AI Use Cases vary widely, from chatbots that answer common customer queries to robotics that improve warehouse efficiency and product movement. The applications are wide-ranging and include everything from e-commerce to retail, insurance, and more.
When assessing an AI use case, the first question is whether it addresses a critical business issue and has a clear value proposition. The second question is whether it’s feasible to implement the application and improve productivity at scale.
Customer Service
Customer service is a major challenge for brands, as they’re tasked with handling high volumes of inquiries on a daily basis and reducing average response times. AI can help to automate many customer support processes that are traditionally performed by human agents, such as personalization, routing tickets to the right team, analyzing data, speeding responses, finding solutions, recommending products or services and more.
The use of customer service AI tools can provide businesses with a variety of benefits, including improved customer satisfaction and enhanced brand loyalty. Some of the most common AI customer service applications include object detection, AI-powered chatbots, natural language processing and machine learning.
Healthcare
Healthcare is a sector where AI has a great potential for improving customer service. In addition to sifting through patient records, obtaining more data, and automating routine tasks, AI can also help hospitals recoup some of their operational costs.
For example, healthcare organizations can use predictive analytics to identify the patients who have missed their appointments in a timely manner. This will help them prevent revenue loss and improve provider satisfaction.
In addition to this, cybersecurity predictive analytics can help identify potential cyber threats based on real-time events. This will allow the system to calculate a risk score and respond to the event in real time.
Banking
Banking is the business of channeling people’s money into productive loans and investments. Banks accept deposits, lend that money, generate interest for themselves and their customers, and protect depositors’ money from theft or natural disasters.
Banks also act as the gateway for consumers, businesses and governments to move money. They process payments from the smallest personal checks to large-value electronic transfers between banks.
AI is used to help banks monitor customer behavior and detect suspicious behavior such as unusual debit card usage and big account deposits, which helps them identify fraud and reduce their risk.
However, many hurdles remain for banks to integrate with technology. Some of these include market saturation, lack of uniformity and technology implementation issues.
Insurance
Insurance is a financial product that helps protect an individual and their property against loss, damage or theft. Some policies are required by law such as motor insurance or buildings and contents insurance while others are a good idea to have like life or health insurance.
The cost of an insurance policy is based on the probability that an event will occur and the size of the estimated loss. The premium rate must be high enough to cover the future costs of paying claims and also provide a profit.
Insurers use their pooled funds of collective risks and premiums to invest in money market instruments that generate income and profits for them and also help to mitigate losses from unforeseen events. This is a key social benefit of insurance.
Retail
Retailers offer customers convenient places to buy products and services they need for their everyday lives. AI can be used to improve customer service in a variety of ways, from gathering and analyzing behavioral data in real time to delivering personalized offers to customers both online and in-store.
Chatbots are a popular way to handle routine customer inquiries without requiring the attention of human agents. They can answer frequently asked questions, help with abandoned cart recovery, and even provide assistance during checkout.
Retailers can also use AI to gather behavioral data that helps them predict customer behavior. For example, AI can monitor credit card spending patterns and detect potential fraud. It can also scan past purchases to recommend items that would be of interest to the user.