- August 3, 2021
- Posted by: eg
- Category: Artificial Intelligence
You probably know that AI has become ubiquitous. Learn how AI is transforming various sectors, such as education, healthcare, and customer service. It can even help identify fraud. Read on to learn more.
There is no doubt that Artificial Intelligence has come a long way from the old era when hulking mainframe computers used to crunch numbers like a sloth approaches a delicate lettuce leaf. Did you know that AI’s powerful and upgraded algorithms now parse data, produce predictive analytics, and help individuals and machines make better and smarter decisions from the factory floor to the boardroom?
For example, Artificial Intelligence (AI) is revolutionizing and reshaping healthcare and education, and its use has become a reality in several medical fields as well as specialties. It is worth noting that AI and machine learning enable medical professionals and healthcare stakeholders to identify healthcare needs, requirements, and solutions faster with considerably more accuracy, leveraging data patterns to make sound and informed medical and business decisions quickly.
You should know that from 2013 to 2018, AI startups raised a whopping $1.8 billion in about 375 deals, according to CB Insights. You will be happy to know that more than 28% of retailers are already deploying fantastic AI and Machine Learning solutions. This represents a seven times increase from 2016 when the number was just 4%.
As you can see, with the proliferation of AI, enterprises and businesses have to find a way in order to safely, boldly, and creatively apply artificial intelligence to emerge stronger and more competitive both in the short and long term, as emphasized by Forrester. In 2021 and beyond, AI will certainly become more commonplace. Here are some top AI use cases.
AI in Healthcare
Did you know that artificial intelligence use cases span well past the hospital bedside, now meeting patients where they are? For example, smart heart monitors, pacemakers, blood glucose monitors, and oxygen tanks are only a few of the broad array of convenient AI-based products that will quickly know the unique functions and rhythms of the body. They will warn patients if something seems to be trending abnormally or ominously.
Keep in mind that AI is also used as an effective tool for case triage. This is because it supports clinicians in reviewing scans and images. This is important as it enables cardiologists or radiologists to identify important insights to prioritize critical cases.
You may know that a clinical study can generate huge amounts of images and data that have to be checked. The best thing is that AI algorithms can easily analyze these datasets quickly and then compare them to various other studies to identify any patterns or out-of-sight interconnections. And this process enables medical imaging experts to track vital information quickly.
While health wearables and gadgets have long been viewed as an essential connection between healthier lifestyles and the healthcare ecosystem, AI-driven IoT is really the bridge that helps connect the two.
According to a 2016 study by Frost & Sullivan, artificial intelligence in healthcare can enhance health outcomes by 30% to 40% while cutting costs in half.
AI in Education
Artificial intelligence, once considered a slow-moving technology in the education sector, has started to make its mark in the field of education. It is no secret that the popularity of AI has significantly increased over the last decade, and this trend will likely continue for the next decade.
With smart devices and gadgets, and computers making various educational materials easily accessible to everyone, AI technology has revolutionized the world of education and learning. It has automated administrative tasks, enabling staff and teachers to spend more time on their students.
Also, remote learning can create plenty of benefits and conveniences compared to traditional physical classroom training. Keep in mind that with AI, students can conveniently access the learning platform as well as lessons around the clock.
And that is not all; AI has opened new ways of accessibility and interaction for students with learning disabilities, such as autistic students and those requiring special needs.
AI in Customer Services
You will be happy to know that AI chatbots can provide a higher level of customer service than human assistants. They can, for example, improve search, send notifications about the latest collection, and even suggest similar products.
Because of the advent of AI and automation, multiple new and exciting avenues have opened in order to gain more traction and personalization in customer reengagement. This can help boost business revenue in the long run.
And the chatbot that has probably generated the highest commercial value is the popular AliMe chatbot by Alibaba. The chatbot uses a variety of technologies like semantic understanding, voice recognition, and personalized recommendations, helping Alibaba reach its record sale revenue of about $31 billion on Singles’ Day back in 2018.
Did you know that 80% of brands worldwide are using or intend to use AI chatbots in the future? For example, Burberry and Tommy Hilfiger have launched intelligent chatbots in order to help their customers easily navigate through their extensive fashion collections.
AI in Fraud Detection and Prevention
Professionals are realizing that using AI and machine learning technologies is an effective way to identify and remedy potential fraud cases in many fields. For instance, PayPal is leveraging machine learning and AI to avoid money laundering cases. Note that with advanced tools, the company can easily compare a massive number of transactions.
It is worth noting that leveraging artificial intelligence for fraud prevention and detection has helped companies around the world enhance internal security and streamline business processes. Moreover, many tools are equipped well to understand the subtle difference between legitimate and fraudulent transactions between buyers and sellers.
Undoubtedly, artificial intelligence has changed and improved the current landscape of the world. It has provided us with numerous options to improve our personal lives and enhance our businesses.
Note that automated processes, better and comprehensive insights for your business, and enhanced customer engagement will generate more revenue. And AI retail solutions such as chatbots, and visual search, can noticeably improve the bottom line of your business.