Breakthrough in Performance of AI User Companies

When you open your phone using facial recognition or use Maps to get to a restaurant, or ask Siri for a weather update, you are using Artificial Intelligence (AI). AI is being used everywhere today, and you likely interact with different technologies daily. From getting a suggestion for what to eat for breakfast to Instagram showing you a new reel, there is no escaping AI.

Growth Jockey harnesses the power of the AI breakthrough to implement strategies that will accelerate your business to new levels.

Applications of Artificial Intelligence

Artificial Intelligence is used in numerous ways, including banking, entertainment, healthcare, and education.

The applications of artificial intelligence in your daily life are as follows:

E-commerce

The e-commerce industry's use of AI gives it an advantage over its competitors. AI enables customers to search for a particular colour, size, and brand online. Some applications of AI linked to E-commerce are:

• AI-powered assistants: A virtual assistant or chatbot helps in the online buying procedure. National Language Processing is used to give the conversation a personal touch.

• Fraud detection: Credit card fraud and fraudulent reviews are the most common difficulties an e-commerce business faces. You can reduce credit card fraud by looking into account usage trends. Also, since people purchase products or services based on what others have said about them, reviewing feedback and dealing with fraud helps.

• Personalised shopping: AI helps to suggest products you have previously bought and might buy in the future. It helps to build a better relationship and loyalty with the customer. The recommendation engine aids the business in engaging with its customers effectively.

Healthcare

Businesses and medical institutions have turned to AI to save lives. Here are some of the AI applications in the healthcare field.

• Administration: AI helps with day-to-day administrative work, like organising and maintaining files and scheduling meetings. This helps to decrease human errors and improve productivity.

• Robotic surgery: Robotic surgeries have less chance of error and can be performed at any time or day. AI ensures that they work precisely and help patients to recover much faster.

• Health monitoring: A person's vitals can be tracked through statistics. With wearable devices in use, it is much easier to get accurate results to analyse. It also helps to detect any irregularities immediately before they can affect the person.

Social Media

Social Media marketers use AI to analyse vast amounts of data. From that, they can recognise the latest hashtags, patterns and what's trending. This helps to comprehend how the average user behaves.

Using the results of this analysis makes content creation effortless. These are some of the ways the top social media websites use AI-

• Meta: Meta uses AI and DeepText. This helps it to interpret discussions on the website. It also can translate posts from different languages.

• Instagram: Instagram uses AI to determine the users' interests and shows them similar posts on their explore page.

• Twitter: It uses AI to detect fraud and remove hateful propaganda content. It suggests tweets to its users based on the type of tweets they usually engage with.

Education

AI adoption in the education sector offers many benefits, like higher staff productivity and more time to focus on students instead of administrative work. Some applications are:

• Creating smart content: Textbook guides, video lectures, and conferences have been digitised using AI. This makes learning more fun since students watch animations and learn content designed especially for them.

• Voice Assistants: Students have the facility to listen to extra learning material using voice assistance. This helps reduce the amount of printed material provided at school.

• Personalised Learning: Hyper-personalization techniques are used to monitor a student's data. Based on that, you can find their study habits and make customised lesson plans, study guides, and flashcards.

AI Adoption: What is it and How is an AI User Benefitted?

Several businesses have started looking into AI adoption. They are investing it into making bots, virtual assistants, social data mining, translating languages, enhancing products and services, and much more. Amazon uses AI to redesign supply, automate the process of predicting the demands of customers, make sense of data, optimize delivery routes, and personalise customer communication.

With technologies like Alexa and Siri gaining fame, voice search is emerging. 27% of the global population uses voice search on their smartphones. One-third of technology and service provider organisations have plans to invest $1 million or more into AI over the next two years.

AI adoption is growing worldwide since it helps organisations streamline processes that improve efficiency and production. Some of the ways a business or AI user is benefitted through AI adoption are:

• Pushes ahead of the competition

• Better business operations

• Improved efficiency of workers

• Enhanced customer experience

• Higher profitability

• Agility and scalability

Growth Jockey can help you increase revenue, reduce costs and build the technology you need to level up your business.

Key Trends of AI in 2022

The top eight trends in AI noted during 2022 are:

AI will Augment our Workforce:

We have noticed more jobs outsourced to AI because it can do many things previously only humans could. Reading, writing, and speaking can now be done by AI.

This gives people the time they need to do the things they do best, like being creative and using emotional intelligence. All the tedious, repetitive tasks will be pushed over to be done by AI.

An Improved Language Modelling:

Language modelling helps machines to understand and speak with humans in a language they generally use. You could even use it to turn human speech into computer code that can run applications and programs.

GPT-3 by OpenAI is the most advanced and biggest language model ever. It consists of about 175 billion parameters. The AI research and deployment company is currently working on GPT-4, its successor, which it is structuring to be more powerful. It's being created at least 500 times larger than GPT-3, allowing it to develop its language and computer codes.

Cyber Security:

In 2022, the World Economic Forum stated that cybercrime poses a more significant risk to society than terrorism. As AI takes over, hacking and cybercrime are becoming larger and more prominent problems.

Although AI is built to analyse network traffic and learn and recognise patterns, it could also lead to nefarious actions; hence, making cyber security an utmost priority for businesses.

AI and the Metaverse:

The metaverse is a virtual environment where users can play and work together. It allows users to have an immersive experience they create themselves.

Several big companies like Microsoft are aiding in building the metaverse. AI will play a massive role in this and help to develop various online environments where humans can put forth their creative impulses.

Low-Code and No-Code AI:

In the past, programming skills to build a website had to be very detailed. But today, it's become straightforward. There is a drag-and-drop graphical interface used to build websites.

The tools to build AI are basic and easy to understand. There's less focus on the required skills and more on using AI to develop various applications. This could lead to AI being democratised by the end of the year.

Data-Centric AI:

Data-Centric AI is a new concept. Traditionally, AI relied on big data like algorithms and neural networks. These reused data and then allowed people to train it to become software-centric. The point of this concept was to make people focus more on data.

Healthcare, manufacturing and other settings don't have very high volumes of data and generic data points, so they have no choice but to rely on data for AI to work. If the data is high quality, it will be better as it will use technology like Artificial Intelligence and Machine Learning to develop much better technologies.

Autonomous Vehicles:

Self-driving cars are getting more and more popular. There's an increase in the number of people buying them. Tesla mentioned that its cars would have 100% ability to self-drive by 2022. Some of its competitors, like Waymo, Apple, General Motors and Ford, will achieve this in the next year.

Besides cars, there was an attempt to send an autonomous ship from the UK to the USA. However, things went south after it suffered a minor mechanical issue while at sea three days after Mayflower set out.

Creative AI:

AI has become a creative tool that anyone can use for core creativity. An individual or business can use it for various things, including writing headlines, newsletters and articles and designing infographics and logos.

Final Takeaway

AI is everywhere, and it is almost impossible to live a day without coming in contact with it.

AI powers many things we do daily, and it has become necessary for businesses looking to optimise their processes. We at GrowthJockey, help our clients grow with AI by employing technology to ensure the best experience for its users.

The performance of AI user companies is constantly improving. AI is no longer just for the tech field. Any company can grow significantly from AI's benefits regardless of size. Get in touch with GrowthJockey today to harness the full potential of your business using advanced AI strategies.