AI is helping many industries to improve productivity, democratize domain expertise and reduce environmental risk. It’s helping companies to operate at a rate and scale that human workers could never do.
AI has also been successfully applied in the gaming sector where it is used to create smart, human-like NPCs. It can predict player behavior and make improvements to game design and testing.
Financial Services
Bankers and insurance advisors need to understand their clients’ risk profiles to offer financial products that best fit their needs. Using AI, such as XGBoost or Artificial Neural Network (ANN), they can quickly assess a client’s credit risk, and tailor their product recommendation accordingly.
In addition, AI can be used to predict churn rates, which can be important for retaining customers. Managers can use this information to take proactive steps, such as a higher degree of service or a new offering.
AI can also help financial institutions meet compliance requirements, which are often tedious and time-consuming. AI can help automate the process of compliance, by analyzing and processing data to ensure compliance and avoid any mistakes.
With the increasing use of AI and machine learning, the financial services industry is becoming more personalised. This means that customers can choose from a variety of options, allowing them to have the right products for their needs. This will improve customer loyalty and retention, and increase profits.
Agriculture
Agriculture is one of the world’s most important industries, providing food for billions of people worldwide. Today, the industry is integrated with AI technologies which help increase productivity, yield healthier crops, monitor soil health, control pests and diseases, analyze growing conditions, organize data for farmers, and improve a wide range of agriculture-related tasks in the entire food supply chain.
Weed Control – With herbicide resistance becoming more commonplace, the agriculture industry needs better ways to control weeds. Companies are developing weed-control solutions with AI capabilities that detect weeds and target them with herbicides in the right concentration.
Weather Prediction & Soil Moisture Monitoring – Weather prediction systems can keep a farmer aware of extreme weather conditions that could harm crop growth. They can also collect and analyze weather data to prevent drought.
In the livestock farming industry, AI can cut disease management costs by two to four times and help animals recover faster with less antibiotics used in treatment. It can also continuously monitor vitals, body weight, and other parameters to alert a vet if an animal’s condition worsens.
Retail
There are many use cases for AI in the retail industry. They can help businesses improve their products, optimize daily tasks, and increase promotional efforts to boost sales.
For example, Neiman Marcus uses AI to recognize products based on their visual content and suggest them to customers. This helps them improve their mobile shopping experience and provide better customer service.
Another use case is in-store inventory management. H&M uses AI to analyze store returns, receipts, and loyalty cards to predict future demand for apparel and accessories and manage inventory.
Retailers can also use AI to monitor customers’ buying patterns and offer them special deals or discounts at the right time. This can lead to a higher return and increase customer loyalty.
Other use cases for AI in the retail industry include price optimization and real-time data analysis. eBay and Kroger use AI to determine the best pricing strategies for their products and stay flexible by altering prices and promotions instantly based on shopper insights.
E-commerce
AI is an integral part of e-commerce and can be used in a variety of ways. These include:
Recommendations – AI can help recommend products to a customer by taking into account their shopping and browsing history, and recommending relevant items based on their needs. These recommendations can save customers time and effort, and improve their satisfaction with a company’s service.
Personalization – With the help of machine learning, retailers can better tailor offers and promotions to consumers based on their previous purchases and preferences. This helps boost sales and reduce product returns.
Dynamic Pricing – AI algorithms can help adjust product prices in real-time based on inventory, demand, supply and other factors. This allows eCommerce stores to fine-tune their pricing strategies for optimal growth.
Accelerate Operational Processes – Retailers often run into supply chain issues with seasonal products that may not be in stock at all times. This can be a significant problem, and AI can help optimize the supply chain.
