Artificial intelligence continues to conquer the world. In 2022, the global AI market was estimated at $136.55 billion and is projected to increase by 37.3% annually until 2030. But what are the main benefits of technology for companies? Let’s figure it out.
The Impact of Artificial Intelligence on Business
Artificial intelligence is known for processing huge volumes of data. This allows to create new opportunities for the company’s growth:
- Automate routine tasks
- Reduce human error
- Prevent fraud
- Identify areas for improvement
- Improve decision-making
- Enhance customer service
- Increase the availability of predictive maintenance
- Anticipate customer trends
- Bring new products to market faster
As a result, you can expect optimization of resources, increased profit, and growth of customer loyalty.
AI and Popular Industries
How are industries most likely to benefit from AI adoption? Let’s consider the most popular use cases:
Fintech
Fintech utilizes AI in various ways. For example, banks actively use artificial intelligence to detect fraud and suspicious activity. Do you want to quickly assess the creditworthiness of the client? Algorithms will do this in a short time, taking into account dozens of factors. Trading also benefits, as AI can execute high-frequency transactions based on market fluctuations.
Healthcare
Analysis of medical images helps healthcare professionals detect diseases at very early stages, increasing the chances of treatment success. And after that — personalize treatment plans. For this, AI programs use genetic information, historical data, and successful cases. And, of course, artificial intelligence significantly accelerates the process of finding drugs.
Education
Personalized learning has already become a reality. With AI, you can tailor learning content to each student’s needs. The same applies to evaluation, which correlates the complexity of tasks and the result of their performance. What about the red tape that distracts teachers from their direct duties? Use technology to improve learning programs.
Retail
Recommendation algorithms based on artificial intelligence carefully study customer preferences, offering the most relevant products and services. Improvements also apply to the supply chain. For example, you can forecast demand and optimize inventory levels, avoiding shortages and overstocking.
Manufacturing
Production is closely related to the serviceability of equipment. Anticipate breakdowns and schedule timely maintenance with AI. And to avoid shortages, employ computer vision and machine learning. If a person can get tired and miss something, the system will guarantee an excellent result.
Automotive
Self-driving cars are the first use case that comes to mind. Algorithms make real-time decisions based on sensor data. Advanced driver assistance systems (ADAS) enable lane keeping and collision avoidance.
S-PRO provides robust AI and ML solutions for various industries. Contact us to discuss your project.
