By Arpit GautamSep 2020
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How Artificial Intelligence Is Transforming Business Models

The world is embracing Artificial Intelligence Platform Solutions to streamline & transform business models.

Every Industrial revolution that has occurred in the past few centuries brought with themselves remarkable changes. The biggest beneficiaries of these amazing innovations are us!

There are four Industrial Revolutions namely:

  1. First Industrial Revolution – It happened in the 18th century & brought mechanization to the fore.
  2. Second Industrial Revolution – It happened in the 19th century & brought about sweeping changes in electricity, gas, oil & automobile sectors.
  3. Third Industrial Revolution – This happened in the second half of the 20th century. This period is characterized by the emergence of nuclear energy, robots & innovations in electronics & telecommunications equipment.
  4. Industry 4.0 – We are currently in the fourth industrial revolution which boasts of technological inventions like The Internet, Data Science, Big Data & Artificial Intelligence.

While groundbreaking technological solutions like Blockchain, IoT, Robotics & Cloud Services are effective, it is Artificial Intelligence which can rightly hold the title of being revolutionary.

But, Why is Artificial Intelligence so revolutionary?

Let’s take a simple example:

As we saw above, each industrial revolution brought some path-breaking innovations that helped human beings to simplify their activities & enhance productivity.

  • Steam Engine – Travelling became faster & affordable.
  • Electricity – Power at the flick of a switch.
  • Mechanization – Increased Industrial Efficiency.
  • Automobiles – Personal & Public Transport became the norm.
  • Internet – Search for anything online from the comfort of your home.
  • Nuclear Energy – Enormous power source.

These solutions helped industries, businesses, enterprises & common people to become more efficient.

Similarly, Artificial Intelligence (AI) Services and Solutions helps large & small organizations, online businesses & other sectors to enhance productivity and drive business growth.

But, as compared to other solutions, AI does more!

If you want to do a huge task or a set of tasks, your efficiency will wear down over time & this can lead to errors which can affect your work schedule & output. But not with AI.

AI is based on complex & robust algorithms that are error-prone & can carry out any amount of tasks with precision & high efficiency.

AI’s current prospects & future potential look highly promising. AI-based applications have already improved customer experience, workflow automation, predictive maintenance and continues to help industries & businesses to excel in various areas of their operations.

4 Industries that are Leveraging AI Solutions

Let’s look at some revolutionary changes that AI has brought to 4 prominent industries:

Retail – Smart Shopping Solutions

Retail is one of the most competitive industries. But, thanks to the advent of AI, large & small companies are adopting unique ways to stand out from the cut-throat competitors & add value to their businesses.

One of the best parts of AI in retail is that it can be applied across the entire product range & allied services. Some applications of AI in the retail industry are:

  1. Chatbots – This effective software is helping businesses to reduce customer service workloads & provide simple real-time solutions to customers.
  2. Robots – You might’ve heard about some restaurants in countries like Japan who are using robots to serve food to customers. A similar thing can be done in retail shops to provide excellent assistance to customers.
  3. Customized Products & Services – Companies are leveraging AI to make personalized product/service recommendations to customers based on their previous search & purchase history.

Logistics – Amazing Automation

Artificial Intelligence (AI) Services and Solutions are steadily gaining a foothold in the logistics industry. Some of the applications of AI in this industry are:

  1. Autonomous Vehicles – Manual transportation of goods from one point to another is cumbersome, tiresome & marred with errors. With AI-based self-driving vehicles, the logistics industry is saving lots of time & resources while enjoying the benefits of higher productivity & efficiency.
  2. Automated Warehouses – These warehouses include autonomous vehicles & robots that are used to simplify inventory transport. But, AI along with Data Science & Analytics is being used to optimize inventory levels which helps in cutting transportation & overall costs resulting in excellent warehouse efficiency.

Finance – Smart & Robust Transactions

The Financial sector has been one of the first industries to adopt Artificial Intelligence Platform Solutions to enhance profit margins while proliferating secure & reliable banking practices.

Here are some common AI applications in the Finance industry:

  1. Personalized Banking – This is one of the best benefits of AI technology. Fintech companies are using AI to offer customized banking services to its customers resulting in increased customer retention & brand reliability.
  2. Prevention of Fraud – The advent of the internet has brought good & bad. Unfortunately, many people are using it to carry out fraudulent activities. But with the help of AI applications, companies are bringing radical changes to protect user identity & prevent fraudulent activities.
  3. Algorithm-based Trading – AI technology can seamlessly understand the nuances of trading activities & offer useful insights that traders can use to gain higher profits.

Marketing – AI-Based Best Practices

Until the past few years, marketing was considered more of an art. But now it has become a science, thanks to Artificial Intelligence.

With machine learning (a subset of AI) and other powerful technologies, backend technical teams along with data scientists can make better marketing decisions which result in innovative & effective marketing practices.

Here are a few applications of Artificial Intelligence in the Marketing Sector:

  1. Profiling of customers: AI is helping marketing teams in customer profiling activity which is a practice of identifying customers in a better way based on their interests, previous purchase history & other parameters.
  2. Ad Targeting: You might’ve seen personalized ads in your mobile while browsing through articles or using apps. It is all thanks to AI that understands your interests & serves you customized ads.

These industries are significantly using AI to transform their business models to achieve more output, excellent productivity & overall business efficiency.

ARSR is a Software Development Company that holds expertise in Artificial Intelligence and offers comprehensive AI solutions for leading enterprises & budding startups.

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