The primary AI and ML solutions to consider for your business

5m read
Artificial Intelligence, Machine Learning

It’s well known that AI and machine learning (ML) offer a wealth of practical solutions that can transform your business. It is now estimated that nearly half of businesses are now using ML in their operations. But the magnitude of AI applications available makes it hard to know what will work best for your business. When it comes to AI and ML solutions, picking a project that aligns with your overall business strategy is the answer. So, if looking to implement AI into your operations then here is a selection of some of the primary use cases for you to consider.

Streamlining operations and boosting efficiency

One of the biggest use cases for AI and ML is increased productivity, and there are many ways AI can achieve this. Repetitive tasks, manual data entry, and inefficient workflows all hinder your business growth and eat into your bottom line. ML can automate low-value tasks, freeing up your employees’ time so they can focus on the more strategic elements of their workload.

Businesses that provide physical products can use AI algorithms, such as demand forecasting, to analyse historical data and market trends to accurately predict the future. This then allows them to optimise their inventory, streamline their supply chain and allocate resources more effectively.

ML-powered predictive maintenance can also analyse sensor data from equipment to predict potential failures and proactively schedule maintenance, minimising downtime and costs in industries such as manufacturing.

“If you’re looking at where AI can have an immediate impact on your business, look at internal processes that take a lot of time or people. The ability of AI to simulate human intelligence means that using it to augment the activities of your team will lead to greater effectiveness and efficiency.”

Sian Rodway, Chief Operating Officer, MDRx

But AI and ML solutions are not just about cost savings and higher efficiency. AI-powered marketing and advertising can help you personalise campaigns, target the right audience, and optimise your ad spend, leading to increased sales and improved top-line growth.

Make data-driven decisions

With so much data now at our disposal, making informed decisions can be challenging. AI and machine learning technology empower you to leverage vast amounts of raw data into strategic decision-making.  AI-powered machine learning tools can analyse vast amounts of data to identify market trends, predict customer behaviour, and assess potential risks.

This is an invaluable resource when it comes to product innovation and development. Harnessing AI to analyse customer feedback and market data allows you to identify customer needs and develop new products you know will sell.

Dynamic pricing models can be developed using ML algorithms, allowing you to optimise prices based on individual customer preferences and market conditions. This type of AI and data analytics has been reshaping the real estate industry. Cleverly built algorithms are enabling developers to better identify investment opportunities and the best time to buy and sell property.

AI algorithms can also be used in fraud detection by identifying unusual patterns in transactions and flagging potential illegal activities. PayPal has been detecting fraud using ML for several years now, saving them billions in the process.

Personalisation powered by AI

In today’s competitive business climate, you need to offer personalised solutions in order to stay ahead. AI and ML solutions can achieve this by allowing for hyper-personalisation. This is particularly relevant to sectors such as retail and the luxury goods market, where people are looking for ever more individualised shopping experiences. ML can be used to analyse customer data to suggest relevant products, services, or content that will increase customer satisfaction and ultimately build brand loyalty.

One of the primary ways in which these technologies can be used in industries like retail is through chatbots and virtual assistants. By offering real-time support and being able to efficiently address individual customer queries, they provide a more personalised customer service experience than, say, an FAQ page on a company website.

Implementing AI

Embracing AI and ML solutions might seem daunting, but it doesn’t have to be. When it comes to your AI strategy, start by identifying specific areas within your business where these technologies can add the most value.  Once you have a clear focus that aligns with your business goals, you can start developing your AI project.

From helping artists keep track of their royalties to making complex legal and financial documents more digestible for everyday consumers, we have worked with a range of clients across sectors to bring their AI projects to life.

Here is our expert advice for implementing AI into your business:

  • Start small and experiment. Don’t try to implement a company-wide AI overhaul overnight. Begin with a pilot project to see if it works and gradually scale up.
  • Focus on data quality. AI and ML are only as good as the data they are trained on. Ensure you have high-quality, accurate data to fuel your AI models so you can reap the return on investment you are after.
  • Seek expert guidance. Partnering with experts who specialise in emerging technologies will help you navigate your company’s digital transformation with ease and identify the right solutions for your business.

Hear from our founder and CEO, Tom Grogan, as he talks more about adopting AI into your business.

De-risking your AI project

While AI and ML can transform your business operations, they require careful planning, implementation, and ongoing monitoring, as well as a full understanding of the risks.

AI and ML solutions raise some fundamental questions both around public policy and ethics. Cyber threats to your data security, intellectual property laws and machine bias are just some of the issues that need to be considered when developing an AI project.

As expert consultants in emerging technologies, we take a compliance-by-design approach to de-risk your AI project and safeguard your business at every turn. What makes MDRx unique is our legal expertise which is backed by the 1,500-strong law firm Mishcon de Reya. This ensures your project is compliant with both legal and regulatory standards from the very beginning and stops you from hitting any roadblocks further down the track.

So, if you want to harness the power of AI to add real value to your business then get in touch to start your AI transformation project now.