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A Gartner report states that 37% of organizations have implemented artificial intelligence (AI) already. It means that the AI implementation has grown at a rate of 270% over the last four years. The report also states that artificial intelligence will be the foundation of 80% of emerging technologies by 2021.
Experts refer to artificial intelligence as the next big thing. Many large businesses around the world have started adopting artificial intelligence. Most often, they are using AI to smoothen their operations and remove inefficiencies. This article looks into the most successful AI business use cases in 2020.
#1. DevOps and AI Creating AIOps
AIOps is one of the hottest trends in the DevOps industry. The goal of AIOps is to use artificial intelligence to improve IT operations.
For example, AIOps can be implemented to shift from reactive to proactive monitoring. It helps teams to detect issues before they even happen. Imagine that memory usage is increasing for one of your applications. AI can predict a potential memory leak by looking at the memory usage graph. It’s a powerful technology that improves the availability of many critical services for organizations.
However, AI not only assists DevOps teams with monitoring, think of domains such as security, software testing, and software deployments.
#2. Predict Consumer Behaviour
Artificial intelligence will enable companies in the prediction of customers’ behavior. It will help them understand which of their products will be in high demand. Thus, they can maintain adequate stock for products that will be in high demand. Do you know who is already leveraging AI to predict consumer behavior? It’s Amazon.
Moreover, Amazon has been leveraging AI to improve its business efficiencies for some time now. The AI capability of Amazon is designed to recommend various relevant products to its customers, unlocking highly converting upselling and cross-selling. Some reports claim that the recommendation engine of Amazon drives 35% of its sales. Furthermore, Amazon is also using AI to decipher their search queries on its platform to provide more accurate result pages.
#3. Improved Business Security
Businesses are adopting artificial intelligence because of the grave dangers of cyber threats. They need advanced technologies to keep their operations safe from such threats. Especially looking at the devastating impact of data breaches on a company’s reputation and cashflow. Just take a look at the British Airways data breach which resulted in a £183m fine.
Therefore, AI helps businesses by conducting system checks and actively detecting potential threats. AI processes an extensive amount of data in seconds. Therefore, organizations using AI have an advantage over traditional security systems as they can process way more information and detect common patterns that lead to a security event happening. The application of AI in business security will be worth more than $35 billion in the next five years.
#4. Learn About Your Preferences
Have you ever noticed that your choice of music changes daily? Likely, you may not have thought about your listening choices in such a manner. But Pandora’s scientists and musicologists have.
Hence, Pandora leverages machine learning and AI to analyze the listening habits of its 65+ million monthly users. It knows what song you might want to hear next. The core technology powering Pandora’s personalized recommendations is its Music Genome Project. It’s a data repository. Every song is examined there under 450 unique attributes.
However, many more tools can learn about your tastes and preferences. To give an extreme example, Kicksta offers an organic growth marketing tool for increasing your Instagram followers. They use artificial intelligence to scan profiles to predict which profiles are most likely to follow your content. This way, they can create highly optimized marketing campaigns.
In other words, AI is great for predicting people’s tastes and preferences. It goes as far as predicting new topics you’re likely interested in which you didn’t know yet you are.
#5. AI in HR for Recruitment
There’s a term known as application black hole. It is the process where a job applicant sends a resume to a potential employer. Yet, the applicant has to wait for weeks or months before hearing back from the potential employer. That is if they hear back at all from them. The candidates around the world have been complaining about this cumbersome experience.
For a minute, think from the recruiter side. You will start empathizing with them. Today’s job market is very competitive. Everyone has an internet connection as it has become quite cheap nowadays.
Many recruiters see hundreds and sometimes even a thousand applications in a day. Recruiters can’t get back to all applicants manually. Here’s the exact problem that AI can solve. It can tame and eliminate frequent pain points in the recruitment industry. The foremost application of AI would be efficient scanning of CVs to quickly determine the best candidates.
#6. Data Analytics
Most of the current Business Intelligence (BI) solutions are capable of storing humongous amounts of data. But they don’t offer a straightforward way to get insights from the data they store.
There’s a way too high amount of data released by businesses nowadays. The data analysts aren’t keeping up with the increase in the volume of data. They are finding it difficult to crunch all the data but also select the most relevant data for analysis. Artificial intelligence can solve this problem. It will be able to handle large amounts of data that intelligence systems are guzzling out daily.
Accordingly, AI solutions are capable of going through datasets faster. After crunching data, they can link a cause with an effect at a rapid pace. Hence, AI would be able to cut down the total time that it takes to analyze data and allow for better business decisions. At the same time, it will create new revenue opportunities for organizations as they can discover new opportunities.
Besides that, there is a tremendous future for AI in the stock brokerage and investing market too. The reason being that AI works like a human brain. Hence, a sentiment algorithm will connect sentiments with words having the same meaning. AI-based sentiment analysis will prove to be a game-changer for investors and stockbrokers.
#7. Virtual Assistant Technology
Apple’s Siri and Amazon’s Alexa have become a household name now. Both Siri and Alexa are virtual assistant technologies, albeit from different companies. Virtual assistant technologies leverage machine learning to keep on improving.
Amazon’s Alexa has seen a meteoric rise in the virtual assistant technology scene. It almost took the world by storm during the time of its launch. Alexa has proved to be a revolutionary product. It can even decipher speech from another corner of the room.
A user can ask Alexa to help them shop, schedule appointments, and even search on the web for any information. Additionally, Alexa also powers the homes of its users with controllable lamps and speakers. With further improvements in AI, big things are expected from virtual assistant technology.
#8. Cars
AI capabilities will analyze data feeds across the car’s sensors. It can prove to be handy in a situation where humans are prone to make errors. AI scores brownie points in cross-traffic detection and emergency control of the vehicle.
Artificial intelligence will make a car ride experience in itself. Don’t believe us? Ask the Tesla owners. They would swear by its features. A Tesla owner would tell you that you have no idea what you’re missing. All love for Tesla aside! We cannot deny that Tesla cars are excellent. They are one of the best combinations of machine and emerging technologies.
Tesla cars have won many global accolades for many of its features. It has received rave reviews for its self-driving features and predictive capabilities. The good thing about the Tesla cars is that they keep getting even smarter. Well, Tesla car owners can thank the over-the-air updates for it.
Recommended read: How hackers used stickers to trick Tesla’s AI.
#9. Chatbots
There’s no doubt that artificial intelligence is one of the most revolutionary technologies of our time. It’s quite a popular topic in the technology industry. One of the AI spin-offs is chatbot technology.
Chatbots primarily help support teams to improve response and satisfaction rates for their customers. Support teams often receive similar questions which can be quickly handled by an AI-driven chatbot. They can analyze the support question and provide them with the right answer in most cases. This reduces the stress on the support team so they can focus on other important tasks.
Recommended read: A new chatbot tries a little artificial empathy.
#10. Time Optimization
A business has to complete a long list of tasks daily. Of these, some of the tasks are more valuable and impactful. Hence, they need more time and resources.
Today, many of the large businesses are using AI-powered project management tools. These tools help them conduct an impact analysis of all the tasks. Based on the results, organizations mandate and prioritize their activities.
Artificial intelligence has empowered businesses by detecting the most critical tasks and goals. AI is playing an important role in changing the workflow of the workspace. It has led to an increased employee efficiency standard. These artificial intelligence tools also help in setting deadlines for tasks. Later on, these tools provide regular productivity reports for the management to better understand the impact of AI.
Want to learn more about the applications of artificial intelligence? Here are some suggested reads: