Despite the antiquated yet widespread public image of artificial intelligence as a thing of the future, it has already been running the daily lives of multi-size corporations, revolutionizing manufacturing processes and bringing innovative solutions to the customer. The number of AI use cases is almost limitless due to the rapid field evolution to cater to present-day business challenges. While the incorporation of machine learning algorithms into a corporate routine is considered to be a privilege of large-scale ventures only, practice shows that it is equally attributable to small and medium-size companies looking for ways of improving their business performance figures and avoiding unnecessary costs. To get a fuller picture of how AI changes the insides of industries around us, let’s take a look at the 5 most wanted artificial intelligence technology applications.
AI Recommender Systems for Ecommerce
Reading minds have always been considered as practicing magic until AI showed how to do it using simple data analysis. The recommendation system is an AI tool based on customer behavior data analysis and machine learning algorithms that interpret the data and make accurate predictions.
Such systems are all around us, seeing each of our online actions a step ahead. Each user’s click, like, or save is taken into account by the system to guess our future needs and help vendors understand buying trends. Without a clear picture of what your clients are aimed at when visiting your store, it’s extremely hard to manage the supply chain and have the current most wanted items in stock.
Across service industries, the trend for personalization has been gaining momentum. AI development tools from InData Labs and their recommendation systems provide customers with an unmatched online shopping experience, advising best prices, finding analogs for out-of-stock items, and showcasing complementing products. Major retail businesses of today don’t do without AI-powered recommendations since it’s a proven way to improve sales and build a solid long-term strategy.
Data Capture for Paper Document Automation
Magical transportation of paper docs into digital devices without losing a bit of written information within a second? Seemed surreal before AI introduced data capture technology able to unpile millions of offices and unload thousands of workers of highly time-consuming tasks, prone to mistakes that can cost millions of dollars. Data capture is a process of information extraction and its further formatting and structuring according to preset company requirements.
The most advanced type of data capture is the automated one that relies on specific software to perform extraction and conversion, allowing hands-off process management. The number of industries that can benefit from data capture AI tool is a vast one since each company deals with paperwork. Yet banking, insurance, HR sector, and accounting feel the biggest change in their business operations routine.
The market of AI applications providing data capture solutions is a large one, so before you decide to go for a certain tool, make sure you’ve taken into account such details as interface, capture accuracy, data security, and pricing not to regret the purchase afterward.
Pose Estimation for Online Fitness
The pandemic has locked millions of people inside their homes, away from gyms and other physical activity clubs. Paying a personal coach to come and supervise your workouts can’t be called affordable. To save the body shapes and ensure safe exercising, a new technology known as pose estimation was introduced. Not surprisingly it is becoming one of the top-wanted among the AI use cases. Pose estimation is a technology that relies on the real-time human body image of an exercising person and compares the body parts’ moves, the position of joints, and other essential details with the given model. If the user is inaccurate in moves and techniques, the system makes sure to indicate the problem and show how to correct it.
Human pose estimation has saved a lot of sport-related businesses that have developed their own AI-based fitness apps with the incorporated technology while the fitness spaces remained closed. The two key benefits of pose estimation are personalization and conducting injury-free workouts. It often occurs that people are keeping the sport away from their lives due to a lack of motivation that comes from the absence of supervision and responsibility, or because they are worried about hurting themselves in the process of incorrect exercising. Both reasons are just, yet, pose estimation powered fitness apps kill the two birds with one stone.
Predictive Analytics for Market Demand Forecasting
Every business owner knows that understanding data is a prerequisite for a company’s success. The high volume of customer data is an invaluable asset that lays the foundation for the core strategy, gives the answers to fundamental business management questions, and reflects the overall state of a venture. Predictive data analytics is a widely-used AI technology that allows people to foresee their business trends and build reasonable long-term strategies without being suddenly taken aback by sales decline and money losses.
Market demand forecasting is a major task where predictive analytics is used. Ecommerce is all about providing customers with the latest trends, so the technology that can analyze client purchasing behavior and showcase the trends to base your supply chain on is indespensable. Being prepared is vital when it comes to facing increased demand or ensuring that you haven’t stocked too much when the demand is down.
NLP for Social Reviews Collection
Natural language processing is one of the major AI use cases. The technology is based on computer vision that can read and analyze human language in both its forms, either written or spoken. We have already got used to popping chat windows asking if we need any help on the website. But NLP is more than chatbots (which are also great).
Natural language processing plays a main role in customer segmentation and social reviews collection. On and offline ventures strive to get lots of feedback to improve their business and see the picture from the customer point of view. Yet the number of sources the feedback might come from is insane. Social networks, calls, various review platforms, forums, and comments – represent different sources that are scattered all around the web, making it impossible for a human to track the relevant data. That’s why NLP is actively used by businesses that need to get all the feedback gathered together and analyzed in real-time.
The Bottom Line
Artificial intelligence has already settled among the key technological trends, proving itself highly efficient and adaptable to all kinds of business and manufacturing processes. Being open to cutting-edge tech developments and having a clue about how they work is essential to make successful incorporation of AI solutions into your routine.