2019 saw an increased momentum, not just in the adoption of AI and ML, but also in real-life use cases for the same. From being an abstract future technology, these two have become important parts of our regular life.
From enabling better decision making to introducing competitive pricing in the company, these technologies have given newer and improved wings to the businesses.
Let us understand what Artificial Intelligence and Machine Learning are, before diving a little deeper into these technologies.
What a human does, a computer does quicker. Artificial Intelligence has been built around this concept. This technology is built on the simulation of intelligent behaviour.
They will rapidly compute using all the data available, and come out with accurate and precise information that will help you take the next action.
For instance, most store owners have an in-store issue of placement. They are never really sure where to place things. AI will understand the different data available from past placements, purchase and give out the perfect shelving strategy. AI helps with procurement, management, quick decisions, etc.
There are quite a few industries that have been completely disrupted with AI in tandem with Machine Learning. Let’s have a quick look at some of them.
Industries Disrupted by AI
Not only has retail been augmented by these technologies, but it has also become heavily dependent on them.
The first thing any business thinks of before releasing a new product is whether it will be accepted in the market or not. Secondly, they also want to understand the need for the product in the market.
Artificial Intelligence will determine both the need and the probable demand for the product by analyzing and taking into consideration various parameters.
When it comes to e-stores, people always have difficulty identifying the products they might need. You can personalize the store experience with Artificial Intelligence. Understand what the user is likely to buy, based on their past orders and browsing experiences, and identify the products accordingly.
For instance, if they are into baby products, show them other baby items that they should have. Make the store a bit more attractive. This way you will have offered them an experience, where they are likely to complete the purchase.
Amazon is the best example of personalized store experiences with a great number of recommendations.
#2 Customer Service
The response needs to be quick and immediate, along with a good understanding of what the customer needs. Customer service is where most businesses lag, and it leads to the attrition of the users. However, with Artificial Intelligence and the bots, businesses have enabled human-like machines to improve the efficiency of their customer service. The bots respond immediately and take over before the humans are required. Only in specific and complicated cases do you see a human expert interacting with you.
A lot of business websites have bots. When you enter the page, the bot appears and asks you how they can help you.
This is true for travel websites also. You can interact with the bot to get your booking issue resolved. In case the bot is unable to do so, they will immediately connect you with the executive.
You can easily say that it all started with the finance industry. Artificial Intelligence was, alongside retail, adopted in finance immediately.
Strategizing your next or current financial product is essential, and you need to analyze the data available for this purpose. With AI, you will know whether the product will work, and which markets you need to release them in.
Apart from helping with strategies for the existing products as well as the new ones, AI also prevents fraud. JP Morgan, Experian are a few examples of how the finance industry has collaborated with security experts to ensure that the customer’s data remains private and there is no breach. Machine Language is used to detect, investigate and mitigate the threats that might affect the customers.
Bots are used by the top banks to attend to the customer service requirements as prescribed by the end-users of the banking products. Their need for immediate resolution for the different issues has led to the creation of AI products that can be useful for them.
Customers want to be educated about the products before investing in them. The bots make sure you have the right information and are pretty up-to-date with the products.
This industry requires a little magic of technology to ensure proper care is being transferred to everyone, and there are little to no issues prevalent in managing the patients and their data.
Artificial Intelligence is being used to improve diagnostic methods as well as for better care delivery.
For instance, the diagnostic errors which led to issues in caregiving can be mitigated by the technology. They will understand the reports, early diagnosis made by the doctors, have machines induce the required data, and finally, come up with a proper understanding of what may be the issue. This way there will be fewer errors in diagnosis.
A cancer diagnosis can become better as a result of AI. There are other chronic diseases which also requires a thorough understanding of this kind of data, and AI should help eliminate the symptoms.
Apart from diagnosis, AI will also help in understanding the needs of healthcare companies. For instance, there are conditions that need treatment, and there is a demand for these products. AI can help these companies understand the right treatment required for these issues, and help them deliver the medicines or products accordingly.
IBM Watson is an excellent example of AI in healthcare. It differentiates the structured and unstructured data available, then combines the same with the patient’s medical record, and then identifies a treatment plan that the patient should go with. It is akin to a human doctor.
Apart from these basic industries, AI is also a predominant part of media & entertainment, information technology as well as the food industry.
In the case of the food industry, it helps the food aggregators understand the food demand, and produce the food accordingly. It takes into consideration the weather, historical data, and demographics to predict the products required.
Let’s take a quick look at how McKinsey has estimated profits relative to the industry average, based on their investment in both core and digital technologies.
They have considered Energy, Finance, Automotive, Tech, Telecom, and Construction Industries.
According to CBInsights, there are a few first insights mentioned by the top eCommerce brands. We can also see how AI has affected eCommerce its earnings.
From the graph as well as the data collected, and the above-mentioned ways in which AI is used, this technology is disrupting the companies in this segment in various ways. In short, the profits and earning are increasing for this industry, as a result.
Artificial Intelligence is no longer an abstract phenomenon that you will not be using. It is very much real, and you are already using it to prevent a breach in privacy, understand the customer, and know the demand or value for a particular product.
The use cases will keep increasing in the future. Of course, there are not many adopters of this technology as yet but, eventually, seeing the positive side to the technology, there are bound to be more adopters.
The technology also helps you gain a competitive side to your business, thus improving points of differentiation.