Artificial Intelligence technologies have advanced significantly in recent years, impacting various disciplines from healthcare to customer service, and it’s not going to stop anytime soon. According to the McKinsey estimation “AI technologies have the potential to create between $3.5 trillion and $5.8 trillion in value annually across nine business functions in 19 industries.”

There are not many limits to what AI can do, those technologies will keep advancing and in the future AI solutions will influence pretty much any industry you can think of.

Industries where AI can be used

Here are a few examples of industries where AI can be used to improve the performance of existing solutions:

  • Banking - anomaly detection, an example is fraud detection (possible due to Machine Learning)
  • Transport - automate route optimization and calculation
  • E-commerce - customer behavior and churn prediction
  • Sport - maintaining health, fitness and safety of the athletes
  • Energy - efficient energy management

What is more about AI, according to Forbes:

  • Investments by venture capitalists into U.S-based AI startups have increased sixfold since 2000
  • 84% of enterprises believe investing in AI will lead to greater competitive advantages
  • The number of active AI startups has increased 14 times since 2000

  • Global revenues from AI for enterprise applications is projected to grow from $1.62B in 2018 to $31.2B in 2025

Enormous interest and constantly growing popularity of AI solutions encouraged a lot of companies to give it a try and implement AI software in their environment but…

AI implementation is not always easy

Although there are numerous examples of companies implementing AI solutions (Office 365, Slack, Dropbox, Salesforce) lots of companies still fail to find a way to adapt those solutions. Let the example of Watson for Oncology be the warning - the company has spent over $62 millions dollars on an application which turned out to be a fool’s gold. One absolutely crucial and maybe partially overlooked factor of success in AI implementation is commitment (for example adjustment of company’s strategy to AI solutions). Quoting a McKinsey regarding AI: “Ultimately, the value of AI is not to be found in the models themselves, but in companies’ abilities to harness them.”

Examples of well-known companies using AI

Below, you can find 3 examples of very well-known companies which harnessed AI technology efficiently:

  • Apple - popular Siri available in Apple products, uses Artificial Intelligence to be a personal assistant of the device’s owner.
  • Google - uses AI technology to learn about human habits and behavior patterns, for e.g. where do we usually go or eat.
  • UnderArmour - health-tracking AI app “Record.” can track and analyze workouts, sleep data, and nutrition. It can also import data from other fitness tracking apps. The biggest benefit of the fitness-tracking app is the ability to provide personalized recommendations for nutrition and training advice.

Proper implementation of Artificial Intelligence

Another factor of success is the correct implementation. Artificial Intelligence is not as simple as it looks on the outside. If your company has appropriate resources you can surely implement it by yourself. If not, it may be worth considering the help of the specialists. Sometimes it’s better to use the helping hand.

By deploying AI technology right, your company can:

  • Increase productivity and operational efficiencies - an example is DataRPM, which processes variety of company data in a short time and predicts various things, such as potential asset failures, factors responsible for frequent repairing of tools, and the importance of timely maintenance;
  • Increase revenue by identifying and maximizing sales opportunities;
  • Save time and money by automating and optimizing processes - rendering a film or multiple photos takes a lot of time? With Deep Image web application you can enhance and upscale image or photo in a matter of seconds;
  • Make faster crucial business decisions;
  • Predict your customers’ needs and offer them personalized content - Spotify AI algorithms and deep learning inside the application, provide recommendations of music for the users, that they are likely to enjoy;
  • Avoid human mistakes;
  • Generate quality leads and grow your customer base - an example is Conversica, AI virtual sales assistant. It is designed to reach out and connect with the gross sales leads which helps sales team to focus on selling and closing the deals, rather than chasing down sales leads and prospects.

To sum things up - AI is the technology which can raise your business to a whole new level!

I hope that after reading this blogpost I interested you at least a bit about Artificial Intelligence or even you find it useful to implement AI in your business.

If you would like to discuss AI topic, please let us know!