Most Common Use Cases of AI Across Industries Worldwide:
#1. Predictive Maintenance in Manufacturing Industry
I think AI’s ability to predict failure before an industrial machine needs maintenance, is unparalleled, which empowers increased productivity by reducing production downtime.
#2. AI’s Role in Cost-Cutting in Logistics & Supply-Chain
I have stumbled upon a case study in the recent past wherein an Airline leveraged AI to receive forecasts of congestion and weather. It led to a 1% decrease in cancellations.
#3. Customer Service
Use Case: LivePerson is a tech company that develops conversational AI software, and utilizes AI-augmented messaging to provide customer assistance. The bot answers customers’ queries whenever it can, or otherwise, it transfers the conversation to the human assistant, and vice-versa.
Chatbots are an endowment of AI to the world, wherein bots (smart messenger apps) converse with humans to offer assistance. Hospitality industry exploits them the best while offering customer support in hotel bookings and flight reservations.
#4 Sales & Marketing
Big entertainment houses like Netflix and Amazon make use of recommender engines that suggest the user the “next video to watch” based on his personal likings and interest.
#5. Personalized Targeting
Real-life Use Case: In the vehicle insurance industry, premiums are customized basis the data received on driving patterns, and the distance covered.
#6. Banking
I noted that Wells Fargo banking app is using AI automation to its optimal effect. It analyses the user’s account details to facilitate personalized alerts such as Transfer Prompts, Pre-Overdraft alerts and Bill Pay reminders.
#7. Social Media
LinkedIn: It runs AI algorithms to match candidates with perfect opportunities.
Facebook:
- The automatic tagging feature on Facebook is powered by AI that uses facial recognition.
- Facebook developed an AI-based population map of Africa for an easy reach to people during times of crisis.
#8. Healthcare
I would say the scope of AI in healthcare is immense, and is still untapped.
Use Case 1: IBM Watson Health (Chicago) applies AI to make informed decisions by utilizing data collected from 300 hospitals it works with.
Use Case 2: An AI pharma start up, naming Insilico Medicine, took just 21 days to develop a new drug that treats tissue scarring while working with researchers from University of Toronto.
#9. Travel & Transportation
I think we are best applying AI in the travel domain. Here is how:
- A 2015 study on Boeing 777 pilots stated that they only spent 7 minutes manually controlling the plane during a normal flight, while the rest of the flight time was fully managed by the AI.
- Dynamic Ticket Pricing in airlines industry has become a common occurrence in 2020, wherein AI algorithms are being applied to determine personalized fares based on factors such as seats left, past bookings, and median demand per route.
#10. Retail.
In retail, I find Amazon Go using AI to its full potential.
To check out for their shopping at the store, users just need to swipe on their smartphones, and need not to stand in long queues.
I hope this has satisfied your query about the use cases of AI in real world.
