5 Smart Ways Big Companies Are Already Using AI Daily To Maximize Profits

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October 27, 2022 Business

There’s a lot of talk about artificial intelligence (AI) and machine learning, but its implementation can often seem years away. In this article, we take a look behind the scenes at which AI technologies big companies are already using.

Corporations are implementing AI to reduce costs, increase revenue, and automate processes. Some applications are more surprising than others, but what they all have in common is that they’re ahead of the curve.

Join us as we take a look at 5 of the most cutting-edge AI applications in use today.

Briefly, what is AI?

Artificial intelligence is an umbrella term that covers a variety of technologies that allow computers to think like humans.

A.I. has been around for many years, and there are a variety of different types. Some types include:

Machine learning – allows computers to learn on their own. For example, by seeing what works and what doesn’t.
Natural language processing – enables computers to understand natural language, such as human speech.
Robotics – lets machines do tasks that were previously only possible for humans.

1. Fighting the great resignation

Employee attrition is costing U.S. Businesses around $1.7 Trillion each year, making it one of the most pressing issues for all businesses. This has forced companies to take a closer look at what causes and accelerates employee attrition in work environments.

Machine learning software companies like Praisido are helping companies tackle attrition by monitoring (non-creepy) data to figure out which employees are at risk of resigning in the next 6 months. It gives HR departments the ability to look ahead and prevent attrition before it even happens.

2. Preventing fraud

In financial institutions like banks, credit cards, and insurance companies, fraud costs billions annually. This makes fraud prevention a top priority. Artificial intelligence now plays a huge role in monitoring fraud.

H2O is an example of software being rolled out to crack down on fraudulent transactions. Banks and institutions use this software to build purchase profiles, develop fraud scores, and flag fraudulent transactions. It’s more reliable than using humans, too.

3. Assisting staff virtually

Virtual assistants are now part of our everyday lives. We use them for everything from scheduling meetings to finding local restaurants, and some of us use them as personal assistants.

Companies can benefit tremendously by having a “Siri-for-work” which is always available to assist staff.

In this day and age, businesses are looking to create a better customer experience. Some are using AI to build a better customer journey. For example, a company called Leena, a provider of artificial intelligence solutions for businesses, builds virtual assistants that can schedule and respond to emails. This helps improve customer service and frees up staff for other duties.

Another way in which AI can help your business is by increasing sales through pattern recognition and enhanced KYC by analyzing user data and behavioral tendencies.

Virtual Assistants can create personalized customer journeys enhancing their customer experience.

Artificial intelligence can also help immensely with the onboarding of new employees and get them up to speed with their responsibilities faster.

It can also be available 24/7 if new hires have any questions, so having this at your disposal is an invaluable tool in your SaaS company.

4. Improving marketing

One of the most important parts of any business is customer interaction. AI can help improve customer experiences by making service faster and answers more accessible. Several startups and enterprises are using AI to automate marketing tasks.

AI startup Datarobot provides services that use machine learning to predict what products a customer will buy based on their browsing history and previous purchases.

This software helps merchants optimize product recommendations, allowing them to tune their pricing and offer in real-time, based on big customer datasets.

5. Solving supply chain issues

Supply chain management is a key component for most big businesses. This means you need to be prepared for the unexpected, and AI is an excellent tool to help you.

AI is being used in many ways in supply chain management:

Predictive analytics to predict inventory and demand. This allows businesses to reduce unneeded inventory, or sell it at a higher price. This helps maximize efficiency and maximize profits. A.I. can also do cross-referencing with other databases within the system for further confirmation of data.

Automate tasks like order processing and shipment. This saves time and money and reduces the risk of human error. Hiring people to do complex jobs which require constant monitoring 24/7 is either expensive or prone to human error.

Artificially intelligent robotics can also manually do menial and repetitive jobs, speeding up the supply chain when workers are in short supply. Fewer instances of personal accidents and injuries, lesser manpower, and consistent 24/7 operations are just some of the benefits of having A.I. take charge.

Companies like Osaro specialize in programming machinery to automate certain low-level physical tasks and do it 24/7. The efficiency this brings in warehouses and delivery processing is invaluable and practically free of human error.

Last thoughts

It’s no secret that artificial intelligence (AI) has been growing at an exponential rate for many years. Today, it’s changing the world in ways we’ve never seen before.

AI can help us improve our day-to-day lives through smart products and services. But AI isn’t just for consumers. Companies are leveraging AI to improve their operations and become more efficient, while also driving innovation and maximizing profits.