All around the globe, businesses are experiencing the best times of their lives following the advent of AI and ML. Artificial Intelligence and Machine Language empower businesses to make impactful decisions that give them a better stance at success in their fields. A report by Grand View Research shows that by 2030, the global AI market size is expected to grow from the current $136.6 billion to $1,811.8 billion, which is a 38.1% CAGR.
AI is becoming more prevalent in our daily lives. It is a term that is now being used more frequently. AI is present in our households, our businesses, our phones, healthcare, and every sphere. According to research from IBM, nearly three-quarters of companies are indicating a deep interest in artificial intelligence adoption.
As AIs become more popular in the world today, it is important that companies join the trend as early as they can in order to maintain a competitive edge in their industry.
Applications of technology in different industries
AIs and MLs find their applications in several industries, including;
• Healthcare: AI is being applied in the healthcare industry in diverse ways. It is used in data mining for identifying patterns, robotic surgery, drug discovery, medical imaging, and other procedures. IBM Watson is an AI tool that can be used to analyze a patient’s medical record and identify potential treatments.
• Retail and E-commerce: From the identification of patterns in consumer behavior to facilitate smart buying to the availability of chatbots to improve customer experience, the use of AIs and MLs in the retail and E-commerce sectors is very preeminent.
• Food tech: Robot-serving meals, smart tea makers, automated food processors, all these are the effect of AIs in the food processing industry.
• Banking and financial services: There are now intelligent software robots for processing loan applications as well as Robo-financial advisors.
Other industries like Logistics, transportation, travel, real estate, and the education sectors are also being immensely transformed by AIs and MLs.
Benefits of AI and MLs
AI and ML work together in synergy to provide results. AI is the broader science, while ML is a subset of AI. Here are some of the benefits of AI and ML;
• Reduced errors: Once the foundation of your Ai models is established, you will notice a reduction in the number of errors you get. Since the machine has been trained to understand and enact accuracy, minor errors disappear.
• Automation: Having AIs and MLs means that tasks can be automated and carried out without stress. This is a huge time saver for consumers all over the world. Automation also frees up resources for ideas and other projects. Automation helps you function effectively.
• Informed decisions: AIs enable us to think better and make more informed decisions. Despite being able to think critically as humans, sometimes we are limited by our speed of processing information and our ability to coordinate mountains of data. Also, sometimes our emotions affect our ability to work. AIs and MLs do not have emotions. So, they only have one goal- to get the task done.
• Finding solutions and tackling complex problems: AIs and MLs help us tackle complex problems, thereby improving our operational efficiency.
• Improved customer experience: There is usually a lag between the needs of a customer and a business response to meet this need. However, with AIs, there are; automated chatbots, triggered emails, and personalized messages. This makes it easier for businesses to satisfy customers quickly. It also takes the strain off the customer support department, allowing them to concentrate on being more productive and producing more results.
How Businesses Can Implement AI and ML Services
Businesses understand the benefits of AI and ML. Therefore, they are implementing this technology in different ways. Introducing AI ML development to your business is not a difficult task. Here is a simple approach that you can use;
1. Get familiar with AI: Some businesses still see AI as a big deal that can only be managed with in-depth tech knowledge. This is a myth. Anybody can use AI, and your business deserves to use AI. Invest in gaining knowledge about AI and ML.
2. Identify the problem you want the AI to solve for your business.
3. Bring in experts or create a team that will be in charge of the implementation of AI in your business.
4. Start implementing.
AI is a technology that is here to stay. The faster you can plug into it, the faster you can get your business on the right path.
Discover What AI Can Do for Your Organization
If you are ready to leverage AI development services to give your business a competitive advantage in your industry, then Sigma Solve will be happy to direct you on this journey. We offer customized and innovative digital solutions, empowering businesses to reach their maximum potential.