In the XXI century, a long-standing dream of mankind is coming true – to create an intelligent machine that, if it does not solve all the problems, will become a faithful assistant. In one way or another, elements of artificial intelligence are present in almost all new software products and services. Artificial intelligence is becoming a priority for investment by almost a third of companies worldwide and the basis for global GDP growth.
Artificial intelligence can complete tasks that used to take a person hours, days, or even months to complete in a matter of seconds. They can already use AI to open bank accounts and make purchases ten times faster, develop innovative medicines, invest in the stock market, and predict flight delays to the minute. Artificial intelligence is referred to as the “new electricity” because it is changing entire industries and, in the future, may change the face of civilization.
What Tasks Can Be Solved With The Help Of Artificial Intelligence?
AI also transforms the interaction of companies with customers. For example, if you regularly order car rental services, an AI-based service can analyze data and offer tariffs for a specific user with personal recommendations. Of course, this will not replace qualified rental specialists, but technology will help not only to speed up service but also to learn more about people’s interests and preferences to offer them really necessary goods and services, whether you want to rent a car Sharjah monthly or rent G63 in Dubai for several days.
Companies build a direct connection with the users up to the name, the payment wallet and the linked bank card, the account in the social network, and their actions. This helps to create personalized offers, even if the company has millions of customers worldwide. Robotic chatbots can reduce working hours by more than 70%.
AI in the financial world
The financial sector is the industry leader in terms of the number of AI projects. Banks use intelligent technologies to create personalized products, better assess lending risks, and combat financial crime. In most major banks worldwide, artificial intelligence is quickly becoming the primary tool for customer interaction. AI elements, such as universal platforms for intelligent information processing, can help small and medium-sized businesses open bank accounts more quickly. If you automate the process – automatically determining the types of documents, extracting and entering the necessary data into the system, and then cross-referencing the information with regulator databases – the problem can be solved one and a half times faster.
Artificial intelligence will allow the financial sector to reduce the costs of routine operations, risks, and losses from unforeseen situations. For example, AI can potentially warn an organization, or a bank client, about the negative consequences of a transaction with a particular counterparty. In a few years, about 80% of all decisions will be made with the help of artificial intelligence.
AI in industrial processes
In industry, developments in the field of AI allow you to fully or partially robotize a variety of processes. The machines are used for assembling, packaging, and shipping electronics and cars, and building houses. Technologies can be used for visual inspection of equipment that is located in difficult and dangerous production areas. With AI, enterprises improve product quality, reduce equipment repair costs, and analyze operational indicators.
Innovative technologies can be used to monitor the quality of the manufactured product and notify employees about possible deviations in the operation of the equipment.
AI in retail
In retail, AI business trends help reduce customer service costs, optimize logistics and redistribute inventory balances, and develop personalized offers. For example, the recommendation engine based on artificial intelligence provides Amazon with 35% of its sales.
You can get detailed information and even a prediction of customer activity by transferring sales data to an AI-based program. By compiling such reports regularly, you will be able to monitor how buyers react to specific promotions, how their demand changes based on the season, and so on.
To Sum Up: What Is The Capability Of Artificial Intelligence?
- Process massive amounts of data;
- Operate with disparate data from various sources to find a “common denominator”;
- Provide specific analytics or projections based on processed data.
Thus, artificial intelligence is merely a tool for the advancement of your company. However, it is a very effective instrument because its primary function is rapidly processing large amounts of data, with which you can immediately work. This enables you to make faster decisions while freeing valuable employees’ time to devote to more significant and complicated tasks.