Using artificial intelligence in business

Artificial intelligence is a field of computer science that deals with the creation of systems capable of self-learning, making decisions and performing actions inherent in human intelligence. In fact, AI stands at the intersection of mathematics, biology, psychology and cybernetics, and its main task is to extract business values from huge amounts of information.

Today, artificial intelligence technology is developing rapidly and is being used in companies from a wide variety of industries. Ultimately, this will lead to a huge increase in the global economy – almost 16 trillion dollars by 2030. At least this is what PwC researchers are convinced of. But the question remains – how to use the capabilities of AI in real business and what benefits can this bring? You can find answers to it in this article.

The introduction of artificial intelligence technology provides companies with many benefits. We have identified five main ones:

• Productivity increase. The main advantage of AI in business is the automation and acceleration of routine processes. It can take over order processing, data collection and analysis, financial records management, and more. As a result, employees will have more free time to focus on growing the business, improving customer interactions and finding new distribution channels.
• Risk reduction. Artificial intelligence can analyze business processes, establish hidden relationships, and identify patterns that indicate potential business threats. This AI ability is especially important in the financial sector and is often used for fraud monitoring. As a result, the system becomes less vulnerable to fraud.

• Fast decision making. For some areas of business, the speed of decision-making plays a crucial role, for example, in trading and exchange operations. From this point of view, artificial intelligence is almost indispensable, since it is able to process and analyze more volumes of disparate data in a matter of seconds and instantly respond to them. At the same time, the accuracy of AI decisions is constantly increasing, due to its ability to self-learn.
• Exclusion of the human factor. Unlike humans, AI is not affected by emotions, it does not have a bad mood or bad days. At the heart of his work are mathematical functions that are constantly improving themselves, and work with ever-increasing accuracy and efficiency.
• Increasing profit. According to statistics, the use of AI in the pricing system alone leads to a 5% increase in revenue. With the complex use of technology, this figure can increase significantly.

Let’s move from theory to practice and consider the main options for using artificial intelligence technology in real business sectors.

Healthcare

AI-based solutions are widely used in diagnostic imaging and help specialists more accurately assess the condition of a patient’s internal organs, tissues, and bones. This significantly reduces the risk of diagnostic errors that could endanger the lives of patients.

In addition, AI is able to independently make diagnoses with an accuracy of up to 94%, and even prescribe treatment on its own, based on thousands of similar depersonalized records. In the future, this could make quality medicine much more accessible throughout the world.

Finance

Due to its ability to identify hidden patterns, artificial intelligence is often used by traders to analyze and predict the market situation. For example, AI can quickly analyze a company’s financial statements, news, and other factors affecting the market, compare them with past trading data, and generate recommendations on the feasibility of investing in its shares.

Moreover, there are even AI-powered automated traders who, under favorable circumstances, independently, and much faster than a person, buy stocks, which bring significant profits with minimal effort and risk. Also, AI-based tools are used by many banks and credit organizations for customer scoring and fraud prevention.

Logistics

The integration of artificial intelligence into ERP can significantly reduce the frequency of errors in the packaging and transportation of products. AI algorithms are constantly self-learning, so the system is able to adapt to the business processes and needs of a particular company: types of products, supply chains, shipping points, production volumes, etc.

AI-based solutions help organize not only deliveries, but also returns of goods. What’s more, they can predict the estimated number of returns before they leave the warehouse, which can be used to calculate and optimize processes.

UX/UI design

The design industry is rapidly adopting innovative solutions based on artificial intelligence technology. This industry has never been distinguished by conservatism, which is why any innovations that can facilitate the work of specialists here almost immediately become widespread.

Today in the field of design, AI is used for many purposes:

• To automate routine tasks – creating project documentation, patterns, specifications and image processing.
• To generate creative ideas – images, photos, videos, text and even entire web pages.
• When building information architecture.
• To improve usability.

Also, AI-based tools help experts in this field to test layouts and find non-standard solutions for their optimization.

Artificial intelligence has a huge impact on modern business: it improves and automates internal processes, reduces risks, helps to make effective decisions faster, and much more. As a result, companies receive not only additional points in the competitive race, but also significantly increase their profitability.

Our company has successful cases of implementing AI in a variety of business areas. Based on the best practices in the industry and the high qualification of our specialists, we select unique technical solutions for our customers, taking into account their current tasks and needs.