Whether you are a business owner, marketer, designer, developer, analyst, or data scientist, you must have come across Artificial Intelligence in some form or the other. While the technology was initially implemented for data analysis and to help companies make more informed decisions, now, AI has made its way to our everyday lives.
Industries like healthcare, banking finance, travel, real estate, and more are readily utilizing the capabilities of AI to save time and money by optimizing and automating routine processes.
If you have not already implemented AI in your business, there is no better time than now. 83% of companies state that they are working on an AI strategy, and if you are not one of them, you will probably struggle to catch up with the revolutionizing trend.
Let’s take a look at the rise and applications of Artificial Intelligence, along with how you can devise an effective AI strategy for your business with the help of Esferasoft.
Contents
- The rise of AI and Digital transformation
- Why has AI become a need of the hour?
- Industries with a boom in Artificial Intelligence
- Healthcare
- Retail and E-commerce
- Banking and Financial Services
- Logistics and Transportation
- Marketing
- Real Estate
- Travel
- Esferasoft: Your one-stop AI solutions provider
- Esferasoft AI tools and services
- Esferasoft Artificial Intelligence projects
- AI Assistant for Educational Website
- Medicine Recommender
- Web Analyzer
- Fitting Eyeglasses with Deep Learning
- Under-Development Projects!
- Conclusion
The rise of AI and Digital transformation
Artificial Intelligence is no longer an emerging technology that was once considered as a dystopian future. It is a reality, as half of the digital businesses are using it already and outperforming their competitors. AI technology enables an organization to drive meaningful innovation and empower its workforce.
The benefits of AI and its application across almost every industry have led to a perpetual race to harness its potential. The impact of AI on human life can be speculated by looking at its current use cases in the real world.
For instance, the banking finance industry is using AI to successfully enhance the efficiency of anti-money laundering programs. The healthcare industry, on the other hand, has adopted AI to better utilize data and facilitate scientific discovery. And it’s no surprise that AI is creating waves on a personal, individual level as well, with virtual assistants like Alexa, Cortana, and Siri now being the norm.
Taking a look at the industry insights, the global Artificial Intelligence market size was valued at $24.9 billion in 2018. The market is expected to grow at a CAGR of 46.2% in the 2019-2025 year bracket. As of 2020, close to 50% of digitally mature organizations have adopted AI, with more than 80% of them believing that AI will help them boost productivity, create jobs, and sustain a competitive advantage.
Why has AI become a need of the hour?
Artificial Intelligence is one of the most transformative technologies available today. In order to evolve and stay competitive in a growing global market, businesses need to understand the advantages of AI. Presently, most companies struggle with optimizing their processes and yielding a positive user experience.
The implementation of AI can enable you to create efficiency and productivity, thereby playing a critical role in the longevity of your business. Here are a few reasons why AI has become the need of the hour for every business.
1. Process optimization: Departments that are pivotal to business success, such as Sales, Marketing, and HR, all spend a copious amount of time and resources in manual processes and everyday tasks. Having an AI strategy in place enables you to automate these processes and free up time for more productive tasks.
2. Accurate market research: Adapting to the changing market trends is essential for a business, but analyzing current and future trends have always been a hurdle. Manual data analysis is subject to limitations and error, whereas AI allows you to assess market trends, customer patterns, and behaviors with extreme accuracy.
3. Personalized experiences: With 59% of customers stating that personalization influences their buying decision, businesses need to provide personalized experiences to stay competitive and gain loyal customers. Artificial Intelligence provides users a personalized browsing experience based on their individual behavior, and therefore, makes your sales automated.
4. Customer support: AI-based chatbots are replacing the traditional customer support infrastructure. Customer support is a labor-intensive job, and a company needs to spend a significant share of its revenue and resources to keep the customer service up and running. Chatbots, on the other hand, are cheaper and tireless, which enables a business to provide 24/7 support to their customers.
5. Staying competitive: Let’s keep all the benefits of AI aside for a moment. Probably the biggest reason why your business needs AI is because all of your competitors will implement it sooner or later. And if you resist this change, your competitors will overtake you, and your business will soon become obsolete.
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Industries with a boom in Artificial Intelligence
While the concept of AI has been out for decades, it was not until recently that almost all industries have implemented AI to
Healthcare
AI is applied in the healthcare sector for a plethora of healthcare requirements, including data mining, pattern identification, medical imaging, drug discovery, and in some advanced cases, even robotic surgery. The introduction of AI in the healthcare industry can be credited to the entry of technology giants like Microsoft, IBM, and Google. For instance, IBM Watson, an AI tool from IBM, utilizes unstructured data to create potential treatment plans for patients.
Retail and E-commerce
E-commerce is a competitive space, and businesses need to always be on the lookout for techniques and strategies to better serve their customers. Various AI algorithms help e-commerce businesses identify customer behavior and preferences to provide their customers with a more personalized experience. Chatbots are one of the most discernible examples of AI in the retail and e-commerce sector.
Banking and Financial Services
Artificial Intelligence has led to a significant transformation in the banking and finance industry. For instance, intelligent software robots have replaced human agents for processing loan applications. Human-financial advisors are replaced by Robo-financial advisers that analyze multiple layers of data in split seconds to recommend the right investment suggestions to customers.
Logistics and Transportation
In logistics and transportation, ML and predictive analytics are transforming and simplifying supply chain management. Several warehouses have adopted AI-powered robots and cobots to automate the processes of sorting and packaging products. Besides, logistic companies are also using AI to find the shortest routes to support their last-mile delivery requirements.
Marketing
Marketers are now using AI marketing, a method that enables you to gather, store, and analyze customer data to identify customer behavior and preferences. AI significantly impacts data analytics, which helps business owners and marketers create effective marketing strategies to reach out to potential customers, thereby helping them save time and money.
Real Estate
Artificial Intelligence makes realtors and brokers more efficient. AI-powered bots help real estate professionals find ideal customers that are looking to buy, sell, or rent a property. This way, you don’t need to spend time juggling with different leads to find a good prospect.
Travel
The travel and tourist industry is driving significant benefits from AI technology, primarily in the form of chatbots. Chatbots powered by advanced AI algorithms understand customer preferences and help them create a customized travel plan. These bots are also used as customer support to improve customer experience. Most travelers nowadays create last-minute plans, and they look for travel companies that provide instant solutions. AI chatbots allow travel organizations to be available 24/7 and assist their customers.
Esferasoft: Your one-stop AI solutions provider
The potential of AI is growing every day, and so is the market pressure to use and implement it. But in a rush to implement AI-based solutions, most companies forget to devise a long, sustainable vision and strategy that yields positive outcomes and ROI in the long term.
The key to unleashing the full potential of AI is to transform your entire business and not just to implement the technology in small packets. Here’s where Esferasoft can help.
Esferasoft is one of the leading providers of AI solutions in India. We help you overcome the obstacles with AI adoption and enable you to implement a full-fledged AI infrastructure that reduces your operational costs and increases organizational efficiency.
At Esferasoft, we understand the ins and outs of your business objectives, requirements, and challenges to create an actionable AI strategy that helps you utilize the right tools, systems, and practices to prepare your business for the future.
We use best AI practices, including image captioning, emotion analysis, and object detection, to create robust tools for your business.
Esferasoft AI tools and services
At Esferasoft, we utilize the full capabilities of Artificial Intelligence to offer top-of-the-line AI solutions. Our industry-specific services are tailored to meet your business requirements. Here’s a quick look at what we have to offer as the leading AI Company in India.
Computer vision and Image Processing: We deploy powerful tools like Keras and Tensorflow, along with advanced algorithms, decision trees, linear regression, and support vector machines to generate insights from images and videos. These insights can then be utilized to optimize your decision-making process.
Sentimental Analysis: We use algorithms like Natural Language Processing (NLP), Computational Linguistics, Biometrics, and Text Analysis to identify, quantify, extract, and analyze emotions being subjective information like comments and reviews.
Auto Stock Trading: Auto stock trading is the new trend as around 75% of shares traded on the U.S. stock exchanges come from automatic trading systems. Esferasoft’s automatic stock trading algorithm does all the analysis, timing, and trading for you. So, you don’t need to spend hours analyzing charts, trends, and markets in order to find a profitable deal.
Recommendation System: We offer AI-based ‘Recommendation as a Service’ solutions that assist you in sorting vast amounts of data extracted from the internet. Our Recommendation Systems function by taking a particular type of user information and provide recommendations for new items based on the user’s preferences and previous choices.
Health Care with AI: We deploy cutting edge tools like PyTorch and Caffe to help transform your healthcare business. Whether you are a doctor, clinician, dentist, or surgeon, our AI solutions for healthcare help you collect, organize, and utilize patient data in an effective and actionable manner.
AI Chatbots: We use AI and ML to create intelligent, intuitive chatbots for your online business. Our chatbots enable you to engage with your customers, thereby delivering them superior support and experience.
Esferasoft Artificial Intelligence projects
Over the course of years, Esferasoft has worked with some renowned organizations to create effective AI solutions. Let’s take a quick look at some of the work we have done in the field of Artificial Intelligence.
AI Assistant for Educational Website
Educational websites drive a lot of traffic. People visit these websites to learn about new courses, eligibility criteria, fee structure, class timings, and more. And needless to say, these visitors have a lot of questions that educational websites need to answer.
But every site cannot maintain a 24/7 live support. Esferasoft’s AI assistant is trained on multiple domains to answer queries being FAQs and programmed questions. It is capable of interacting with the user on a personal level, engage them, and provide them with a pleasing and helpful experience.
Medicine Recommender
Becoming a medical professional is challenging. It requires years of study and practice before you can finally wear the hat of a doctor, surgeon, dentist, etc. But the struggle does not end here; a healthcare provider needs to memorize all medicines specific to each symptom or condition.
Esferasoft’s Medicine Recommender makes life easier for medical practitioners. It analyzes the symptoms of a patient and compares it with thousands of symptoms and conditions stored in its database to prescribe an appropriate treatment. Medicine Recommender functions as an assistant for doctors and helps them better serve their patients.
Web Analyzer
SEO is getting increasingly competitive, and website page load speed turns out to be a significant SEO metric. Web Analyzer is an AI/ML-based website speed and performance analysis tool that deploys Machine Learning algorithms to identify any underlying issues with your website, such as faulty code, heavy multimedia, incapable hosting, etc.
In addition to testing and analyzing your website performance, WebAnalyzer also provides actionable steps to overcome the impediments and improve the load speed and performance of your website.
Fitting Eyeglasses with Deep Learning
While eCommerce has taken over the entire retail sector, people still prefer shopping for eyeglasses from offline stores to wear and test glasses in real-time before making a purchase. Esferasoft’s Fitting Eyeglasses tool enables you to upload your image and try different lenses without physically visiting a store. This tool utilizes criteria like contrast, congruence, edges, the shape of the nose, and more to yield accurate outcomes.
Under-Development Projects!
Apart from the successfully completed projects discussed above, Esferasoft is also working on the following AI-based projects:
Fake News Detection: It is a portal that enables you to analyze the accuracy and credibility of a piece of news or content.
Auto Music Mixer with Songs: It is a tool that integrates with Magenta to provide a seamless music-creation and mixing experience.
Conclusion
Artificial Intelligence is no longer a distant dream but a reality that is already revolutionizing the way most industries operate. While a large share of small-medium sized businesses is yet to embrace the benefits of AI, it is forecasted that more companies are contemplating to implement AI in their business processes in some way or the other. And businesses that still avoid AI are likely to be outperformed by their competitors who are utilizing AI-based tools and methodologies. Being the Best AI technology consulting company in India, we offer a free consultation to all businesses.
