How does AI actually your industry, what are the actual capabilities at a basic level? For most people, words like Artificial Intelligence and Machine learning are just words that don’t really mean anything practical. Let’s try to change that today.
The main use of AI tools today is in analyzing large quantities of data and deriving useful data from it, useful meaning information that can be used for the everyday aspects of a business. AI can assist in targeted marketing, specifying a product and its advertisements to a specific type of customer. Predict cases of Financial Fraud by comparing patterns and minor details of the millions of recorded instances to real-time data of transactions. Predictive maintenance helps save a large amount of capital by estimating the optimal time for repairs that balance cost and performance. Let’s also look at some specific industries
Banking, Financial Services, and Insurance
Fraud Detection as described earlier is more accurate and helps save a lot of funds that may be otherwise misappropriated.
Conversational AI can be used to interact with customers regarding the various questions they might have. This is done through Natural Language Processors that detect minute changes and make changes as needed.
Customer Service can be transformed and tailor-made for each customer by analyzing the voluminous amount of past data.
Protection from Cyber Threats is much more effective when managed using AI tools and the amount of data that they interact with is too large for a human. Potential attackers will also be using such tools.
Healthcare
AI and Machine learning can also save unborn lives by detecting any possible complications in pregnancy very quickly.
Predictive analysis of everyday diagnosis can very quickly speed up the healthcare process, as anyone who has ever been to a hospital can attest, the worst thing about them is the waiting.
Instead of prescribing generic medicine for specific problems, AI can be used to personalize prescriptions for a speedier recovery.
Human Resources
AI tools can automate much of the tedious aspects of HR and help employees focus on more critical problems
Performance monitoring has never been easier as specific details of each employees’ work are analyzed fairly and impartially. HR teams can focus on improving performance rather than collecting data
Employee retention can be improved by analyzing data of past employees to understand specific reasons why they might seek alternate employment.
The practical use cases of AI will only improve from here out. No one knows what’s next, but everyone knows it will be more useful than the last.
