AI and its Real-world Applications across Industries
The way Sundar Pichai mentioned, “AI is a core transformative way by which we’re rethinking how we are doing everything.” True to its core AI has touched almost all domains contributing massively towards a digital future.
AI invokes numerous pictures around various industries and continues to positively impact various domains including the below highlighted:
AI in Retail
In today’s competitive scenario, retail and E-Commerce companies are investing heavily in AI-based applications, in differentiating themselves and improve sales. These solutions are playing a major role in the automation of retail processes, right from product inception to supply chain management and even customer acquisition. Industry-leading Brick and Mortars have started deploying in-store analytics and other AI-based store planning solutions for on-shelf inventory tracking, and shelf planning which makes the product available to consumers as soon as the product goes out of stock. AI-based instore navigation and self-checkout systems are also helping retailers to increase their footfalls and reduce frauds and shrinkages. Traditional retailers are also adopting AI-based solutions for transforming their business models and creating cashier-less stores where consumers can scan and pay themselves.
AI in BFSI
The growing demand for digital technology and changing customer demands have led the BFSI players to implement artificial intelligence (AI)-powered systems for managing their financial assets. These technologies are among the prominent solutions to deal with ever-changing regulatory & compliance standards to minimize market risk. It is also witnessing a strong presence in analyzing consumer behavior patterns to bring new offerings and is uncovering new distribution channels for financial institutions, which can create a competitive advantage with the use of these technologies. These leading institutions are investing in the AI space, and thus, BFSI is the most lucrative investment destination for cognitive and AI value chain players today. The changing customer behavior & expectation and increasing adoption of intelligent systems in the data-driven new-age financial sector are among the key factors driving the market growth.
AI in Customer Service
AI for customer service has now become a must-have application for a consumer-facing industry. Chatbots and virtual assistants have gained popularity because of the personalized user experience they offer. This AI-based text, as well as voice chatbots are humanizing interactions, enriching customer service programs and are streamlining business operations. Personal assistants are among of the trending areas where AI is being used for translating human voice into actions. Increasing the use of AI with sentiment analysis is a significant trend in customer service centers. As customer service centers obtain a huge amount of data from customer interactions, AI systems could be perfected using them as training sets.
– Sonam Chawla
ICT – Research Analyst