“Predicting the future isn’t magic; it’s artificial intelligence”
This statement clearly defines the future of work centered mostly around artificial intelligence.
Businesses are transforming through leveraging artificial intelligence. According to a study, 37% of businesses use AI to manage operations efficiently.
Once adopted the right way, AI can benefit the business in a plethora of ways. From improving workflow efficiency to offering a convenient user experience, AI is like the cherry on the cake top!
If you are still thinking about the incorporation of How Artificial Intelligence Can Transform Businesses? This blog is meant for you. We will show how different sectors are leveraging AI to increase the overall efficacy.
Don’t lag behind your competitors. Instead, stay ahead of the game with the evolving AI and its benefits.
What’s AI in Business Operations?
This refers to mimicking human intelligence in machines. With cutting-edge machine learning language, AI enables modern businesses to solve complex issues and perform tasks efficiently. For instance, ChatGPT generates human-like responses against any specified prompts. Or an automatic robot managing the warehouse tasks as per the requirement.
Based on given scenarios, AI can assist businesses in solving many complex operation and decision-making issues faster and quicker. According to McKinsey, organizations have adopted AI in at least one business area in 2017. However, the figure increased to 50% in 2022 due to the incorporation of emerging technologies.
How Artificial Intelligence Can Transform Business?
Digital transformation is already fueling companies with its significant benefits. Needless to say, this is the present and the future of businesses to supersede redundant tasks. According to Accenture, 84% of the c-suite executives think that AI can enable them to achieve their business objectives. Another report by Grand View Research states that the annual growth rate of the AI market size is expected to grow at 40.2% by 2028. Both of these reports show how AI is driving growth by embracing machine learning algorithms. From product development to the marketing team, every department within your company can experience efficient workflow. But the question is HOW? Here you go-
1. Automated Routine Operations:
Your core team members from every department need to perform redundant tasks daily. AI can enable the business operations by automating the routine operations. This will not only free up the workforce to perform more critical tasks, but it will also produce quality output within less time.
For example, customer support reps may face complex situations while addressing customer concerns. At that time, an AI-powered chatbot can raise tickets for an issue. Additionally, these chatbots will send reminders to the customers when a ticket is open. Overall, these will help to address and resolve the concerns in a quick and subtle way.
2. Object Detection
This is a valuable tool for businesses irrespective of their magnitude. Of late, the benefits of object detection techniques have paved the way for business growth through advancements in deep learning methods. GPU computational capacity and Deep Learning networks have enhanced object detection performance. This leads to significant advancement in object detection methodology, embraced by businesses.
For instance, object detection can be used to improve inventory management by tracking product movement in a retail store or warehouse. It can enable businesses to detect which products are selling well and which need to be restocked. Also, it can identify which products are not selling well to get removed from inventory.
It can also be used for various security purposes, like identifying potential threats or suspicious activities within a retail store. This will enable the security team to detect the activities to remove them accordingly.
3. Surveillance and Quality Control
AI-fueled surveillance and quality control systems are now prevalent in several business sectors. These systems work through the latest machine learning algorithms to evaluate data and identify patterns. For instance, AI-powered cameras can detect unusual activities in production lines to alert the operators about potential issues.
4. Improved Productivity
With optimized and automated workflow, AI can enable your business to boost productivity in a plethora of ways. It minimizes the task performing time by an employee. In turn, it would help the team members to learn more in less time. Therefore, it will enhance every department’s efficiency, which can lead to the company’s overall productivity.
5. Product Recommendation System
Brands can be beneficial by using AI to recommend products that align with customers’ needs and interests. AI can help your business by tracking customer behavior on the website. Based on that, you can represent your product/service similar to their interest.
6. Informed Decision-Making
Accumulating and analyzing data is one of the most time-consuming tasks in a company. It can take hours to evaluate the information manually and to gain insights from it. In a nutshell, the manual analysis procedure is prone to human error.
Predictive analytics is here to save your back. It uses machine learning algorithms and statistical techniques to evaluate large chunks of data. These would help your team members to make quick and powerful predictions. Also, AI will streamline the analytics processes by enabling the analysts to solve the issues based on the accumulated information.
Overall, AI can save time and resources used for manual decision-making processes as it is quicker and more accurate than humans. For example, sales leaders can leverage AI-based insights to develop reports and key account strategies on their pipelines.
7. Tailored Customer Needs
Customers are now more logical when it comes to making any final purchase decision. They want the benefits of any products/services, not the features. According to a study, 60% of the buyers want the companies to care about them. Otherwise, they won’t think twice to opt for the competitors if their requirements fit into the bill.
AI will enable your business operation to tailor the consumers’ needs while developing on-demand experiences. Suppose you’re running an e-commerce brand, and you have your business application. Integrating AI into the app will enable the users to create personalized product wish lists aligned to meet their needs based on their browsing experience. Once they open the app, AI can identify the preferred choices and will show the option to create a wish list.
8. Enhanced Fraud Detection
Do you know that 65% of businesses face fraudulent attacks? Yes, that’s true. These attacks may have consequences for any business. It can happen with your esteemed organization, too.
AI tools can detect and prevent these kinds of activities by pointing out data anomalies. It will alert your team members that a particular transaction is fraudulent. These activities include suspicious logins, odd transactions, or identity theft.
9. Development of Better Products
AI can analyze data better based on customer feedback, usage patterns, and preferences. In turn, this enables the team to gain more valuable insights to develop engaging, user-friendly, and effective products for the customers.
Also, it will help to bolster the product development process from the initial stage to finish with rapid prototyping. AI algorithms can instantly provide different design options so that the team can work on the most promising one while iterating those in real-time.
Artificial Intelligence Use Cases Across Several Industries
Now, you know how AI can be beneficial for your business. Let’s see how several industries benefit from incorporating AI into daily operations.
1. Agriculture
The integration of AI and ML in agriculture has helped to address the global food crisis. By analyzing real-time data from multiple sources, experts can now make informed decisions while reducing environmental impact. According to a report, AI in agriculture can lead to a $65 billion opportunity in the future. Here’s how it’s been used:
Risk Management- Through predictive analysis, farmers can mitigate the risk of crop failures. On top of that, it enables the farmers to analyze the crop quality. Based on that, they hatch up their next step, which leads to food loss.
Assessing Market Demand- With machine learning algorithms, agricultural experts can analyze satellite imagery and weather data. This helps them to provide valuable insights regarding optimal planting times and the best times for crops to yield. Additionally, data pattern analysis helps the experts to predict market demand. Ultimately, this enables the farmers to maximize their profits.
Crop Produce Management- AI can reinforce crop production growth by accumulating data on plant growth. Experts can detect the best-performing plants to cross-breed them for better hybrids.
Monitors Soil Health- AL algorithms can assess and estimate missing nutrients by gathering data from soil samples. Accordingly, it generates an accurate estimate of overall soil status. This enables farmers to manage fertilizer applications for optimal crop growth.
Detection of Insect and Plant Disease- Farmers can use AI-powered applications to detect infestation and plant diseases. For instance, an AI-fueled system detects the disease in apples. Then, it sends data to the farmer's mobile phone to suggest what steps need to be taken.
Chatbots- Farmers can use chatbots to answer the customers' questions about the crops, order, and supply date. Also, chatbots can be used to check inventory levels.
Use Cases of AI in Agriculture
The Climate Corporation is a digital agriculture company, acquired by Monsanto in 2013. Their product Climate FieldView enables farmers to make informed decisions about planting, fertilizing, and harvesting crops. This software accumulates data from field sensors, weather satellites, and other sources to provide recommendations to farmers.
2. Warehouse Management
AI allows warehouses to automate manual tasks. Here’s how businesses can leverage the benefits of AI:
Automatic Vehicles- These devices can operate without human intervention by using the algorithms of AI. It includes devices like drones and self-driving vehicles. In a warehouse, self-driving forklifts can move items from one place to another. This saves manual human labor and produces accurate task results. On the other hand, drones combined with RFID tags can check inventory in real-time. Also, they can locate lost items while performing necessary security functions.
Improved Data Analytics- Predictive analytics tools can review data and statistical models to forecast several essential factors. It includes supply and demand, inventory, warehouse space, and truck driver capacity.
Warehouse Automation- One of the significant applications of this automation is robots. It can help humans sort, pick, transport, and store packages. Additionally, they perform redundant tasks to free up employees’ time for other essential work.
Transportation Optimization- AI can be implemented to find the best shipping routes by evaluating weather reports, traffic information, and real-time tracking information.
Use Cases of AI in Warehouse Management
Amazon has been using AI in its warehouse management for several years by using robots. These are powered by machine learning algorithms and optimize the paths as they move in the warehouse. It reduces the manual labor to pick and pack goods.
3. Logistics
The application of AI in logistics offers a plethora of benefits for business owners. Here you go-
Advanced Insights- By offering real-time data, AI allows the team to save precious money and time, followed by reducing waste. Also, it enables businesses to stay updated on inventory stock locations. Based on these, businesses can make informed decisions.
Less Shipping Time- Through advanced routing algorithms, businesses can choose the best truck routes and delivery times. This saves both time and fuel consumption rate.
Enhanced Delivery Speed- AI algorithms can improve delivery speed and accuracy. With optimal delivery conditions, logistics companies can evaluate inventory levels and delivery locations. Moving forward, it allows them to increase delivery speed and reduce errors.
Improved Safety- AI enables logistics companies to utilize sensors and real-time data. These help them to detect and eliminate potential risks like unauthorized access and equipment malfunctions. Additionally, AI-powered anomaly detection systems protect warehouses and transport mediums.
Use Cases of AI in Logistics
FedEx is incorporating AI in its logistics operations. Through SenseAware System, sensors can track the temperature and location of the packages in real-time.
4. Real Estate
Like other industries, AI is also fostering the real estate market with several benefits. According to Statista, the revenue of global real estate companies was predicted at $9.5 billion in 2021. It can grow by a CAGR of 4.8% by 2030. Needless to say, these figures are influenced by AI and its applications in real estate. Here’s how it’s enriching the sector:
Enhanced Property Valuation- The algorithms of AI can evaluate various data sets, including sales history, attributes, comparable properties, and market trends. It enables the companies to generate accurate valuations while reducing biases about pricing and sales decisions.
Real-time Analytics for Investment- AI can analyze demography, economic variables, and other housing market patterns to predict real estate investment opportunities. These valuable insights can allow real estate marketers to make informed decisions.
Quick and Efficient Transaction Processes- AI can automate and streamline transactions. This fosters tasks like title work, contract review, and lease management by reducing paperwork.
Enhanced Customer Service- AI-powered chatbots and virtual assistants can respond to customer queries immediately. This provides an optimal consumer experience by bridging the gap of communication.
Use Cases of AI in Real Estate
Zillow, a renowned online real estate marketplace, uses AI to enhance the user experience. By using machine learning algorithms, Zillow is providing accurate home estimate values based on size, location, and amenities.
Develop an Intelligent and Robust Infrastructure for Your Business
If you want to leverage AI for your business processes and workflows, then Danip Technologies is here to help. Our digital transformation solutions will help to drive the smart reinvention that brings the most value. Want to know more about how we work? Schedule a 1:1 consultation call today.