The rise of artificial intelligence is driving the discovery of business use cases and AI applications across a range of major industries such as healthcare, finance, technology, sales and marketing, etc. 

According to Statista , the AI ​​market is currently worth about $100 billion and is expected to soar to nearly $1 trillion by 2030, a seven-fold increase.

Let’s explore different AI applications across 6 major industries, along with some tips for starting to adopt AI in your organization.

What can artificial intelligence do for businesses?

Artificial intelligence enables machines to perform tasks that traditionally require human attention but are repetitive. It can analyze and interpret information using large amounts of data and algorithms to make accurate predictions and informed decisions.

AI tools bring several benefits to businesses, including;

• Improve efficiency and productivity by freeing humans to focus on higher value tasks.
• High-speed business decision making and operations that shorten development cycles and accelerate ROI on development investments.
• Agile capabilities and business model expansion, such as identifying new revenue streams.
• Reduce human errors and improve quality, such as providing error-free results in financial reconciliations.
• Better monitoring capabilities to prevent costly and damaging failures.

Application of artificial intelligence in six industries

Artificial intelligence can improve operations, streamline workflows, and enhance customer experience across industries. Let’s explore some of these.

1. Artificial Intelligence Applications in Marketing

The global marketing artificial intelligence market is expected to reach $40.09 billion by 2025 , with a CAGR of 29.7% during 2020-2025.

Companies use AI to improve their marketing strategies and increase customer engagement, from customized content and dynamic pricing to AI-led email scheduling and ad targeting.

Here are some of the applications of AI in marketing:

Personalized content

AI technology can use machine learning algorithms to evaluate data and predict consumer preferences, allowing businesses to tailor content to each customer’s unique needs and interests. For example, BuzzFeed is a media company that uses AI to tailor content to its audience.

Conversational AI

Conversational AI refers to technologies such as chatbots and virtual agents that enable users to communicate through natural language. These technologies use machine learning and natural language processing to simulate human-like interactions. Because conversational AI can personalize, scale, and communicate effectively with users, businesses can provide seamless and dynamic consumer experiences.

Ad Targeting

AI has had a significant impact on ad targeting by analyzing large amounts of data to generate comprehensive customer profiles, allowing marketers to target their ads more accurately. As a result, marketers enjoy higher conversion rates, lower cost per acquisition, and better return on investment.

Read more: What is digital conversion? 4.0 trend: Digital transformation

2. Application of artificial intelligence in legal services

The adoption of artificial intelligence is playing a vital role in transforming the legal industry by automating routine tasks, reducing costs, and improving accuracy. Up to 60% of the duties performed by lawyers and paralegals can be automated, according to a report by Accenture .

Let’s take a look at how AI is revolutionizing the legal industry .

Legal Studies

AI provides sophisticated algorithms to help legal practitioners save time and effort when conducting legal research. Lawyers can use AI-driven legal research tools to quickly evaluate and analyze massive amounts of data, which helps them make better choices.

For example, Ross Intelligence is an AI-driven platform that helps multiple law firms, such as Dentons , automate their research procedures and increase productivity.

eDiscovery

Finding, collecting, and producing electronically stored information (ESI) in response to legal requests is called eDiscovery. Using AI, eDiscovery can be conducted faster, more accurately, and less expensively than traditional manual methods. And with Relativity’s AI-driven technology, legal practitioners can streamline the collection-to-production process.

Judge Robot

One area where AI is gaining traction is the development of judgebots, which are AI-driven systems that help judges make more informed decisions based on legal precedent and data analysis. Judgebots can give judges a more thorough understanding of legal issues and help make more accurate and consistent judgments.

China has employed the country's first judge robot , named Xiaozhi, which is able to efficiently handle certain civil cases through trials.

Read more: AI in e-commerce: Why e-commerce brands should consider artificial intelligence

3. Application of AI in Sales

Sales departments are witnessing a major transformation as AI enables them to make data-driven choices and improve performance in lead generation and customer engagement. According to a report by McKinsey , sales teams that use AI for lead generation and opportunity identification can increase their productivity by up to 50%.

Here are some applications of AI in sales.

Conversational Intelligence

Conversational Intelligence (CI) uses AI to record and analyze speech and extract data-driven insights from conversations between sales agents and customers. Businesses can use conversational intelligence to gather insightful information about customer behavior and preferences. This enables them to tailor sales strategies to meet customer expectations.

By providing insights into human communication patterns and identifying common pain points, CI informs the design and development of conversational AI systems that better meet customer needs.

Artificial Intelligence Avatar

AI avatars are one of the latest AI technologies to make a splash in the market. These virtual assistants use machine learning algorithms and natural language processing to provide personalized customer service and sales assistance. With the help of AI avatars, sales teams can automate repetitive actions, freeing up time for critical business activities. For example, Synthesis.io is an AI video creation platform that lets you create AI avatars for professional videos.

Lead Generation

Another area where AI has made great strides is in lead generation. By using machine learning algorithms and predictive analytics , businesses can effectively identify and prioritize high-quality leads based on their likelihood of conversion.

Automated lead scoring programs can free up valuable time for salespeople, allowing them to focus on building meaningful relationships with prospects. In this way, businesses can optimize their sales efforts and improve their chances of closing deals while streamlining their lead management process.

For example, Leadgen is an AI-based lead generation tool that provides businesses with real-time updates during the prospecting process.

4. Application of artificial intelligence in technology

IDC predicts that by 2024, the world will spend $11 billion on AI, with the technology sector accounting for the majority of spending.

Some of the latest applications of AI in technology include:

Machine Learning Software Development

ML software development refers to developing intelligent systems that can learn from data and improve over time. This involves automated ML operations (MLOps), backend development, data engineering, and ML model deployment.

Natural Language Processing

Natural language processing (NLP) enables machines to go beyond mere reading and enter the realm of understanding and interpreting human language. By leveraging the power of NLP, machines are able to extract meaning from written or spoken text and perform tasks as diverse as speech recognition, sentiment analysis, and automatic text summarization.

In NLP, GPT development refers to the development of text generation models based on GPT-3 and GPT-4. It includes custom model training and model optimization to help companies improve their products and services, automate procedures, and enhance customer experience.

Read more: EDUTO AI's Library

5. Application of artificial intelligence in healthcare

Artificial intelligence supports the healthcare industry by speeding up diagnoses and improving patient outcomes. Let’s explore some of the applications of artificial intelligence in healthcare.

Drug development

Clinical trials for each drug cost an average of $130 million , and only 10% of drugs make it to market. However, AI accelerates drug discovery by analyzing and predicting the side effects and efficacy of drugs. AI also shortens the time to market for critical care drugs.

For example, the Therapeutic Data Commons is an open access platform that fosters collaboration and provides dataset management and algorithm design for multiple therapeutic modalities at all stages of drug development.

Artificial intelligence-assisted robotic surgery

Surgical robots are rapidly gaining popularity, with hospitals relying on them to perform minimally invasive and open-heart surgeries. Robot-assisted surgeries reduce complications, relieve pain, and speed up recovery.

For example, the Mayo Clinic in the United States uses robotic-assisted surgery to provide precision, dexterity, and control that exceeds human capabilities, allowing doctors to perform complex surgeries with ease.

AI-powered virtual therapist

AI-driven virtual therapists offer innovative solutions to everyday mental health challenges by providing better healthcare and digital patient engagement. Additionally, healthcare chatbots can work with human therapists in real-time to provide feedback or suggestions.

6. Artificial Intelligence in Finance

Artificial intelligence has already disrupted various industries, but none as much as banking and finance . According to a financial services report , banks could save $447 billion by 2023 through the use of AI applications.

Let’s look at some of its applications.

AI-driven personalized banking

Personalized banking powered by AI is revolutionizing the industry. Machine learning algorithms integrated into mobile banking apps help customers make better financial decisions by identifying their spending patterns and providing valuable tips.

For example, Comply , a fintech company, helps customers pay off credit card debt by providing guidance on which debt to pay first and when.

Behavior-based investment forecasts

Behavior-based investment forecasts are investment strategies that use machine learning algorithms to predict market trends based on investor behavior. These strategies use a combination of financial and non-financial data (such as news articles, social media sentiment, and investor sentiment) to identify patterns and trends that can be used to predict future market movements.

Micro-investing apps such as Acorns use AI to analyze users’ spending patterns to predict when they can save or invest small amounts without affecting their daily spending.

Anti-Money Laundering

With the help of AI, financial institutions can now detect fraudulent activity in real time, reduce false positives and improve identification of suspicious transactions and behaviors. This is because AI algorithms can analyze large amounts of data and detect patterns that humans may miss. For example, Feedzai is a fraud detection software that helps banks manage financial risks.

Application of artificial intelligence in business

Getting started with AI in your organization can be overwhelming. Here are three tips for getting started.

• Start by identifying a business problem that could benefit from an AI solution.
• Assess your organization’s readiness for AI adoption, including data quality, technical infrastructure, and employee skill sets.
• Establish a cross-functional team of IT, business, and data science representatives to oversee the AI ​​adoption process.

Visit EDUTO to learn more about the latest trends and technologies in AI.

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