In this fast-paced world, businesses are always on the lookout for that secret sauce to beat their competition. And lately, artificial intelligence and machine learning in business have turned out to be the dynamic duo for businesses to do that. If you follow the news closely, you’ll know these aren’t just tech buzzwords, they are revolutionizing how companies operate, make decisions, and attract customers. To stay ahead, many companies have turned to EducationNest’s corporate training programs to ensure their teams are equipped with the latest AI and ML skills. In this blog, we will see some examples of artificial intelligence and machine learning in business operations, along with some real eye-opening stats that will make you say, “Why didn’t I think of that?”
Some Real Numbers on the Impact of Artificial Intelligence and Machine Learning in Business
- Market Growth: Globally, the AI market is expected to go from $387.45B in 2022 to $1,394.30 billion by 2029 (at a CAGR of a whopping 20.1%).
- Cost Savings: In terms of cost savings, McKinsey suggests that AI holds the potential to add some $2.6 trillion in revenue to the business sector and about $4.6 trillion in manufacturing & supply chain management.
- Efficiency Gains: Gartner has predicted that artificial intelligence in the business sector will be responsible for taking away 1.8 million jobs but will also create 2.3 million new ones by 2025. So, overall, there will be a net positive impact on those people who can adopt these techs.
AI and ML Business Case Studies
AI Chatbots to Answer Your Questions
Today, when you call up a customer service number of a company, you are straight away directed to their AI chatbot. You no longer have to wait endlessly on hold for their representative to answer. Companies like UpGrad & Byjus have already started using chatbots to answer customer inquiries or help students in their learning journey. This has not only enhanced customer satisfaction but also helped businesses to cut down on workforce and do some savings.
Personalized Shopping Experiences
Ever thought about how Amazon ads pop up everywhere seconds after you have searched for something on Google? That’s the power of artificial intelligence and machine learning in business! Businesses like Amazon are constantly analyzing your browsing history, purchase patterns, and even know the time of day you shop to recommend products that you will like. In fact, in 2019, Amazon reported that 35% of its revenue came from its recommendation engine. Similarly, Sephora has also started using AI to provide personalized product recommendations to makeup lovers.
Fraud Detection
Let’s take another example of machine learning and artificial intelligence in business. Credit card fraud is a nightmare! To save billions of dollars from scamsters, financial companies like JPMorgan Chase have started using artificial intelligence algorithms to detect fraudulent transactions as and when they happen. By analyzing patterns and anomalies in transaction data, AI can quickly and accurately detect suspicious transactions in real-time, which is not possible by humans alone. This not only protects customers but also saves billions in potential losses for the banks.
Diagnosing Diseases in Time
This is a classic example of artificial intelligence and machine learning in business. AI has proved to be a lifesaver—literally. For instance, IBM has developed a model named Watson that can analyze medical records and research data to diagnose diseases accurately. It’s particularly effective in identifying rare conditions that may not be immediately obvious to humans. Read how IBM’s Watson saved a woman’s life by correctly diagnosing a rare form of leukemia that the doctors had missed!
Predictive Maintenance in the Manufacturing Sector
Imagine if your machines could tell you when it’s about to break down. That’s the power of artificial intelligence in businesses. General Electric (GE) is using an AI model to predict which equipment needs maintenance and when reducing not only downtime but also saving millions in repair costs.
Conclusion
Artificial Intelligence and Machine Learning in business have started becoming and will be the norm in the coming days. Hence, companies that jump on this AI bandwagon early will position themselves for a future where AI will be the norm. Hence, if you’re trying to break into the world of AI and ML by learning skills and making yourself competitive, look no further than
EducationNest. EducationNest’s Corporate Training Programs are designed specifically to help build AI-powered business strategies and upskill their teams to integrate these latest technologies seamlessly. Whether you’re an aspiring data scientist or a business professional, they have the perfect courses for all of your needs.
