Artificial Intelligence Applications in TOP 3 Business Domains

Most businesses now have access to big data. And this is the source of potential growth if involving Artificial Intelligence.

According to the Accenture global research report, 84% of C-level executives say they have to scale AI to achieve their growth goals. Also, 75% of executives believe they risk going out of business if they will not leverage AI within the next five years. Still, 76% of executives acknowledge, they struggle to scale AI.

This research shows that AI is the ultimate source of business value instead of business innovation like it was previously.

AI is about agility and competitive advantages. Leveraging deep learning and machine learning AI apps can learn from different sources of data, analyze, and act in real-time. This artificial intelligence ability helps businesses to adapt at speed with the stream of insights and innovate even in today’s rapidly changing environment.



AI applications

Nearly every industry has a high demand for AI capabilities. Here are a few brought-to-life AI examples across varied business domains.

Healthcare

The abovementioned IBM Watson has several artificial intelligence solutions for Healthcare:

Micromedex with Watson

Micromedex is the largest online reference database for drug information. Hospitals widely use it to get help in evidence-based decision making in the areas of:

  • drug selection, 
  • disease and condition management, 
  • toxicology, 
  • alternative medicine.

IBM Watson Imaging Patient Synopsis

This AI tool is supposed to help radiologists better inform diagnostic decisions by quickly extracting a patient summary from EHR (Electronic Health Records).

Diseases Diagnostics with AI

AI has already done its best in diagnostics. The common fact is the early diagnosis is the key to the outcome of patient care. AI algorithms help significantly cut time for serious illness diagnostics. 

For instance, the University of Virginia scientists developed a machine learning-based feature detection platform distinguishing pathological from healthy tissue in gastrointestinal biopsy images:

… a deep learning convolutional neural network was trained on 3118 images from duodenal biopsies of patients with environmental enteropathy, celiac disease, and no disease. The convolutional neural network achieved 93.4% case-detection accuracy, with a false-negative rate of 2.4%, and automatically learned microlevel features in duodenal tissue, such as alterations in secretory cell populations…

This Convolutional Neural Network (CNN), based on AlexaNet, was able to rapidly analyze thousands of images and distinguish between two diseases more accurately than human doctors. 

FinTech

One of the domains rapidly adopting AI is FinTech/Banking. The word FinTech has already become the synonym for customer centricity, safety, comfort, and innovation. And AI helps the majority of FinTechs to be inclusive and able to provide their clients with all the benefits of the financial system.

Visualization & Transaction search bots

Bank of America uses the so-called Erica, a digital assistant, for its customers. Erica can:

  • perform an advanced search of client transactions,
  • calculate the total amount of debt and credit,
  • provide a user with his/her balance amount and general account info,
  • track and visualize customer spending habits on demand, etc.

Computer vision and Bank surveillance

According to the FBI statistics, nearly 3000 robberies target US Banks and other financial institutions every year. AI-based apps are supposed to enhance their security.

For example, Chooch AI monitors people/vehicle actions, exits/entries, and captures the smallest details. This visual AI can recognize human faces, intruder actions, or an animal entering a building, raise a red flag when any unidentified people or vehicles are in a specific location within a suspicious time.

Algorithmic Trading

Automated Trading Systems (ATS) have been widely utilized for a long time. They use machine learning and deep learning to analyze data structure and calibrate their decisions.

Now ATS is mostly used in high-frequency trading – algorithmic trading generating millions of trades per day. For instance, Sentient Technologies’ ATS can cut 1800 days of trading to a few minutes.

ATS benefits:

  • performs trades at the best prices,
  • almost zero risks of committing human errors made by psychological pressure,
  • can rapidly elaborate financial data, establish a trading strategy, and act analyzing in real-time.

Retail/eCommerce

AI gives eCommerce actionable insights. That is why this business domain is one of the earliest Artificial Intelligence adopters. Here is a couple of examples.

Real-time Retail Personalization

Personalized eShop is not a fantasy anymore. Vue.AI builds an individual shopping experience for each customer. It understands shopper’s unique preferences (both visual and non-visual affinities) and uses real-time and historical data to deliver the right item at the right time.

Vue.AI learns and adapts with every click in real-time to offer shoppers exactly what they are looking for, even if they need something occasional, like a gift for a friend.

Driving Direct Customers Engagement

ShelfAI is the AI built on the intersection of IoT and eCommerce. This AI is a multimodal, device-agnostic, conversational platform for retailers.

Both retailers and shoppers benefit from ShelfAI:

  • Delivering smooth UX: The platform employs Amazon Alexa and Google Home to provide an adaptive and personalized shopping experience. Shoppers talk to a virtual assistant or a smartphone and shop wherever they are.
  • Deriving clienteling capabilities: ShelfAI learns customer behavior and preferences, analyzes, and provides actionable insights for increasing cart size and boosting sales.

Lessons Learned

  1. AI enables new possibilities and opportunities. In particular, thanks to AI, human capabilities such as understanding, reasoning, planning, communicating, and perception can be undertaken by an AI system and used more efficiently, effectively, and at a lower cost.
  2. One of the most promising business domains increasingly adopting AI is Healthcare. Today AI systems are helping in diagnostics and other health care areas.
  3. Almost every industry can benefit from leveraging artificial intelligence technology. FinTech, Retail, eCommerce were the earliest adopters.