Value of Artificial Intelligence for Business: Five Examples
Artificial intelligence has always been an attractive idea. However, it is only in recent years that the general public has truly had a taste of its potential. Philosophical considerations aside, the value of artificial intelligence for business is unquestionable, with digital service providers rolling out inventive solutions that rival humans in areas such as healthcare, commerce, marketing, and management. The following article offers an overview of AI benefits for businesses and highlights examples of its most successful applications.
Artificial Intelligence Development Milestones
In the recent decade, the concept of artificial intelligence has shifted from the domain of science fiction and into the realm of possibility. Nevertheless, all of the recent advancements are merely the tip of an iceberg. Below are the key turning points in the history of AI development that has paved the way to the current miracle-grade technology.
- 1940s: The first example of autonomous robots created by William Grey Walter. These devices, extremely simplistic by today’s standards, were the first examples of machines programmed to function similarly to biological brains.
- 1950s: The first officially documented use of the term “artificial intelligence” has signified the recognition of the idea in the academia.
- 1960s: First successful implementation of natural language processing programs that could understand and respond to humans – or in modern terms, the first chatbot.
- 1970s: The market sees the first commercially available child computer equipped with a sound chip – the predecessor of Siris and Alexas.
- 1980s: The first attempts of AI business application in the form of expert systems. Despite being notoriously difficult to operate, these machines served as a proof-of-concept for what we see today.
- 1990s: The AI wins the game of chess against the world champion. For the longest time, board games have been the holy grail of artificial intelligence development, so this victory left humanity with very little to be proud of aside from occasionally writing symphonies.
- 2000s: The growing accessibility of personal computers and, later, mobile phones, has brought us an avalanche AI-driven products and services.
Advantages of AI-powered Solutions
The persistent interest in artificial intelligence was not purely theoretical – from the very beginning, it was clear that its potential for business applications is enormous. To boil it down, here are the four main advantages:
Improved Performance: The main strength of AI is the ability to streamline routine tasks. A well-integrated AI can nearly eliminate human error as well as improve the speed and precision of operations.
Reduced Cost: In addition to direct benefits of performing faster and with fewer mistakes, the AI-driven solutions can introduce numerous indirect savings, such as better talent retention due to smart HR approaches.
Enhanced Customer Experience: The autonomy and power of modern AI offer many opportunities for exceeding customer expectations, from spot-on personalization to seamless support.
Smart Insights: The capacity for data processing and pattern recognition is invaluable for making informed business decisions and receiving timely updates.
While the field of artificial intelligence is still in the active phase of development, there are already many use cases to back up the listed advantages. Here are the brightest examples.
AI in Healthcare Software Development
When it comes to delegating tasks to machines, healthcare is perhaps the least likely candidate – mostly because of the importance of the decisions, but also due to the necessity of human touch. Nowadays, thanks to the advent of machine learning, AI has already proven itself as a trustworthy assistant.
On the one hand, more and more AI-powered services are outperforming human experts at diagnosing cancers and other health conditions. On the other hand, automated solutions are becoming better at communicating with patients, which may well address the ongoing shortage of medical professionals across the world. A great example of these is an AI-powered system that makes aesthetic surgery recommendations based on the deep learning model.
On top of that, automated solutions can assist with administrative and managerial tasks in the field, such as healthcare contract management, insurance verification, and billing, which frees up resources and extends the health coverage to a broader population subset.
Use by Financial Services Software Companies
Financial services are among the early adopters of AI-driven solutions. Such boldness already yields its results – according to the report by Business Insider, the savings from using artificial intelligence for banking may surpass $400 billion by 2023. The range of applications is equally diverse, covering such sectors as:
- Service personalization
- Credit decisions
- Risk management
- Fraud prevention
The latter is particularly interesting. Modern digital tools allow creating images of staggering fidelity, which, unfortunately, can be misused for forgery. In this light, techniques like optical character recognition, object identification, and person tracking become a viable application of artificial intelligence for business security.
AI in Fleet Management Software Development
Logistics is the domain that is certainly ripe for AI-driven transformation. On the one hand, the logistics and fleet management challenges transfer well to the digital model due to their specificity and the reliance on hard data. On the other hand, the sheer volume of data coupled with the diversity of factors involved renders the task nearly impossible for human operators to accomplish efficiently.
While routing can be handled relatively efficiently by algorithms, tasks like inbound goods inspection require a more intelligent approach. An excellent example is the visual inspection system that relies on cloud machine learning to reliably detect goods in abnormal conditions. The inclusion of the AI component allows for the setup to correctly detect faults that are not pre-defined in the system, reducing the dependence on human resources and dramatically increasing the output.
Novel Application Management Techniques
As the adoption of digital solutions moves forward, so does the complexity of systems used by businesses. As with any kind of operations, elements of such systems need to be managed to work efficiently. In this light, the addition of AI can accomplish a number of tasks:
- Performance monitoring
- Defect localization
- Baseline analysis
- Issue prediction
Unlike other points on the list, this aspect of AI application is still relatively uncommon. Nevertheless, some solutions are already being rolled out, so it is reasonable to expect further improvements down the line.
AI and Automation in Agriculture
Similarly to logistics, the application of AI in agriculture is twofold, with data analysis on the one side and automation on the other. The analytical part boils down to strategic tasks like predicting optimal times for planting or harvesting crops, issuing warnings based on environmental prediction, and assisting the research and development of new cultures.
The automation counterpart involves powering smart greenhouses as well as drones and other vehicles that monitor and tend to plants. Not only do such solutions reduce costs and increase yield, they also allow for a more sustainable approach in farming, which helps both the environment and regulatory compliance.
Bright Future for Artificial Intelligence Development
The concept of AI has come a long way: from the vague and improbable idea in the early twentieth century to a novelty only technology enthusiasts could appreciate and, eventually, to a broad range of products and services with real value we enjoy today. In terms of maturity, it is still in its early phase of development, with new challenges emerging and getting solved daily. Nevertheless, it has already proven its worth in multiple industries. With favorable predictions of its future growth, we’ll probably see even more ways it can benefit both businesses and customers.