AI is one of the most powerful technologies developed to date. Not only does it transform how businesses operate, but also enhances the services and products offered to customers to increase their relevancy and resulting customer retention.
The industries that are most successful in applying AI are in finance, retail, manufacturing, marketing and scientific and technical services. Some of the industries struggling to adopt AI include medical equipment and supplies, construction and waste management.
Why is there slow progress? Many AI initiatives face formidable culture and organisational barriers.
AI can create value in four key business areas:
- Better project and forecast to anticipate demand
- Produce goods and services at lower cost and higher quality
- Promote offerings to the right target customers
- Provide personal and convenient user experiences