From boosting software security in banking to minimizing vehicle downtime, companies are discovering an ever-expanding range of use cases for AI and the advantages of AI development services.
Let’s explore practical strategies for harnessing the power of AI and integrating this technology into your business operations. We’ll start by answering the question “Why hire AI developers?”.
Why Hire AI Developers to Promote Innovation?
The impact of AI on the modern world is comparable to, if not greater than, the invention of the printing press or the rise of the internet.
While AI is creating unparalleled new opportunities for nearly every sector, many businesses are still uncertain about how to implement it within their industries.
This is where AI developers step in. They have knowledge and expertise needed to help organizations capitalize on the next-generation AI innovations.
So, do you really need to hire artificial intelligence engineers to stay ahead of the curve?
The answer is YES.
Just as no company can operate without an accountant, no business aspiring to be competitive in this new reality can afford to ignore AI developers.
Whether your aim is to improve operational efficiency, enhance customer satisfaction, or gain a competitive advantage, you’ll definitely benefit from integrating AI into your business.
AI Development for Innovation Across Industries
We’ve selected real-life examples from various industry giants that have adopted AI (and likely hire AI engineers) to use the transformative potential of this technology.
Take a look at this non-comprehensive list and consider how AI can revolutionize your business: perhaps it’s time for your company to be featured in the next success story.
Healthcare
United States’ pharmaceutical and biotechnology company, Moderna, has been collaborating with OpenAI in the field of mRNA (messenger RNA) medicine. In particular, Moderna leveraged artificial intelligence for accelerating the development of mRNA vaccines.
AI helped Moderna in analyzing vast datasets to optimize the design of mRNA sequences, which sped up the vaccine development process and improved the precision of their formulations.
Finance
A remarkable finding for financiers: one of the world’s leading financial institutions, Bank of America, holds nearly 1,100 AI and machine learning patents in its patent portfolio — a 94-percent rise from 2022!
An example of how the organization is leveraging AI and machine learning to benefit its clients and employees is the Bank of America Intelligent Receivables solution.
This is a reconciliation system that uses AI to bring together payment information and associated remittance details from various payment channels.
The solution matches payments to outstanding invoices, thus reducing time and costs associated with manual processing.
Additionally, the system uses AI to learn customer patterns and behavior to improve the accuracy of remittance data over time.
E-commerce
One of the most common uses of AI in e-commerce is recommendation systems, which analyze customer behavior and preferences to suggest products that are most likely to be of interest.
Online sellers, from video streaming platforms like Netflix to marketplaces like Amazon, rely on AI-powered recommendation algorithms to suggest their products based on previous user interactions.
Another notable example comes from the European book publisher Eksmo, which partnered with a US-based company DevTeam.Space to develop a natural language processing engine for classifying their books by genre. The AI-driven system enabled Eksmo to create a recommendation solution that tailored its advertisements, highlighting specific books to targeted audiences.
Yet another application of AI in e-commerce is customer service through chatbots and virtual assistants. Companies like Sephora and H&M utilize AI-powered chatbots to guide customers through their shopping journey.
Energy and Utilities
According to a study by IBM, 74% of energy and utility companies are embracing AI in their operations.
For instance, Shell uses AI for predictive maintenance which helps them spot problems before they become big and expensive to fix.
Additionally, AI helps the company to reduce the emissions from its own operations. Shell’s process optimiser for liquefied natural gas, for example, takes information from sensors and uses AI to calculate efficient settings for equipment.
Shell is also using AI to sort through seismic data in order to speed up the process to help find oil and gas more quickly, at a lower cost. Their smart-charging algorithm helps customers to charge their electric vehicles more cheaply.
Logistics and Transportation
Logistics and transportation are another example of sectors that extensively hire artificial intelligence developers to boost productivity.
Uber Freight, a division of Uber, uses AI to connect trucking companies with shippers.
One of the key AI applications is in route optimization, where machine learning algorithms analyze traffic patterns, weather conditions, and historical data to suggest the most efficient routes for drivers.
AI also plays a crucial role in enhancing the matching algorithm, ensuring that shipments are assigned to the most suitable carriers based on capacity, location, and performance history.
Manufacturing
AI developers can utilize generative design algorithms to assist in the creation of new products. AI can propose new product designs that are optimized for performance and cost.
For instance, Siemens and NVIDIA have partnered to integrate AI into manufacturing through digital twins and advanced simulation.
By combining Siemens’ Xcelerator platform with NVIDIA’s AI and Omniverse technology, manufacturers can create real-time, virtual replicas of production lines.
This allows for improved monitoring, predictive maintenance, and process optimization.
Digital twins help predict machine failures, optimize supply chains, and streamline operations by simulating various variables and testing new designs in virtual environments. This reduces errors and shortens time-to-market for new products.
Telecommunications
In the telecommunications industry, AI is increasingly being used to enhance customer experience, optimize network performance, and enable predictive maintenance.
AT&T, for example, leverages AI and machine learning to monitor network traffic, detect anomalies, and predict potential issues before they cause disruptions. AI-powered algorithms help AT&T optimize its network infrastructure.
Also, the company launched Ask AT&T, a generative AI platform that employees can use to summarize phone calls and documents, write code, and dig into databases to find insights to better serve the company’s customers.
Advantages of Implementing AI in a Business
If you’re looking to hire artificial intelligence developers, you should know that they can significantly promote innovation within your company by creating and implementing AI-driven solutions.
Here are some specific examples of AI integration in businesses:
- Automating Complex Processes
- Personalized Customer Experiences
- Predictive Analytics for Decision-Making
- Natural Language Processing for Enhanced Communication
- AI in Product Development and Innovation
- AI for Enhanced Security
- Supply Chain Optimization
- Advanced Marketing Strategies
When considering AI integration, businesses should focus on identifying specific challenges that AI can address. This is an additional reason to hire AI/ML developers who’ll help you select the right technologies to meet your strategic objectives.
Conclusion
AI presents fantastic opportunities for all sectors and business domains. Aspiring to tap into unchartered territories, organizations of all scales tend to hire AI developers for building innovative, cutting-edge AI-powered solutions. Just ensure you hire the right ones.