In the last few years, Artificial Intelligence has acquired a momentum in every industry in every possible industry. Transportation, logistics, retail, healthcare, and more have started using AI-based applications to improve scalability, and productivity of the business.
It has be reported by PwC, Artificial Intelligence will estimate to contribute $15.7 trillion to the global economy by 2030. Investing in AI may reap huge benefits in the business. We have come up with some essential uses of AI applications that can lead you to a path of business growth and success.
AI based analytics for better decision making process in business
The improvements in network and storage technology brought a tremendous response to big data applications. However, the collected data is not worthy without analysis. Due to the large size, it’s impossible to analyze the data using human intelligence. It is the only area that deep learning and machine learning algorithms can help.
Implementing automation for successful marketing and sales
AI based applications can start handling routine tasks. They can customize marketing and sales information for consumers. AI-based Chatbot’s can help with responding to customer services to improve customer satisfactions and create recommendations for upselling.
There is a lot of scope in witnessing the frauds in the business. Fraud detection depends a lot on pattern recognition. Thus, machine learning can easily pick these tasks to detect the fraud which has occurred in the business. Moreover, cyber security threats are also a matter of detecting pattern anomalies. So AI based applications can help in this area too.
Creating supply chain management with AI
Machine learning algorithms can help retail and other businesses better manage their inventory. It can easily automate the refilling requests and optimize supply chains. Being the business runner, you can hand over the responsibility of inventory management and supply chain decisions to AI based applications.
Business expansion with self-driving technologies
Advances in self-driving cars are dependent on Artificial Intelligence. Businesses that depend heavily on transporting products can use self-driving trucks to lower costs and improve reliability. Manufacturing and other sectors can use autonomous cars to improve their operational efficiency.
Choosing the top candidates
Finding the right candidates for a job is a time-consuming process. There are new AI-based facial recognition applications that can interview candidates and evaluate their performance using emotional cues. It can help businesses streamline their recruitment process. Companies like Unilever, IBM, and Dunkin Donuts are already using Artificial Intelligence to screen entry-level employees. Unilever has declared their AI-aided hiring a huge success.