Saturday, June 15, 2024

5 Business Use Cases for Artificial Intelligence (AI)

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Artificial intelligence (AI) is one of the most revolutionary technologies of the modern era. Despite still being relatively new, it’s already redefined how many business functions work, and as it develops, new use cases across industries keep emerging.

AI is a versatile technology, so its potential applications span a huge range of sectors and purposes. Here’s a look at how five leading companies in different industries use it.

1. Facebook

Facebook is one of the most recognizable names in social media. Even though the sector is more crowded now than when it first started, Facebook remains the second most popular social platform in the U.S., according to Pew. With so many users, ensuring everyone sees what’s most relevant to them can be challenging.

In 2016, Facebook introduced DeepText, a proprietary deep-learning text analysis model, to gain a better understanding of user intent and interactions. DeepText can analyze thousands of posts per second in more than 20 languages to enable more personalized suggestions, identify spam, and highlight relevant content.

Industry: Social Media
AI Product: DeepText
Outcomes:

  • More accurate user intent analytics
  • Better spam and cyberbullying responses
  • Transparency into user sentiment across locations and languages

2. Daimler Trucks Asia

Daimler Trucks Asia (DTA) is a branch of the world’s largest truck manufacturer, so its internal processes have ripple effects throughout global supply chains. In light of this massive industry presence, catching potential safety or quality issues early is crucial.

DTA’s old, manual quality control system could take up to two years to identify and address safety issues. As those losses mounted, the company turned to Deloitte to build a custom AI analytics platform to streamline the process. The resulting solution, dubbed proactive sensing, analyzes a wide range of data, from vehicle metrics to social media engagement, to predict and quantify safety issues earlier and more accurately.

Because AI is better than humans at spotting trends in data, the solution can find indicators of potential problems human analysts may overlook. It can also predict issues before they happen, enabling faster, more cost-effective responses.

Industry: Vehicle manufacturing
AI Product: Deloitte
Outcomes:

  • 50% reduction in issue detection time
  • $8 million reduction in warranty costs in first two years
  • Preserved client reputation

Learn more about artificial intelligence in supply chains.

3. Humana

Humana is one of the largest insurers in the U.S., serving over 13 million customers across the country. Managing queries from all those customers can be a challenge, especially when you have to determine which cases are the most pressing. Humana had a voice chatbot to field these calls, but it transferred too many to human agents or expensive outsourced call centers when most calls were about routine questions.

Using an AI solution from IBM, Humana built a new chatbot that could understand conversational language better, leading to more helpful responses. The bot can interpret a wider range of customer needs more accurately, enabling it to provide customized responses and help instead of sending lengthy FAQ pages or directing calls to human agents.

Industry: Insurance
AI Product: IBM Watson
Outcomes:

  • Handled inquiries at a third of the cost
  • Doubled response rate
  • Faster customer care responses

Learn more about how to use chatbots to improve customer service.

4. Panasonic

Natural language processing (NLP) AI services have uses outside of customer-facing chatbots, too. Panasonic, a global leader in electronic manufacturing, uses AI translation services to enable easier communication between its more than 240,000 employees and 500 affiliate companies.

Using global teams gives companies a wider talent pool and promotes flexibility, but language barriers can hamper productivity. To get around that issue, Panasonic implemented an AI system to translate documents between English and Japanese with remarkable speed and accuracy.

Another crucial advantage of AI over manual translation is that it provides more security over trade secrets. Panasonic found that other methods and services may expose sensitive documents to data leakage. AI, by contrast, removes intermediaries and can work securely, ensuring classified company documents stay secure through the translation process.

Industry: Electronics Manufacturing
AI Product: MiraiTranslate
Outcomes:

  • Faster, more accurate translations
  • Protected trade secrets
  • Enabled more productive global collaboration

5. Česká Spořitelna

Banking is another industry with high security and productivity needs, making it an ideal use case for AI. Česká Spořitelna, the largest retail bank in the Czech Republic, uses the technology extensively.

As a customer-facing bank, Česká Spořitelna uses AI to analyze its ad performance and user trends to inform more effective marketing strategies and boost lead generation. It also applies AI to its data processing practices to automate regulatory compliance. Similarly, AI helps the bank automate credit risk scoring, leading to faster, more reliable loan approvals.

With so many use cases, it’s unsurprising that the AI-in-banking market could be worth more than $64 billion by 2030, according to ReHack. AI is adept at understanding the real-world implications of numbers, making it the ideal tool for many banking processes.

Industry: Banking
AI Product: Keboola
Outcomes:

  • Streamlined credit risk scoring
  • Improved regulatory compliance
  • More effective marketing campaigns

Bottom Line: AI Business Use Cases

As these five use cases highlight, AI has uses across virtually every industry. This technology serves many purposes, from language comprehension to data analysis to trend prediction. Such a wide range of applications makes it a promising technology for any modern business.

Read next: AI in Education–The Future of Teaching.

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