One of the 5 technology predictions for 2021 states that the adoption of Machine Learning across industries will accelerate this year more than ever. With the multiple benefits that AI and ML are bringing to the fight against the coronavirus—such as predicting risks and the spread, understanding the virus, and developing vaccines—it is clear that these are essential tools in the future for all businesses.
Results from the latest global survey on AI by McKinsey show that companies using artificial intelligence generate more revenue than other organizations. These businesses are also planning to invest even more in artificial intelligence and accelerate digital transformation.
As digitalization is increasing, more data is being generated, stored, and used to improve operations, products, and services. This means that AI tools are evolving and the adoption of these applications is becoming more important than ever. In fact, recent research shows that 90% of tech executives consider AI and machine learning as priorities for their business. These features make real changes possible in the way companies differentiate themselves from competitors, being one step ahead on the market.
To examine where you are in the journey of artificial intelligence and machine learning adoption, it is essential to understand:
- What AI means for your industry and business
- Your company’s priorities
- How to adapt to the required changes
In The State of AI in 2020, senior executives at companies making progress in AI adoption reveal essential practices that include promoting transparency, investing in talent upskilling, and building technology with expert associates. But what are the benefits of AI in business growth?
The popularity of artificial intelligence is growing, as the perks of implementing new solutions include:
- Remaining competitive in an ever-changing market
- Reducing costs and improving sales
- Improving business intelligence
- Growing confidence and attracting targeted customers
It’s no secret that organizations that have adopted AI and machine learning are observing business growth and increased revenue. Here are some of the industries that reap the benefits of artificial intelligence lately, and what this means for them.
eCommerce
In the era of digital transformation, AI brings new perspectives when it comes to eCommerce and retail. Insightful data helps retailers:
- Analyze customer behaviors and preferences
- Gain operational agility and improve sales procedures
- Ensure increased satisfaction and customer personalization
Healthcare
With the help of machine learning, healthcare organizations can have accurate insights into a patient’s information. But AI helps healthcare providers in many ways, including to improve decision-making, detect diseases faster, and provide virtual assistants when needed.
Banking
Finance and banking organizations have already started to reap the benefits of artificial intelligence and machine learning. These significant changes bring value to companies and boost customer satisfaction and experiences, provide secure payments, detect fraud and minimize risks, and ultimately drive a lot of growth through innovative, agile, and streamlined mobile applications. These applications range from insurance, investment, and accounting to digital wallets and more.
Agriculture
Organizations and farmers are using AI to produce healthy crops, control pesticides, as well as monitor soil conditions. The top applications of AI in agriculture include agricultural robots, weather monitoring, soil monitoring, and detecting plant diseases.
Marketing
Many companies are optimistic about the upcoming year, and rightfully so. If businesses keep up with digital marketing trends and adopt new technology, their growth will be guaranteed. Today, AI empowers digital marketers with:
- Access to customer profiles and valuable data
- Content curation for a targeted audience
- Streamlined communications
“AI is fast turning out to be the key utility of the technology world, and like all utilities, it will enliven most inert objects, much as electricity did a century ago. Everything that we formerly electrified, we will now cognitize.” – Jayanth Kolla
