Business Applications of Artificial Intelligence and Machine Learning

Data is redefining the way we conduct business today. From determining how products should be designed to setting operational goals- data is driving business decisions across industries. Companies are now using multiple AIML applications to analyze the root cause of various consumer and business issues to solve them efficiently. It’s become a self-fueled system where the enormous amount of data that is generated every day is aiding decision making and creating even more relevant data.

Artificial intelligence or AI refers to any kind of computer program that enables machines to imitate human intelligence and function rationally. The importance of AI in business environments cannot be stressed enough. However, we are still a long way from realising the true potential of artificial intelligence. Narrow AI or weak AI is the most popular form of AI used by most companies today which might be good at performing specific tasks, but is not quite adept at functioning at the level of general human intelligence. Strong AI, on the other hand, can formulate decisions on its own without having to depend on any kind of human feedback. Strong AI can take necessary actions depending on the requirements by processing data and conditions logically, across a wide variety of skills.

Let’s take a look at the top business applications of Artificial Intelligence and Machine Learning to understand its possible growth paths. 

1. Cyber Security Arsenal 

While a rapid digitisation of the economy might have its own benefits, fallouts like cyber vulnerability cannot be ignored. Cyber-crime is on the rise today making our valuable data susceptible to different kinds of threats and attacks. As cyber-terrorist groups become increasingly smart and innovative with their attacks, it becomes important to design solutions and preventive measures that are more sophisticated. Thankfully, AIML tools are here to support cyber security projects and are being used for building smart solutions. From real-time threat detection, mitigation, and prevention to mock testing of preventive firewalls, the use of artificial intelligence in cyber security is immense. AI algorithms can teach machines to detect anomalies, fraudulent behaviour, threats, and red flags so that cyber attacks can be prevented in time. Multinational and start-up companies are investing in AI-enabled infrastructures heavily to provide them with a robust security system. 

Learn how one of the biggest technological solutions provider, IBM is using Artificial Intelligence to overcome cybersecurity limitations in the following video.

2. Healthcare Assistance

Artificial Intelligence is revolutionising the healthcare industry by supporting and at times automating complicated medical processes and procedures efficiently. Prevention is better than cure – only that AI is enabling not only prevention but also cure. From diagnosis to treatment, AI is fuelling medical miracles more than ever. Timely detection of diseases through an analysis of historical data (individual and family medical records) is one of the main achievements of AI. Whether it is cancer or any kind of heart disease, AI operated consumer wearables and screening systems are keeping users informed about their general state of health. AI systems are reviewing and storing medical data faster and more efficiently than humans besides deriving significant insights from that data. In recent times, AIML is also powering end-of-life care – the phase when humans are increasingly ailing, lonely and are in need of care. Humanoid designs along with AI advancements are helping people stay healthy and independent for a longer period of time.

Narayana Health, one of the most trusted healthcare providers in the country, believes that artificial intelligence and data analytics is the way to go if you want to provide an affordable and quality service to an overpopulated nation. Watch the following video to find out how they plan on doing that.

3. Exploring Renewable Energy

With the global energy crisis rising every year, we have no choice but to turn to smart energy usage. Artificial intelligence and machine learning programs help to estimate usage and store energy accordingly. Power grids are drawing energy from all renewable and sustainable sources like wind, solar, water and more. However, managing and running these grids effectively often becomes a challenge, considering the fluctuations of these energy sources. AI systems can stabilise these systems by analyzing relevant data. AI tools like Google Sunroof calculate the impact of solar energy in households across the United States to optimise energy generation and conservation. This model which uses weather data, utility electricity rates, 3D modeling and shade calculations, saves money apart from energy.
Reuters investigates how India is using AI to solve the renewable energy crisis, and how other nations can take cue from this example.

AI in renewable energy

4. Hiring Platforms and Systems 

With companies trying to tap into the global workforce and employees opting for a more flexible work model, it becomes a challenge to connect hiring companies with job seekers. Worse still, companies waste a lot of time interacting with candidates who are not the right fit for the role. Artificial intelligence and machine learning provides solutions for these bottlenecks in the hiring industry. AI-powered hiring tools find candidates who are more likely to fit into a role. Whether it is experience, qualifications or availability, AI algorithms match profiles with requirements, making it easier for hiring companies to reach out to the right candidates. AI in recruitment is not limited to just automated sourcing, but its use extends to candidate rediscover, candidate matching, freelancer management, diversity hiring, referral management and more. AI is expected to further help recruitment procedures in the years to come with even more developed algorithms. 

5. Intelligent Conversational Interfaces 

Chatbots and voice skills have created quite a stir in the consumer market, especially in the e-commerce platforms. You would think that talking to an automated communication service would be really uncomfortable, but contrary to popular belief, customers love interacting with chatbots. AI-powered bots not only make communication easy and seamless but also helps companies save a lot of money. These chatbots and voice skills are especially helpful for routinerepetitive communications and broadcasts. A rising popular choice for customer relationship management, chatbots have taken away the concerns of odd hours and human fatigue. Chatbots are frequently used in the hospitality and e-commerce industry, where they process enormous amounts of data to provide customers with satisfactory solutions at a fast pace. Natural language processing has enabled machines to understand and correspond to any kind of human communication.     

Read how chatbots are used for automating marketing for businesses.

6. Accelerated Reading 

Accelerated reading or AR enables machines to read and understand written text. Human reading capacity is limited but AI is not. AI technologies like NLP can read through and comprehend written, visual and audio content, creating an automated, faster text reading experience. Considering the vast amount of data that is available to us today, it becomes a challenge to understand, analyse and use this data properly. Scientists and researchers are especially required to read through thousands of journals and articles. AI-powered accelerated reading helps professionals and organizations alike to read through and stay updated on their respective domains so that they can use these insights in their work. Accelerated reading, in particular, helps researchers by ensuring that their discovery doesn’t get delayed due to cumbersome reading.

7. Market Prediction

Understanding and participating in the stock market movement can be extremely tricky, especially if you are an outsider. However, thanks to AI, understanding the market need not be so difficult anymore. Artificial intelligence and machine learning softwares are processing historic data to anticipate market direction, sectoral trends, and movements in the stock market. In recent years, AI has been assisting traders and banks in making investment decisions with well-analysed market predictions. Financial institutions and asset managers have depended on AIML learnings. 

AI in market prediction

8. Accounting and Fintech 

Accounting professionals are increasingly getting drawn to artificial intelligence for fraud detection and predictive analysis. Apart from streamlining professional routines like data entry and reporting, AI is also being used for data-backed decision making. The financial industry is embracing AIML for all the right reasons. From supporting customers with automated communication to managing wealth and insurances, AI is paving the way for the accounting industry to become more error-free and precise in all its execution. Reports show that predictive analysis, in particular, has improved overall business strategy, sales nurturing, revenue generation and resource optimisation for various firms in the past years.

9. Building Smart Infrastructures and Solutions

In an era of rapid digitisation are businesses well equipped to handle the changes that come along with it? More often than not, employees complain of infrastructure failures and shortcomings owing to their inability to adapt to the ongoing technological changes. Artificial intelligence and machine learning have come up with solutions that are better equipped at managing and automating infrastructures for IT and other domains. These AIML tools can predict and prevent failures, automate mitigation, analyse core reasoning, detect cyber crime threats and more to keep any business process running smoothly.

The business applications for Artificial Intelligence and Machine Learning have increased over the years and has gone beyond typical automation systems. Leading AIML solution providers like Siemens, GE, SAP and more offer analytical software suits that rely on business intelligence. The sheer amount of data generated by all businesses today is overwhelming. Thankfully, with technologies like AIML and data analytics, we can not only manage this data but also ensure proper ways of leveraging that. It’s imperative that this trend is expected to rise in the coming years. Upskill in Data Analytics and AIML to grab the best opportunities of the disruption economy. Hear it from professionals who have upskilled in AIML and already benefitted from it.

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