Artificial Intelligence (AI) is already in action. Artificial Intelligence projects are transforming our industries. Just not necessarily in the way that you think.
Innovative companies use AI to improve all aspects of a business. AI solutions can simulate any number of scenarios designed to meet specific objectives. They represent the next phase in the evolution of business technologies.
It’s not about business for the sake of business. The human impact is the most noticeable result. What that means differs from industry to industry, but it’s there.
So, what do intelligent business processes have to do with people? We’ll look at healthcare, finance, sales, service, and art to find out.
What Do Artificial Intelligence Projects Have to Do with Business?
Artificial intelligence projects are a time-intensive process. There are thousands of scientists behind every new machine.
But it’s worth it. A single AI at the helm could free up thousands of workers. The results it produces will be much better as well.
Computer scientists have dozens of reasons to contribute. This includes intellectual curiosity and finding a new tennis partner.
Among them was the notion that business could be better. It could be more human. As a connected intelligence, it could meet all our needs.
The focus on artificial intelligence projects in the business world is palpable. Here are some benefits to APPLYING deep neural networks to complex business processes:
- Reduced costs
- Improved results
- Adaptability to market changes
- Customer satisfaction
We’re not able to realize the long-term benefits. These are thinking machines that improve their own strategies over time. But the industries of the future will be unrecognizable to us.
5 Ways Artificial Intelligence is Already Transforming Industries
Industry leaders are buzzing about applications for AI. But not all leaders know what AI really means.
There are near-AI technologies like machine learning. Machine learning is a process where machines learn to improve how they execute a function over time. But someone still needs to activate the function.
By contrast, AI can devise and execute entire strategies. We’ll learn more about those abilities when we discuss field services.
Throw out that image of heartless robots. Today’s AI solutions are about safety, satisfaction, empowerment, and health.
Safety and Satisfaction: Transforming Autonomous Field Service Operations
Not long ago, a field service technician had himself and his tools. He would get a call and make his way to the site. There was no immediate recourse if the job went wrong.
AI arrived to field services on top of a larger automation trend. Remote diagnostics and learning tools improved customer service. Software for routing and dispatching improved as well.
Now, field service experts use AI to improve all aspects of service delivery. The most common application is in route optimization. This reduces travel time and improves logistics.
AI can study how technicians and equipment arrive at service sites. That AI can then develop better routes and methods on an ongoing basis.
PwC shared an example of machine learning and AI in practice. A family business launched an AI-driven inventory system that reduced truckloads by 35%. This greatly reduced the cost of service.
Anticipating Customer Needs with Predictive Capabilities
Businesses must think more strategically when engaging with customers. That means anticipating their needs and meeting them at the right time.
Currently, B2B and B2C companies have ample data about their customers. They can’t process it quickly and effectively enough. They miss out on valuable customer insights as a result.
Forbes says, “by 2020, 57% of business buyers will depend on companies to anticipate their needs and if they don’t, business buyers will have no problem switching brands.”
Artificial intelligence projects are underway to respond immediately to data from customers. AI can consolidate data points and analyze the data for insights. For humans to perform at this level would be impractical.
With those insights, humans can focus on what humans do best. That means creative marketing, lead nurturing, and all forms of human interactivity.
Personalization in Financial Services
Personal finance organizations struggle to provide customer experiences like those of retailers. Consumers expect this same degree of service from their banks.
This is made worse as companies like Google and Apple encroach on the financial industry. Their degree of service far outweighs most banks. Banks could lose out on valuable customers.
They need to get better at personalizing services. AI allows them to identify patterns in consumer behavior. Insights from AI will provide new service opportunities.
Banks can make timely product recommendations, for example. Advisory services are an essential part of finance. A smart machine can execute advisory roles as well.
The most important benefit will be predictive intelligence. Finance organizations want customers to act on opportunities at during key events in their lives. This includes investing for college or retirement.
AI can look at consumer data and predict these events with astonishing accuracy. That’s more opportunities for banks to engage customers when it matters most.
Greater Opportunities for Improved Patient Care
Healthcare is always in need of additional resources. One of their biggest gaps is ongoing customer care. Doctors and nurses don’t have time for individual attention outside of essential treatment.
As a result, many patients leave hospitals without understanding their discharge instructions. They might lose sight of important appointments and medications as well.
Where does AI come into the picture? One application is answering patients’ questions before and after discharge. AI could be a communication hub for patients of normal practitioners or hospitals together.
There is also a wide discussion of AI performing essential diagnostic roles. AI might also augment treatment following diagnosis. Questions remain as to the viability and effectiveness of AI in this way.
Broadening the Definition of Art
Perhaps the most fascinating progress made in AI is with art. In fact, many AI paintings are “more convincingly human than work at Art Basel,” according to a study from the Rutgers Art and AI Lab.
We’re beginning to realize the potential of deep neural networks. That potential will spread across all our lives. Taking the first step is a matter of “when.”
Let’s Work Together
Are you a technology business group? A research institution? Or even just a robotics enthusiast? Contact Sastra Robotics to find the best service for your specific project needs.