How the Use of AI & ML Can Help in Business Growth & Operational Efficiency?

Artificial intelligence and machine learning have been two of the most commonly used buzzwords in app development for years now.

According to development experts, AI & ML have been game-changing in several industries, including fintech, fantasy sports, streaming, etc.

There’s no doubting the fact that artificial intelligence and machine learning have impacted the world in ways one could only imagine.

The adoption of these technologies is a clear indicator that these technologies are not only being used as a trend, but are here to stay and add to the efficiency of a business.

But how?

Well, that is exactly what we are going to discuss in this post.

In this post, we will be checking out different ways AI and ML are powering business growth and operational efficiency across industries, without complicating the process for the user.

So, without further ado, let us start by understanding the impact of AI and ML in business growth through some eye-opening stats related to the adoption of these technologies and how they have impacted the overall ecosystem.

Adoption of AI & ML in Businesses: An Overview

One of the key issues that businesses have faced over the past few years with the latest trends is that they do not generally convert into revenue.

Think about it, the ability to remotely control your device or use gestures to get things done through your phone surely seems a great feature to add to your application; however, these features are not generally the selling point of an app.

However, that is not the case with artificial intelligence and machine learning.

The current market is full of solutions that use machine learning algorithms and artificial intelligence in one way or another.

And that has been the case since the emergence of these technologies, as they bring a lot of convenience to the table.

The results of this convenience are clearly visible in different industries, too. The best example is the use of AI, which has garnered $9.45 billion in revenue in 2021 and is expected to grow at a CAGR of 16.5%, reaching $41.61 billion by 2030.

Another interesting stat that supports the claims of AI & ML empowering businesses comes from the healthcare industry, where the market was estimated to be at $26.57 billion in 2024, expected to reach a whopping $187.69 billion by 2030 with a CAGR of 38.62%.

What this shows is that not only are AI and ML involved in simplifying the experience for the users, but it is also gaining solid popularity in the market, which translates into improved revenue.

Introduction to AI & ML for Businesses: What is the Buzz About?

Looking at the statistics and how multiple industries are benefiting from these technologies, some of you might have become interested in understanding artificial intelligence and machine learning’s uses in a business setting.

To grasp the essence of these technologies, you first need to know what they are.

For those who are new to the concept of artificial intelligence & machine learning, here’s a quick definition for both –

♦ Artificial intelligence

It is a technology that allows a machine to perform tasks and analysis that may generally need a human operator to finish. It is a game-changer for industries that can utilize automation.

The core competency of these solutions is to make your applications smart enough to direct the hardware and software to complete a certain task involving human intelligence by simulating cognitive functions such as decision-making, problem-solving, and learning from the user.

♦ Machine Learning

On the other hand, it is considered to be a part of AI, which allows systems to learn from use cases. These are algorithms that support the intention of deploying artificial intelligence, making it easier for the machines to learn from the data that is given to them.

Machine learning, as the name implies, allows a machine to be on its toes to grab every behavior of the user to learn.

Now, the definitions clearly indicate that with the help of AI & ML, achieving a smarter workflow and better results is certainly possible.

Now, you may be wondering why exactly a system needs to be smart or automated? Well, there are several challenges that businesses have to face in everyday life.

And through the implementation of AI, these can be minimized, helping a business work more efficiently and grow exponentially.

What are these challenges? Let’s check out in the next section.

Challenges in Business Growth & Operational Efficiency

When we talk about business efficiency and operations management for businesses, the challenges that appear are almost identical in every field.

Irrespective of whether you are in fintech or healthcare, if you have a supply chain or a set process, the challenges will be similar.

However, the introduction of technologies like artificial intelligence and machine learning has certainly played a pivotal role in eliminating the challenges in their own way.

Here are some of the key challenges that businesses face and how AI & ML can help in resolving them –

Challenge #1: Resource Limitations

Managing customer queries with limited resources.

Solution: With AI-enabled chatbots and virtual assistants, you can delegate the first interaction to machines and computers, helping you manage your human resources better.

AI & ML can help in improved sentiment analysis and predictiveness, which not only simplifies the interaction but also reduces your response time.

Challenge #2: Demand, Supply, & Inventory Management

Planning the demand and supply, while managing inventory beforehand.

Solution: Machine learning algorithms can help you identify the inventory requirements based on predictive analytics for demand forecasting.

An inventory management system is also possible with AI, which allows you to optimize routes in real-time, making it easier to reduce operational issues one might face in the supply chain.

Challenge #3: Risk Detection & Mitigation

Detecting loopholes in the processes and managing risk detection.

Solution: Majorly seen in fintech and financial services, fraud and credit risks are often difficult to manage. In other businesses, too, the risk of fraud and poor inventory management is always there.

However, with AI & ML, you can easily put scoring models, real-time fraud detection, and expense categorization for smoother risk management.

Challenge #4: Customer Acquisition & Conversion

Poor customer targeting and abandonment of the cart by users.

Solution: Managing to target the right audience has become tougher for businesses over the years. That is because the classification of services has gone deeper. Ideally, if your business is facing cart abandonment or customer targeting issues, AI can help you reduce the effort.

Use dynamic pricing, personalized recommendations, and more to push your products and services to customers in a better way.

Challenge #5: Inconsistencies & Failures

Equipment/system failures and inconsistencies in the product/service quality.

Solution: From healthcare to manufacturing, inconsistency at any step can cause serious failures. With the help of AI & ML, one can easily manage these situations and reduce the uninvited anomalies by deploying quality control automation. You can also use predictive maintenance and assisted diagnostics for failures, making it more and more.

Other than these, you can get a lot more benefits in other areas, such as marketing and sales, with the deployment of AI & ML.

Not only do these technologies simplify your process, but they also help in improving the operational efficiency of the business.

Industries in Which AI & ML Are Empowering Business Growth

Now, a lot of you might have gained clarity on how these technologies can resolve regularly occurring challenges in a business. However, you do need to face challenges in your business to upgrade.

If you are not familiar with the challenges shared above, or have not encountered any of the issues mentioned, it doesn’t mean that you should not upgrade your system with artificial intelligence and machine learning.

There are several industries AI & ML are helping businesses grow, these include –

• Healthcare

To improve your business performance and operational efficiency in the healthcare sector, you can use machine learning and AI for digital transformation in healthcare.

For instance, ML algorithms can be used for resource planning, predicting patient admissions, and simplifying staff schedules. AI is also a game-changer for instant diagnosis of patient data, medical records, and scans.

• Finance

Operational efficiency is of high importance for fintech applications and software. The core role of ML & AI in finance is in handling risks and managing fraudulent transactions from the high volume of transactions.

AI can be used to detect unusual patterns, potential fraud, and unauthorized transactions to simplify the security of the application.

• Mortgage

Businesses using mortgage software can leverage AI & ML to be more secure about the process of offering credit to their customers.

How? Well, AI allows the processing of financial transactions and user data to identify their creditworthiness.

This way, you have all the insights on the borrower’s profile and whether there’s a risk or if there are better offers that you can generate for them. Machine learning can be used to automate the loan approval process.

• Retail

When offering retail services, there are several operations that you can improve using AI & ML.

To grow your retail business, you need to take care of three things: Inventory, Market Demand, & Customer Satisfaction.

With artificial intelligence, you can manage your inventory easily. Not to mention, machine learning allows your system to understand user preferences, so that you can push recommendations accordingly.

Analyzing the market demand is also easy with AI, as it can help you analyze buying patterns.

• Manufacturing

Downtime and poor quality are the biggest threats to any manufacturing business. While not every business is facing this issue today, every business surely has to face the quality issue when dealing with manufacturing plants.

With AI deployment, you can easily keep track of possible anomalies that may arise by analyzing the current practices. Higher accuracy checks can also be run easily through machine learning.

All the industries, all the challenges, everything that you can think of can benefit from using AI and ML in the long run. Businesses and industries have seen a massive increase in revenue after the adoption of these technologies.

However, to ensure that these benefits are added to your business, you need to ensure that the technology is implemented properly in your system. To achieve the best results, you will require a dedicated expert to implement AI & ML for you.

But where to find these experts? Well, keep on reading, as we have just the right solution for you.

Nimble AppGenie: Your AI & ML Integration Partner

With highly experienced AI developers and the best resources for artificial intelligence and machine learning, Nimble AppGenie is one of the top AI Development companies and the most popular choice for people to opt for when it comes to AI and ML integration.

To empower your business growth and improve operational efficiency, you need someone who can understand the current flaws in your business and offer you an end-to-end solution that not only gets the job done but also makes your system future-ready.

If you are looking for someone to guide you through the process and make AI & ML integration easy, then look no further! Nimble AppGenie is here to help you.

Simply connect with our experts and state your requirements!

Conclusion

Technology has always been a key player in improving the experience of users and the efficiency of business processes. The case with AI & ML is no different.

If you aim to overcome all the challenges in your business and boost operational efficiency, integrating AI and ML in your existing processes can be a great investment, irrespective of the industry you belong to, as AI and ML are certainly the need of the hour.

Hope this post gives you all the insights about why you should choose the tech. That will be all for this post. Thanks for reading. Good luck!

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Niketan Sharma

Niketan Sharma, CTO, Nimble AppGenie, is a tech enthusiast with more than a decade of experience in delivering high-value solutions that allow a brand to penetrate the market easily. With a strong hold on mobile app development, he is actively working to help businesses identify the potential of digital transformation by sharing insightful statistics, guides & blogs.