Everyone is talking about artificial intelligence and the positive impact it can have on business operations –but few people are talking about what present-day ai implementations look like in a business setting outside of ai assistants such as chatGPT.
Big corporations have been implementing and using AI for many years now to transform their business operations; from automating processes to personalizing customer experiences, the applications of AI are vast and varied. In this article, we will explore how three big corporations, Coca-Cola, Walmart, and PayPal, have been using AI to improve their business operations and increase their bottom line.
How Coca-Cola, Walmart, and PayPal Are Revolutionizing their Businesses with AI
Coca-Cola: Although artificial intelligence has only appeared on the general public’s radar recently, Coca-Cola has been using ai in their business operations for several years.
Coca-Cola has been using AI to analyze social media and gain insights into how its customers consume its products. They do this by using natural language processing and computer vision analysis to look at images and text-based posts shared by users to understand where, when, and how their customers prefer to consume their products.
Coca-Cola collects and analyzes this data with the goal of using customer-generated data points to create more effective advertisements and social content that will lead to more sales and positive brand engagement.
Walmart: Walmart has integrated AI and ML into a wide variety of operations ranging from supply chain management to in-store shopping. Walmart uses cameras (computer vision) that detect if a product is on the shelves, see which specific products (brands) are in stock, and compare that stock to upcoming sales demand. Walmart’s system analyzes this data in real-time and turns it into useful information that can be acted on immediately. For instance, if an item is out of stock, the system automatically sends an out-of-stock notification to an employee so that the item can be put back on the shelves or ordered ASAP.
PayPal: PayPal uses machine learning algorithms to identify fraud by processing large datasets with multiple variables to find patterns that indicate illicit activity may be taking place.
By training models with thousands of “good” and “bad” transactions, PayPal can identify user behavior that most likely indicates fraud. PayPal does this by using machine learning algorithms that process several data points–is the customer engaging in high-risk activity, how many log-in attempts did they have before they successfully got into their account, is their current user behavior drastically different from their past user behavior, and more–to understand whether an individual is a legitimate customer or potential scammer.
How to Unlock the Benefits of AI
Any time meaningful data is or can be collected, artificial intelligence and process automation can be used to increase efficiency, reduce costs, and improve your business’s bottom line.
AI allows companies to identify their circumstances and constraints in real-time and use those data points that are generated to address business scenarios or identify future trends that lead to improvements in the business or process at hand.
If you and your business are interested in using ai but are not sure where to begin, check out our article “How to Begin Using AI: A Beginner’s Guide to artificial intelligence.”