In the last decade, marketing has seen an extreme shift due to technology. The AI based marketing industry was estimated at 15.84 billion US dollars in 2021. It is predicted to reach more than 107.5 billion US dollars by the time it is 2028.
Ad campaigns have become more efficient by AI driven services where advertisers and marketers can personalise their campaigns based on the data AI platforms provide them. IBM’s artificial intelligence based cognitive service, known as IBM Watson has put IBM at the top of the list of companies using AI for marketing.
What are the top ten companies using AI to scale their businesses? Let us read on.
What is Artificial Intelligence?
Artificial Intelligence can process data in a way humans can not. AI helps humans identify patterns and make better decisions without the risk of human error. Essentially, AI was developed to do all things human intelligence can, but better. By using computer science and a huge amount of databases, AI can solve problems faster than humans. AI is being used in processes such as predicting algorithms, performing as a chatbot (Alexa, Siri) or even automating vehicles.
Key Benefits of AI for Business:
We might assume AI doesn't affect us, but the truth is all of us are in direct contact with some form of AI on a daily basis. From something as trivial as a movie recommendation on a streaming platform to something as evident as arriving somewhere in your self-driving car, AI is everywhere.
How is AI benefiting businesses? Here are some key advantages:
Efficiency and productivity gains
AI has no distractions. Since it's a robot/machine working for humans, it does not get distracted by emotions, fatigue or the need to refocus. This ensures any task given to AI is done efficiently and results in productive gain.
Improved speed of business
The uninterrupted nature of work that AI provides results in businesses unlocking a faster speed in finishing their goals and tasks. For example, an inventory managed by AI can predict an accurate demand for products while businesses can prepare in advance.
New capabilities and business model expansion
AI can help in recognizing possibilities of expansion within an organization. The data and analytics involved in AI processes can help businesses reach a new potential. For instance, by using data on frequent flyers, airlines can tie up with transportation and hospitality services for the targeted customers.
Better customer service
AI powered chatbots are helping businesses serve their customers better than ever. AI is also helping in establishing a more personal experience between the brand and the customers. Company’s can pitch movie and music recommendations by using AI generated algorithms.
There is a massive amount of data which would take a long time for humans to process, it is processed faster by the use of AI. This gives organizations the power to make real time decisions. AI can be particularly useful in monitoring data and predictions related to security.
Better quality and reduction of human error
Tasks performed by AI results in less errors. Organizations can confidently expect a reduction in error rate, plus a strict compliance to their standards, by allowing AI to process tasks. AI does not get confused, gets tired or distracted as compared to humans.
Better talent management
The use of AI in recruitment services has rapidly grown as well. AI can successfully process applications, make informed hiring decisions and can potentially boost a company’s productivity rate by identifying high performers and suggesting top tier talent.
Here are the top 10 companies using AI:
Amazon heavily uses AI in its warehouse functions. Automated consumer demand, evaluation of product availability, optimised routes for delivery and customised customer care, all these processes are handled by AI technology in Amazon. Amazon also uses AI to help track their supply chain.
Netflix uses AI to collect information on a user's watch history. It detects metadata and tags to recommend other similar shows/movies. It is known as a ‘similarity map’. Netflix also takes help of AI by collecting data on users browsing history to detect which images and visuals would more likely appeal to a particular user. Netflix manages to save 1 billion dollars every year by using AI this way.
IBM has emerged as a leader amongst organizations using AI. They have created a software famously known as IBM Watson. It is a cognitive based service that provides cloud based analytics. It helps predict future outcomes while automating complex processes for organizations. IBM has successfully used IBM Watson for scaling systems and taking over several startups over the years.
Google is one of the most famous organizations employing AI to revolutionise marketing. They have been using AI in acquisition and have bought several startups in the past years. Google Cloud sells AI services to businesses as well.
Google heavily relies on AI to deliver insights to its marketing customers. Google Ads feature has the capability to customise its ads based on geographic and monetary range of a customer.
Tesla is known for its autonomous cars. An estimated 500,000 cars send data to train algorithms, so that Tesla can stay at the top of their game. Tesla’s autonomous cars use images from its sensors and vision cameras to learn and adapt to its surroundings and take decisions independently. Tesla is a business based on the power of AI. Along with their globally established brand of AI powered autonomous cars, Tesla is now planning to revolutionise home solar power panel business with the use of AI as well.
Twitter has been using AI algorithms to provide a personalised news feed in the form of their “What's happening” section. It also uses AI to help manage which tweets appear on your feed as the algorithm can predict your preference in your choice of content. One of the biggest issues Twitter had to face was hate speech. It employed AI to help comb through millions of tweets and recognise inappropriate content and flag it so. AI has been extremely helpful for twitter to recognise hate speech, racism and terrorism promoting content.
American Express was one of the world's first companies to purchase its own computer back in 1961. It has been an organization known to adapt towards cutting edge technology. Their Amex card is famous for its fraud detection and membership rewards.
After the pandemic, they have leveraged AI in automating their document analysis process. This has allowed their employees to focus working on more customer centric tasks.
American Express is planning to release an app based predictive search capability for Amex. With this app, they hope to identify a customer's query by detecting their surroundings, before the customer would even type it.
Airbnb uses AI to check their guests' background. They use social media and any public information available on their guests, before they can allow guests to stay at their properties.
Airbnb has also made use of AI in creating algorithms that allow their hosts to set competitive rates to maximise occupation of their properties. The company also uses AI to identify labelled images by users. It then discards unlabelled images, to create an accurate representation of their properties.
Similar to Twitter, Facebook uses AI technology to detect and remove content that goes against their community standards. Facebook has been using AI in almost all of its operations. It uses a top performing AI model to detect deep fake content.
Facebook also uses AI enabled automatic translation service on users' feeds. AI is also used in image recognition, preventing suicide by detecting troublesome behaviour in its users through posts. It also created “talking pictures”, which speak the content of a photo out loud, enhancing the experience for their visually impaired users.
Spotify powers its music and podcast recommendations by AI. Spotify retains user data from the playlists and history of the user, to predict what they would further be interested in. This establishes user satisfaction.
Spotify uses audio models, a technology that analyses raw data of every song (such as lyrics and tone) to recommend these songs to people with similar interests. This makes spotify the best platform for new artists to launch their music.
AI is shaping the future of humans across all industries. IBM has reported that 35% of companies are using AI in their business, and an additional 42% are exploring it. The success of AI technology across businesses is proven by statistics. AI can increase business productivity by 40%. It only makes sense to embrace AI to reach your true potential.
The goal of this blog was to clearly focus on the strength of AI and inspire business owners and entrepreneurs to step up and adapt to artificial intelligence. All accomplished businesses around the world are constantly scaling their processes by the use of AI technology. Why not you?