Artificial Intelligence is the perhaps the best boon of technology. It has proved to be helpful in automation of numerous human-based activities. It has resulted in boosting production at manufacturing facilities while maintaining accuracy. Let's learn in details how various industries have benefited through the use of AI . Here are the 6 best industry examples of the use of AI:
Application of AI in Banking
Banking institutions have tonnes of data due to numerous bank holders accounts and their multiple investment portfolios, so database management could have been hectic. Thanks to application of AI in banking, operations have become much more efficient and simple. Artificial Intelligence introduced monitoring systems in banking sector which helps to structure the data & understand the buying behavior of the customers. This artificial intelligence powered monitoring also helps to scan data for lead generation, identify cross-selling opportunities thereby resulting in enhanced customer relationship management. A lot of frauds can also be averted through the use of AI in banking sector.
Application of AI in Telecommunication
Telecom industry is totally internet based requiring a lot of network related upgradations & operations. The companies, in order to retain the customers, have to keep offering personalized plans to customers, so that they don't churn. For this, telecom companies use predictive analysis to understand customer behavior & use AI to offer the customer what exactly they need.
Application of AI in Agriculture
Agriculture has seen a drastic change since technology got introduced in the sector. Chemicals, Fertilizers, Seeds, Agricultural equipment etc have been been developed after thorough research using AI. These researches result in invention of products that help in increasing agricultural productivity & farm output. Introduction of technology has also proved too be beneficial for the overall agricultural processes. Because of data gathered by artificially intelligent devices, field owners are now in a better position to produce more & produce fast.
Application of AI in Retail
Retail business survive heavily on Customer Relationship. In order to offer a cut-above consumer experience, you have to establish a relation with your customers which makes them feel that your brand values them. For this you have to know everything about your customers, & that's where AI becomes crucial in retail. The CRM databases gather data & helps businesses to offer products to the customers based on their purchase history, ongoing trends etc. This helps greatly in improving customer conversion rates, reducing customer churn, lowering customer acquisition costs, and personalizing marketing campaigns to increase revenue.
Application of AI in Manufacturing
Using AI & Machine Learning manufacturing firms have benefited greatly. Due to the introduction of machines, robots, & mechanized processes, the need for manpower has gone down, resulting in increased output at lower cost with high efficiency.
Application of AI in Pharma
The use of artificial intelligence in pharmaceutical industry has been significant. The predictive algorithm helps in developing drugs & vaccines which are later tested on humans. Developing smart surgical machines or CT scanners are also devised using AI technology.