Image by Editor (Kanwal Mehreen) | Canva
Are you also tired of hearing the benefits of AI in the form of bringing efficiencies, elevating customer experiences, and helping businesses make informed decisions? Don’t worry, we all are.
In this article, we will go beyond the theory and learn some innovative ways companies benefit from AI. Let’s get started.
Financial Institutions
Think of creating an audit report every quarter, seems like an endless or maybe monotonous task for some.
But not anymore. Thanks to the advanced AI models that can prepare detailed audit reports based on your specific requirements, clearly outlining:
- changes quarter on quarter
- what requires your attention, and
- action
Isn’t that amazing?
Certainly, human oversight is essential to ensure accuracy and compliance, but the baseline report has already helped save countless hours preparing and combing through data to prepare such reports from scratch.
Now, financial experts can focus on interpreting insights and making strategic decisions. And it’s not just audits — AI is helping financial institutions automate fraud detection, optimize credit risk analysis, and streamline customer onboarding processes.
Code Assistants
The same is true for code assistants. AI-powered code assistants like GitHub Copilot are in high demand among developers. Such virtual co-pilots can help with:
- writing code snippets
- automating repetitive tasks, and even
- generating complete functions based on simple prompts
What does this mean for developers — are their skills, not needed anymore? Certainly not!
This means they spend less time on writing boilerplate code while being able to allocate more time to solving complex problems. And we haven’t yet mentioned the improved quality of code as these code-assistants can help catch errors early on, and even make suggestions on writing code best practices.
Recruiting Assistant
Keep your thinking hat on, and continue assessing where else would you face challenges with managing loads of data and analyzing them to make high-stakes decisions.
I have been a hiring manager for quite a while and needless to say, it gets easily overwhelming given the number of candidate applications. In no humane capacity could the recruitment team analyze and prioritize the qualified candidates for the hiring process.
Let me share an interesting example where one of the global programs also “sought” help of such virtual assistants to help me find the qualified profiles that match the eligibility criteria of the leaders they plan to onboard.
Drug Discovery
The high costs and lengthy timelines for drug discovery in the pharmaceutical industry are widely known. And, is where AI has proven to be highly beneficial by accelerating research. Recently, Insilico Medicine used AI to discover “a drug candidate entering Phase 2 clinical trials to treat idiopathic pulmonary fibrosis, a relatively rare respiratory disease that causes progressive decline in lung function.”
To draw out a comparison with traditional methods, Insilico saved on both time and cost. AI model saved one-tenth of the cost and one-third of the time.
Supply Chain
AI has been used in the supply chain for a long time, with the recent developments involving ML-powered robots in warehouses. These robots handle everything from sorting items to packaging orders, ensuring faster and more accurate deliveries.
Route optimization in real-time is one critical use of AI — that considers factors like traffic, weather, and customer preferences while minimizing fuel consumption, reducing delivery times, and enhancing customer satisfaction leading to reduced costs.
Agriculture
Efficiencies are most sought after in agriculture—where significant wastage occurs daily due to factors like over-irrigation, inefficient use of fertilizers, spoilage during harvesting, and poorly optimized supply chains.
What if farmers could minimize these losses through precision farming techniques or improve crop yields?
Recently, John Deere, a leader in agricultural equipment, used computer vision that can detect weeds and apply herbicides only where needed, minimizing chemical use and costs.
Fashion Design
Understanding your customer has never been so important. Combine that with the creativity in fashion and design process leveraging AI, and you are ready to serve some of the best, never-thought-before experiences to your customers.
That’s precisely what Levi Strauss did by integrating AI into their design process. They also use AI to analyze market trends that help them better learn customer preferences; recommending designs that are more likely to resonate with consumers.
The other benefits of AI follow here too. With the automation of the design process, their time to release new collections has become much faster, that too with greater confidence in their market appeal.
Wrapping Up
From automating supply chains to boosting creative outcomes, AI is not just another tool but a strong driver for organizations to adopt AI and think of innovative ways to ensure business continuity and thrive in such exciting times.
Consider these applications as just a trailer of more sophisticated applications with evolving advancements in AI technology. The forward-looking businesses that are actively embracing this technology are painting the canvas with limitless possibilities.
Vidhi Chugh is an AI strategist and a digital transformation leader working at the intersection of product, sciences, and engineering to build scalable machine learning systems. She is an award-winning innovation leader, an author, and an international speaker. She is on a mission to democratize machine learning and break the jargon for everyone to be a part of this transformation.