Artificial intelligence has taken the world by storm. With AI being used in virtually all industries, it is easy to understand why more businesses are investing in AI and machine learning than ever before. But what are the applications of AI in these industries? How does it help? And how can you use it in your career or business?
This article will look at artificial intelligence and its use in different industries, including banking, finance and accounting, healthcare, marketing, and more.
What is artificial intelligence?
Artificial intelligence, commonly referred to as AI, is machine-displayed intelligence that mimics humans’ decision-making and problem-solving skills.
AI combines:
- Machine learning, where the computer essentially teaches itself to become smarter; and
- Deep learning, where it learns from large data sets.
As a result, the machine can perform specific tasks or give results based on human inputs and behaviours. For example, a person may ask the popular AI-powered system Siri questions which the system understands and responds to.
10 real-world applications of artificial intelligence
Here’s a list of some industries where artificial intelligence is used.
1. Artificial intelligence in marketing
Artificial intelligence has become extremely popular in the digital marketing space. With it, marketers can deliver highly targeted and personalised marketing campaigns based on users’ behaviours and search patterns.
Audiences can also be retargeted. For example, when someone searches for a pair of Nike shoes on Google, there is a good chance that they will see ads from Nike and other shoe brands when scrolling through Facebook.
Interested in a career in marketing? Discover the eight best digital marketing jobs.
2. Artificial intelligence in finances
Trading largely relies on the ability to predict future stock markets. AI is excellent at this since it uses large amounts of data to determine possible future outcomes.
It considers patterns and determines how they may be repeated in the future. Hence, many financial companies have started relying on artificial intelligence to boost their profits.
Furthermore, AI can detect fraud by recognising changes in transaction patterns that humans could easily miss. This saves companies and individuals from significant financial losses.
3. Artificial intelligence in healthcare
Artificial intelligence has made significant advancements in the medical and healthcare industries. It is used in the medical industry to build powerful machines that detect diseases.
Some machines can even analyse chronic conditions with the help of lab data to ensure early diagnosis so illnesses can be prevented. It also uses medical intelligence combined with historical data to develop new medications.
4. Artificial intelligence in agriculture
In agriculture, AI detects nutrient deficiencies and defects in soil and provides possible solutions so the problem can be dealt with and food can grow more efficiently.
Robots can harvest crops faster and at a higher volume than human labourers, increasing food production time.
5. Artificial intelligence in vehicles
Artificial intelligence is used to build self-driving cars. It uses data from the vehicles’ cameras, radar, GPS, and cloud services to create signals that operate the car.
Thus, AI enhances the driving experience and creates a safer driving environment with blind spot monitoring, emergency brakes, and more.
6. Artificial intelligence in banking
According to Business Insider, 80% of banks are highly aware of the advantages AI can bring to their businesses.
Many African banks have already started investing in AI. These banking companies use AI in
their systems to provide customers with great support, detect credit card fraud, automate tasks, and so much more.
This leads to higher levels of customer satisfaction and security. As a result, customers can trust banks with their money — increasing the bank’s overall profits.
7. Artificial intelligence in gaming
Over the past years, artificial intelligence has become an integral part of the gaming industry. AI creates intelligent, human-like NPCs (non-player characters) to interact with players.
For example, many games allow players to visit shops to stock up on supplies. The shopkeeper does not move their spot. However, it does act intelligently, interactively, and creatively, as if controlled by a human.
8. Artificial intelligence in education
Even though humans mainly influence the education industry, AI has slowly begun to seep into this field.
Schools have begun to automate their administrative tasks, such as sending personalised messages to students, managing enrolment through systems, and more.
Using artificial intelligence, teachers have also begun to create creative content like video lectures and textbook guides.
Furthermore, students can use voice assistants to provide them with answers to questions — giving them access to additional learning resources.
9. Artificial intelligence in social media
AI has several uses when it comes to social media. First, it is used for face verifications, where the platform essentially scans your facial features to tag you and your friends.
Artificial intelligence also studies your patterns, behaviours, and interests to design your feed based on what you like watching. For example, if you enjoy watching “cat videos”, the social media algorithm will show you many additional videos related to cats.
Twitter’s AI also identifies hate speech, filters out offensive comments, and improves user experiences.
10. Artificial intelligence in eCommerce
Another industry that uses artificial intelligence daily is eCommerce. Thanks to AI, eCommerce businesses can engage better with their customers by looking at their past search histories, preferences, and interests.
As a result, these businesses can show up in front of the customer at every touch point — suggesting products they may be interested in.
Virtual assistants and chatbots also help improve the shopping experience since natural language processing is used to have conversations with customers as if they were communicating with an actual human.
Learn more about starting your own eCommerce business.
Incorporate AI into your company
Now that you’ve learned how AI is used in different industries, you might better know how to use it in your career or business. Are you interested in starting a business? Head to REGENT’s Higher Certificate in Entrepreneurship to learn more about becoming an entrepreneur and starting your own business.