Artificial Intelligence (AI) — Top Use Cases and Technologies Used Today
Artificial intelligence is impacting the way in which enterprises engage with consumers. AI is no more science fiction and is already being adopted by public and private organisations globally. For instance, researchers are leveraging AI to make treatment for cancer more bearable, AI is used by financial services companies to detect fraud and enhance customer experience, by manufacturers to streamline supply chain, & predictive maintenance, and retailers to provide personalised shopping experience.
Most Frequently Used AI Technologies
Artificial Intelligence encompasses multiple technologies such as Natural Language Processing, Machine Learning, Deep Learning, robotics, virtual assistants and more.
According to an IDC report, 75% of developers will include AI functionality in business applications or services by 2018. Another report from Gartner says by 2020, organizations using Cognitive Systems in AI Projects will achieve long-term success four times more than others.
Today, different AI technologies are finding a place in various industries. For instance, Banking and Financial Services companies are using chatbots or virtual assistants to help customers with routine tasks like scheduling payments, automate most frequently asked questions. Predictive Analytics’ to reduce the risk of loan defaulters. Machine learning to identify patterns of transactions that might indicate fraudulent activity.
Below infographic gives insights about most frequently used AI technologies today.
Top AI Use Cases
There are a variety of real-world problems solved by AI. Technology may enable the AI market, but ultimately it is a more practical focus on use cases that will define the business of AI.
Predictive Analytics is the number-one AI use case that will become relevant to several industries such as manufacturing, healthcare, retail, financial services and others. Predictive analytics is the use of data, machine learning, statistical techniques and historical facts to make predictions about events or outcomes. For instance, when is a delivery truck likely to break down.
Below infographic gives insights into some of the top AI uses cases and top three use cases by industry.
Top three AI Use Cases by industry
AI Transformation Ahead
As AI emerges from IT back offices and into the mainstream, humans and machines begin to collaborate more closely. The transformational benefits of AI for both businesses and societies are enormous and AI will fundamentally redefine how we work. From robots to simulations for decision-making, from facial recognition to language translation, from bots to drones competitive shifts proliferate in every sector.