Ed-Tech

5 Ways AI Transformed The Global Economy

Not long ago, artificial intelligence (AI) and machine learning were just one of the latest technological advancements poised to change the world. At first, people were skeptical about how they could affect us as a society. But, nowadays, it is commonplace to encounter them daily. 

AI is embedded in different industries in a lot of ways. We could see them in healthcare, finance, construction, and more. Adopting artificial intelligence revolutionized the way we transacted and did business. Let us show you some of the ways AI transformed the global economy. 

Automation and Safety

One of AI’s most significant advantages is taking risks instead of humans. Therefore, it can take over more dangerous tasks like construction, mining, or even manufacturing. Humans don’t need to put themselves in unnecessary danger to get the job done. Humans don’t have to intervene; you can watch from a safe distance. As a result, it allows faster execution and operation for businesses. 

But it is not just limited to robots. When used in combination with machine learning, AI is also capable of biometric scans, voice recognition, etc. It provides an added layer of security, which makes businesses more secure and makes customers feel safe. 

In addition, AI has made automated convenience stores possible, which is the case in Japan, Canada, and Singapore, to name a few. These stores don’t have staff to assist customers. Instead, you download their app, pick what you want, and pay at the counter. The store is equipped with AI-powered cameras and sensors that monitor what products you take. 

Cybersecurity

The pandemic caused many of us to shift our operations online. For example, we have seen a rise in food deliveries instead of dining out and office workers converting to remote work. That change led to an increase in digital platform usage. But even after the world is returning to normal, many of us still conduct business digitally because of the efficiency and convenience it brings. 

However, going digital is not without risks. You have to be aware of phishing scams, identity theft, etc. Therefore, you need to maintain constant vigilance of your online behavior. Fortunately, AI cybersecurity does all the heavy lifting. It can process large amounts of data and look for security threats. You can even use it for data loss prevention. It is a gamechanger for industries that deal with sensitive information, like healthcare industries or the government. Some AI cybersecurity solutions also ensure compliance with data privacy regulations like GDPR in the EU or HIPAA in the US.

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Personalized Customer Solutions

As technological innovations develop, so do the ways you apply them. AI is not just limited to the tech industry. Many businesses utilize AI chatbots to respond to customer inquiries or complaints from restaurants to clothing shops. Some countries even provide a virtual assistant when you browse their website. These elements offer faster customer service. 

You could also find AI in the beauty industry. Global brands like Maybelline or L’Oreal have virtual try-on. It allows you to see how the makeup would look on you by uploading a selfie. Some skincare brands also offer quizzes to determine your skin type and the products recommended for you. These offer a more personalized and enhanced customer experience, keeping customers happy and businesses thriving. 

Data Analysis

You can use Artificial intelligence to analyze data more efficiently than if you go through them manually. It is vital given the copious amount of information available online. Its application is beneficial for market research. An efficient marketing data analysis keeps businesses updated on the latest trends to give them an edge over their competitors. It is also valuable for conducting research and development for a new product or service. 

Data analysis also helps companies make critical business decisions because it uses facts and not hunches. You can also gain insight into what your customers like and do not like to improve your product or service. Ultimately, it helps your business thrive. 

24/7 Availability

AI does not get tired, unlike humans. They do not need to take breaks either. They are ideal tools for implementing 24-hour customer service and support. They ensure a business will go on as usual. With AI, customers can have their concerns met even when there is no human staff. They can ask questions about a particular product or service even if it is past closing time. Banks are primary examples of businesses that utilize this feature. There is even AI in the hotel industry. Some use robot concierges to provide round-the-clock service to customers. Some use chatbots to address simple concerns that don’t require human intervention. They all serve to provide an enhanced customer experience.

Conclusion

AI has transformed the global economy by making it secure, streamlined, efficient, and personalized for the modern consumer. In this regard, many industries can benefit from adopting AI to make everyone’s lives easier. 

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