Applications of Artificial Intelligence

If you take a look at every single kind of industry in the world, one thing is certain; in the past couple of decades, it’s been radically altered by technology. And this is as true for agriculture as it is for the movie industry. There’s absolutely no facet of the economy that hasn’t sustained major changes due to technological innovations and advances. The digital age has brought a lot of technologies that were considered science fiction just a couple of decades ago. For example, while artificial intelligence hasn’t been fully developed yet; even in its infancy, the technology has proven majorly useful to all kinds of industries. That’s why we’ll dive into some of the applications of artificial intelligence below!

 

Customer Support

When you take a look at the world of shopping, you’ll realize that it’s one of the most tech-driven industries in the modern world. Basically, the world of retail is dying – as online shopping becomes the default way to buy things all over the world. With that in mind, remember that there are applications of artificial intelligence in this area as well.

And we’re not just talking about things like website security; AI tech is actually crucial when it comes to the companies’ relations to their customers too. 

These days, you can barely find a reputable online store that doesn’t have high-tech-powered customer support solutions. Sure, there are the traditional channels through which customers reach their retailers, like phone or email. But these actually present quite a large cost to the companies, plus a big waste of human resources.

The people working on these can be utilized on tasks and projects which are far less menial. That’s why the online shopping industry has begun using AI-powered chatbots when it comes to the most basic communication. Machine learning has enabled these chatbots to be prepared for solving some of the more basic issues that customers have, without involving real employees when there’s no actual need for it.

Why employ someone to respond to requests regarding order statuses, or similar basic stuff? While AI isn’t fully developed, it’s definitely advanced enough to learn stuff like this. 

 

AI-driven Analytics

If there’s one thing that’s true in the world of business these days, it’s this simple postulate – knowledge is power. And in an era where people’s entire lives leave a digital footprint online; it’s easier than ever for companies to gather user information that’s relevant to their business practices. That’s why Customer Relations Management (or CRM) is another area where applications of artificial intelligence are abundant.

And make no mistake, this isn’t simple customer support we’re talking about. The world of CRM exists so that companies can analyze data they have on their customers in order to build stronger, long-term relations between the users and the brand. The ultimate goal here is to increase sales by spotting potential customers, as well as increasing the loyalty of existing customers. 

And you can probably already see how AI-powered methods can be extremely useful here. When it comes to data analytics, which is crucial for CRM, there’s really nothing better than software which is capable of machine learning. When you track and score new leads with CRM, AI software solutions can expedite and improve this process quite a lot. 

 

AI in Healthcare

AI in Healthcare

Sure, when we talk about all the different industries with manifold applications of artificial intelligence, there are some which are more obvious than others.

And certainly, when you think of technical aspects of things like online shopping, it’s perfectly easy to imagine just how AI might improve such an area. But did you know that even industries like healthcare have had significant improvements related to AI?

Indeed, AI tech has actually already shown itself as a game-changer in the industry of healthcare. Virtually every single aspect of this industry has been improved with such software solutions. Remember; this is an area that has long been plagued (pun intended) with a lot of inefficiencies, leading to quickly rising costs in turn, and prices for the end-user.

But AI has helped reduce this by quite a lot. For example, AI solutions have been crucial for improving the cybersecurity of patient records. And surgical artificial intelligence robotics have advanced a lot as well, lifting a lot of weight off of surgeons’ shoulders. 

Plus, AI-powered digital assistants have helped doctors manage their heavy schedules and increase the efficiency of their workflow. And that’s without even getting into how great AI has proven to be when it comes to diagnostics. 

 

The Financial Sector and Artificial Intelligence

In the end, we’d be remiss not mentioning the many applications of artificial intelligence in the financial industries. When you think about it, you’ll easily realize why artificial intelligence tech is the perfect match with the financial sector. Think about; in the high-stakes world of international finance, the accuracy of the information and real-time analytics are crucial for success.

And this requires companies processing huge amounts of data every single day, continuously. That is something that AI solutions have obviously been a huge help with.

With AI, gathering and analyzing market data is much easier, as such software solutions quickly spot the most relevant data points, and go through a lot of information much quicker than other kinds of software would. 

 

Conclusion

Sure, when people mention artificial intelligence, the first thing a layman will think of is something like the Terminator series or similar flights of fancy.

However, in reality, AI is actually a complementary technology to already existing software and hardware; which improves its efficiency immensely. That’s why this technology will continue to be more and more crucial in all kinds of sectors. 

Shristi Patni

Shristi is the Chief Content Officer at Raletta. She enjoys writing about food, fitness, finance and everything in between.

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