In 2022, Artificial Intelligence (AI) and Machine Learning (ML) are two of the most innovative technologies that have multiple use cases in almost every business area. Recently, the acceptance and adoption of ML algorithms have surged, and AI has arrived in broad awareness. However, the understanding of what can be achieved with machine learning varies widely dependent on tech expertise and current business focus.
Working in a bespoke software development company experienced in developing AI and ML software solutions for essential sectors such as healthcare, manufacturing, and transportation, I see that these technologies help reshape entire markets. Some of the key business areas that Artificial Intelligence and Machine Learning can help you in are task and process automation, predictive analytics, pattern recognition, the discovery of new business models, and cybersecurity.
Now, let’s explore some of the top 5 AI and ML solutions for your business in more detail.
Artificial Intelligence for Intelligent Automation
You probably know that business success is increasingly determined by the ability to act smarter and innovate faster than your competitors. Here, intelligent automation comes into play to reveal its full potential. An article by Harvard Business Review says that 86% of surveyed companies admitted that AI was becoming a mainstream technology in 2021. Executive expectations are directed towards leveraging Artificial Intelligence for more efficient business processes (74%), delivering more elaborate business models (55%), and helping design new products and services (54%). But what provokes such a tremendous interest in AI technology?
Unarguably, changing market conditions due to Covid-19, digitization, and the ever-rising consumer demands play their roles. A large business proportion is now online, and online customers prefer the shortest delivery time possible and expect the price of insurance to be calculated immediately. Digitization is changing processes, prices, and rules with increasing speed. In order to remain competitive, companies must be able to think and act in an agile manner. Future-oriented technologies are just as important as the right mindset of the employees. AI for intelligent automation integrates everything to turn insights into actions. It combines human knowledge from field experts with data-driven AI and uses powerful AI software solutions to enable immediate actions.
AI Use Cases Across Retail Value Chain
In 2022, the post-covid economic situation requires faster Agile development and robust operating models based on cloud infrastructure and AI/ML technologies. Recent findings from a Google Cloud survey of retail executives around the world deliver bright insights into powerful used cases across the retail value chain. The study focused on which segment generates the most value and revenue and what factors retailers should consider when capitalizing on these opportunities.
Although the study relates to all retail areas, special attention was paid to sub-segments facing very different challenges during the pandemic: food supply chains, pharma industry, and wholesale trade. Regarding the food, drug, and wholesale trade, the study showed that gains of $280-650 billion could be achieved in the value chain when implementing AI and ML technologies. The study predicts potential value creation of between $230 and $520 billion by 2023 for specialist retailers. Also, for industries with single digits profit margins, AI and ML is now becoming a fundamental area of investment if company owners want to stay ahead of their competition.
AI and ML for Handling Big Data
People are often overwhelmed with massive amounts of data and can’t detect repeating patterns. AI and ML technologies, on the other hand, are ideally suited to handle Big Data and make improvement recommendations and future predictions. But what exactly is Big Data? The concept can refer either to the ever more rapidly growing amounts of data or to new and explicitly powerful AI and ML solutions that companies use to process the information flood.
What characterizes the concept are the famous three Vs of Big Data (see use cases in link): Volume, Velocity, Variety.
In the digital age, customer data represents a major business asset that contributes to entrepreneurial success. AI recognizes patterns in customer user behavior, which can result in new relevant target groups. Besides, AI technology can directly place online ads on suitable websites based on users’ preferences, analyzing their online habits. In this way, ML algorithms can determine which advertising spaces are the most profitable and whether the intended target group can be expanded further.
AI and ML Applied to Cybersecurity
In cybersecurity, there is also a trend towards implementing AI and ML. Modern antivirus software programs can do so much more than merely detect known malware. In fact, AI can even save your business from unknown attacks that can cause massive network damage and business losses. Especially during the pandemic, hackers tried ingenious new ways to do damage and exploit critical vulnerabilities. A recent example is the notorious Log4j vulnerability that allowed remote code execution and affected over 35,000 Java packages in December 2021, according to Google’s Security blog.
Thanks to the use of advanced Machine Learning algorithms, you can potentially detect such vulnerabilities upfront and protect your business from any harm. As previously discussed, AI can handle lots of data, and even a middle-sized business has huge online traffic. Transferring this data between customers and daily business should always happen under strictly protected networks, APIs or cloud platforms. Plus, AI and ML can remove process redundancies and accelerate threat identification and, as a result, response time.
AI for Exploring New Business Models
AI is increasingly being used as an instrument to improve existing business models or to develop new innovative business ideas. Whether it’s retail or marketing, healthcare industry or transportation, many startup companies are emerging in almost every industry, and AI and ML technologies thrive. For example, if your business invests in a robust AI solution that is equipped with speech recognition capabilities, the software can easily be used as a supplemental tool for existing employees that recommends them action steps and encourages data-driven decision-making, or as a chatbot in customer service.
Many of the widely known social media platforms such as Facebook, Youtube, or Instagram rely on complex AI algorithms to explore user behavior, track activity, and suggest recommended engaging content. Aside from the entertainment industry, serious economic pillars such as the banking and insurance sector also utilize AI to develop new business models. For instance, a direct bank that has been outsourced by a traditional credit institution or that has been newly founded can implement AI to automate the decision to grant loans. Many emerging neobanks (digital-only banks) exploit the capabilities of Artificial Intelligence by providing highly personalized credit conditions, risk management, and trading options.
Author Biography Aleksandrina Vasileva
Aleksandrina is a Content Creator at Dreamix, a custom software development company, and is keen on innovative technological solutions with a positive impact on our world. Her teaching background mixed with interest in psychology drives her to share knowledge. She is an avid reader and enthusiastic blogger, always looking for the next inspiration.