Remember the advanced machines shown in movies and science fiction books that were doing all the heavyweight as well as intellectual jobs? Well, they all have come to reality now. What used to be an imagination has now been transforming our daily lives. All thanks to the recent developments in Artificial Intelligence Technology.
Not just our regular work, AI in business is also transforming the way organizations used to operate across various industries. AI has been widely adopted by organizations to ease out several processes. This is evident from the recent EY Survey 2024 where they found 72% of respondents admitted their employees use AI in some form or other daily. Out of these, the top applications were:
- Coding and software development (51%)
- Data analysis (51%)
- Internal and external communication (47%)
Here, let us explore how businesses are using AI to stay ahead of their competition and the role of AI leaders in increasing AI applications in businesses.
Top AI Applications in Business
From automating repetitive tasks to assisting organizations with informed decision-making, AI is capable of completely transforming businesses. AI leaders must consider following top AI applications in businesses to make maximum use of this technology.
1. AI-Powered Products and Services
AI is a great way to fuel innovation and creativity. Even though organizations have just started using AI to help them with their product development, some remarkable feats have already been achieved. ChatGPT and other LLMs are great examples of this. They have powered virtual assistants that have resulted in enhanced customer support and experience.
These tools can handle routine inquiries, offer customers personalized recommendations, and help free up human agent’s time to solve complex problems. Most importantly, they can work 24×7 without any fatigue and error.
2. Fraud Detection and Prevention
AI comes with machine learning that can analyze data, identify patterns, and efficiently detect anomalies. Therefore, organizations have actively adopted AI and machine learning technologies to prevent fraud. They can continuously monitor transactions and identify suspicious activities. Moreover, advanced algorithms can also help businesses prevent financial losses and protect their customers.
3. Supply Chain Optimization
With the help of AI, organizations can monitor their inventory levels, predict demands for their products, improve transportation routes, etc. This all helps improve the overall supply chain management process. There are several AI-powered systems that can analyze historical data as well as real-time information along with other external factors to optimize supply chain operations. Using AI in business for supply chain management, organizations can successfully reduce costs, minimize disruptions, and see that their products are delivered on time.
4. Healthcare
Lately, AI experts have found ways to use AI in the healthcare industry too. Using AI, healthcare institutions can enhance their diagnosis and treatment process and their patient outcomes. AI tools can be used to analyze medical images and patient data to offer more personalized treatments. Latest AI technologies like Generative AI are also helpful in generating new molecules, accelerating drug discovery, developing high-end wearable health devices, and so on.
5. Manufacturing
One of the biggest uses of AI is in the manufacturing sector. Can you imagine huge robots lifting heavy machine parts, to highly advanced precision control robots? The last decade has seen rapid advancement and integration of artificial intelligence in Robotics and automation systems. These AI-powered robots can perform all tasks with greater precision, speed, and accuracy. Thus, they are highly useful in eliminating human errors and enhancing productivity of manufacturing plants.
6. Education
Applications of AI in business also expand to education sector too where the advanced software, use of AI in AR/VR, technology-enabled educational platforms, etc., are helping to enhance the overall learning experience and make administration smoother. AI tools are making learning more personalized, helping reduce college dropouts, and offering a high-end learning environment that helps students grasp even complex concepts easily.
7. Quality control and quality assurance
Testing and quality checks have become more advanced and accurate with the help of AI in business. For example, machine vision/computer vision technology, a form of AI, is widely used to identify and isolate defective products. In software development also AI is used to automate the testing process and present detailed reports to developers.
So, these are some of the most popular and widely used AI applications in business. AI leaders must take charge and take the necessary steps to successfully integrate AI technology into their organizations. It is highly recommended that they learn the AI strategies through AI leadership certifications and AI strategy certifications such as CAITL™ by USAII®. Through such certifications, they can gain necessary skills and knowledge to plan and strategize how to effectively use AI for their various business operations.
Conclusion
AI is a revolutionary technology and in the coming years, we can see it becoming more accessible even to small businesses and individuals in boosting their work. However, the leaders and AI experts need to address the hidden challenges associated with using AI for businesses such as data privacy, bias, explainability, and other major challenges. Once these challenges are properly addressed, we can see wider adoption of AI in businesses across industries and see even more innovative applications than what we discussed in this article. It is the AI era. So, upskill yourself, learn AI with top AI certification programs, and contribute to making AI more accessible for businesses.