We are making a big bet on artificial intelligence. Technological revolutions have become a norm in this era of innovation hence, Artificial intelligence sounds like it belongs to the domain of science fiction, but companies have been using artificial intelligence in very practical ways. Following are some practical implications of Artificial Intelligence:
A survey shows that how companies are currently using AI techniques to solve business problems along with how they can use them in the future? These are actual problems in the real world that typically businesses are trying to figure out. Predictive maintenance, for example. Trying to understand information and supply chain.
Artificial intelligence has the ability to optimize the routing of delivery traffic, which can improve fuel efficiency and decrease delivery times. In one case study, the report found that a European trucking company reduced fuel costs by 15 percent. Drivers used sensors that checked both vehicle routine and driver behaviour, and gets real-time coaching on when to speed up or slow down.
It can predict congestion and weather-related problems, which can help airlines, avoid costly cancellations.
Taking advantage of AI can help with a business' supply chain. For instance, with pharmaceutical and medical products, AI could use real-time data to forecast the demand and health tendencies which can help companies to determine how much they should have in their account.
AI could help with "next product to buy" recommendations, similar to what Amazon and Netflix have successfully implemented. In auto insurance, for example, premiums could be based on data about driving patterns and distances driven. In one case, a travel company offered additional services such as hotels and airlines using an algorithm trained on product and customer data. Medical companies now days are AI to decrease risk in clinical trials.