AI in Business: Applications and Case Studies
Artificial intelligence, or AI, has emerged as a powerful force of change alongside the growing demand for digital transformation. With AI, businesses can discover new avenues toward productivity and efficiency in internal operations as well as interactions with end users. The scope for AI in business extends beyond the advantages of automation. According to IBM, almost 58% of businesses all over the world utilize AI to improve efficiency and achieve cost reduction.
On top of it, almost 83% of businesses that embraced AI have reported achieving substantial to moderate benefits. Artificial intelligence can help businesses discover new ways to use their data and resources and leverage technology in smart ways. Let us discover the benefits of artificial intelligence for businesses and case studies of successful implementation of AI.
How Can Artificial Intelligence Help Businesses?
Artificial intelligence can help businesses in different ways, such as driving growth, efficiency, and innovation. The list of AI applications in business revolves primarily around how artificial intelligence helps in automation of repetitive tasks. In addition, artificial intelligence also helps businesses with analysis of customer data, streamlining supply chain operations, and effective use of predictive analytics. Artificial intelligence can also support use cases of fraud detection, analysis of financial data, and automation of HR processes.
As artificial intelligence technology grows bigger, it will lead to development of new use cases. Businesses can discover new opportunities for innovation by leveraging the advancements in AI. Here are some of the notable benefits of using AI in the business landscape.
Improvement in Efficiency
The most obvious benefit of AI for businesses comes from the automation of routine tasks in organizations. It strengthens the role of artificial intelligence in business operations as employees can focus on complex activities that add value to the organization. As a result, AI can help in ensuring improved productivity and efficiency that leads to cost reduction.
Customer Experience Enhancements
Artificial intelligence can also support businesses in developing personalized customer experiences. Common additions among artificial intelligence in business examples, such as chatbots, showcase the effective use of AI to personalize customer experience. Chatbots can respond to customers’ queries in real-time. On the other hand, recommendation systems are also another prominent example of the use of AI to suggest products or services on the basis of previous data about customer behavior.
Artificial intelligence is also useful for helping organizations work on developing new products and services through innovation. Businesses can leverage AI to predict future trends and recognize new opportunities in product development or marketing strategies. The use of artificial intelligence in business can also help in gaining insights into customer requirements and emerging markets. As a result, businesses can cater to the dynamic changes in the needs of customers by developing innovative solutions.
Another significant benefit of using AI for businesses is the assurance of better decision-making abilities. Artificial intelligence can support data analysis and identification of important patterns for obtaining insights into market trends and customer behavior. AI-driven insights can help in accounting for another factor in the decision-making process and help maintain a competitive edge.
Excited to learn the fundamentals of AI applications in business? Enroll now in AI For Business Course
What are the Use Cases of AI for Business?
The search for answers to ‘How is AI used in businesses?’ draws attention to AI use cases for businesses. You can find multiple use cases of AI in different industries with distinct impacts on various business functions. Here is an overview of the different use cases of AI for businesses.
Artificial Intelligence and Customer Service
One of the most notable benefits of using AI in business operations is the use of AI chatbots. With the power of AI, chatbots and virtual assistants can help customers access faster and more accurate answers to their questions. It can improve customer experience while reducing the workload on customer service agents.
The example of KLM Royal Dutch Airlines provides a clear impression of the use of AI chatbots for customer service. KLM used an AI chatbot on Facebook Messenger platform to offer accurate answers to queries of customers. The chatbot can handle multiple customer queries about booking confirmation, refunds, and baggage allowances. With the AI chatbot, KLM has reported that it could handle almost 60% of customer queries without human intervention.
AI in Sales and Marketing
The list of AI applications in business use cases also includes examples of using artificial intelligence to come up with targeted marketing campaigns. AI can help in improving marketing and sales strategies through a comprehensive analysis of customer data and behavioral patterns. Artificial intelligence can help in predicting which customers would most likely purchase a product or respond to marketing campaigns.
One of the notable examples of using artificial intelligence in sales and marketing is Coca-Cola. The company used an AI-based marketing platform, Albert, for optimization of its digital marketing campaigns. Albert is one of the popular examples of artificial intelligence in business examples that leverages machine learning algorithms to evaluate customer data. It could draw insights and identify patterns in customer data to enhance digital marketing campaigns. For example, it can make real-time modifications in marketing campaigns in response to changes in customer preferences and behavior.
Want to understand the importance of ethics in AI, ethical frameworks, principles, and challenges? Enroll now in the Ethics Of Artificial Intelligence (AI) Course
Artificial Intelligence for Supply Chain Improvements
You can also find promising use cases for artificial intelligence in the supply chain management industry. Artificial intelligence helps in optimization of supply chain operations through prediction of demand and identification of potential disruptions. As a result, companies can find recommendations for the most efficient routes to enhance delivery and shipping.
The most prominent example of companies in supply chain management embracing AI is UPS. It has implemented an AI-based logistics platform, ORION or On-Road Integrated Optimization and Navigation. ORION has helped UPS in optimization of delivery routes alongside improving overall efficiency. ORION utilizes machine learning algorithms for analysis of data from multiple sources, such as traffic patterns, weather conditions, and customer information. As a result, it could generate optimized delivery routes for drivers and offer opportunities for making real-time adjustments.
Artificial Intelligence and Healthcare
Artificial intelligence has also helped introduce revolutionary changes in the healthcare sector. You can understand the role of artificial intelligence in business applications for healthcare by exploring how AI helps in analysis of patient data to prepare personalized treatment plans. For instance, AI can help in leveraging computer vision for analysis of medical images to recognize potential health issues.
The best example of AI in healthcare is IBM Watson Health. IBM has developed a new AI-powered platform known as Watson for Oncology. It has been designed to support healthcare professionals in diagnosis and treatment of cancer. Watson for Oncology relies on ML algorithms and natural language processing to analyze massive volumes of patient data.
It can help in generating personalized recommendations for treatment of individual patients according to their specific requirements. Healthcare professionals have hailed Watson for Oncology as a revolutionary tool for enhancements in accuracy for diagnosis and treatment of cancer.
Identify new ways to leverage the full potential of generative AI in business use cases and become an expert in generative AI technologies with Generative AI Skill Path
AI Strengthens Cybersecurity
Artificial intelligence can help in improving detection and responses to cybersecurity threats. The best thing about using AI to deal with cybersecurity concerns is that AI empowers real-time management of security threats. The list of AI applications in business to improve cybersecurity also revolves around analysis of network traffic and identification of suspicious activity patterns. AI can help create alerts for security teams and ensure that action is taken before the actual breach happens.
The best example of using AI in cybersecurity is Darktrace. It is a company that has come up with effective use of AI to develop the Enterprise Immune System, an AI-based cybersecurity platform. The Enterprise Immune System helps organizations detect and respond to cybersecurity risks in real-time. It uses machine learning algorithms to analyze data such as network traffic, system logs, and user behavior. It has helped in ensuring detection of anomalous activities alongside identifying potential threats before they cause major damage.
Artificial Intelligence and Innovation in Energy Management
Artificial intelligence opens up avenues for innovative solutions in different industries, including energy management. You can find examples of ‘How is AI used in businesses?’ in the domain of energy management as a step forward into the future. AI can help in the optimization of energy usage through prediction of energy demand alongside identifying areas for reducing energy usage. For instance, AI can help in optimizing the heating and cooling systems of buildings, thereby reducing energy costs.
Enel is a leading example of companies using AI and machine learning to support improvements in energy management. The energy company has developed a new AI-based energy management platform, Enel X, which utilizes ML algorithms. It can use ML algorithms to evaluate data on energy production and consumption, energy markets, and weather patterns. Enel X can generate real-time insights into the patterns for energy demand and consumption, thereby helping the company optimize energy distribution and consumption.
Want to learn about the fundamentals of AI and Fintech? Enroll in the AI And Fintech Masterclass
Artificial Intelligence and Legal Improvements
Artificial intelligence can also help businesses improve their legal systems with support for comprehensive legal research and document reviews. The use case of AI in business for legal aspects draws attention to the necessity of reviewing contracts. Proactive identification of potential legal issues through AI can help in addressing legal potholes with limited complexities.
The most popular example of using artificial intelligence in the domain of law is eBrevia. It has come up with an AI-based contract analysis platform that helps law firms and legal departments of corporates make the most of automation in contract review process. The platform utilizes ML algorithms and natural language processing to evaluate and obtain key highlights from contracts. For example, it can identify changes in control clauses, indemnification clauses, and termination provisions. The system can also identify potential inconsistencies and issues in the contract alongside providing recommendations to solve the issues.
AI and Enhancing Education
Artificial intelligence is also a useful tool for transforming the landscape of education. The use of artificial intelligence in business draws attention toward personalization of learning experiences for systems. AI systems can analyze learning data and deliver targeted recommendations. For example, AI can help in recommending specific study materials according to learning styles and preferences of students.
The outline of examples of using AI in education would obviously start with Carnegie Learning. It is an education technology company that has developed Mika, an AI-based math education platform. Mika has been tailored to offer personalized learning experiences to all learners. It evaluates the learning patterns of students and offers personalized guidance and feedback. Teachers and students using Carnegie Learning have reported prominent improvements in student engagement. Mika has emerged as a powerful tool to improve students’ skills in mathematics while enhancing their confidence.
Want to develop the skill in ChatGPT to familiarize yourself with the AI language model? Enroll now in the ChatGPT Fundamentals Course
AI Optimizes Agriculture
Artificial intelligence also serves as a powerful tool for business improvements in agriculture. The role of artificial intelligence in business in the domain of agriculture focuses on improving crop yields. AI can help analyze data on weather patterns, plant health, and soil conditions. As a result, it can predict the ideal time to plant and harvest crops.
The top example of using AI in agriculture is visible in the use case of Blue River Technology. It has come up with an AI-based crop management solution known as See & Spray. The system helps farmers optimize crop yields while reducing the use of herbicides. See & Spray utilizes machine learning and computer vision to ensure precise identification and targeting of individual plants in the field.
Become a master of generative AI applications by developing expert-level skills in prompt engineering with Prompt Engineer Career Path
Final Words
The use of AI in business across different industries revolves around ensuring optimal use of available data. Every business generates and works with massive amounts of data, which goes unnoticed. However, AI helps in capitalizing on the data generated by businesses to provide a strong foundation that propels businesses towards the future. The improvements in existing systems and processes are only one side of the story with AI use cases in business. Learn more about fundamentals of artificial intelligence and the best ways to utilize it in your business right now.
