Practical Uses of AI
Artificial intelligence is rapidly transforming the way businesses operate across virtually every sector. Industries such as Healthcare, Manufacturing, Financial Services and many others have benefited from the explosion of data available and the tools that enable data exploration and modeling. Partners and service providers have made AI and AI-driven automation (AIDA) even more accessible by providing products and services accessible to all types of organizations. Here are some of the innovative ways AI and AIDA are being applied to solve real-world problems in different industries.
Healthcare
- Predictive analytics helps hospitals forecast patient admissions and optimize staffing and resource allocation.
- AI chatbots and automated ticketing provide 24/7 patient support for basic health questions and appointment scheduling. AIDA ensures the right information is made available and notifications are sent when appropriate.
Manufacturing
- AI optimizes supply chains by predicting demand, managing inventory, and streamlining logistics. AIDA tools provide the necessary automation to notify of potential inventory or supply chain problems, automate stock replenishment, or schedule maintenance when equipment is likely to fail.
- Predictive maintenance systems anticipate equipment failures before they occur and AIDA makes certain the proper notifications are sent and service is scheduled, improving safety and reliability.
Finance
- AI algorithms detect fraudulent transactions in real-time and AIDA ensures the correct action is taken, protecting consumers and businesses.
- Robo-advisors provide automated, low-cost investment management services.
- Natural language processing extracts insights from financial reports and news to inform trading strategies.
Retail
- Recommendation engines analyze customer data to provide personalized product suggestions.
- AI chatbots and automated ticketing handle customer service inquiries, improving response times and availability.
Horizontal (across multiple industries)
- Natural Language Processing (NLP) streamlines contract reviews by scoring how well clauses align and automatically suggest revisions, saving time and effort.
- RFP assistants analyze requirements to generate initial responses leveraging Retrieval-Augmented Generation (RAG), reducing response time.
- Natural language (NLP) and Large Language Model (LLM) enabled knowledge bases enhance customer onboarding experience and increase efficiency, overall productivity and satisfaction. Answers to queries can be formulated from many sources, including office documents, images, audio/video files and more.
- AI enhances sourcing and procurement by analyzing vast amounts of data to identify the best candidates, suppliers, or equipment based on specific criteria and budget constraints.
- AI-powered image processing can extract text and data from scanned documents, receipts and invoices, automating data entry and reducing errors.
These examples represent just a fraction of how AI and AIDA are being applied across industries. As technology continues to advance, we can expect even more innovative and impactful applications to emerge, driving efficiency, improving outcomes, and solving complex challenges across the global economy.
Register and join us on Thursday, October 3 for a webinar on AI-Driven Automation with the Odyssey Platform.