The Power of AI: 10 Ways It's Revolutionising Industries 🤩
By Polly Barnfield OBE, CEO of Maybe*
AI has become a game-changer for businesses of all sizes. From startups to multinational corporations, AI is no longer a futuristic concept but an essential tool for driving growth and efficiency.
Rather than replacing human talent, AI empowers people by augmenting their capabilities, streamlining operations, and unlocking new opportunities. At Maybe*, we ensure every business, regardless of size, can access AI that transforms their business.
Here are ten standout applications of AI and how they seamlessly integrate into various sectors. Be inspired and consider how AI can transform your business:
1. Healthcare Diagnostics
AI tools like IBM Watson for Oncology analyse vast quantities of medical data to assist doctors in diagnosing diseases and recommending treatments. Rather than replacing doctors, these AI systems provide data-driven insights, enabling more accurate and quicker diagnoses, thus allowing doctors to focus more on patient care.
Example: The Memorial Sloan Kettering Cancer Center reported that IBM Watson's precision in recommending cancer treatments aligned with board-certified oncologists’ decisions in over 90% of the cases.
2. Customer Service Chatbots and Assistants
AI-powered chatbots and virtual assistants handle routine inquiries and tasks, freeing up human agents to tackle more complex issues. This not only increases efficiency but also improves customer satisfaction and lets human agents engage in higher-value activities.
Example: Bank of America’s AI chatbot, Erica, resolved customer queries 24/7, leading to a 60% reduction in call centre volume and significant cost savings.
3. Financial Services – Fraud Detection
AI systems used by Visa and Mastercard monitor transactions in real-time to detect fraud. These systems flag suspicious activities for further investigation, facilitating faster and more accurate fraud detection while allowing human analysts to dedicate their time to confirmed cases.
Example: After integrating AI-driven fraud detection, Mastercard saw a 40% increase in fraud detection rates, significantly reducing fraudulent activities.
4. Manufacturing – Quality Control
AI-powered vision systems in manufacturing detect defects in products on assembly lines. They enhance human inspectors' capabilities by identifying defects quickly and accurately, ensuring higher quality products and allowing workers to focus on improving manufacturing processes.
Example: A leading car manufacturer implemented AI vision systems, which improved defect detection by 50%, resulting in higher customer satisfaction and reduced recall rates.
5. Creative Industries – Content Generation
Tools like Adobe Sensei assist designers, writers, and marketers in automating repetitive tasks and providing creative suggestions. Instead of replacing creative professionals, these AI tools speed up the design process, suggest improvements, and allow for greater focus on innovation.
Example: Marketing agencies using Adobe Sensei have reduced content creation time by 30%, enabling them to deliver high-quality campaigns faster and more efficiently.
6. Retail – Inventory Management
AI-driven inventory management systems optimised by companies like Walmart help in predicting demand and optimising stock replenishment schedules. These tools provide insights into inventory needs, enabling retail staff to focus more on customer interactions and in-store enhancements.
Example: Walmart’s AI-driven inventory system reduced stockouts by 35%, enhancing customer satisfaction and increasing sales.
7. Legal – Document Review and Research
Legal AI tools such as those from Kira Systems analyse and extract information from legal documents quickly and accurately. They assist lawyers by performing tedious tasks, allowing them to concentrate on strategic and personalised client interactions.
Example: Law firms have reported a 40% reduction in document review time after integrating AI Systems, improving the overall efficiency and client service.
8. Human Resources – Recruitment Process
AI-driven recruitment platforms like HireVue use algorithms to screen resumes and assess candidates through video interviews. These platforms support HR professionals by identifying the best-fit candidates quickly, reducing the time spent on initial screenings, and enhancing focus on interviews and candidate engagement.
Example: Companies have seen up to 50% reduction in time-to-hire and increased candidate satisfaction with AI-driven recruitment processes.
9. Supply Chain – Predictive Maintenance
AI-powered predictive maintenance systems forecast equipment failures before they occur. These systems provide data-driven predictions to maintenance teams, enabling timely maintenance and preventing unexpected downtime, thus focusing on more critical tasks.
Example: Manufacturing firms have reduced maintenance costs by 20% and increased equipment uptime by utilising AI-powered predictive maintenance.
10. Marketing – Personalisation and Customer Insights
AI-powered marketing platforms analyse customer data to deliver personalised marketing campaigns and insights. These platforms enhance the capabilities of marketing professionals by providing deep customer insights, optimising strategies, and allowing marketers to focus on creativity and strategic planning.
Example: Global retailers have reporting doubling its conversion rates by using AI to personalise marketing campaigns, resulting in a substantial uplift in revenue.
Despite these advances many businesses constantly struggle with inefficiency, missed opportunities, and escalating operational costs.
Data silos obstruct the sharing of insights, while creating tailored content for specific departmental needs becomes increasingly complex. This leads to team frustration, hampered growth, and stifled innovation.
AI can resolve many of these challenges, but most businesses lack the resources to securely integrate AI into their operations, resulting in further complications and concerns.
In less than 60 seconds, Maybe* can start transforming your business. Get Started today and experience the transformation.
