriting loans. In short, AI can help banks detect and prevent fraud, reduce delay in announcing application status, ensure compliance and increase revenues.  

Boosting Retail Margins with AI 

Getting the right stock of inventory, especially during peak seasons can be a huge cost to supermarkets if it’s done by resorting to guesswork. Wrong estimates can lead to overstocked warehouses with devaluing inventory. This can severely limit liquidity and working capital. 

AI can help supermarkets develop actionable insights in real-time and give a clear view of where items sold best. Inventory allocation can be made to match product performance and demand requirements. Based on insights led by AI, merchants can procure more of the right inventory for specific locations to meet demand while reducing inventory levels and improving working capital utilisation. 

Using AI to Boost Data Security 

Threats to cybersecurity is one of the biggest challenges’ companies face. Potential attacks on cybersecurity can challenge the online safety of these companies, making them susceptible to huge damage. 

Companies facing cybersecurity threats can use AI to identify each piece of malware, understand their code and various versions. AI can help predict which files contain malware with greater accuracy, identify patterns and anomalies in how data was accessed and report security breaches. 

There are several more examples on how artificial intelligence is really changing the rules of the game when it comes to doing business. This spans across industries and the opportunities seem to be endless. Businesses need to take out the time to understand how AI can help them smoothen their processes and help them eradicate bottlenecks.  

If you are wondering how AI can help your business, reach out to us with your questions. Our team of experts will get in touch with you and help you explore opportunities that suit your needs.