Unleashing Power of Data

Unleashing Power of Data | 33 [ HOW AI IS CHANGING THE BUSINESS LANDSCAPE ] Predictive maintenance and route planning powered by AI also increases overall effectiveness and customer happiness. According to a recent Gartner survey of supply chain leaders, the impact of AI on the supply chain industry through 2025, would include 16% use automation for better decision making and 21% improvement in transportation through automation tools. AI in transportation and supply chain is said to be in its infancy stage and holds great potential in revolutionizing the sector. RETAIL AND E-COMMERCE Amazon was one of the pioneers in recognizing the benefits of AI, as the corporate giant adopted machine learning to improve product selection, user experience and optimize logistics. Today, AI has been revolutionizing the retail sector by providing customized shopping experiences, s t r e a m l i n i n g i n v e n t o r y management, and enhancing customer service. AI algorithms power recommendation systems sugges t product s based on customer ’ s preferences and browsing history, resulting in increased customer satisfaction. Chatbots powered by AI help customers with questions, make product recommendations, and streamline transactions. E-commerce firms are focusing on AI to reduce logistics costs and fraudulent orders. AI-based inventory management solutions also assist shops in demand forecasting, stock optimization, and waste reduction. FINANCIAL SERVICES AI in finance has been powering and moderni z ing the ent i re f inanc ial sector indus t ry by streamlining traditionally manual banking processes and imitating human intelligence and decision- making to analyze, manage, invest, and protect money. AI has been the driving force for financial organizations conducting r i sk management , including security, regulatory compliance, fraud, anti-money laundering, and know-your-customer guidelines. AI is used in fraud detection, p r e d i c t i v e a n a l y t i c s , r i s k assessment , and algor i thmic trading. Chatbots and virtual ass i s t ant s are empl oyed i n customer service to provide quick and personalized support. With AI being a part of infrastructure, banks, investment f irms, and insurance companies can use it to perform real-time calculations to forecast performance, detect anomalous spending behavior, or maintain compliance, amongst other applications. EDUCATION AI is transforming education by facilitating personalized learning experiences. Intelligent tutoring systems adapt to indi v idual student needs, providing tailored instruction and feedback. The interactive and engaging learningenvironments providedby augmentedrealityandvirtual reality technologies enable students to visualize complicated topics and participate in more hands-on learning. AI-based assessment systems also speed up grading procedures, providing quicker and more accurate evaluations. Dun & Bradstreet