Tips to Use Artificial Intelligence for Business Revenue Growth in Healthcare, Retail, and Transportation

Tips to Use Artificial Intelligence for Business Revenue Growth in Healthcare, Retail, and Transportation

Market research companies, such as Forrester and IDC, are unanimous in their predictions about accelerating the pace of AI adoption by businesses. Scaling up profits is a goal that unites SMEs and large corporates. The AI value is one of the keys to make a positive impact on the total return.

Let’s match the words with numbers. The ABI Research’s report gives optimistic predictions that in the healthcare industry, hospitals will save US$52 billion in 2021, led by North America with US$21 billion in savings.

As per the Statista's research insights, 49% cost savings and a 44% increase in productivity of the retail business all over the world can be achieved with the AI solutions.

Taking a look at transportation, as Allied Market Research did, we’ll see that only self-driving tech is likely to ensure a $556 billion market by 2026, increasing at a 39% CAGR from $54 billion in 2019.

These are only several samples of the industries that can experience significant economic boost by leveraging the AI potential. A strategic challenge here is to decide on the right steps to seize the power of AI, cut costs, and attain revenue growth.

Let’s go on with the industries mentioned above and discover how artificial intelligence solutions benefit businesses and lead Healthcare, Retail, and Logistics & Transportation to opening new revenue streams.

Use Cases of AI in the Retail Business

Optimize a stock keeping unit

Machine learning algorithms analyze purchases, receipts, and sales returns across store chains, identify best-selling products, and help to customize offers for consumers. Retailers get an understanding of how the assortment can be rationalized and see the merits of adding or deleting certain product items. And voila, they prevent — or at least reduce — the stock unsold.

Cut labor costs and amuse buyers with helpful bots

It’s a double strike —stores provide exceptional customer experience via including customer service bots in the retail process and minimize the expenditure on workers. Potential buyers promptly get all necessary information on the product location, characteristics, or advantages and individual recommendations thanks to 24X7 digital assistance.

Protect your brand and fight against fake products

AI is the powerful weapon in the fight against counterfeits. AI counterfeit detector apps are able to check the authenticity of the product. The AI-empowered image recognition technology saves both money and company’s reputation. 

AI Can Improve Business Growth in Logistics and Transportation

Bank on self-driving vehicles

It has all chances to become the most impressive AI opportunity in the transportation sector. Route optimization, human mistakes/accidents elimination, and fuel savings are among the benefits that autonomous cars and trucks present the industry.

Forecast demands, anticipate trends

Talking about transportation company planning, AI covers a set of algorithms that define how many goods and suppliers will be required. Correct predictions address several challenges at once — ensure personalized customer experience, proper inventory management, streamlined warehousing operations, and smooth delivery process.

Delegate repetitive operational tasks to AI

Apart from strategic issues, there is a scope of routine tasks that can and should be addressed to AI. That is how the industry automates back office processes, gets rid of human errors, and gains the increased performance as soon as the tandem of AI and robotic process automation save time considerably.

Why Do We Need AI in Healthcare?

Trust AI when it comes to making diagnoses

It’s time to admit that AI equals or even exceeds humans in the accurate detection of medical conditions. So, why not share medical images with AI and let AI-enabled solutions scan them at a quick pace? They will provide speedy and precise conclusions and early-stage diagnoses, while medical staff will concentrate on dealing with challenging medical cases and taking care of patients.



What’s next? Finding the right treatment, and AI will succeed here, too

In the era of Big Data, AI leverages huge data volumes to find optimal medications and treatment strategies. Overall, this capacity results in the streamlined care and saving the money related to treatment complications — right AI-driven decision making will simply avoid negative scenarios. In the meantime, AI algorithms analyze the effectiveness of drugs for the treatment of particular diseases thus investing efforts in the enhanced drug development.

Mind patient experience — AI has something to offer the Healthcare industry

Customer loyalty is a prime source of generating profits. Patients can be offered 24/7 self-service, get consistent answers across multiple channels, manage their diseases, and resolve their concerns with the help of chatbots and AI-based mobile apps.

Summary

AI is gathering pace as a booster of economic growth. The ability of artificial intelligence to analyze massive data sets helps to improve decision-making processes, create innovative products, attract customers’ attention, and generate demands thus increasing revenue.  

Working with chatbots, machine learning algorithms, and intelligent apps, Emerline feels how powerful AI is in forming the core of a new virtual workforce able to address customers’ requests and handle their issues. We will give you a clue on how to make a real profit with AI trends.

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