Artificial intelligence (AI) is growing every day and yet only 15% of businesses are using AI. 31% of companies said AI is on the agenda for the next 12 months. (Source: Adobe).
Why? Statistics show that integrating AI into current business strategies leads to revolutionizing changes in business growth as well as the streamlining of practices for companies.
A strong AI model can automate daily tasks to free up resources, thus increasing the level of innovation and productivity. Currently, the emerging technology is used mostly by large enterprises through machine learning and predictive analytics. More companies are incorporating AI into their products to deliver a cutting-edge experience for their consumers.
According to Salesforce, by 2020, 57% of business buyers will depend on companies to know what they need before they ask.This will require solid prediction capabilities. Soon AI will be the key to keeping customers.
How is AI magic created and what is this thing called Machine Learning?
AI includes the automation of repetitive tasks. Machine learning is the technology used to teach the computers and to provide the data to create the AI.
Machine learning can be seen in everyday life. This is how Amazon knows what buying suggestions to make or how Netflix knows what movie recommendations to offer. Google explains that AI and Machine learning are terms that are often interchangeable. Both make sense of a large amounts of data and use that data to solve a problem.
Companies from all sectors, large and small, are making the most of this disruptive technology.
Retail giant Amazon has been using AI technology for over 20 years, not just for internal systems, but as the core of their customer experience. On a daily basis, consumers are guided through the Amazon enhanced experience with music, product placement, reading recommendations as well as the internal systems that run to make the shopping experience memorable.
Kaiser Permanente uses AI to help fulfill their promise of preventative medicine to their patients. Kaiser uses AI not only to analyze patients’ data to help better keep them informed, but also to protect health data and prevent breaches by detecting when data is abnormal.
In China there are not enough radiologists to keep up with the demand of reviewing 1.4 billion CT scans each year. Radiologists are required to review hundreds of scans every single day. This has become time consuming and monotonous, creating room for human error. Infervision, a company that specializes medical imaging diagnosis, trained and taught algorithms to augment the work of radiologists. The new technology allowed medical professionals to diagnose and look for early signs of lung cancer more accurately and efficiently. An extra pair of eyes for radiologists means more lives saved through early detection.
Retail giant Target uses AI to predict purchases. Something as simple as shopping at your local Target store sends information and data that can help Target to predict your needs. The retail giant discovered how precise this data can be when a father discovered his 16-year-old daughter was pregnant through the persistent ad targeting. Target’s model is so exact that it can reliably determine in which trimester a pregnant woman is based on her past purchases. Target recently adjusted its advertising campaigns by mixing in less specific ads to be more sensitive to its customer base.
AI is even part of the social media experience. Twitter is using AI to improve users’ photos. Twitter has enhanced user experience by cropping user photos into compelling, low-resolution preview images. The result is fewer thumbnails as duds and more of the funny signs just above them. In a scalable, cost-effective way, the social media firm is using machine learning to improve user experience.
There are countless examples of how specific data can be and how machine learning turns data into successful AI campaigns. There is an infinite amount of data in the world and more and more companies are finding innovative ways to use this information. The possibilities are endless for companies to implement AI and machine learning to improve their business and increase profits.
As AI and machine learning become more visible and understandable in the marketplace, enterprises are starting with the basics.They are identifying trends and insights by implementing algorithms in vast reams of data for faster decisions that give them a competitive advantage.
AI technology is helping companies stay efficient and relevant in the ways data can serve business needs. It is creating a competitive marketplace where innovations and concierge services are vital to survival and success.
Bright Apps has worked for over a decade in developing innovative ways to help companies with AI technology. They are leaders and experts and are guiding business to the next level through the use of AI.
If you would like a free consultation on how your business can implement AI and machine learning, contact Bright Apps today!