Using AI: Examples of How to Optimize Artificial Intelligence in Business
The future of tech companies isn’t just about adding new features – it’s about making their products smarter too. And Artificial Intelligence (AI) is the key to unlocking a more powerful and efficient model for companies that want to upgrade their current offering.
Companies using artificial intelligence enjoy more automated processes, improved security measures, streamlined decision-making, and predictive analytics – just some of the many benefits AI offers businesses looking to harness its potential.
Today almost every industry has been exploring how they can implement AI technology into their products and processes – from healthcare facilities to banking institutions to oil and gas installations!
In this article, we will look at some exciting examples of different ways the world’s tech giants are using AI in order to improve efficiency across their products as well as their internal operations.
Table of Contents
But before we delve into this fascinating subject and explore the current uses of AI in the software development industry, here’s a video where Boris Glants, TurnKey’s CTO, exploring the hot topic of AI and its potential impact on software developers. As technology advances, many are wondering if AI will eventually replace the need for human software engineers, or if it will merely enhance their productivity. Boris has an answer to this dilemma:
Common Uses of Artificial Intelligence
Artificial intelligence is getting significant adoption in companies around the world. AI can help improve a range of services, from product development to customer service and beyond. Companies that use AI can automate tedious tasks, include natural language processing for customer satisfaction, utilize machine learning for predictive analytics and much more. It’s incredible how algorithms can turn complex tasks into simple commands — the possibilities are endless!
Here are the most promising applications of artificial intelligence in daily life:
Here are a few non-obvious examples of artificial intelligence in business world:
Machine learning
Machine learning uses algorithms to help companies better understand their customers, create products and services tailored to their needs or discover patterns from large datasets. Companies like Netflix use it to provide personalized recommendations and improve customer engagement, while companies like IBM are using machine learning to increase healthcare efficiency by accurately predicting diseases.
Marketing optimization
AI-driven marketing helps companies analyze big data using machine learning and data science to quickly respond to software trends and customer feedback in order to optimize their user experience and better target their advertising campaigns. Those taking advantage of the power of artificial intelligence can take their marketing strategies to the next level.
AI is having a major impact on marketing, including here at TurnKey! Utilizing the power of AI, we use it to generate custom images with DALL-E (Midjourney) for all our posts and articles about offshore software development in Latin America and Eastern Europe. It has saved us significant time and money, and all while providing us with a better result than previous, more manual, design efforts.
Fraud detection
The technology is so adept at detecting anomalies in data streams that businesses using artificial intelligence are able to pick up on patterns that would be nearly impossible for human sleuths alone. This means that companies that employ artificial intelligence are far better protected from malicious actors who might otherwise be able to easily take advantage of them. AI-powered fraud detection solutions provide companies with a robust line of defense against fraudulent activities and enable companies to remain ahead of the curve in terms of managing risk.
Customer relations management (CRM)
AI-enabled CRM brings service teams closer to customers, increasing their ability to identify and fix customer problems faster. It helps companies better understand their customer base and tailor solutions that meet their individual needs. Furthermore, they can personalize customer experiences by tracking customer behaviors, allowing them to predict future engagements and respond accordingly.
We believe that companies using AI for CRM have a major edge over those that don’t – an edge that not only increases sales but strengthens brand loyalty as well.
Health Scans and Imaging
Healthcare companies are using AI in a wide variety of ways, from diagnosing patients to discovering new treatments. AI can be used to analyze patient medical and clinical data to identify patterns and provide insights that can help inform decisions about treatments and care.
AI can also be used to quickly and accurately diagnose illnesses, helping healthcare providers make more accurate diagnoses and provide better care. Additionally, AI can be used to develop new treatments and drugs, as well as analyze large amounts of data to identify trends and provide insights into population health.
Data analytics
Data analytics is quickly becoming one of the most popular artificial intelligence in business examples. Companies big and small are turning to artificial intelligence in business to gain valuable insights from data sets to boost their operations. From major banks utilizing AI-powered algorithms to better understand customer behavior to retail brands using AI and machine learning technologies to analyze user reviews and optimize product recommendations, artificial intelligence offers an exciting edge in data analytics.
Personal assistants
Personal assistants are one of the most common and most visible uses of artificial intelligence technology. Virtual personal assistants such as Apple’s Siri, Amazon’s Alexa, and Google’s Assistant are able to understand natural language and respond to a range of queries and commands.
Advances in natural language processing and machine learning have made virtual personal assistants increasingly powerful, allowing them to understand more complex conversations and provide more accurate answers to user queries. With the increasing ubiquity of AI-powered personal assistants, they are becoming an integral part of our everyday lives.
TurnKey can help you leverage the power of AI with an expert offshore software development team!
Great Examples of Tech Companies that have Optimized their AI Usage
From streaming services to robotics companies, businesses across the globe are using artificial intelligence to improve their operations and drive growth. Whether it’s Netflix utilizing AI capabilities to recommend new titles or FedEx reducing paperwork with robotic automation, AI is truly changing the game for global companies.
Let’s learn how and what companies use AI for with these examples below:
Netflix
Netflix has mastered artificial intelligence in business: they put it to work in so many ways to create the ultimate personalized viewing experience.
It all starts with their AI-generated recommendations, tailored specifically for users based on their habits and interests. Netflix also uses artificial intelligence for what’s known as “content profusion marketing”, like creating personalized teasers, highlight reels, recaps, and trailers that draw people in.
But it doesn’t stop there – AI is even responsible for the images and videos you see that motivate you to engage more deeply with the content. And a similarity map powered by artificial intelligence shows users which shows are similar to ones they already love; then, AI can predict future viewing demand to position assets at strategic server locations. Great job leveraging artificial intelligence, Netflix!
Google (aka Alphabet Inc.)
Google has always been a technological leader, and artificial intelligence is no exception. From understanding webpages for its AI-powered search engine to providing improved customer experiences with digital transformation tools, Google uses AI in practically every area of its business. Furthermore, their voice recognition system has made tremendous advances thanks to the power of machine learning, data analytics, and natural language processing.
This isn’t even mentioning Google’s supercomputer brain, Deep Mind – a self-learning artificial intelligence created by their own engineers. Automation is another area where they’ve used AI technology to optimize performance, while digital transformation tools are offering improved customer experiences thanks to artificial intelligence. DeepMind’s research focuses on developing general-purpose artificial intelligence (AGI) technology. The DeepMind technology has been used to solve a variety of tasks, from playing complex video games to helping improve healthcare services.
DeepMind has also developed an AI chatbot called Sparrow, which is expected to launch in beta in 2023.
Amazon
Amazon is utilizing artificial intelligence (AI) like few other companies.
AI systems give Amazon the freedom to personalize content and create accurate product recommendations for customers. They’re also able to embrace AI to detect suspicious activity and anomalies, which helps prevent fraud on their site. Plus, Amazon utilizes this technology for producing its own house brands, predicting which goods to order or manufacture for stocking in warehouses, and increasing business efficiency across the board.
In addition to this, Alexa Conversations uses AI capabilities to bridge the gap between what you can build manually and the vast range of possible customer interactions. AI also enables Amazon to create more accurate advertising parameters and provide customers with a more natural way to interact with the technology they use every day.
Be the next startup or company to use AI to spectacular effect.
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Intercom
Intercom has developed several new AI-powered features to help customer service teams work faster, including a conversation summarization tool, tone/phrasing adjustments and rephrasing tools in the composer, an expand feature for long-form content from bullet points or notes and a generate help center article from shorthand feature.
That said, while these features are useful for many customers already, they still need further refinement before reaching their full potential. Intercom is also working on making them more contextually aware of conversations and how people normally talk.
Moreover, high profile AI technology like ChatGPT cannot yet automatically answer all customer queries due to the issue of “hallucinations” – where it confidently provides incorrect information – but techniques are emerging that could reduce this problem in the future.
The overall picture is that recent breakthroughs with AI have made automation-first customer service much closer than it was previously; however, there will always be a place for human interaction when dealing with complex problems or providing genuine connection to customers.
Source: AI Summarize silent loop for blog by Intercom
Buzzfeed
BuzzFeed’s recent announcement that they will be utilizing artificial intelligence with OpenAI’s GPT-3 engine to power their content generation is sparking a lot of buzz. In fact, the news of this innovative AI plan has caused a 200 percent surge in BuzzFeed’s stock price.
The company intends to use this collaboration to build a premier platform with widely known brands; they also plan to engage with a wide array of 600+ creators and celebrities, monetizing their initiatives and using AI-models and interactive formats to harness creativity. These efforts could potentially generate tens of millions of dollars over the coming years due to the ever-increasing influencer advertising segment projected at $51 billion by 2027.
Our work in AI-powered creativity is also off to a good start, and in 2023, you’ll see AI inspired content move from an R&D stage to part of our core business, enhancing the quiz experience, informing our brainstorming, and personalizing our content for our audience.
Apple
Apple has really stepped up its artificial intelligence game over the years. By harnessing the power of Big Data, they are able to give their customers complex personalized experiences and offerings.
For example, facial recognition with Homekit, native sleep tracking on Apple Watch, handwashing monitoring via the Health app, improved app library organization for better discovery, and analyzing customer usage of both apps and features for more efficient optimization, are all powered by AI innovation. They’ve even gone so far as to improve Quicktype keyboards using some deep learning algorithms because who doesn’t hate typos?
Big Data is also being used in a more meaningful way with efforts into disease detection and prevention for better protection against preventable illnesses.
Asked about Apple’s AI strategy, Chief Executive Tim Cook said the company is using it to power features like car crash detection in its iPhone and Apple Watch, and that it will be applied throughout Apple’s products and services.
We see an enormous potential in the (AI) space to affect virtually everything we do. It's obviously a horizontal technology, not a vertical. And so it will affect every product and every service that we have.
Meta
Meta utilizes artificial intelligence in the form of machine learning models and natural language processing to provide a better user experience, as well as to protect its users. By flagging posts containing offensive material or discouraging COVID-19 vaccines, the social media giant showcases how artificial intelligence can be used to filter out dangerous content.
Not only is AI great at filtering out unwanted content, but it also creates an AI-image tagging algorithm that surpasses the FBI’s image recognition algorithm – proving its worth in many companies and ushering in a new wave of artificial intelligence applications.
The company plans to incorporate new AI software across its app lineup, helping content creators make more creative work than ever before, and giving marketers access to automated copywriting capabilities that could revolutionize their paid posts.
One of my goals for Meta is to build on our research to become a leader in generative AI.
IBM
Recently IBM is focused on an “edge in” approach that allows data to be processed locally without relying on cloud services. Edge computing is faster than the cloud as it processes data near its source reducing latency and eliminating unnecessary load from networks while providing increased privacy by avoiding security breaches associated with transferring raw data into the cloud for analysis purposes.
To illustrate their solutions, Dr. Nick Fuller, Vice President of Distributed Cloud at IBM Research provided two examples; one involving McDonald’s drive-thru ordering system using AI and (natural language processing) NLP technology; another involving Boston Dynamics mobile robot used to analyze visual sensor readings in hazardous industrial environments such as manufacturing plants or waste treatment plants.
Snap Inc.
Another social media giant, Snap Inc., has the plan to make augmented reality (AR) way more exciting and accessible with the help of artificial intelligence. We will see a lot more of these interactive experiences that blur the lines between fantasy and reality – games, stories, and much more could come to life in ways that weren’t even possible before. Using generative AI technology, 3D models can be rapidly created and shared, with even non-artists being able to create artwork ready for use in AR without having to put in a ton of time.
Imagine playing around with your kids wearing AR glasses and saying, 'oh my gosh, there's a pirate ship and a big monster.' We can bring those to life using generative (AI) art, which I think is really exciting.
Business Benefits of Artificial Intelligence
Technology companies that have adopted AI solutions can make data-driven decisions quickly and accurately, driving results in a much shorter timeframe than was previously possible. In short, artificial intelligence provides many business benefits – so if you’re looking to gain an edge over the competition it could be time to get on board!
Here are the key benefits of AI that you’ll hear artificial intelligence experts cite most:
Reduced time and improved operational efficiency
Companies that embrace AI can quickly and efficiently tackle mundane, repetitive tasks, allowing employees to devote more time to innovative work that benefits the enterprise. AI also sifts through piles of data quickly and accurately, which enables organizations to make informed decisions in a fraction of the time. And if that weren’t enough, artificial intelligence can even be applied to existing processes in order to further optimize the overall efficiency and reduce costs.
Cost reduction
For companies looking to get the most out of their resources, artificial intelligence is one solution that just can’t be beaten. AI can help businesses reduce costs in a variety of ways, like automating processes that save time and money, and predictive analytics which can help prevent unexpected snags. It can also be used for customer service automation – cutting down customer service costs while increasing satisfaction – as well as in marketing for better ad targeting and optimal spending.
Human error prevention
AI can be used to detect potential errors and alert users before they are made. AI can also be used to automate certain processes, which can reduce the chances of errors being made in the first place. Additionally, AI can be used to analyze data and provide more accurate and reliable results than manual analysis, helping to reduce the potential for errors. Finally, AI can be used to detect and diagnose underlying problems before they become more serious, helping to prevent further damage or errors, for example, in healthcare.
Greater business insight
AI can help identify customer needs and preferences more accurately, allowing businesses to tailor their products and services and improve customer satisfaction. AI can also help to uncover insights from large datasets, allowing businesses to make better data-driven decisions and gain a competitive edge.
AI can also be used to detect fraud and anomalies in data, allowing businesses to protect their business and customers from potential threats. Finally, AI can be used to create predictive models that can be used to forecast future trends and identify potential risks.
Challenges of Artificial Intelligence
Despite all its well-known and popularized benefits, Artificial intelligence (AI) has also presented an array of challenges to startups and tech companies that have endeavored to embrace it.
For example, many companies struggle to create effective AI-driven decision-making frameworks modeling their current business processes. This requires an in-depth understanding not only of artificial intelligence but also a complex mastery of the technicalities associated with corporate operations and objectives.
Here are the most pressing challenges surrounding AI that you’re likely to hear around the tech watercooler:
Lack of trust
Trust continues to be a major issue in artificial intelligence, particularly for businesses that are relying on it. AI’s track record can be hit-or-miss at times, leading to potential privacy and security issues, as well as automation malfunctions, resulting in a lack of trust from those companies using AI.
People are understandably uneasy when making the switch from human employees to artificial ones; after all, who is accountable when the robot makes a mistake?
A 2018 study by The Economist found that 94% of business executives believe adopting AI is important for strategic challenges. However, the MIT Sloan Management Review reported that only 18% of organizations have extensively adopted AI into their offerings and processes. This gap indicates a usability problem with the current state of AI technology, which could be due to a lack of trust from people.
Companies must assess risk factors thoroughly before implementing artificial intelligence in business operations and strive to build relationships of trust so that artificial intelligence will be embraced rather than feared.
Employees need time to learn it
According to an IBM study, 63% of respondents cited a lack of technical skills as a barrier to AI implementation. Tech executives often take on responsibility for artificial intelligence projects without having adequate tools for understanding how these systems operate which prevents them from taking experiments out of the lab into production. In fact, 82% reported this exact challenge in a recent MIT Sloan Management Review study.
Many organizations do not have dedicated data science teams or they are too small and overburdened with work. By 2024, it is estimated that there will be a shortage of 250,000 data scientists in the United States due to current supply and demand levels according to Deloitte research (by David Schatsky / 13 December 2018).
Requires a wealth of clean data
Without the right data sets, AI algorithms will be unable to perform basic tasks and recommendations, a critical deficiency when relying on artificial intelligence in business decisions. This data challenge has proved an obstacle for many businesses embarking on their artificial intelligence journey, even though the potential rewards are large. It has become increasingly clear that accumulating and curating massive amounts of accurate and quality data is essential for unlocking artificial intelligence’s power.
Potential lack of privacy safeguards
Companies need to ensure individual privacy is protected while utilizing personal data for understanding trends. They should strive for institutional transparency and individual privacy, with monitoring systems in place to prevent tracking individuals.
However, advances in technologies such as differential privacy, homomorphic encryption, and synthetic data have the potential to enable the ability to connect individual-level data without giving away any information about individuals, according to SafeGraph’s Auren Hoffman interview for McKinsey.
How to Start Using AI in Your Startup or Tech Company
If you are looking to level up your company with artificial intelligence (AI), start by getting the right team of AI experts and developers on board who can help build a customized solution that outperforms what’s already out there!
To this end, TurnKey exists to help you build this team of All Star developers that can make your AI dreams come true.
TurnKey has deep experience assisting startups and tech companies in launching new features and AI experiences, plus we build offshore teams capable of taking projects from strategy to completion. So why not tap into our expertise and let us help you get ahead with AI?
ResNet is a great example of artificial intelligence at work in business. ResNet was able to create a new and exciting AI-driven product platform using the offshore development they partnered with TurnKey to build.
TurnKey allows you build a custom AI development team that outperforms competitors, launches new features (that’ll have customers running back for more), and adds value across your company and product offering. So if you’re looking to set up a world-beating offshore development team as part of your AI solution strategy, TurnKey is just what you need.
TurnKey builds superior offshore software development teams that take your AI efforts to the next level.
FAQ
From artificial neural networks to natural language processing, AI is being used to advance technology and make day-to-day tasks easier at every turn. Companies like Google, IBM, and Apple are leading the charge towards continued innovation. They use AI for various applications such as predictive analytics, automation, computer vision, and facial recognition.
By combining AI with existing technologies such as cloud computing, secure data storage, and blockchain technology, companies are now able to add an AI layer that can be used to detect behavioral shifts, adjust algorithmic responses or react more quickly to marketing initiatives.
The possibilities of what can be accomplished with artificial intelligence are truly staggering – it's no wonder tech companies are embracing it.
Companies use a variety of different types of AI, depending on their needs. Core AI companies focus on developing the underlying technology, such as machine learning algorithms, computer vision, and natural language processing. Application AI companies focus on producing applications and products that use AI technology, such as digital assistants, facial recognition software, and chatbots. Industry AI companies specialize in providing AI-based solutions to specific industries, such as healthcare, finance, manufacturing, and transportation.
AI is currently being used in a variety of sectors and applications, from virtual assistants and chatbots to agriculture and farming, autonomous flying, retail and shopping, financial forecasting, and production processes. AI technologies are being used to identify patterns and trends in data, enable more accurate predictions, automate certain tasks and processes, and improve the efficiency and accuracy of human efforts. AI is also being used to improve customer service, automate customer support functions, and enable more personalized customer experiences.
TurnKey Staffing provides information for general guidance only and does not offer legal, tax, or accounting advice. We encourage you to consult with professional advisors before making any decision or taking any action that may affect your business or legal rights.
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