Use Cases of Artificial Intelligence Software Development in Business in 2023

Use Cases of Artificial Intelligence Software Development in Business in 2023

By Admin 10 months ago

“Artificial Intelligence is going to take over the world!” – we hear this phrase all the time from most people, but do you know how and through what avenues this AI revolution will come about? 

Intuitively, business is going to be one of the core sectors where AI will rule – impacting people, jobs, careers, and frankly – everything. 

On that note. we thought it would be insightful to share some of the leading use cases of Artificial Intelligence in business that propel the growth of artificial intelligence software development in the world today.   

Leading Use Cases of Artificial Intelligence in Business 

According to the “State of AI in 2021” by McKinsey Global Survey, 56% of the survey’s respondents stated that they were using AI in one or more capacities. 

The number was up by 6% from the 2020 survey. 

Similarly, in 2023, the same survey highlighted the growing popularity of generative AI implications like ChatGPT. A whopping 79% of respondents are said to be using generative AI or have had some exposure to it. 

So, ChatGPT basically familiarised people with artificial intelligence and that familiarisation is what brings us to other use cases where AI has been at work already. 

Let’s take a closer look.

  • AI in Cybersecurity – AVATAR to the Tokyo Olympics

Back in 2018, the Department of Homeland Security (USA) deployed AVATAR, created with the help of AI. This was a system for analyzing bodily motions and looks. It could detect potential breaches in security based on the “studying” the AI model had already done on samples. 

Further, Artificial Intelligence was also used by cybersecurity experts to thwart an attack on the Internet of Things framework during the Tokyo Olympic Games in 2020. 

AI and machine learning with their ability to amass data from thousands of sources, study them and create trends and patterns, then detect anomalies, all in real-time, are some of the biggest applications of AI in the world today. 

Moreover, the market for AI in cybersecurity is projected to reach a whopping $46.3 billion by 2027!  

However, be cautious as AI is also being used by hackers to execute threats. 

So the war is certainly on. 

  • Marketing – Creating Buyer Personas and Content 

AI is being used massively in marketing and advertising. 

46% of businesses say they use personalized advertising, which is only possible thanks to AI. 

What they mean is that they use AI to study customer behaviour and then create models of that behaviour into what is called a buyer persona, then they manipulate their entire advertising efforts to be appealing to that particular buyer persona, thus saving tons of money than if they were to randomly target customers. 

Also, AI is used in the content production field. 42% of businesses are using AI tools to create long-form content. Copywriters are largely being replaced thanks to the advent of ChatGPT, a generative AI model that creates long-form content. 

While this may seem like bad news for copywriters, it is good news for those working in artificial intelligence software developmentnatural language processing, and machine learning. 

  • Customer Relationship Management – The Rise of AI Chatbots 

You must have noticed a small pop-up on the right-hand side corner of most websites that you visit nowadays. It’s a digital representative trying to help you with queries through the medium of chat. 

These innocuous pop-ups are called chatbots and they have changed the way customer relationship management is done for all major companies.  

For online users, it is impossible to have humans greet them when they visit a website, so these chatbots have taken over. 

They save companies a ton of money on hiring personnel and training them to deal with clients. 

Basic entry-level details are jotted down by the chatbot. The chatbot can offer solutions to basic problems through a combination of machine learning and natural language processing. 

More complex queries are routed to humans via the chatbot. 

  • Analysis – Studying Zettabytes of Data for Business Growth

We live in a world that’s constantly producing data. 

The average person produces 146,880 MB of data per day. 

Now take into account the data produced by sensors and other IoT objects, the figure is probably in zettabytes.

Streams, no, make that rivers, of data, are gathered into large databases throughout the world and studied to extract meaningful information from them. 

Data scientists and analysts (one of the top careers of 2023) study these data sets for various businesses and help these companies analyze their customer habits, their client habits, and their business and find ways to make processes efficient and simple. 

Artificial intelligence software development makes it possible to analyze the data and help people make decisions on the job, which brings us to the next point.

  • Decision Making – Analyzing Stock Trading Models and Risk Management

With the help of AI, predictive models can be built based on the inputs provided to the machine during training. These models use “predictive analysis”, a mathematical technique, to come up with probable trends and predictions. 

These trends help senior and mid-senior level business people make decisions based on the reports produced by the mathematical models. 

For instance, in the finance sector, especially in the world of stock market trading, AI is used to figure out the risk associated with investments. So, these financial models help traders and insiders with the information that they need to make the right decisions.  

Wrapping Up 

To wrap up, the field of AI is an interesting, fast-paced, and ever-changing world. There are so many existing use cases of Artificial Intelligence and so many new ones coming up that it is easy to see that this sector will continue to grow. 

If your business is interested in artificial intelligence software development for any use case that you envision, it’s time to talk to the experts at Ivan Infotech. We can help you build some of the best-in-class AI implications short of driverless cars! Get in touch today. 

Now that you are aware of the use cases of AI, are you ready to spot these use cases in daily life? 

Let us know in the comments below. 

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