Today’s customer demands immediate response and expects fast, reliable service. Here are 6 artificial intelligence examples of industries getting up to speed.
Artificial intelligence is slowly being integrated into our everyday lives. In fact, they’re involved in just about every aspect of our lives. This includes using smartphones to communicate, operate your thermostat and manufacture vehicles.
Did you know that about 38% of jobs in America are vulnerable to the takeover of AI by as soon as the 2030s? That should give you some perspective on how quickly AI is growing. By 2018, a whopping 75% of developer teams are going to include AI functionality in one or more services or applications.
We hear about AI a lot in the media about businesses using AI. However, it’s not just for commercial use. You can already find all sorts of AI inside of our homes. Just look at the smart televisions, thermostats, stoves, fridges and virtual personal assistants millions of people have. Alexa and other VPAs are growing in popularity because they can answer questions, operate your smart devices using voice commands and even order your pizza on Saturday nights. You should also watch out for AI in the automotive, manufacturing and video game industries.
Let’s take a look at some of the artificial intelligence examples and how they will impact various industries.
The Insurance Industry
All insurance companies, whether they offer coverage for homes, health or automobiles, can use AI to their advantage. And some already have. One way of doing so is to use chatbot systems in their web platforms. This enables customers to file an insurance claim in as little as 3 seconds. Chatbots can also lower the hours put in by human personnel by answering frequently asked questions. You may have seen chatbots used on various websites, allowing you to get quick answers to common concerns. Of course, this isn’t a be all, end all solution. If the bot is unable to answer a query, then a live representative can take over. Chatbots are a great solution for converting visitors into clients and maintaining good relationships with your customers.
The Banking Industry
Most banking customers do everything online. It makes sense for banks and other financial institutions to use AI to make the process less demanding for human personnel. There are various ways AI can help financial institutions excel. Besides using chatbots for customer service, banks can use AI to collect and sort through large amounts of structured data. Banks rely heavily on past data and consistency in recording and archiving said data across institutions. The specific functions AI can help in include asset management, loan approvals, risk management and portfolio design. Integrated properly, AI can assist both financial professionals and consumers with planning and account management.
AI for Small Businesses
The good news is that artificial intelligence isn’t only for the larger corporations. Small businesses can also use AI in their operations. For instance, intelligent apps can make accessing data in the field easier and faster. This boosts productivity and efficiency.
AI apps can also help with mobility. Small business owners who are always on the road can work together with partners and invoice customers on the go. Security intelligence will also be a priority for small business owners, as they look for affordable methods to keep client data safe.
The eCommerce Industry
Out of all the artificial intelligence examples, it seems chatbots are helping the eCommerce businesses the most. What’s appealing about chatbots is that customers actually want them. About 35% of consumers say they want more chatbots. And many spend $600 or more using them. This normally consists of millennials – those between 26 and 36. Any eCommerce business targeting this group can potentially open up a new revenue stream for their company.
Even marketers are getting a real kick out of the above artificial intelligence examples. For instance, they’re able to bring to life services and products with the use of virtual reality. These devices allow a clever way to convert prospects into paying customers. For instance, a realtor can market their homes in an immersive way. Prospects can wander around a property without traveling thousands of miles to see the property. Chatbots also play a role in marketing. For instance, businesses and marketers can collect and analyze customer data that can help optimize sales and marketing strategies. You can program chatbots to monitor consumer data and track their purchasing patterns. This gives you more insight into which products or services to market more, which to market in a unique way and which should be redeveloped and relaunched.
The Integration of a Human and Robotic Workforce
We’ve already touched on the fact that many jobs in the coming years will use AI. While some positions are at risk of being overtaken by AI, others will work hand-in-hand with human workers. For instance, in the manufacturing industry, robots are already on the production line assembling vehicles. However, this has been the case since the days of Henry Ford. The future holds more intelligent and advanced versions that will aid in design, prototyping, production, shipping and everything else in between. Obviously, these smarter production line robots will still need humans to oversee them. But future factories will practically run themselves.
AI is the future, whether you’re in finance, real estate, video games, retail or insurance. It’s quickly spreading across industries and those that don’t step in and get in on the action will fall behind just as fast.
One way to go about this is to start adding AI into your own marketing strategies and business operations. At Go Boldly, we’ll keep you in the know about all the latest innovations in AI. This is key to staying ahead of the curve and your competition.