Top 10 Use Cases of AI in Real-Life. Artificial Intelligence (AI) has come a long way from being science fiction to reality. Even the market size of AI is expanding rapidly and will continue to evolve, grow, and reach a whopping $1.8 trillion by 2030. Therefore, it is no surprise that almost every organization globally has adapted or started to adopt AI to optimize their business operations.
But the question is, how does AI help in business, and what are its use cases? In this blog, we will learn everything about real-life use cases of AI. So, without further ado, let’s get started.
Defining Artificial Intelligence
AI is the ability of computer systems to perform complex tasks that usually require human intelligence and intervention. These tasks can vary from decision-making, problem-solving, reasoning, reading, and comprehending to content generation, helping with branding, identifying patterns, and speech recognition.
On its own or combined with other technologies such as IoT, robotics, geolocation, and big data, AI can help with GPS guidance, digital assistance, autonomous vehicle navigation, data security, fraud prevention, content generation, and more.
Read: Advantages and Disadvantages of Artificial Intelligence
Top 10 Use Cases of AI in Real-Life
Here is the list of top 10 use case of artificial intelligence in everyday life.
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Personalized Shopping
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AI Virtual Assistant
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Monitoring
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Fraud Detection
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Dynamic Pricing Optimization
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Supply Chain Optimization
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Trip Planning
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Automated Vehicles
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Drug Discovery and Development & Medical Imaging
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Content Creation
Now that we better understand what AI is, let’s learn about its use cases across industries.
1. Personalized Shopping
In the eCommerce industry, AI can help personalize the shopping experience of the users. It can do so by evaluating and analyzing the customer’s behavior, purchase history, interests, and preferences. This not only boosts customer engagement but also improves brand loyalty over time.
2. AI Virtual Assistant
AI-based Virtual assistants such as Siri or Alexa as well as chatbots have gained popularity with the rise of smartphones. These assistants can help add tasks to the calendar, make and receive calls, control and check smart home devices, get directions, schedule appointments, set reminders, and even in customer support by providing required information.
3. Monitoring
AI along with IIoT has empowered real-time monitoring by constantly tracking productions and shipments to help manufacturers detect and resolve issues as they arise. This helps in improving the product quality while reducing any downtime that might have occurred due to error negligence.
4. Fraud Detection
AI can also be a great asset when it comes to fraud detection and prevention in real-time. It sends fraud alerts to the organization by evaluating transaction/interaction patterns, detecting anomalies, and flagging potential fraud activities.
Read: How AI is Changing The Future of eCommerce
5. Dynamic Pricing Optimization
With AI, retail businesses can easily analyze the current market trends, customer demands, and competitor prices to automatically adjust product pricing, ensuring higher returns on investments and market profits.
6. Supply Chain Optimization
By analyzing supply chain data and patterns, AI can predict demands, leading to better inventory and logistics management. This results in minimal wastage and on-time product delivery.
7. Trip Planning
Using AI, users can easily get personalized itineraries based on the traveler's preferences and travel history. Not only that, but AI will also consider their budget, interests, and time constraints to provide the best trip planning, ensuring to include all the hotspots, activities, and restaurants.
8. Automated Vehicles
AI in automated vehicles like Tesla supports real-time decision-making while improving driver safety, vehicle performance, route planning, traffic management, object detection, and personalized experience.
9. Drug Discovery and Development & Medical Imaging
AI is also revolutionizing the life science industry by empowering drug discovery and development through big data analytics from sources such as proteomics and genomics to identify potential candidates for drug validation. AI significant decrease in new drug development time.
Read: Benefits of Using AI for Product Design
In the healthcare sector, AI is used to thoroughly examine CT scans, MRIs, and X-rays to enhance the speed and accuracy of diagnosis of health concerns, minimizing the risk of missing tumors/nodules, cancerous growth, pneumonia, or osteoporosis.
10. Content Creation
Gen AI tools such as ChatGPT, Google Gemini, and Copilot are revolutionizing the way businesses used to create content. These tools help anyone to create content easily to streamline their marketing efforts. While the creativity of the human mind cannot be replaced, AI can still help streamline and make content creation more accessible.
Read: How Is Artificial Intelligence Revolutionizing Marketing?
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Best Practices to Indulge AI into Business Processes
Implementing artificial intelligence into your business operations requires you to understand its landscape and choose the ideal training models. Some of the best practices to successfully integrate AI into your business are as follows:
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Hire developers who understand aspects of AI and all its related technologies, including but not limited to deep learning, natural language processing, machine learning, neural networks, cloud computing, containerization, big data analytics, DevOps, and data management.
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As AI systems evolve by training on massive sets of data, another best practice you must follow while implementing AI into business processes is ensuring strong data governance to keep the provided data clean, accessible, and accurate. For that, you will need representative data sets that can accurately describe the complexity of the problem, analyze data validation and representation, and evaluate underfitting and overfitting data. As a result, developers will be able to create stable and efficient AI models with ease.
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Artificial intelligence and machine learning together can help a business achieve a lot. However, the multitude of use cases of AI often makes it difficult to choose where to start. The simplest way to overcome this problem is to keep your specific business issue in mind and identify a relevant dataset. Then, you can test different use cases hypothetically and determine which one best meets your needs.
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Last but not least, set measurable goals through which you can check whether the system is working as expected. This will help deflect errors in the early stage instead of waiting till the completion of the project. As AI continuously learns from the environment and data sets it interacts with, it becomes essential to never stop testing its performance and improvising it by providing data relevant to the problem you tend to solve in your business operations.
Conclusion
In conclusion, we can say that artificial intelligence isn’t going anywhere. It is time that businesses start adopting AI technology to gain success and growth in this ever-evolving digital world. So that was all about real-life use cases of AI. We hope it has helped you understand how it can help across industries and the best practices one needs to follow to integrate AI into their business.
Read: AI-Powered Future
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