AI Applications for Business: How Can You Benefit from Them?

AI has become a buzzword in the business space today. While some experts discuss the feasibility of using AI for different tasks and processes, others look for promising AI applications for business. Artificial intelligence can drastically change how we do things with the right approach. That’s why some companies are highly interested in AI development services.

In this article, we offer you to look at the most popular AI applications for small business, medium-sized and large companies to understand how this technology can help you optimize and enhance your business processes.

What is AI?

But to begin with, let’s dive deeper into the most general information on artificial intelligence and its capacities.

There is one more point that makes AI models similar to humans. They can be trained. In other words, you can teach a model to act in the required way. It can be done with the help of huge volumes of information and hints from the side of people (engineers) who will tell the model which reactions or decisions are correct and which of them are wrong.

The concept of AI is closely tied to machine learning, which helps developers build AI-powered solutions, and deep learning, which allows engineers to train models using significant volumes of data and complex algorithms.

The Definition of AI

The final goal of AI as a science is to create machines that can act and think like humans. Unfortunately, at the current moment, given the limited capacities of AI models, the realization of this project is not possible. Nevertheless, scientists and engineers are working in this direction.

Today AI models can translate texts, write articles, draw pictures, diagnose, detect patterns, etc. One of the most well-known examples of AI today is a chatbot developed by US-based startup OpenAI - ChatGPT. While a broad audience is getting familiarized with this solution, governments of some countries have already voiced their concerns regarding its use, given the existing privacy regulations and illegal collection of personal data. This case demonstrates that this field (as well as many others powered by emerging technologies) lacks the proper regulation. And together with tech advancements, some progress is also required in this aspect.

Why is AI used?

One of the critical reasons for the expanding number of AI applications for business space is the capacity of this technology to facilitate tasks and streamline processes for companies.

In other words, AI may not fully replace employees at the moment. However, it can significantly increase overall productivity while also optimizing costs.

In combination with the Internet of Things (IoT), artificial intelligence dramatically expands our capabilities in process automation. As a result, employees can concentrate more on creative and complex tasks, while routine processes can fully become the responsibility of AI-powered solutions.

Benefits of Artificial Intelligence in Business

Thanks to AI and ML algorithms, companies can enjoy the benefits of accurate predictive maintenance and avoid severe downtimes and additional expenses. Meanwhile, AI analytics can provide management with valuable insights that will be essential in further business planning.

And it is also crucial to highlight that AI lets businesses minimize risks related to mistakes caused by human factors.Of course, creating AI-powered apps, systems, and custom software development of any type requires investments from the side of companies. But given all the new opportunities and benefits the rightly applied solutions can bring, the assets will fully pay off.

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AI use cases across different industries

Though some benefits of AI are practically universal for all companies, we firmly believe that to decide on the necessity of AI tools for your business, it is important to consider industry-specific advantages as well. That’s why let’s analyze what applications of AI have the most potential value for use in a business.

AI in eCommerce

Artificial intelligence can significantly enhance user online shopping experience by making all the processes more personalized and comfortable. It is possible to achieve such results via the following use cases.

• Individual recommendations. AI can study users’ preferences, interests, and browsing history to detect patterns in their behavior and, consequently, offer them new options that can be interesting and useful to them. Such features can offer either similar products to those that a user was interested in or products that could be a perfect match with those that a person already ordered.
• AI chatbots. This use case is popular in many industries. The quality of customer service is one of the most important parameters that have a direct impact on overall user impressions. Given today’s business standards, users should be able to get assistance as soon as possible. It can be challenging and expensive to organize a 24/7 service, but AI can solve this problem. Artificial intelligence can process real-time requests and provide the necessary human-like answers.
• Illegal and fake activity detection. One of the strongest capacities that AI has today is the identification of patterns. When deviating signs are found, that's already a reason to pay more attention to the case under consideration. In the eCommerce industry, AI features can help identify and prevent fake reviews and fraudulent activities with credit cards.

AI in Human Resource

HR is one of the spheres where a huge part of the success depends on the speed of processing vast volumes of data. And here’s where AI can be beneficial.

• CV processing. AI-powered systems can analyze numerous CVs and choose those that belong to the best candidates.
• Job descriptions. Though this use case still requires a lot of attention from the side of HR specialists, already today AI can write vacancy descriptions that will be clear and well-structured. Nevertheless, it is still recommended to attentively read such content and further edit it before posting to ensure there won’t be any controversial points.

AI in Healthcare

AI is expected to increase the quality of medical services and treatment efficiency, which will lead to continuously growing patient satisfaction.

• Diagnosis and treatment. AI can accurately study a lot of medical records and make diagnoses even based on the earliest symptoms. Moreover, AI-powered systems can offer the proper treatment, which will be fully tailored to the individual health state of each patient.
• Analysis of medical images. Artificial intelligence can be used for analyzing ultrasound results, MRI images, and cardiograms and detecting the signs of diseases as soon as possible.
• Remote consultations. AI-powered intelligent assistants can provide consultations at least at a high level, offer first aid, and help to reduce the load on doctors and medical staff. Of course, at the moment, there are huge concerns regarding the ethical aspect and the reliability of such solutions. Nevertheless, some telemedicine apps are already testing such features.

Do you know any actual examples of AI applications in healthcare?

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AI in Gaming

Artificial intelligence allows developers to create more emerging, challenging, and adaptive games which guarantee better user satisfaction.

• NPCs or non-player characters. Humans do not control these characters, but they act just as they were. AI engines and algorithms set their decisions and behavior.
• Impact of players’ decisions. Thanks to AI, game creators can practically add a limitless number of scenarios that will entirely depend on all the decisions that users make. As a result, it will be possible to achieve high individualization of gaming experiences.
• Data mining. Game developers can benefit from the possibility of gathering a lot of valuable data about player behavior. These insights can help them to see how people act in different situations and determine moments that may make people stop playing. As a result, they can find new approaches to improving their games and to introducing new monetization schemes.

AI in Lifestyle

AI solutions have a huge influence on how we perform many everyday tasks.

• Autonomous vehicles. Today many companies are working on developing their self-driving cars, but the most well-known example is Tesla. While there are a lot of discussions regarding the safety of such cars, the tech giant’s CEO Elon Musk believes that fully self-driving Tesla vehicles and robotaxis will be presented by 2024.
• Facial recognition. Some years ago, we needed to set a password when we wanted to protect our devices like smartphones and laptops. However, it was only sometimes convenient to enter it. With facial recognition, everything has become faster and easier.
• Spam filtration. Have you noticed that some messages in your email box are automatically put into the spam folder? Or that some incoming phone calls are identified as “spam”? All this is possible thanks to AI tools that can detect spam with high precision.

AI in Social Media

Social media platforms are among the earliest adopters of tech innovations nowadays, and we can observe various AI use cases within different apps.

• Content recommendations. AI can detect what content interests you based on the accounts you follow and the posts you like.
• Text translation. Applications can automatically translate posts that are written in foreign languages.
• Removing propaganda and hateful content. This use case has found its wide adoption on Twitter. The app can detect and hide inappropriate content from users (or entirely delete it).

AI in Education

With the continuous development of EdTech, it is obvious that educational institutions are currently looking for the best ways to increase the efficiency of educational processes and enhance learners’ engagement. And AI seems to be a good option for making it possible.

• Automation of administrative tasks. Traditionally, teachers complain about vast volumes of paperwork and other time-consuming tasks that do not directly relate to the educational process. Nevertheless, teachers will have more time to concentrate on lessons and their students' needs with AI-powered tools that can cope with tasks such as processing various surveys and adding general information about parents to the common records.
• Smart content. Thanks to AI, teachers can reduce the time needed to create digital content like presentations or video guides. AI can generate video and audio content based on written information, prepare video summaries, and elaborate diversified plans for lessons.
• Personalized educational process. AI tools can be applied for tracking students’ progress and need to offer a person the most valuable materials and approaches to learning new things.

You can also read about other use cases of AI in education here.

Benefits of AI in Education

AI Application in Marketing

This group of use cases is also worth mentioning among AI applications for business as the marketing sphere already today can enjoy quite tangible results from introducing AI-powered systems. So let us mention just a couple of possible use cases.

• Behavior pattern detection. In marketing, it is vital to understand how users interact with your brand, what is most interesting to them, and how they react to changes. AI can help to make all the gathered data useful by detecting interrelation between various factors and events.
• Predictive analytics. AI algorithms can predict how users will behave in different cases, allowing businesses to make the right decisions and adjust their offers following market demands.

AI in FinTech

The financial industry (and, in this case, it doesn’t matter whether we are talking about the traditional industry or the fintech market) is known to be vulnerable to fraud and market manipulations. Nevertheless, AI is expected to change the situation.

• Fraud detection. AI systems can define patterns and signs that may indicate fraudulent activities and prevent any negative impact on users and their assets.
• Task automation. With artificial intelligence, many processes can be successfully streamlined and automated, especially those that process a lot of data.
• Loan risk assessment. While assessing loan risks can be very time-consuming when performed manually or with the help of some standalone apps, AI-powered software can do it quicker and with excellent accuracy.

AI in Data Security

Security is one of the top priorities for many companies, especially when it comes to valuable business and personal clients’ data.

• Recognition of various types of threats. Thanks to its strong capacities in behavior pattern detection, AI can identify any deviating trends that may indicate a threat.
• Respond to threats. However, if it is impossible to prevent threats entirely, AI can react to them in the necessary way (repair the fault, administer the harm that was done, and prepare a detailed report).

AI in Travel and Transport

With its capacity to work with different data formats and analyze many factors simultaneously, artificial intelligence can improve the quality of logistics and transportation services.

• Route planning. This use case can be helpful not only to logistics companies that may need to create complex routes and adjust them according to continuously changing conditions and also to people who plan their vacations and need to understand how they can reach their destination.
• Traffic management. With AI systems, authorities can optimize traffic in many countries worldwide to avoid collapses and increase the quality of infrastructure.

AI in the Automotive Industry

AI also has a wide range of use cases adopted by manufacturing enterprises.

• Predictive maintenance. AI can continuously analyze the performance of equipment and machinery and detect the signs that can indicate technical issues. As a result, it is possible to fix them in time and avoid any severe consequences or unplanned downtimes.
• Quality control. AI can attentively track the critical parameters of the produced vehicles to increase their overall quality.
• Production automation. Robots, automated production lines, sensors, and other devices that can become parts of intelligent factory systems can help to optimize processes and reduce costs.

Artificial Intelligence in Chatbots

Chatbots that can perceive human language and respond to the received people’s requests in real time can also be mentioned among AI applications for business. Such AI chatbots work based on ML algorithms and can be integrated into different apps and websites. 

Usually, such chatbots have a database of possible answers and can also combine them under the formulated questions. As a result, AI-powered chatbots have proven their efficiency in resolving various simple issues, providing general information about products or services, and enhancing the quality of customer service.

AI in Business Management

This use case unites practically all the points we’ve enumerated on our list. It is not industry-specific, and many enterprises of all types and sizes can benefit from it. It includes:

• Predictive analytics;
• Predictive maintenance;
• Process automation;
• Spam filters;
• Security surveillance;
• Intelligent personal assistance, and others.

What is common for all of them is that they all aim to streamline and facilitate tasks for employees and managers while also increasing performance and improving the quality of services.

Instead of a final word

Of course, our list of AI applications in business is far from complete. We aimed to mention the most significant of them to demonstrate how this technology can help companies achieve their business goals, increase their performance, and boost profits.

If you want to learn how AI can be used at your company and what benefits you can leverage after introducing AI-powered tools, do not hesitate to contact us! Our AI experts will analyze your case and offer the best solution.