Potential Applications of AI and ML for Every Business

A few buzzwords are echoing in the industrial landscape. Automation, customer service, and personalization are some of them. All these concepts, along with more, like data analysis and targeted marketing, boil down to one common ingredient – Artificial Intelligence (AI).

Data from PwC showed that 72% of business leaders consider AI a business advantage. However, only 15% of enterprises are using AI, according to Adobe, which indicates that organizations aren’t acquainted with its real benefits.

Let’s talk about the potential applications and benefits of AI and ML for every business.

Why Should You Care about AI and ML?

AI and Machine Learning (ML) can provide exponential value to businesses in the short and long term. 

For example, an organization that needs to produce copious amounts of content can leverage AI to automate a bunch of its tasks. Media publications like Fox News and the Associated Press (AP) are already using AI-enabled software to automate recurring tasks. 

Recommendation engines are another application of AI that has reshaped the way businesses recommend products and services to their customers. Organizations like Netflix and Amazon have worked with an AI development company to build recommendation engines that provide relevant recommendations to their customers.

Let’s look at the key benefits of AI in business.

• Process automation
• A better understanding of customers, resulting in improved customer experiences
• Optimization of marketing activities
• Improved customer service
• Fraud detection

Industries with Highest Scope for AI 

The applications and benefits of AI discussed above are just a few drops in a bucket full of water. The uses vary from industry to industry, depending on what you’re trying to achieve.

Source: Splunk

While AI can benefit every industry and business, these industries are using AI the most. 

• Healthcare: For digital consultation, hassle-free data maintenance, and robotics in surgery
• Education: For appointment scheduling, seamless registration process, and optimized learning
• Marketing: For A/B testing, predictive analytics, customer data analysis, customer sentiment analysis, and effective strategizing
• Retail & E-Commerce: For relevant product recommendation, chatbots, review analysis, and customer support
• Banking and Finance: For predicting cash flow, the credit assessment, fraud detection, and building advanced credit models

How to Use AI in Your Business Right Now?

Even if your industry isn’t on the list above, it doesn’t mean you can’t leverage AI and ML for your business. In fact, 47% of digitally mature organizations have an AI strategy, according to Adobe. You can work with a machine learning development company and explore the benefits of AI for your organization.

Source: NTANSA

Look at some applications of AI and ML you can leverage right now regardless of the type and size of your business. 

1. Business Intelligence

In this data-driven business landscape, the more information organizations have, the more edge they have over their competitors. However, the increasing amounts of raw data pose challenges for companies. The data needs to be cleaned and filtered so that it can be used to drive informed decision-making.

Business intelligence (BI) makes this process easier. It uses AI, along with other software solutions are services, to transform raw data into actionable insights. Hence, you can better understand your customers and make accurate decisions. 

Numerous BI tools, such as Microsoft Power BI, are available. However, each organization is different and has unique goals and requirements. Therefore, it’s recommended to work with an AI development company to develop your own BI tool.

2. Customer Service

The rise of chatbots has reproduced one of the biggest business trends ever – the replacement of humans with AI in customer service. Back in the day, customer service was essentially a human-only endeavor. While chatbots have been out there for a while, their capabilities were limited to responding to “Yes” and “No” inputs. 

Now, chatbots are much smarter. They’re capable of answering queries, recommending products, and holding a full conversation like a human. As a result, 80% of businesses had already adopted or were planning to adopt AI as a customer service solution in 2020, according to Oracle. 

If you want to cut down your customer service workforce, reduce customer service costs, or optimize the customer service process, AI can be an invaluable addition to your business. 

3. Targeted and Personalized Marketing

Organizations are fighting continuously for consumers’ attention. The marketing landscape is saturated, which means the availability of brands, content, and products is more than demand. Moreover, the average human attention span has reduced to eight seconds, making it challenging for organizations to engage their audience.

The solution to this hurdle is personalized, laser-focused marketing. Companies need to understand their customers really well and deliver unique and relevant marketing content to drive engagement. You can use AI to identify your target market and show them personalized ads. AI can also help you measure the success of your marketing campaigns and forecast future changes.

4. Product Recommendation

As discussed, relevance has emerged as one of the cornerstones of marketing. Companies need to recommend relevant products to cater to their needs of their customers. In fact, showing personalized product recommendations on your e-commerce store can increase revenue by 26%, according to Invesp.

Personalized recommendations have been the key to success for many providers, such as Netflix, Spotify, and Amazon. If you’re an e-commerce business, product recommendation is an essential application of AI that you should explore. 

5. Natural Language Processing 

Lastly, natural language processing (NLP) is one of the primordial uses of AI and ML. You can find out what your customers are talking about your brand from text-based content, such as product reviews and social media conversations. But reading and analyzing such a large amount of text can be not only time-consuming and tedious but also error-prone.

With NLP, you can carry out sentiment analysis and understand the behavior and emotions of reviews, tweets, online comments, etc. By leveraging sentiment analysis, you can get a broad idea of what your customers think and feel about your brand.