5 Business Industries that Excel with Artificial Intelligence

Jun 15,2019 by Prachi Priya
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Artificial Intelligence (AI) has picked up a fast pace now and is revolutionizing every segment. As human intelligence now deals with computing services, business services have now transformed to live in an age where machines perform human-like interactions and are capable to take decisions.

“Why is AI the need of the hour today?” Well, with changing market demands and business processes transforming rigorously, a technology-based service, which can boost business performance is essential and AI has this power undoubtedly!

Every business craves to take its service to the target audience before other similar service providers, as this helps to strengthen the business brand image. AI helps here as it automates companies routine tasks, customer’s behavior analysis helps in getting a better business understanding, operational costs are no more an issue with reduced manual tasks, and automated functions deliver a personalized experience of business process services.

All these perquisites highlight the importance of AI for every business and here we have 5 business industries that excel with AI in use:

Healthcare Sector

AI has major responsibilities to play for the healthcare sector and the foremost among them is analyzing complex data for the business. The most obvious question here is “how”!

Well, complex medical data like X-rays, CT scans, and other tests need AI intervention for instant and accurate results to the patients. These tests build a personalized treatment for patients, therefore delivering accurate results.

Moreover, AI provides real-time advice to patients, so check out the ways it benefits more to the industry:

  • AI brought a doctor app for patients that checks the patients’ symptoms as provided through a database and offers suitable cures.
  • AI also gives virtual nurses to the healthcare industry. The best example is Molly by Sense.ly that gives clinical advice listening to the patient’s issues and delivering an adequate answer to the problem.
  • The use of machine learning and natural language processing in today’s healthcare industry helps to make predictions for cancer drug treatment too. Any such help was not possible earlier without AI.

Banking and Finance

With the significance of AI growing in every industry, the banking sector also marks its importance.

Online transactions used for the customer’s efficiency, had led to several theft and fraud cases, which raised high concern to keep a check completely.

AI here acts as a roadblock for banking frauds and can spot mistrustful behavior and potential threats that may harm an organization.

Here we have the examples that display AI’s importance for the banking industry:

  • PayPal reduced its fraud possibilities by utilizing learning system, which investigates transactions in real time.
  • Machine learning helps the banking sector by automating financial management and client interactions.

Technology Industry

Technology companies very well know that their products and services are not easy to understand for the non-professional audience. This is where AI helps!

Chatbot and virtual customer assistants that AI introduced, help technology companies get closer to the customer.

Speech recognition and natural language processing help customers understand complex tech-savvy products without difficulty.

Apart from this, the technology industry has also introduced Google Home, Apple’s Siri, etc. that uses neural networks to analyze human language.

Moreover, Skype offering real-time AI translations is another add-on that benefits this business industry showing how AI-driven solutions are significant to every business.

Read alsoHow is Artificial Intelligence abetting Facebook?

Energy and Utilities

This sector although involves AI at a very initial stage for now, but its use makes energy systems cleaner, more reasonable and consistent.

Power grids in the energy and utility sector identifies the exposures with AI. Moreover, new technologies introduced have a motive to minimize electric grid failures, which are helpful for this industry.

Following this, the question arises, “how will AI make this possible?”

Well, by installing an independent grid that rapidly replies to disruptive events.

This way AI, machine learning, data analytics, automation, etc. will revolutionize business activities and will make services more reliable and easy to handle in the time to come.

Retail Industry

Perhaps, the most widely known response of AI-driven success is for the retail and e-tail industry.

An AI software- Conversation Intelligence helps businesses talk to customers, follow the leads and analyze sales calls by using speech recognition and natural language processing.

Moreover, chatbots and virtual assistants help the business deliver 24X7 support to customers making AI a boon for the industry.

Wrap Up:

AI is all set to improve every aspect of business service right from maintaining online customer satisfaction, building brand image, generating revenue and much more.

AI-powered modules are already the next stop point for businesses and its dependency will increase in the time to come.

Advanced systems today have made it easy to book movie tickets online, order food anytime, book hotels, plan a trip, and much more.

For not only the business industry but the progressive technologies that fulfill regular tasks for a customer have made the audience dependent too.

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