Artificial intelligence (AI) is the latest trending technology that is giving a race to the intelligence explosion. Leveraging complex algorithms, this human-like behaving software can act and function with utmost intelligence challenging even human capacity. Advanced large language models using extensive data and computation capabilities are continuing to display better outputs. This precisely is creating a demand for AI software. Adopting the right Artificial Intelligence Software enables enormous advantages to businesses, including automation of repetitive manual tasks, recommendations based on predictive analytics, generation of data-driven reports, customized user experience, content creation, optimization, and more.
“Today, the autonomy of communication from the cognitive processes of its participants has gone a step further. We need a concept of communication that can take into account the possibility that a communication partner may not be a human being, but instead is an algorithm,” says Elina Esposito, Italian sociologist, professor, & author of the book – Artificial Intelligence: How algorithms produce social intelligence.
Artificial intelligence software has been rapidly growing in popularity among businesses from different industries and domains. Around 86.5% respondents of a research by GoodFirms reported using AI tools in the workplace. Businesses of all sizes are implementing AI tools in business operations to achieve better outcomes. There are numerous applications of AI in various sectors, including:
Applications of Artificial Intelligence
Proving to be more intelligent than humans, AI has been offering several benefits to businesses. It allows them to sustain and lead in the ever-competitive market landscape by quickly automating tasks, improving data analysis and processing, enhancing efficiency, strategizing the future plans with predictive data, and so on. Such promising business processes undoubtedly improves productivity, reducing cost and resources. Reports indicate that the global artificial intelligence (AI) market size can touch two trillion US dollars by 2030. Here are the top benefits of AI in various industries:
Benefits of Artificial Intelligence
- Automates Repetitive Processes
- Minimizes Errors and Risks
- Better Speed Than Humans
- Reduces Operational Costs
- Improves Efficiency and Productivity
- Enhances User Experience
- Enables Predictive Maintenance
- Improves Profits and Revenue
Industry-Wise Use Cases of AI in Major Sectors
The key to intelligent business is to leverage Artificial intelligence. Let’s see how different industries are leveraging AI based software solutions to transform their functions and operations.
- Customer Service and Support
- E-commerce and Retail
- Manufacturing
- Finance
- Human Resource
- Healthcare
- Telecommunications
AI in Customer Service and Support
When digitization happened, the customers were transformed to a digital-first process, and their service experiences were also transformed; and similarly with Artificial Intelligence, their service and support experiences will also be transformed to the next level…
Customer service and support is a function involving a lot of data, human interaction, resolving queries, demonstrating products, and enhancing the value of the business by connecting the brand with the users. When a business fails in achieving this, they lose customers, and they stagnate. In a survey, nearly 36.8% of the respondents indicated that they do not prefer waiting in lines while connecting with customer support. Alarmingly, 70.4% of respondents shifted to alternate brands due to poor customer care and support service.
With AI integrated tools businesses can now deliver exceptional customer experience by enabling automation of repetitive tasks, refining customer support operations, personalizing with multi-lingual support, resolving issues instantly, and more. AI takes care of the machine-supported services, and this way the customer service agents can take care of the human-supported services.
Improved customer service and support with the help of AI results in cost reduction, enhanced profits, and business success.
AI can be leveraged in customer service and support in broad ways, including:
Top Applications of AI in Customer Service and Support
- Conversational AI and Virtual Assistants
- Natural Language Processing
- Intelligent Insights for Better Decision Making
- Predictive Analytics
- Customer Request Routing
- Quick Search
Conversational AI and Virtual Assistants
AI-powered chatbots, conversational AI, and intelligent virtual assistants (IVAs) enable instant responses, addressing routine queries and streamlining interactions. Interestingly, in a survey conducted by GoodFirms, 48.1% of the surveyees find chatbots very helpful in resolving their queries and problems.
Natural Language Processing
Natural language processing allows machines to comprehend and respond contextually, helping improve overall customer support interaction and communication.
Intelligent Insights for Better Decision Making
AI-driven behavior and sentiment analysis help extract valuable insights from customer interactions, helping businesses improve and optimize their services.
Predictive Analytics
Predictive analytics helps analyze data and patterns to anticipate future customer needs, sentiments, behaviors, customer churn, and more, allowing businesses to offer personalized services and identify and prevent common issues faced by customers.
Customer Request Routing
AI-enabled automated customer request routing tools allow businesses to identify and segregate customer requests based on the query type, helping improve customer engagement and satisfaction.
Quick Search
AI-powered quick search helps automatically generate the most accurate and relevant search experiences for users based on past search queries and user behavior.
Comparison Table - Customer Service and Support With AI and Without AI
| Feature | With AI in Customer Service and Support | Without AI in Customer Service and Support |
| Response Time | Faster and efficient | Time consuming and underproductive |
| Personalization | Tailored solutions | Limited customization |
| Accessibility | 24*7 availability | Human dependance limits operating hours |
| Scalability | Highly scalable without compromising on quality | Involves hassles and quality compromise |
AI Tools for Customer Service and Support
BotPenguin is a world-class AI-enabled customer service chatbot support automation platform designed to streamline and resolve customer queries, ensuring enhanced efficiency and customer experience. It offers versatile features like canned responses, data ingestion, image recognition, face analysis, virtual assistant, decision making, multi-language support, and more.
Zoho Desk is another top AI tool for great customer service and experience with powerful AI capabilities for ticket management, self-service, automation, extensibility, insights, and security. The software enables chatbot-based customer support, sentiment analysis, processing & assigning tickets with relevant tags, and identifying anomalies from a unified user-friendly dashboard.
Zendesk is a renowned customer service and support platform that leverages the power of AI to quickly rectify customer issues, shift the tone of messages, and offload repetitive requests onto bots with prebuilt analytics dashboards, 1000+ apps & integrations, predefined responses (macros), custom business rules, and more, allowing faster and enhanced customer experience.
AI in E-Commerce and Retail
Surveys indicate that an average of 77% of Americans shop weekly offline and 58% online. AI helps eCommerce and retail businesses streamline operations and enhance overall process efficiency through improved demand forecasting, inventory management, supply chain management, product listing & search, customer experience, and more.
“AI offers speed, efficiency, and smartness. With models deployed on scalable servers, AI can scan a huge amount of data and identify patterns that humans would not see. This means that millions of data points can be analyzed within hours or even minutes, or rather seconds,” mentions the book, “ AI-Powered Commerce: Building the products and services of the future with Commerce.AI,” by Andy Pandharikar, Frederik Bussler.
AI can be leveraged in eCommerce and retail in the following ways:
Top Applications of AI in E-Commerce and Retail
- Optimized Inventory and Supply Chain Management
- Demand Forecasting
- Price Optimization
- Efficient Product Listing
- Advanced Quick Search
- Flagging Product Irregularities
- Enhanced Customer Communication and Support
Optimized Inventory and Supply Chain Management
Artificial intelligence software enables optimized inventory management and supply chain efficiency ensuring consistent and timely availability of products to consumers, preventing wastage, and allowing real-time visibility and insights into existing inventory, possible stock-outs, market demand, product expiry, order & delivery status tracking, and more.
Demand Forecasting
AI-powered demand forecasting offers accurate predictions about future market demand by identifying and analyzing complex trends and patterns from sales, invoices, customer behavior, and traffic data, enabling enhanced efficiency, productivity, resource optimization, and decision-making capabilities to businesses in the eCommerce and retail sector.
Price Optimization
Artificial intelligence software enables eCommerce and retail businesses to optimize and choose the best product pricing based on market demand, historical data, in-stock products, economic conditions, competitor pricing, and more, improving sales and profits.
Efficient Product Listing
AI enables enhanced and optimized product listing in eCommerce and retail through automated product categorization, better search relevance, personalized recommendations, engaging product descriptions, and improved SEO, enabling businesses to save time, conserve resources, reduce costs, and scale with ease.
Advanced and Robust Search
AI allows robust and faster search capabilities in multiple modes, including text, image, and voice. Leveraging NLP and generative AI to analyze the context of search and narrow down the search results, AI makes it easier for users to find the required products; for example, Walmart offers AI based voice search in their stores to locate items, access store maps, look for prices, save time, and enjoy a wholesome shopping experience.
Flagging Product Irregularities
AI can help spot irregularities and flag defective products in various stages from manufacturing to shipping, reducing order return rates and enhancing customer satisfaction.
Enhanced Customer Communication and Support
AI applications like chatbots, self-service, omnichannel support, and more, are actively used in customer service to provide 24*7 assistance to customers, enabling eCommerce and retail businesses to improve customer satisfaction and retention.
Comparison Table - eCommerce and Retail With AI and Without AI
| Feature | With AI in eCommerce and Retail | Without AI in eCommerce and Retail |
| Customer Engagement | Faster and engaging | Prone to human limitations and errors |
| Personalization | Customized and targeted recommendations | Difficult to customize for varied customers |
| Inventory Management | Automated, efficient, and optimized | Manual and less accurate |
| Decision Making | Accurate and advanced data-driven insights | Limited insights available for decision making |
AI Tools for eCommerce and Retail
Salesforce Einstein is a leading AI tool offering personalized experiences to both buyers and sellers. The software is widely used by e-commerce businesses to generate product descriptions, recommend relevant products, increase conversion rates, and create seamless buying experiences. It allows hassle-free integration with other existing tools to provide real-time insights and predictions into different processes.
Powered by AI, Prisync is a unique competitor price tracking and monitoring solution for eCommerce and retail. The software provides extensive pricing and business intelligence features, including market analysis, competitor product analysis, channel analysis, multi-store management, pricing management, profitability analysis, data visualization, strategic planning, trend/problem indicators, and more.
Syte.ai is a powerful AI tool designed to enhance conversion, revenue, and growth for eCommerce businesses through advanced features and functionalities like image search & inspiration gallery, visual recommendation engines, advanced personalized recommendations, visual AI & data-driven marketing tools, AI tagging & merchandising, deep text analytics, and more.
Amazon Rekognition is one of the best AI tools for the e-commerce and retail industry with its broad features, including detection of real users, potentially unsafe or inappropriate content, bad actors, custom objects by analyzing images and videos associated with the business and products. It remarkably helps businesses lower the cost of image recognition and video analysis.
AI in Manufacturing
AI is remarkably contributing to the manufacturing industry by consistently performing the manufacturing functions with utmost efficiency and productivity. Manufacturers are using it for rapid product development, predictive maintenance, quality control, error detection, supply chain optimization, setting alerts & notifications, robotic automation, and more, in order to fulfill global demand. Studies indicate that the global market size of AI in the manufacturing sector will reach 20.8 billion by 2028.
“Now we see human errors as the symptoms of deeper causes,” says global consultant, Jose (Pepe) Rodriguez-Perez.
Artificial intelligence software can be leveraged in manufacturing to avoid common human errors. Top application of AI in manufacturing include:
Top Applications of AI in Manufacturing
- Predictive Maintenance
- Quality Control
- Supply Chain Optimization
- Robotic Process Automation
Predictive Maintenance
AI analyzes equipment data to predict machinery failures, reducing downtime and increasing efficiency.
Quality Control
AI-powered vision solutions inspect products for defects, ensuring high-quality manufacturing output with minimal errors.
Supply Chain Optimization
AI tools enable better demand prediction, inventory management, and tracking & optimization of supply chain processes, allowing businesses to enhance overall supply chain and logistics efficiency.
Robotic Process Automation
AI-driven robots perform routine and repetitive tasks like material handling and assembly in manufacturing faster and with higher precision and efficiency, resulting in enhanced productivity, cost reduction, and boost in profits.
Comparison Table - Manufacturing with AI and without AI
| Feature | With AI in Manufacturing | Without AI in Manufacturing |
| Production Efficiency | Automated and highly efficient processes | Manual operations lack efficiency |
| Quality Control | AI-driven smart inspections | Quality control varies with human capabilities |
| Predictive Maintenance | Proactive and data-driven | Scheduled and less dependable |
AI Tools for Manufacturing
The cloud-based AI software, IBM Watson, is a broad-spectrum solution that helps manufacturers reduce the time and costs of production processes. The platform offers comprehensive automation and predictive intelligence features, including workflow automation, image recognition, NLP, speech recognition, virtual assistant, decision making, multi-language support, and more.
GE Predix is an AI-based manufacturing tool with robust asset performance and operations performance management capabilities. The software offers configuration management, connectivity management, performance management, prototype creation, data visualization, real-time data analytics, alerting, and case management features ensuring enhanced production speed and cost reduction.
UiPath is a best-in-class AI powered solution for manufacturing businesses designed to streamline supply chain processes, enhance sourcing performance, improve shop floor operations, personalize offerings with optimized field service operations, and provide contact center agents with relevant data while ensuring compliance, enabling businesses to enhance revenue and customer experience at nominal costs.
AI in Finance
“The future belongs to those who can rise above the technology and master it.” – Jamie Dimon, CEO of JPMorgan Chase.
The finance industry is benefiting from AI in varied ways, including automation of operations, intelligent trading optimization, loan decision-making, portfolio management, forecasting, real-time insights, fraud assessment & prevention, and more, enabling businesses to significantly reduce risks. For instance, JP Morgan & Co. utilizes AI for payment processing, risk analysis, marketing, improving customer experience, quantum cryptography, and anti-money laundering.
AI can be leveraged in finance in broad ways, including:
Top Applications of AI in Finance
- Fraud Detection
- Credit Scoring
- Portfolio Management
- Personalized Financial Advice
- Customer Service Chatbots
- Risk Management and Compliance
Fraud Detection
AI algorithms better identify irregular patterns and detect fraudulent transactions, enhancing security and mitigating financial risk.
Credit Scoring
AI assesses creditworthiness by analyzing diverse data sets, providing more accurate and fair credit evaluations for loan approvals.
Portfolio Management
AI analyzes market data and executes trades at optimal times using advanced mathematical models for enhanced investment strategies and portfolio management.
Personalized Financial Advice
AI analyzes individual financial data, goals, and risk tolerance to offer tailored investment advice and financial planning services, improving overall customer experiences and outcomes.
Customer Service Chatbots
AI-driven chatbots offer instant support, addressing customer inquiries and streamlining financial service interactions.
Risk Management and Compliance
AI tools assess and mitigate financial risks by analyzing market trends, ensuring better risk management, decision-making, and regulatory compliance.
Comparison Table - Finance with AI and without AI
| Feature | With AI in Finance | Without AI in Finance |
| Fraud Detection | Enhanced fraud detection with advanced algorithms | Limited and less efficient |
| Investment Strategies | Better, data-driven decision making | Human dependant and limited |
| Customer Service | Automated and quick with chatbots | Slow and human dependant |
AI Tools for Finance
SAS Detection and Investigation
SAS Detection and Investigation is a leading finance software that leverages advanced analytics and embedded AI for detecting and preventing frauds, preserving infrastructure security and reducing losses in the finance sector. It facilitates varied features, including data management, intelligent case management, risk management, contact management, suspicious activity detection & alert generation, and more.
Fusion Essence is a next generation cloud-based, AI-enabled banking software designed to offer a competitive edge to businesses in the finance sector through versatile offerings like online banking, investment banking, financial accounting, retail banking, risk management, built-in analytics, and hyper-personalized customer experience.
Ayasdi or SymphonyAI, is a leading finance security software that leverages predictive and generative AI based financial crime investigation and risk management to speed up financial investigations by up to 70%. The software offers AI-powered transaction monitoring, customer due diligence, payment frauds, name/transaction screening, enterprise investigation manager, and more, to enhance security and efficiency in financial tasks.
Upstart is a unique loan automation software that leverages AI technology for credit decisions with 120 billion data points, patented loan month model, verification, and fraud detection capabilities facilitating automatic loan approval at the best prices with exceptional customer experience.
AI in Human Resource Management
AI in human resource management allows hiring managers and executives to ensure optimum workforce planning, applicant tracking, candidate shortlisting, performance evaluation, payroll automation, talent management, resolution of employee issues, and many more functions. Leveraging AI helps optimize HR processes, conserve resources, reduce the hiring time and cost, streamline employee onboarding, and offer personalized learning, fostering a more efficient and engaging workplace.
With so many advantages, studies indicate that around 92% HR leaders are planning to increase AI usage in HR activities. Oracle, using the AI-powered Instahyre recruitment platform, improved their candidate relevancy and quality to 90%.
AI transforms the HR industry in the following ways:
Top Applications of AI in Human Resource Management
- Recruitment
- Virtual Assistants
- Employee Onboarding
- Employee Engagement
- Performance Management
- Predictive Analytics
- Training and Development
Recruitment
AI streamlines hiring processes by analyzing resumes, assessing candidates, and identifying top talent efficiently.
Virtual Assistants
AI-powered virtual HR assistants and chatbots are being used by companies to promptly answer employee queries related to leaves, benefits, events, appraisals, and more, enabling the HR personnel to spend more time on other important strategic roles.
Employee Onboarding
AI facilitates seamless onboarding with automated workflows, reducing administrative burdens and enhancing the new hire experience.
Employee Engagement
AI can analyze employee feedback and sentiment, providing insights to improve workplace satisfaction and retention.
Performance Management
AI-driven tools assess individual and team performance, offering data-driven insights for effective performance evaluations.
Predictive Analytics
AI can predict workforce trends, helping HR professionals anticipate talent needs, skill gaps, and employee churn.
Training and Development
AI tools provide personalized learning paths, identifying individual needs and recommending tailored training programs to boost employee growth and productivity.
Comparison Table - Human Resource Management with AI and without AI
| Feature | With AI in Human Resource Management | Without AI in Human Resource Management |
| Recruitment | Automated screening and notifications | Complex and time-consuming |
| Employee engagement | Personalized feedback | Suffers from human limitations |
| Workforce analytics | Intelligent, data-driven insights | Human-dependant and limited |
| Training and development | Tailored and adaptive learning paths | Generic with poor outcomes |
AI Tools for Human Resource Management
Zoho Recruit is a robust AI-powered HRM platform that offers wide-array customized and remote hiring tools for intelligent resume parsing, identifying top talent, candidate screening, interview management, behavioral assessments, and more, enabling companies to streamline, control, and enhance their end-to-end recruitment processes.
Ceipal is an all-inclusive HR software with powerful AI capabilities, covering extensive human resource management functions, including ATS, CRM, workforce management, VMS to procure & manage contingent staff, HRMS for customized onboarding, intelligent employee management, AI-driven assessments, analysis, planning & reporting, and more.
Workable is an AI-based market leader in human resource management software. It helps businesses automate end-to-end hiring processes from candidate sourcing to employee onboarding, including interview scheduling, finding the right candidates, custom onboarding, and more, reducing the time to hire by up to 50%.
AI-powered Effy is a powerful performance management software that offers 360 feedback and performance review features, enabling businesses to automate and enhance their performance management lifecycle and build high-performing teams.
AI in Healthcare
AI is revolutionizing healthcare by augmenting diagnostics, enhancing treatment planning, and offering personalized care. With ML and advanced data analytics capabilities, AI enhances efficiency and accuracy and provides intelligent insights for informed decision making, improving overall patient outcomes.
AI benefits the healthcare industry in the following ways:
Top Applications of AI in Healthcare
- Diagnostic Imaging
- Predictive analytics
- Virtual Health Assistants (robotics)
- Drug Discovery
- Personalized Treatment
- Administrative Automation
- Remote Patient Monitoring
Diagnostic Imaging
AI helps analyze medical images for quicker and more accurate diagnosis in healthcare.
Predictive Analytics
AI identifies patient health risks based on patient data, enabling proactive intervention and preventive care.
Virtual Health Assistants
AI-based virtual health assistants provide personalized patient support and engagement to conserve and optimize human resources and enhance healthcare accessibility.
Drug Discovery
AI can analyze vast data sets in less time, accelerating research and leading to faster development of new treatments.
Personalized Treatment
AI and ML help tailor treatment plans based on individual patient data for optimized outcomes.
Administrative Automation
AI automates repetitive and routine tasks, saving time and reducing administrative burden on healthcare professionals.
Remote Patient Monitoring
AI enables continuous tracking of patient health, enhancing remote care and early intervention.
Comparison Table - Healthcare with AI and without AI
| Feature | With AI in Healthcare | Without AI in Healthcare |
| Diagnosis Speed and Accuracy | Quicker and more accurate diagnosis leading to faster treatment | Manual diagnosis is slow and prone to human error |
| Treatment Personalization and Optimization | Tailored treatment and better outcomes | Lack of personalization limits treatment outcomes |
| Administrative Efficiency | Automation reduces workload and improves efficiency | Manual work leads to reduced efficiency, higher resource consumption, and increased costs. |
AI Tools for Healthcare
Viz.ai offers a range of AI-based healthcare solutions, including care coordination tools that leverage advanced algorithms to analyze medical imaging data, including CT scans, EKGs, and echocardiograms, providing real-time insights and automated assessments to accelerate diagnosis and treatment.
Pega Platform is an AI-powered healthcare solution designed to transform healthcare efficiency, patient engagement, and outcomes by enabling healthcare providers to automate, deliver better experiences, and streamline processes through its wide-array patient communication, patient management, and appointment management tools.
PathAI provides a range of robust AI-powered software products that enable end-to-end data driven pathology analysis and assessment for research, drug development, and clinical decision support.
AI in Telecommunications
Telecommunications is one of the core industries which is vital to the effective functioning of other industries. Operational failures in the telecommunications industry directly impact the global business landscape, resulting in huge losses. Studies indicate that around 50% chief information officers reported financial losses as a result of network outages. Telecommunications businesses are thus investing in emerging technologies like AI, ML, and deep learning to reduce such losses.
AI tools are transforming the telecommunications industry in the following ways:
Top Applications of AI in Telecommunications
- Network Optimization and Load Balancing
- Fraud Detection
- Network Security
- Predictive Maintenance
- Customer Service in Telecommunications
Network Optimization and Load Balancing
AI optimizes telecommunication networks by analyzing data traffic patterns, predicting network congestion, enabling businesses to better distribute network traffic, minimize fluctuations and bandwidth loss, and enhance overall network performance.
Fraud Detection
AI helps analyze communication patterns for anomalies, enabling early detection and prevention of fraudulent activities, securing telecommunication infrastructure.
Network Security
AI enhances cybersecurity by identifying and mitigating potential threats and safeguarding sensitive data in telecommunication networks.
Predictive Maintenance
AI tools monitor network equipment to predict potential failures, enabling proactive maintenance to prevent service disruptions and outages.
Customer Service in Telecommunications
AI-powered chatbots provide instant customer support by resolving issues and answering queries, helping enhance overall customer experience and satisfaction for businesses.
Comparison Table - Telecommunications with AI and without AI
| Feature | With AI in Telecommunications | Without AI in Telecommunications |
| Customer support | Quick, AI-driven resolution of issues | Slow, limited by human error and bias |
| Network optimization | Intelligent routing and traffic management | Performance reduces with higher network traffic |
| Predictive maintenance | Proactive issue detection and prevention | Reactive approach, cannot prevent issues |
AI Tools for Telecommunications
TitanCS by MindTitan is an innovative, intelligent virtual assistant designed to help telecom operators improve network reliability and enhance customer satisfaction using AI-powered features, including predictive modeling, process analysis, fraud detection, churn prediction, and dynamic resource allocation.
Wrapping Up
The opportunities for ways we can use AI are exponential and unlimited.
(Magesh Bagavathi, SVP and Chief Technology Officer, PepsiCo)
Every industry wants to function intelligently, and every business wants intelligence. Right from solving specific business issues, till helping businesses shift towards an autonomous system, machine intelligence is playing a greater role currently and is expected to offer more benefits in the future. Artificial intelligence is offering endless possibilities and opportunities for every industry bringing deeper organizational and process change. The above-mentioned industries are currently appearing as the areas of Artificial Intelligence. Leveraging advanced AI software tools, businesses achieve improved process efficiency, enhanced performance, cost reduction, and upsurge in profits. From automated customer request routing in customer support, predictive analytics in eCommerce & human resource management, fraud detection & prevention in finance, to smart manufacturing, AI optimizes operations, unlocks innovation, and reshapes the future of businesses in diverse industries, fostering unprecedented efficiency and growth.
In summary, AI is here to stay and evolve over time, bringing new advancements in the products and services, taking businesses to the next level. Here is a cost and feature comparison guide to top artificial intelligence software that will help you to function with intelligence.
