Artificial Intelligence is on the verge of creating drastic changes to all types of businesses because of its ability to automate tasks and learn from experience with machine learning. AI has already been used by many businesses to make daily tasks easier such as Alexa by Amazon and Siri by Apple. Both technologies use voice recognition software to listen to what you are saying and then complete tasks based on what you have said. AI has been used to automate monotonous tasks, get a better understanding of customer behaviors and overall reduce operational costs for a business by having AI-complete tasks in a faster and more efficient manner.
AI across different Business Sectors
Banking and Finance
The banking and finance sector is currently at the forefront of investing in AI. It is estimated that they will be spending around $3.3 billion this year on fraud detection and investigation projects, credit risk calculations and threat prevention systems. Accenture has stated that AI is going to become apart of their financial team with the use of automation, bots, automatic learning, and adaptive intelligence.
The retail sector is another leading investor in Artificial Intelligence. Retail companies are planning to invest $3.4 billion by the end of the year, surpassing the banking and finance industry. This investment will be carried out in different areas such as customer service, purchase and customer behavior and operations related to multiple channels. This will not only help save the retail companies millions of dollars each year by automation via AI, but the data collected can also be used to optimize the business in a way to drive more sales.
The manufacturing sector is believed to be investing around $2 billion this year into AI. The manufacturing sector is leaning more into innovation in AI and the Internet of Things, as a way to stay competitive in this hyperconnected world. AI can be used to provide robotization, virtual reality, augmented reality and nanotechnology in the near future.
The healthcare is fourth in terms of investing in Artificial Intelligence, with about $1.7 billion spent this year. Some of the solutions brought about through the use of AI include telediagnosis, intelligent emergency triage, individualized follow-up of each patient at a genetic level, virtual nurses and surgery being performed by robots, to name a few.
According to studies related to the energy sector, it was found by Infosys that 29% of energy companies have already implemented a type of Artificial Intelligence into their business with satisfying results. There were only 4% of companies that stated that they have no plans to incorporate AI into their processes. Some key areas where AI is going to be used for include smart grids in the supply chain being capable of real-time detection of errors or fraud, predictive maintenance and improving energy efficiency.
Logistics and transport
Artificial Intelligence is making incredible changes in the automotive industry, especially with the rise of self-driving cars introduced by Tesla Motors. Along with that cars are now able to detect obstacles, pedestrians and with the intelligent search, they can now park by themselves as well. These have direct impacts on logistics, as now with self-driving trucks, driving can be a 24-hour service instead of it being dependent on an actual human being driving. With all the previous mentioned advancements brought forth with Artificial Intelligence, the logistics sector can save millions if not billions using AI, as it will save time, kilometers and fuel.
In the insurance sector, Artificial Intelligence is mainly used in areas of customer service, production, and innovation. These include using chatbots to resolve questions that customers have 24 hours throughout the day, identifying new trends through customer data and automating tasks that are repetitive and monotonous. Though only 5% of insurance companies are using this technology as of right now, this number is expected to increase drastically over the next 15 years.
Many analysts confirm enormous benefits associated with implementing artificial intelligence in business applications. It was reported that companies that have incorporated AI into their business models could see their revenues increasing between 20% to 40% by 2035. AI can help to automate daily, repetitive tasks allowing a business to save money and it can be used to store data about customer behavior and then later use that in terms of marketing and sales.
The benefits of AI are vast and can easily help your business grow, however the caveat for having AI is you must be willing to invest money into AI software designed specifically for your business. In today’s digital age, clients have complete access to information about us, our brands, products, and services. Companies that have accepted that AI is going to lead the future and have invested large sums of money into the development of AI software are going to be able to predict the behaviors of customers based on previous interactions, and this will translate to better customer relationships and more targeted ads to customers, ultimately leading to increased revenue for the business.
As one of Toronto’s top AI startups, here at Web4you we specialize in creating unique AI software for our clients to make their lives easier and to help them collect more data on their customers, leading to increased revenue. With a team of 7 senior developers, we have created AI-centered solutions for a variety of different businesses and startups. To find out more about the different services we offer or to have a look at the different projects we have worked on you can visit our website at itactiongroup.com.