Often many people are confused with what AI is and what it can do for their company.
In order to improve our businesses we must make educated decisions based on past experiences and knowledge. By utilizing past data and integrating other influencing features, AI works to simulate human decision making while being able to consider an enormous amount more of information. Thanks to modern computing power this can all be done instantly and without the limits of a 40 hour work week.
Real Life AI Applications
Suspicious behavior within transactions can be identified using different AI techniques. By studying historical data, discovering the anomalies within millions of transactions is any retailer or payment provider’s dream.
Machinery Wear & Tear
Knowing in advance when machines are going to breakdown can save a company a huge amount of time in delayed production. AI can be utilized to accurately predict when equipment needs service, before it is too late.
The use of AI in drug discovery is helping the identification of new life saving drugs faster, cheaper and more efficient than ever. The continued growth and development of these methods will fuel life saving medication for centuries!
Recommendation systems have been one of the most successful implementations of AI in recent years. For a business selling goods, knowing the relation between products and which customers are likely to be interested in additional items can take your business to the next level!
Autonomous Drones & Vehicles
The park assist feature within new cars and the wedding video drones, both utilize AI! Drones can take your construction site, farm or even rescue operation to the next level!
Mining and Exploration
Machine Learning practices are becoming wildly successful within the mining industry. By utilizing the vast amounts of data available, Machine Learning has proven its’ capabilities within predicting mineralization, avoiding costly errors and increasing automation and efficiency, as well as other areas.
Real Estate Appraisal
An AI model can be developed to accurately estimate the value of a property using various features. By incorporating the numerous variables both within the property and within its’ local housing market, as well as accounting for past transactions, AI approaches to real estate save time and money for brokers and home owners.
By utilizing historical financial data, sentiment analysis and machine learning, predicting future markets movement is more advanced than ever. AI is also very prevalent within both ‘robo-advisers’ and algorithmic trading!
By using prediction modeling, a restaurant chef can more accurately predict the food they will need for the upcoming week! These methods seek to set more accurate estimations, which can lead to saving more resources and helping the chef from spending more than he or she needs.
To grow any business you can do two things, increase sales or decrease costs. AI can help you decrease costs by finding new ways to optimize the production of your good or service! Whether it is your production line or your distribution network, there are always ways to improve your bottom line.