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Today the amount of data that is available to us is humongous. Businesses are trying to turn this raw data into useful information with the help of Artificial Intelligence (AI).
AI can be applied across industries like finance, education, healthcare, entertainment, travel, etc.
AI enhances creativity in a given business by eliminating repetitiveness and monotony. Business grows consistently and increases their profits.
Following are some AI business ideas that can implement AI and other automated technologies in them seamlessly.
Due to the pandemic and subsequent global lockdown schools and colleges were closed with an immediate effect. And they remain closed to date.
Under these circumstances, online tutoring saw a great boom. But there was a capacity issue.
We had an insufficient number of human teachers who could engage and train students effectively online.
E-Learning AI startups formulate personalized learning styles in which each student learns the best by automating the whole process.
Smart algorithms are able to understand any text and create assessment plans automatically from the data.
If AI-based ELearning businesses can mass-market their idea in a way that is comprehensible to less tech-oriented clients then they could generate huge profits.
AI in the healthcare industry is already gaining ground because of a covid-19 pandemic. What makes AI in healthcare very popular is accuracy while diagnosing patients.
With this, early medical intervention can happen before the patient needs hospitalization.
While detecting diseases like cancer, a human error that leads to inaccurate diagnosis can be reduced considerably.
Moreover, AI involved in the healthcare industry can save costs for hospitals as well as patients.
Machine learning and many other aspects of AI can change the face of the entire healthcare industry. According to Ashwin Honawar from SureJob, Businesses can make a lot of money if they have a plan to back up the right diagnosis AI startup.
Human resource (HR) management is a humongous task for Multinational companies and corporations around the world.
Recruiting a most competent candidate involves a lot of steps like analyzing resumes, matching skills with job requirements, training, remuneration, etc.
AI can help companies to streamline their entire recruiting process.
An AI-enabled software or an app can help HR managers to automate tasks like
– Automating the task of matching right qualification with the requirement
– Understanding Candidates’ referral
– Chatbot helps to engage with candidates anytime
– Powering Workforce Analytics
– Standardizing compensation and benefits
Cyber security is the utmost priority of private and government firms to protect their network and data from malicious attacks.
Hiring IT services for cyber security could cost companies an arm and a leg. They can reduce this cost by implementing AI services into cyber security.
AI-enabled cyber security architecture can easily detect a physical threat to the network and neutralize it timely.
Implementation of AI will lead to greater accuracy in finding vulnerabilities in software within the IT infrastructure.
Neutralizing threats and malware attacks ahead of time will increase investor confidence and profit margins for the business.
5. Home Management
Home management especially in developed countries is yet another domain where AI can be used extensively.
An app on Homeowners’ mobile phones allows them to manage appliances like TV, Fridge, Oven, Washing Machine, Lights, Fan, stereo system, security camera, etc. They can do this either from home or halfway across the world.
These machines are smart enough to transfer data and talk to their owners.
AI-based home automation system has allowed millions of homeowners to manage their homes anywhere and anytime.
6. Workflow Management
AI-based automated workflow management system increases the productivity of an organization exponentially.
You will be surprised to know there are not many companies that design workflow management systems. Starting such a company can give you a great profit margin.
By automating daily routine tasks and analyzing a high volume of data makes running a business more efficient.
One important application of AI-based workflow management is improving customer support. Voicemail follow-ups could be automated ensuring that customers are engaged and receive the right responses.
Workflow management is a core IT service.
7. Marketing Strategy
AI-driven marketing strategies could offer businesses and clients a baseline performance guarantee.
AI-based applications can help marketers and researchers in collecting all the necessary data and deriving accurate information from it. This makes market prediction a whole lot easier. Which is usefull in taking right decision while choosing profitable business ideas.
They can use this application to perform several other tasks like customer personalization, relevant searches, and precise product recommendations.
Automated chatbots can entertain queries from multiple customers at any given time and save a lot of money.
8. Efficient Energy Management
Manufacturing industries around the world that consumes a lot of power and energy need an efficient energy management system to reduce consumption.
The global supply chain depends tremendously upon the manufacturing output of various industries.
On one hand, there is a huge demand for electricity but on the other power generation companies are simply not being able to keep up with the current demand.
Therefore the application of AI in energy management can reduce energy wastage to a large extent.
The future design of energy systems would depend on the smart application of AI.
9. Retail Startups
Ecommerce is the future of the retail industry, especially after the COVID pandemic. And customer personalization is the buzzword.
Tech-savvy retailers can now easily ascertain information like what customers want to buy and how much they are willing to pay through IoT technologies.
AI combined with deep learning can make the shopping experience very personalized.
AI in the entertainment industry has helped the industry grow exponentially. The major application of AI in the entertainment industry is to create personalized experiences for millions of users.
Language is a big barrier for artists who want to reach out globally. AI-based language translators are the solution. With this tool, artists can produce content in their language and connect with people around the world.
Automation and AI-driven systems are on rising. Businesses want to implement such technologies to stay ahead of the competition and earn more profits.
In the coming years, most industries are going to use AI directly or indirectly.
Whether you are a business owner or an AI consultancy service both need to appreciate the power of this technology in running daily business operations.