Artificial intelligence is all around us. We use it in different ways every day. You wake up, you go for a run, and your watch starts tracking your steps and measuring your heart rate variability using forms of artificial intelligence. Probably, AI was used by a farmer to grow the strawberries and blueberries you had for breakfast this morning. AI helps you sense other vehicles on the road and drive more comfortably and safely. You also might not know that your emails and photographs are filtered and sorted with the help of AI techs. Artificial intelligence is virtually everywhere. No wonder, more and more industries use it to their advantage, too. Businesses employ AI-powered tools to boost their productivity, streamline their workflow, automate various processes, and much more.
- If you’re specifically interested in AI and machine learning services that can help you take your business venture to the next level, click here.
From today’s article, you’re going to learn more about how different businesses can tap into the power of AI and make the most of it.
AI and Predictive Maintenance
It’s a rare industry that doesn’t strive to predict problems, prevent them from happening, or at least address issues in a timely fashion. This is exactly what predictive maintenance is concerned with. It goes a long way in helping businesses to spot possible problems and come with effective solutions before they transform into insurmountable stumbling blocks. And in combination with AI, predictive maintenance can do even more.
Today, developers create specialized AI-driven solutions that help companies leverage business data so as to get actionable insights and discover patterns which will make it possible to avoid snags in production or any other areas in the long run.
AI and Customer Lifetime Value Prediction
Another aspect which can be improved with the help of AI, its machine learning branch in particular, is customer lifetime value prediction.
As you know, the ability to foresee and predict is critical for any business’ success. To remain competitive in today’s customer-focused market, a company needs to know their customer lifetime value. To this end, it’s necessary to employ effective tools geared towards helping companies predict customer behavior, identify individual customer purchasing habits, and devise effective strategies aimed at retaining and winning customers. And AI techs offer a totally new paradigm in this field. Based on their browsing and purchase histories, ML can help determine purchasing behaviors, measure potential profits a particular customer can bring in, improve customer retention, and maximize ROI.
AI and Data Entry
Living in the era of rapid digitization, we still rely on manually entering data when there is a need to transfer it to the digital state. Needless to say, such a method is prone to error and thus not completely reliable. What’s more, manual data entry is quite a scrupulous and mind-numbing task, which takes up much time. That’s where AI comes in and saves the day again.
AI enables companies to automate the data entry process and thus substantially optimize their performance. Presently, more businesses turn to AI techs to eliminate the need of manually entering data and low the risk of errors. You can also find dedicated AI-powered solutions specifically tailored to meet your business needs and put them to good use. Automating data entry will let you hone in on more important tasks and problems that require your involvement. It will also enable you to improve your enterprise network availability through managing remote data more accurately and business responsiveness through the capacity to enter data in real time.
AI and Security
Data security is undoubtedly one of the top priorities for lots of industries. Due to its ability to sift through tons of data, they can quickly detect potential threats and alert your information security team to them. AI solutions are good at identifying suspicious and risky behaviors that may end up in cyber attacks and data breaches. And what’s really important is that such solutions can learn over time and rely on its past experience to come up with more effective cyber attack countermeasures.
AI and Auditing
Though relatively new, this application of AI shows a lot of promise for modern businesses. Currently, many industries are exploring and tapping into the power of AI and ML to improve their audit processes. Dedicated machine learning tools now can read contracts and sales contracts, identify important patterns within analyzed documents and allow auditors to narrow their focus and concentrate on more global tasks.