The very idea of artificial intelligence and the brain conjures up images of Terminator robots devouring the planet. Fortunately, the current situation is much more optimistic. So, let’s look at how AI is benefitting our world and, ultimately, humanity. In this blog on AI applications, I’ll explore how AI has influenced many industries such as marketing, finance, and banking, among others.
If you’re new to AI in business, have a look at this blog to learn more about it.
Artificial intelligence In Business
- Marketing Applications
Marketing is a technique for sweetening your products to attract more clients. We, as humans, are very excellent at sugar coating things, but what if an algorithm or a bot exists only to sell a company or a brand? It would do a fantastic job!
It was a headache to discover a product without knowing its specific name in the early 2000s if we browsed an online store without knowing its exact name. However, when we search for an item on any e-commerce site, we receive all possible results. It’s as if these search engines can read our thoughts! We obtain a list of all relevant things in a couple of seconds. Finding the correct movies on Netflix is one example of this.
Netflix delivers very accurate prediction technology based on consumer reactions to films, which is one of the reasons why we’re all hooked with Netflix and calm. It analyses millions of data to recommend shows and flicks based on your prior activities and cinema preferences. This system is becoming increasingly intelligent as data collection expands.
With the advent of artificial intelligence, users on the internet may soon buy items just by taking a picture of them.
- Banking Applications
The use of artificial intelligence in banking is expanding at a quicker rate than you may expect! Many banks have already begun to use AI-based systems to provide customer service, identify abnormalities, and prevent credit card fraud, and HDFC Bank is an example of this.
E.V.A. (Electronic Virtual Assistant) is an AI-based chatbot created by Bengaluru-based Senseforth artificial intelligence Research for HDFC Bank.
Eva has handled over 3 million customer requests, engaged with over half a million unique users, and had over a million discussions since its debut. Eva can gather information from thousands of sources in under 0.4 seconds and offer straightforward responses.
The use of artificial intelligence (AI) to prevent fraud is not a new notion. In reality, AI technologies are being used to improve security in various industries, including retail and banking.
Security experts can more effectively prevent fraud by tracing card usage and endpoint access. Artificial intelligence is used by businesses to track such phases by studying transaction habits.
- Finance Applications
To predict future market patterns, ventures have relied on computers and data scientists. Trading is mainly based on the capacity to forecast the future correctly.
Machines excel at this because they can process a large quantity of data in a short period. Appliances may also learn to recognize patterns in historical data and forecast how they will recur in the future.
Financial institutions are looking to artificial intelligence to improve their stock trading performance and increase profits in the age of ultra-high-frequency trading.
- Agriculture Applications
Here’s a frightening statistic: by 2050, the globe will need to produce 50% more food since we’re consuming everything! Only by properly managing our resources will we be able to achieve this. As a result, artificial intelligence may assist farmers in extracting more excellent value from their land while conserving resources.
Climate change, population expansion, and food security concerns have driven the sector to seek new and inventive ways to boost crop output.
Organizations are using automation and robots to assist farmers in finding more effective ways to safeguard their crops from weeds.
- Health Care Applications
Many businesses and medical care facilities are turning to artificial intelligence to save our lives. There are several examples of how artificial intelligence in healthcare has benefited people throughout the world.
Cambio HealthCare created a clinical decision support system for stroke prevention that can alert doctors when a patient is in danger of suffering a heart attack.
Another example is Coala Life, a firm that has developed a digitalized gadget for detecting heart problems.
Every major corporation, we believe, should investigate cognitive technology. There will be some stumbling blocks along the way, and there is no space for complacency regarding concerns like worker displacement and smart machine ethics. However, with proper design and development, cognitive technology can bring in a golden age of productivity, job happiness, and wealth.