From Healthcare to Finance: Top 11 Applications of AI in Business

Buzzwords like “artificial intelligence” and “machine learning” have become increasingly popular. Yet, for many, the concepts behind these terms are still unclear. How do these cutting-edge technologies work, why should you implement them in your product, and what are the real-life examples of AI — currently a $196 billion tech?

As a full-cycle AI development and integration company, Unicsoft has built hundreds of AI products for various business niches, including FinTech and healthcare. From hyper-personalization and credit risk assessment solutions to a skin diagnostic platform, we dive deep into your business specifics to help AI solve complex real-world problems. 
So let us share our expertise on AI’s practical applications across industries we’ve come across along the way. Read on and get ready to witness its transformative impact on businesses.

How Does Artificial Intelligence Work?

Artificial intelligence (AI) is a computer science domain that simulates human behavior in machines. It’s all about making computers smarter and enabling them to learn, reason, solve problems, make decisions, or understand certain things.

Here’s how it works. AI processes large amounts of data and uses specific algorithms to derive insights and detect patterns for making predictions, decisions, and recommendations. Here are the types of AI that make it happen:

• Rule-based systems — the computer is told exactly what to do in certain situations.
• Machine learning — the computer gets plenty of data to study and figures out patterns.
• Deep learning — the computer uses neural networks to mimic how the human brain works.

All that combined makes for a powerful tool that businesses can leverage for numerous purposes. The most common include process automation, predictive analytics, fraud detection, computer vision, and natural language processing. 
Check out our article on how to train computer vision model for some interesting insights.

Breaking Down AI: Facts and Figures You Can’t Ignore

Numbers speak louder than words. Your LinkedIn feed might be flooded with experts talking AI, but none of this will be true without proof. So here’s some latest stats to show you how artificial intelligence is a game-changer in different industries.

First of all, look at the AI’s global market size. It has surpassed $86 billion in 2022 and will grow by 36.2% annually to reach an astonishing $407 billion in 2027. With this remarkable growth, investing in AI has never been more profitable.

Meanwhile, the AI software market is expected to grow to around $126 billion by 2025. The demand for AI-powered software increases, with the most common applications in NLP systems, robotic process automation, and ML.

How many companies have adopted artificial intelligence so far? Following the IBM report of 2022, 35% of businesses leverage AI in their operations and the other 42% state they’re exploring possible AI applications. On top of that, this adoption rate is a four-point increase compared to the 2021 numbers. See the percentage of companies deploying and exploring artificial intelligence in different countries:

Source: IBM

Finally, you may be interested in the real-life AI uses and the industries this technology impacts. Here’s the data on how exactly organizations leverage artificial intelligence:

Source: IBM
As you can see from the statistics we provided, it’s hard to imagine the future without the buzz of AI.

Why Does Your Business Need AI?

As the stats show, artificial intelligence gradually becomes mainstream. But why use it in your business? Consider the following reasons:

• Automating everyday tasks. AI takes over repetitive, time-consuming processes that would require much human resources. Using this tech, your employees can focus on more strategic, creative work that drives your business forward.
• Increasing productivity. Artificial intelligence helps your company become more efficient and productive by automating tasks and processes. It can lead to cost savings, faster turnaround times, and increased output. 
• Enhancing customer experiences. AI applications can personalize customer interactions by recommending products or services based on past behavior. As a result, your business builds stronger relationships with your clients and increases their loyalty.
• Making better decisions. Artificial intelligence facilitates decision-making by analyzing large amounts of data and deriving insights. It’s particularly helpful in finance and healthcare, where data-driven decisions are critical. 
• Improving accuracy. AI helps eliminate process errors and inconsistencies, leading to more accurate results. It’s also free from human errors, making it an incredibly reliable tool for various applications.
• Saving money. Finally, your business can save on labor costs and increase efficiency by automating different processes. Using AI will also help you optimize resources.

Don’t these numerous benefits of AI in business seem attractive? Read on to discover how exactly you can leverage this tech.

11 Best Applications of Artificial Intelligence in Various Industries

Let’s explore some of the most common uses of artificial intelligence in 2023, drawing insights from our experience as AI software development services providers.

1. Applications of Artificial Intelligence for Predictive Analytics in Healthcare

Medical organizations use AI to analyze large amounts of healthcare data: electronic medical records, lab results, genomics data, etc. All of that helps predict health outcomes.

For instance, predictive analytics may assist in identifying patients at high risk for chronic diseases like diabetes or skin issues (as in the case of our AI-based skin disease detection tool). As a result, healthcare professionals can deliver targeted interventions to prevent such conditions from developing. Other than that, AI may predict hospital readmissions and identify patients at risk of developing complications after surgery.

2. Applications of Artificial Intelligence for Drug Discovery

Another application of AI in the medical field involves using this tech in drug discovery. Solutions like BenevolentAI may accelerate identifying new drug candidates, predict their properties, and optimize their chemical structure.

In particular, ML algorithms analyze data from clinical trials, research papers, and chemical databases. They identify patterns and predict how different medicine compounds interact with the human body. This way, AI tools speed up drug discovery pipeline and help researchers detect promising drugs more quickly and efficiently.

3. Applications of Artificial Intelligence in Clinical Data Management

Applications of AI in healthcare don’t end there. Clinical data management is another way ‌to use artificial intelligence in this field.

Medical facilities leverage AI to manage and analyze clinical data, ultimately improving patient outcomes and reducing costs. For instance, IBM Watson Health or Deep 6 AI tools apply to studying EHRs to discover ‌ patterns that may indicate disease risk or treatment effectiveness. Additionally, AI can analyze medical images to detect abnormalities and assist with diagnosis.

4. Applications of Artificial Intelligence in Finance

Top AI development companies have long figured out that artificial intelligence is lucrative in the finance industry. This tech automates processes, reduces fraud, and improves customer experiences.

For example, AI-powered chatbots may assist clients with basic banking tasks like checking their account balances or transferring funds. Finance companies also leverage ML algorithms for analyzing transaction data and preventing fraud. 

Other cool AI applications include optimizing investment portfolios and mitigating risks, which is exactly what Unicsoft did for a FinTech startup. Follow the link to check out a complete success story about AI-driven credit risk assessment solution.

5. Applications of Artificial Intelligence for eCommerce Fraud Prevention

As eCommerce grows, so does the number of online fraud and fake reviews. AI-driven tools, such as an anti-fraud system UnicSoft has developed for a French startup, allow individuals to detect scams and switch to trusted online stores instead. The same applies to fake reviews that harm businesses’ credibility.

To apply AI for fraud prevention in eCommerce, companies train ML algorithms on large datasets of historical transactions to later determine suspicious activity in real time. Businesses may also leverage predictive modeling to detect fraudulent behavior and use natural language processing for analyzing textual data, ultimately spotting fake reviews.

6. Applications of Artificial Intelligence in the Music Industry

AI is used in the music industry to create personalized recommendations for listeners, analyze music to discover current trends, and generate new tunes.

For example, music streaming services like Spotify use algorithms to study user listening habits and create playlists tailored to their preferences. Besides, AI systems can analyze the acoustic properties of music, enabling producers and marketers to identify trends and opportunities by comparing songs. Companies may also leverage AI based tools to create new music from existing compositions.

7. Applications of Artificial Intelligence for Image Recognition in Retail

Businesses typically use AI in the retail industry to improve image recognition, which leads to better product categorization, inventory management, and visual search.

For example, they can program the image recognition solution like our AI-powered app for shelf monitoring to identify specific products in photos, categorize those SKUs, and track inventory levels automatically. Artificial intelligence also improves visual search, allowing customers to find products using images rather than text. Ultimately, it helps enhance the shopping experience and increase retailers’ sales.

8. Applications of Artificial Intelligence in Education

There are many applications of artificial intelligence in education, like personalizing student learning and automating administrative tasks.

Adaptive learning platforms apply ML algorithms to analyze student performance data and provide personalized study materials and activity recommendations. For example, Coursera, a leading online learning platform, uses AI algorithms to recommend courses and learning resources based on a student’s interests. Other instances involve leveraging AI for grading assignments in real time.

9. Applications of Artificial Intelligence in Chatbots

Chatbots are apps that simulate conversations with human users, and AI has made them even more sophisticated. Solutions like ChatGPT become more responsive and, if integrated in a chatbot, will recognize user intent and generate relevant, helpful answers to a user’s query. 

AI-powered chatbots have found use in various industries like customer service, healthcare, and finance. Generally, they free up time for human customer support representatives and handle simple conversations themselves.

10. Applications of Artificial Intelligence in Social Media

Social media has presented another way to use AI in daily life. Platforms like TikTok and Facebook leverage artificial intelligence to analyze massive amounts of data and improve user experience, detect and remove inappropriate content, and personalize content and advertising based on user preferences and behavior.

AI-enabled tools also help businesses study social media trends and user sentiment for more informed decisions on their marketing and product development efforts.

11. Applications of Artificial Intelligence in Automobiles

What can AI be used for in the automotive industry? Autonomous vehicles like Tesla and predictive maintenance solutions  are just a few possible applications.

AI-powered systems can monitor and analyze data from car sensors, allowing for real-time adjustments to driving conditions and improved safety. AVs rely heavily on artificial intelligence, using ML algorithms to interpret sensor data and make driving decisions. 

Additionally, AI can predict maintenance needs and prevent breakdowns, saving time and money for vehicle owners. This tech also improves the overall driving experience with features such as voice-activated controls and personalized recommendations based on driver behavior.

Unicsoft Experience in Artificial Intelligence

Unicsoft is an experienced software development vendor with a profound background in artificial intelligence. We focus on building cutting-edge AI solutions for predictive analytics, fraud detection, computer vision, and other use cases. Our team has delivered numerous high-quality projects to our clients in various industries, including FinTech, healthcare, robotics, gaming, and more. Let’s explore some of them together.

AI-Powered Mobile Hyper-Personalization Solution

AI can be embraced as an analytical tool. That’s exactly how our data analysts at Unicsoft contributed to this application of artificial intelligence in business. Unicsoft helped a fast-growing company ‌develop a mobile engagement platform that turns smartphones into personal data engines, using on-device AI solutions for hyper-personalized customer experiences while protecting privacy. 

The platform allows to engage with specific customer segments in the most appropriate moments, increasing the chances of completing transactions or actions. On top of that, our Mobile Engagement SDK helps create tailored and more targeted engagement campaigns, and Edge Al technology ensures data privacy.

AI-Driven Credit Risk Assessment Solution

YAPU Solutions, a FinTech startup that provides financial solutions for small land-holding farmers in developing countries, partnered with us to integrate an ML model into their credit lifecycle management system.

Unicsoft’s team developed a machine learning model that predicts the farmer’s probability of going into a credit default. This model measures different risk factors, both qualitative and quantitative. It also includes a matching engine for reference cards and climate-related solutions to address the impact of climate change on crop production.

AI-Based Skin Diagnostic Solution

The Unicsoft team has also created a digital AI-based skin diagnostic solution for patients and medical specialists. The system uses computer vision algorithms to process thousands of images of skin disorders and provide personalized information about the disease type and probability of occurrence. Our solution currently analyzes four types of skin diseases by using free medical images from open-source libraries.

Looking to learn more about applications of AI used in business? See other use cases, including an AI integrated cloud-based platform for remote patient monitoring, in our portfolio.

Conclusion

As artificial intelligence is rapidly transforming healthcare, finance, education, eCommerce, and many other industries, businesses see the promising future of AI. Improved efficiency, enhanced accuracy, or simply automation of tedious manual tasks that drain one’s resources and budget are indeed the benefits many look forward to.

Yet, to implement AI in your project, you’ll likely need professional vendors with relevant expertise.

Unicsoft offers AI software development services, including image and speech recognition, NLP, fraud detection, predictive analytics, and other solutions creation, to help businesses benefit from this innovative technology.  If you’re looking to integrate artificial intelligence into your business operations, please don’t hesitate to contact us for expert solutions, idea validation, and project estimates.

FAQs

What are common applications of deep learning in artificial intelligence?

Deep learning can be used for image and speech recognition, NLP, autonomous driving, personalized recommendation systems, and more. This technique works well for many other AI applications like video analysis, medical diagnosis, financial fraud detection, and weather forecasting, enabling learning from large datasets.

How is artificial intelligence used in daily life?

Some examples of AI in everyday life include virtual assistants like Siri and Alexa, tailored recommendations on streaming services like Netflix and Spotify, fraud detection in finance apps, medical diagnosis in the healthcare industry, and many others.

What can AI be used for in the future?

Organizations will use AI mostly for the same processes as now, namely fraud detection, computer vision, predictive analytics, etc., but in the future, these operations will become more sophisticated. In particular, we expect artificial intelligence to facilitate personalized healthcare, data science, autonomous transportation, and intelligent automation.

What are the benefits of artificial intelligence?

Here are some of the benefits that AI brings to businesses:

• Automation of mundane tasks
• Increased productivity
• Improved accuracy
• Cost savings
• Enhanced decision-making
• Personalized customer experience