Artificial Intelligence – An Avalanche of Business Opportunities
“Artificial intelligence is the future and the future is here.”
~ Dave Waters
AI or Artificial intelligence, today’s most innovative technology, is all about creating intelligent machines that do tasks usually done only by human intelligence. In simple words, it is the brainpower validated by machines and computers that are automated through codes to impersonate the natural intelligence demonstrated by human beings.
Not many of us know that Artificial intelligence is impacting our day-to-day life immensely. Yes! Have you ever wondered how your smartphone unlocks with your face ID or how social media feeds are personalized & how google gives recommendations when you search for a term on google search? You guessed it right. It’s AI!
AI is creating an avalanche of business possibilities today. It has different categories such as Mundane to Formal and also Expert tasks! Let’s look at some domains where Artificial Intelligence proves to be highly lucrative.
Travel, Tourism & Hospitality Industry
Personalization guarantees guest satisfaction. The travel & tourism industry and sectors like the hotel industry, airline industry, restaurant industry, and travel agents within it have adopted AI for several assistances, some of them are:
- Chatbots and Online Customer Service
AI chatbots offer a relevant response to the customers by understanding their queries & give them related information, just like a human does. But unlike humans, it is very prompt & can function 24/7 without breaks or pays yet it provides a pleasant experience to the guests.
- Data Processing and Data Analysis
Apart from customer service AI is used in this sector to gather and interpret data about their customers. AI can also sort this data more rapidly and precisely than a human can, and that too without errors.
- Personalized Recommendations
AI is applied to offer personalized travel recommendations & options by using the data like the interests, budgets, and past search history of the customers. This helps the customers to effortlessly make their travel choices which in turn improves the profits of the company.
- Tracking and booking trips
AI-based booking apps track prices & recommend the customers the best times to book flights as well as make hotel reservations, by accurate prediction of prices, well in advance.
Yes, AI is revolutionizing the Fitness Industry in several ways and transforming home workouts into a smarter, better, and less expensive method to keep people’s health on track.
- AI-Based Personal Trainers
People desire fitness but with their hectic schedules & time shortage, do not go to the gym. Also, hiring a personal trainer is not affordable at all. AI comes as a huge rescue for such people. AI-based fitness app provides the luxury of personalized trainers to guide & monitor the accuracy and the pace of the exercise, at any time and any place.
- Smart Wearables and Exercise Equipment
Wearables assist their users in tracking their fitness
activities, counting the calories burnt, detecting irregular heartbeats and signs of diabetes, etc. AI fortified exercise equipment when fed with some personal details, and offers recommendations to their users to exercise competently.
- Sales promotion
AI integrated fitness apps help fitness companies to find their prospective customers and collect & sort their data. Companies use this data to boost their sales and improve profits.
AI plays a significant role in the Healthcare Industry by accomplishing tasks that are usually done by humans only, and that too faster, more precisely & cost-effectively than humans.
- Medical Diagnosis
Artificial Intelligence (AI) has been synonymous with competence in the medical field. It has grown to become the second pair of eyes that never need to rest. AI-based medical diagnoses are automated & and can detect diseases like cancer even if the symptoms are not explicitly evident. Such diagnoses are mostly accurate.
- Symptoms examination
When patients mention their symptoms & health complaints in symptoms examining AI Chatbots, it uses its algorithm to precisely diagnose the disease. It also guides the patients toward appropriate health care.
- Drug discovery and Development
This use of AI has been amassed in various sectors of humanity, especially in the pharmaceutical industry. AI help in discovering & designing new drugs and enhances R&D while speeding up the time and cutting off the extensive process involved in it.
Logistics & Supply Chain Management
AI has positively transformed the logistics and supply chain industry. It contributes a lot to reducing operating costs and is more efficient to use when it comes to responding to clients.
- Accurate Inventory Management
AI helps to prevent understocking and overstocking of inventory with its smart algorithms that can predict and determine consumer habits & seasonal demands.
- Timely Delivery
AI speeds up the warehouse processes by eliminating manual work, & operational shortcomings in the value chain. Thus, timely delivery goals can be smoothly accomplished.
- Warehouse Management
AI manages warehouse security by tracking individuals who are entering and exiting the warehouse. Not just that it also tracks the goods in the warehouse with their barcodes and thus helps in keeping the inventory data updated.
- Product recommendations
AI recommends products & services to prospective customers based on their online search. AI understands & speculates people’s choices based on their behavior on the internet and recommends to them the products/services they are likely to purchase. More importantly, AI is effective in the Marketing Sector as speed is necessary. It empowers scalable growth, pushes profit, and customizes customer experience.
- Dynamic pricing
AI automatically prices a product based on its demand & availability in an online market. This process needs no human intervention at all.
- Targeting Ads
AI can be used to display ads to potential customers based on their relevant search on a search engine or social media.
With increasing cyber-attacks & complications associated with them, the cybersecurity industry is applying AI in its operations to keep cyber threats at bay.
- Threat exposure
AI-empowered security systems reveal the new trends hackers follow, worldwide as well as in a specific sector. This information can be used to make crucial decisions to protect against cyber danger.
- Phishing Detection
AI-based cybersecurity systems are capable of recognizing spam emails, determining if a website is genuine or fake and thus preventing phishing threats, breaches as well as data loss caused by malicious emails.
- Biometric Authentication
Biometric systems with AI make very precise and fail-proof verification with Face Recognition, Voice Recognition, Fingerprint Recognition, etc.
Just like the online marketplace, the retail industry also prefers the usage of AI for boosting sales and enhancing customer experience. AI supports retail systems to work together and enhance customer experiences, managing inventory, forecasting, and more.
- Smart Product Searches
Artificial intelligence simplifies product search for customers by allowing them to click a picture of any product online or offline and letting them search for the retailer who sells over the internet.
- Personalization and Customer Insights
Consumers can enjoy a personalized shopping experience with AI-based technology. It makes use of face recognition to spot a customer who is revisiting a shop and recommends products based on their preferences.
- Better In-Store Experience
AI-built system can cut down the operational cost of any retail store by taking away the need for a salesperson & a cashier, thus eliminating queues too. It also helps to monitor stocks & restock them instantly.
In conclusion, AI has the power to improve the output and profits of any business. And so, companies are dynamically searching for new ventures to make the best of AI. Companies must create AI usage ideas for any specific sector to generate promising AI business opportunities.