AI & ML Use Cases Across Eight Industries
Artificial Intelligence can be expanded, adapted and applied simply to several business operations. In this digital era, AI is a crucial investment area. Many tech giants like Microsoft, Google and Apple are heavily investing in AI. This trending technology is not limited to those companies, but every business is in plans to modernize with AI.
According to a survey conducted by The New York Times, 54 AI firms are playing a vital role in shaping the future with Artificial Intelligence. Along with AI, these companies are benefiting with machine learning, deep learning, data science, speech recognition, and other AI technologies.
According to the market research report of Tractica, the global artificial intelligence software market is projected to grow exponentially in the coming years, with revenues expected to grow from US $ 10 billion in 2018 to $ 126 billion by 2025.
Tractica also said that “over 330 Artificial Intelligence use cases across 28 industries will contribute to the market growth with strong enterprise AI opportunity in automotive, consumer, healthcare, banking and financial, telecommunications, education, and retail and eCommerce sectors”.
AI applications not only give better business results but also improve the overall human experience. With the help of the best AI app development companies like USM Business Systems, almost every industry is benefiting from this technology.
Here, in this blog post, we will be discussing the major eight industries that have adopted AI technology and benefited from AI applications.
Before that, let’s make sure you understand what really artificial intelligence is.
Click on the link to learn about what is artificial intelligence & how it brought revolution?
Now, let’s have a look at the
Top 8 AI industries that have adopted AI practical use cases
- AI in Marketing and Sales Use Cases:
Nowadays, most of the enterprises are using AI technology to speed up the sales, promote their brands, customize marketing emails depending on customer behavior and prompt them to take their products/services.
As per the research report of MemSQL in 2018, over 60% of marketers say that AI is an essential element in their data strategy. Without naming AI as a crucial strategy and implementing these programs are two different stories.
Here are five practical Artificial intelligence use cases in sales and marketing:
#1 WordStream is an advertising management platform that adopts artificial intelligence to analyze ads and suggest ways to optimize ads so that you no need to waste money. It also helps in making changes in campaigns within a few minutes, rather than taking days or weeks to implement manually.
#2 InsideSales.com uses AI technology to detect people and their accounts in your current database that are likely to close. This will help your sales representatives prioritize the good revenue generation chances you already have.
#3 GumGum uses AI-powered computer vision technology to scan photos, content and even videos on the website. After that, it will use insights from the analyzed report to help the company place ads that customers pay the most attention to.
#4 LeadCrunch uses an AI-powered predictive model to identify the B2B audience who are like your loyal customers. This AI model will develop over time, increasing you to a qualified audience of firms that are well-suited to your services and products.
#5 Salesforce Einstein uses AI to intelligently automate some repetitive tasks that your agents waste time on each passing day. This consists of transferring automatic notifications and insights about purchasing codes, automating and capturing data capture for leads.
- AI in Telecom Industry Use Cases:
One of the rapidly growing sectors, Telecommunications uses Artificial Intelligence technology to enhance network credibility, improve user experience, and predictive maintenance.
In addition, telecom companies implemented AI-based solutions to take out relevant business insights from large amounts of data gathered from several sources. These data insights allow them to provide better user experience, increase operations and influence the overall revenue of the business.
Gartner estimates that there will be approximately 20.4 billion connected devices in use by the end of 2020. Therefore, communication service providers (CSPs) around the world are hugely exploring the possibilities of harnessing the power of AI.
Here are five practical Artificial intelligence and machine learning use cases in telecommunication Industry:
#1 Vodafone: Vodafone has launched a machine learning chatbot named ‘TOBi’ in 11 popular markets and is planning to launch in 5 more markets. It has automated 66% of the company’s consumer interaction, allowing customer support agents to concentrate on strategic tasks, resulting in growth and productivity throughout the firm.
Click on the link to learn in-depth about AI Framework of Vodafone
#2 AT&T: With the power of AI and ML technologies, the company has transformed the user experience. These applications have allowed the firm to improve assessment and efficiency planning with field staff to provide effective customer support.
The optimized schedule facilitates technicians to do more tasks during the day and reduce travel time, thereby increasing consumer satisfaction. As per reports, AT&T has a 5% increase in productivity and a 7% reduction in travel distance.
AT&T is exploring the scope of machine learning and artificial intelligence to provide its customers with an effective and efficient 5G network experience.
#3 Telephonica: The telecom company has developed the AI-powered platform by the name of Aura that allows the company to develop a new customer relationship model with the help of cognitive services and personal data.
This platform allows business customers to redefine data transparency, customer interaction, round-the-clock assistance, technical support, and contextualized and personalized customer support services.
#4 Deutsche Telekom: This telecom company has created a chatbot called ‘Tinka’ which is just like the search engine. Constant updates to search results help the company to offer 24*7 customer support to Austrians.
With a search box to type the query, the icon of the young lady with long hair appears on the user virtual screen. Wonderfully, Tinka Chatbot answers around 80% of the questions and remaining questions are sent to a human customer support representative.
#5 Globe Telecom: Globe Telecom integrates Cloudera with machine learning to improve user experience, enhance product optimization and meet the industry standards.
By controlling Predictive Analytics and AI, the firm uses insights to make the best business decisions quickly and create marketing campaigns which are target-oriented.
- AI in Education Sector Use Cases:
Artificial intelligence is one such slow-moving technology in the world of education. Yes, AI has begun to earn its place in the field of education, which became more accessible and personalized.
With the use of smart devices and computers making educational materials accessible to all, technology has overturned the world of learning, while automating administrative tasks, enabling staff to spend much time concentrating on their students.
Currently, all of us are quarantined to house due to the Covid-19 crisis situation and have not physically attended classes, and it is advisable to take classes online through AI based solutions.
Here are five practical Artificial intelligence use cases in Education industry:
#1 Carnegie Learning’s “Mika” software uses AI technology to offer personalized online classes for post-secondary school students, especially for incoming college fresh students who require remedial courses. It gives students with the ability to access more personalized and more convenient learning modes on an
#2 IntelliMetric® is a latest and innovative AI solution that can give grades to students’ assessment and provide instant feedback to the writers. It saves teachers time and encourages students to study well. Apart from grading, AI allows teachers to prepare personalized plans that make students focus on gaining knowledge.
#3 University Of Southern California (USC), which is a most popular institute in the USA has created smart virtual applications and environments appeal to Artificial intelligence, animation, 3D gaming to develop virtual social interactions and authentic virtual characters.AI technology makes it interesting for students to learn a lot about the subject.
#4 Carnegie Mellon University of Engineering applied a learner model with a system called ‘iTalk2Learn system16’ to test its impact on student learning fractions, which contain clear information about students’ mathematical knowledge, emotional state, cognitive needs, feedbacks and student responses.
#5 Captivating Virtual Instruction for Training (CVIT) has implemented a learning strategy with an objective to integrate online live classroom practices with best-suited AI technologies that include augmented reality, intelligent tutor, virtual facilitators, and others coaching and remote learning programs.
Also recommended to read: Top AI applications in Education Industry
- AI in Manufacturing Industry Use Cases
Manufacturing is the leading industry that uses AI and ML technologies to its full potential. Also called as Smart Factories 4.0, there are unexpected cuts in performance and transition times, overall product quality and worker safety along with uninterrupted performance and improved design of products.
Click on the link to read the use cases of artificial intelligence in automotive industry.
- AI in Banking and Finance Industry Use Cases
If there is one advanced technology that pays dividends, it is Artificial Intelligence in Banking and Finance sector. AI has given the banking and financial world as a whole a way to meet the customers’ demands who need safe, convenient, and smart ways to save, spend and invest their cash.
Undoubtedly, AI helps the financial and banking business field to streamline and optimize processes from quantitative trading to credit decisions and financial risk management.
Click on the link to learn the AI and ML use cases in Finance and Banking sector
- AI in Healthcare Industry Use Cases
As everyone knew, Artificial Intelligence has countless applications in the healthcare setting. AI is defenetly a boon to the healthcare sector as it helps to power surgical robots, detect links between genetic codes, or to increase hospital efficiency.
AI simplifies the lives of physicians, patients, and hospital administrators by doing things that humans usually do, but in less cost and time. AI assists critical stakeholders in several ways, such as healthcare organizations, pharmaceutical companies, and diagnostic labs.
Click on the link to see 5 Powerful Artificial Intelligence in Healthcare Use Cases
Also Read: Future of AI In Healthcare: Top 5 Applications & Examples of Healthcare Industry
- AI in Retail Industry Use Cases
Nowadays, customers are expecting personalized and customized products, less waiting time, faster bill payment, and conflict-free checkout experiences, which all can fulfill by Artificial Intelligence.
There are several ways for retailers and bigger brands to use AI tools to develop their business growth and provide better customer service. Retailers are able to apply AI throughout their product and service cycle, from manufacturing to after-sales consumer service interactions. It benefits retailer firms who make full use of AI technology to influence current sales and to guide future purchases.
Click on the link to have an idea about the retail AI use cases
- AI in Ecommerce Industry Use Cases
AI usage in online shopping will transform the e-commerce sector based on the products that shoppers buy and evaluate the shopping pattern when purchasing them,
Machine Learning, Natural Language Processing, and Data Mining are three significant elements of Artificial Intelligence that help e-commerce stores improve their results and increase ROI.
Using AI technology, machines perform manual tasks of humans and allow humans to focus on challenging tasks and strategic level business.
While e-commerce sales around the world are estimated to reach 8 4.8 billion by 2021, Gartner forecasts that AI technologies (with no human agents) will handle 80% of all customer interactions by 2020.
Major applications of AI are personalized shopping recommendations, fake reviews detection, automated customer service and chatbots, visual product search, Voice search and smart homes integration.
Click on the link to learn the AI and ML use cases of ecommerce sector.
Recommended to read: success stories of AI in e-commerce industry
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