In the last few years, we’ve seen an enormous influx of artificial intelligence software. The surge of this sophisticated technology can be seen just about anywhere, from electronics to medicine and finances. So, whether you’re looking to build a PCB layout, optimize your crop watering pipelines, or simplify medical scheduling, AI can help!
In this article, we’ll explain the concept of artificial technology, after which we’ll share some common use cases for different industries. Hopefully, this information will help you introduce AI into your business in the most efficient way possible.
What is AI?
AI stands for artificial intelligence. It’s a type of technology that processes large quantities of data and uses predictive models to simplify and streamline various business processes.
Despite its name, artificial intelligence can’t learn by itself. Instead, it relies on human input and other data sources to execute different tasks. Companies can use AI at every level of a company, from finances to human resources, logistics, sales, marketing, and other departments.
6 AI use cases
No matter which industry you’re working in, you’ll gain some value from artificial intelligence systems. In fact, software manufacturers have created numerous custom solutions that address specific business needs. You can also implement general programs, like marketing software, which work across the board.
Given that financial companies process large quantities of data, it’s only to be expected that this industry would highly benefit from AI. Besides predicting trends, the technology can execute various calculations and derive actionable insights.
Trading stocks, bonds, and other financial assets have become highly sophisticated, almost eliminating the need for human assistance. Algorithms are much more efficient than humans in recognizing trend shifts and reacting to them, yielding significantly higher profits.
Nowadays, a large portion of global criminal activities are done online. Whether we’re talking about hacking or financial fraud, savvy tech users have found numerous methods of sifting your funds.
Because of that, the leading financial companies have started introducing fraud detection software into their workflows. Through AI, companies can spot irregularities and prevent transactions before they occur.
Similar to financial businesses, insurance companies are heavily dependent on number analysis. With the power of AI, brands can now execute various daily tasks at a much faster speed.
Handling claims was traditionally one of the most arduous tasks for insurance companies. While you still need human input to execute specific processes, computer algorithms can handle everything else. For example, you can utilize AI for interpersonal communication or machine vision to determine the extent of physical damage.
Given the various risks during the insurance process, underwriting can be extremely time-consuming. Nowadays, brands reduce most of the footwork by relying on AI. The technology allows insurance companies to assess risks by tapping into large data sources and auto-analyzing potential hazards.
Healthcare is one of the industries that benefit the most from artificial intelligence. Besides some rudimentary tasks, such as patient scheduling, AI programs can also serve for complex diagnostics and treatments.
In the last few years, software companies have experimented a lot with computer vision. The advanced technology has a lot of promise for executing different diagnostic tasks. For example, doctors can use it to detect tumors as well as for surgery assistance.
There are no guarantees when it comes to health treatments. Even with the best medical technology and procedures, we’re still limited by our genetic traits and predispositions.
Given there are so many things that can affect us, doctors usually struggle to predict the outcomes of different treatments. With the power of AI, we can optimize our suggestions and find the optimal solution for every person. Furthermore, through extensive analysis, we can predict potential future issues before they occur.
Even without AI, communication technology has bloomed in the last decade. With AI, you can take these processes a step further by relying on advanced solutions for your daily workflow.
For a network to be efficient, you require numerous hardware sets distributed around several regions and even countries. Unfortunately, this makes maintenance a logistical nightmare. Minor issues can cause a ripple effect spreading through the entire infrastructure and costing you lots of time and money.
AI allows companies to predict and optimize their maintenance needs. Based on historical data, these systems can determine the best time to perform maintenance and what kind of potential issues can arise.
Constantly changing traffic is one of the biggest challenges for telecommunication companies. Because of that, providers must have a certain level of flexibility to address anomalies as soon as they appear. In this particular case, companies utilize artificial intelligence software to monitor their network and optimize its performance.
5. Life sciences
Most people don’t realize this, but many scientific processes are extremely data-heavy. During their research, life science professionals accrue vast amounts of data from different sources. Like in some other cases, AI makes sense out of all this information and processes it for further use.
Drugs can make or break human lives. Because of that, countries demand extensive testing from pharmaceutical companies before they can launch new products. Automated software simplifies the experimentation process while also helping scientists corroborate their findings.
Among others, AI can predict how different chemicals interact with each other and the potential effects they can cause.
The recent COVID crisis has shown us firsthand the importance of rapid response and monitoring. Through the use of AI, governments can predict how viruses spread throughout their respective populations. As such, artificial intelligence software is crucial for devising policies that would address the crisis but also properly optimize resource use.
Just about any logistic process can be improved with the use of AI. However, we can argue that the aviation industry and providers benefit from this technology more than others. With advanced software, companies can better manage their infrastructure, vehicles, and staff, as well as predict the average number of tickets sold.
Given that people travel to different countries across large distances, it’s no wonder some of them might get frustrated with a lack of information or bad service. What’s worse is that users also need to think about changing weather conditions and other potential issues related to their flights.
By implementing AI solutions, companies can serve all their clients equally on a limited budget. Besides implementing automated messaging, the software can extrapolate the most critical parts of users’ questions and focus on things they’re actually asking you.
The biggest challenge for airline companies is determining the correct number of flights, thus transporting as many people as possible without having empty seats. AI programs can take into account past trends, internet traffic, the country’s financial situation, discounts, and other factors to optimize their routes.