Generative AI
Applications and real-world examples of artificial intelligence in business
From delivering food to data analytics and fraud detection, AI-powered technology finds applications across large, medium, and small businesses. Research shows that 74% of global enterprises will leverage AI in their operations to boost efficiency and revenue, reduce operational costs, and engage customers better.
AI for business is versatile, affordable, and easy to implement. Almost all departments, such as lead generation and ranking, marketing, sales, operations, and customer support, can benefit from AI putting your business ahead of the competition.
In this article, we discuss eight real-world AI applications in business.
Eight real-world AI examples for business
With the need for greater efficiency, the playing field for businesses is set to become more competitive. Any business that does not optimise and streamline its processes stands the risk of falling behind. Here are the top artificial intelligence business use cases.
Customer service and support
Self-service chatbots and customer response analysis reduce the workload on your customer contact centre, giving them time and space to provide a better service. AI makes communication faster and easier by readily providing the information a customer needs, accelerating the speed of repetitive tasks, and reducing human errors.
Research shows that 57% of businesses have raised their ROI by implementing AI in customer support. AI-powered conversational technologies answer up to 80% of the common questions without the customer having to call a contact centre.
Analytics and insights
Most businesses sit on a vast pool of customer, product, and supplier data that is a goldmine for growing business. For example, a customer’s purchasing history indicates their product and service preferences, spending budget, purchasing patterns, etc. However, it is difficult to neglect that AI significantly makes it easy to analyse this data and derive meaningful outcomes.
AI-led algorithms can quickly parse and analyse big data and provide insights to the company’s leadership and marketing and sales teams to speed up business decisions. In fact, 78% of business leaders see AI as a critical technology.
Personalisation of service
E-commerce businesses can significantly raise their revenue by providing automatic product recommendations based on a customer’s purchasing and browsing history. AI drives targeted ads and personalised recommendations, making it easier for customers to find what they need.
According to a leading business magazine, 73% of online buyers prefer personalised service while purchasing a product or service online.
Chatbots and virtual assistants
Chatbots and Virtual Assistants (VAs) augment the effectiveness of your customer support. AI-enabled automation provides an interactive environment to the customer through FAQs that resolve customer queries or forms that collect information. This allows your customer service team to upskill and excel at complex interactions.
AI chatbot or VA ensures that you engage with a customer within minutes, even on busy days and off-hours, irrespective of geographical location. Research shows that chatbots save 30% of customer service fees by handling 80% of routine tasks.
Target marketing and advertising
AI allows your marketing teams to score leads, segment customers effectively and design highly targeted campaigns based on their areas of interest. Analyse a combination of products they view, links they clicked, and items they added to or removed from the cart for highly personalised advertising with higher chances of conversion.
Fraud detection
Although this applies to every industry, the banking and e-commerce industries gain significantly with AI fraud detection. AI analyses patterns and flags potential fraud before it happens, thus saving your business from a financial loss.
AI for business leverages advanced authentication methods such as facial recognition, fingerprint scans, multi-factor authentication (MFA), and one-time passwords (OTPs) to protect you from fraudsters.
Supply chain and logistics optimisation
Reduce the time spent in placing orders, transit, and receiving the orders by using AI that gives you accurate estimates of the time when a product will arrive. Integration with the customer support system can trigger automated messages that keep the customer informed, improving efficiency and saving costs.
AI for business optimises logistics by finding the best routes for vehicles to pack and ship the products, speeding up product delivery.
Predictive maintenance
AI, coupled with the Internet of Things (IoT) and data analytics, raises triggers when a machine, vehicle, or equipment needs maintenance. For example, logistics businesses and airlines could detect potential failures and the need for parts replacement before it impacts the service. This ensures timely service to the customer with a higher degree of safety.
How can Infosys BPM help implement AI for business?
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Read more about AI for business at Infosys BPM.