Anil Earla, Head of Information and Data Analytics, answered on 2018-10-03T00:15:25.725Z, 6 months ago
There is no doubt that AI and Machine Learning have had a tremendous impact on business. It fact, it is being applied to almost every industry there is. Here are some quick examples of how AI/ ML have created business value across several industries:
Financial Services (My industry) – The Financial services industry relies heavily on AI/ ML algorithms to help detect fraud in real time, saving companies millions in losses. They also use these algorithms to give their customers (e.g. merchants/ SMBs) access to online business trends and peer benchmarking – adding real value to these businesses every day.
Retail – This is an industry that has been on the forefront of this tech in order to improve customer experiences. They use AI/ML to create a seamless experience between online interactions and in-store purchases. Think about Walmart and their experiments with facial recognition technology to determine if their customers are happy or sad at their point of purchase.
Farming – Yes AI/ ML has also reached farming. John Deere has actually invested in building robots that make decisions to treat plants with pesticide based on immediate visual data – taking weather and infestations into account!
Manufacturing – Auto manufacturers have done a good job with collecting data from cars to predict when parts would fail or when they need servicing. This not only allows them to uphold their safety records but also allows them to create products to improve driver and passenger needs.
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What are some examples of business value creation through AI/Machine Learning? - Pulse Q&A