What are the most profitable AI-related business ideas you can start today from anywhere in the world?
The biggest threat to artificial intelligence, according to Eliezer Yudkowsky, is when people assume they fully understand it.
The popularity of ChatGPT today has led many to believe it is unnecessary to learn other applications of AI and their use cases. This is the biggest risk and the root of poverty, illiteracy, lack of technological growth, and more.
Today, more than 250 million businesses have discovered the secret to generating profits and operations through the power of AI. This article will discuss the top 10 AI-related business ideas used by these businesses.
1. AI fraud detection system
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Companies like Enova, Ocrolus, DataRobot, and Zest AI integrate a wall of protection into their business operations. AI (Artificial intelligence) fraud detection systems build and strengthen these walls to help identify and stop fraud. It employs machine learning to quickly and easily search enormous data sets, files, and websites to identify and remove potential threats.
This artificial intelligence platform helps businesses analyze client behavior, device data, location, payment methods, purchase history, social media records, and website data. You can see this in action in our previous article where we explained how AI is used in fraud detection in the banking sector.
At this point, we recall the popular saying of Christian Lous Lange, “Technology is a useful servant but a dangerous master”. When a company neglects to update the software and data, fraud detection AI systems become a hazardous master. The AI system may automatically classify some customers as dangerous due to outdated information.
2. AI retail assistance
AI-powered retail assistance system is the second business concept that is rapidly growing. AI retail software performs tasks such as sorting orders, identifying products, allocating products, and accelerating order fulfillment.
Amazon, Walmart, Alibaba, and eBay are just a few companies that have incorporated AI in providing automated suggestions, cashierless business processes, product recommendations and forecasts, and user review research. For instance, Lex, an Amazon chatbot, makes it easier for customers to shop by using voice commands which improves the shopping experience. Another example is Walmart’s AI system which employs Natural Language Processing (NLP) to estimate demand, manage inventory levels, and recognize consumers’ orders.
3. AI-powered educational software
Moving over to the educational sector, generative AI and ChatGPT are the leading tech giants. These tools use Machine learning in translating and teaching languages, writing, educating young children, and tutoring.
Businesses adopting this strategy include Squirrel AI, Carnegie Learning, Cognii, Nuance, Blippar, Century Tech, Querium, HowNow, and KidSense. The outcome?
Squirrel AI, a Chinese education firm, uses advanced algorithms to deliver high-quality, personalized K–12 after-school lectures. Chief Officer of Squirrel AI, Tom Mitchell, says that AI made learning enjoyable, and understandable, which raises Squirrel AI’s reputation. Today, in more than 200 locations across China, Squirrel AI owns and controls over 1,799 schools.
4. AI-powered virtual health support
AI-based virtual support in healthcare employs Natural Language Processing (NLP) to anticipate patient analysis and speech recognition. This software analyzes massive volumes of data to find patterns. Frequently, this helps physicians improve diagnoses and provide effective treatments.
For instance, Babylon Health’s AI system offers eHealth, patient interaction, and AI-powered decision support products. Patients enjoy personalized healthcare experiences through automated chatbots and automatic video or text connections between doctors and patients. This increases their sales, saves time and money, and improves the patient experience.
5. AI chatbot
Companies in the healthcare, education, marketing, Web3, and other industries have incorporated AI chatbots that improve customer service. You will see this in action when you try reaching to the customer support of Hostgator. Consumers prefer chatbots because they can quickly discern their needs and provide personalized service.
Some companies like OpenAI have integrated marketing campaigns to sell customized AI chatbots through customgpt.ai. Companies like Facebook have integrated it into their services to provide a better experience to their clients.
6. AI recruitment Software
AI recruitment marketing analyzes job market trends, creates job adverts, and improves candidate sourcing to attract interested applicants.
What role does this AI tool play in recruitment?
It compiles information about the company from internet sources such as reviews and magazines, and it examines job applications to determine which ones fit the company’s brand image. Without a specialized recruiter, this automatically chooses the candidates who are the best match to work for the organization, saving both time and money.
Companies like Google offer interactive content on career portals, chatbots, and insights into the candidates.
7. AI video generator software
Have you ever wondered how brands like Nike produce perfect high-quality video content for their adverts?
Companies, content producers, startups, influencers, and marketing firms utilize AI videomakers. AI video generators source analyze and evaluate data, and then use the information to create a comprehensive video. The benefits of AI video generator systems include:
Businesses can save the cost of hiring video equipment, film crews, actors, studios, and video production experts. A report from synthesia.io confirms that applying AI techniques will cut the typical video production time by eight days. As a result, AI can produce more videos in less time.
The adoption of AI in video production is possible through AI-powered programs like Wave.video, Synthesia, Lumen5, Elai.io, Raw Shorts, Pictory, etc.
8. AI data management
According to IBM, the current Global market data breaches reported in 2023 is $4.45 million.
AWS Azure and other AI data management platforms will progressively replace jobs like accountants, tax preparers, and data managers. They reduce the possibility of human errors, eliminate the expense of recruiting human staff, and offer more accuracy with better customer service.
AI data management systems are used in the accounting industry to process invoices, identify fraud, conduct financial analysis, reduce expenses, prepare taxes, support audits, and handle tax compliance and preparation.
Although AI can handle data, it cannot replicate human abilities like empathy, and critical thinking. As a result, businesses use human support to perform complicated data management duties. But can humans handle massive volumes of data as accurately as a robot?
9. Email optimization
To create email optimization solutions, AI merges technology and communication.
Automation and personalization are two ways optimization techniques improve email marketing. It examines user data and produces content that fits each user’s preferences. It also offers insight into email marketing, delivers well-targeted messages, and increases engagement and outcomes. Grammarly, Salesforce, IBM Watson, Persado, Phrasee, SendinBlue, and Mailchimp employ this strategy.
What advantages can AI-based email optimization offer?
Increased Income
The click rate for mobile users increased from 2.7% to 3.1% thanks to Mailchimp’s email designs. This shows how AI produces income and boosts companies’ authority.
Effective email marketing campaigns
With AI email optimization, marketing campaigns are more successful and well-targeted. AI email optimization technologies include Mailchimp, Hubspot, etc.
Also Read:
- A Detailed Analysis of the Best Cold Email Outreach Technique to Choose
- What is the Best Way to Structure an Email Newsletter and Make It Irresistible?
- 7 Actionable Email Copywriting Techniques to Optimize Your Marketing Strategy
10. Personalized shopping
Zara, a fashion brand, has incorporated AI into several operations, including shopping. Their artificial intelligence (AI) system, Jetlore, studies consumer behavior and records preferences for size, color, and style. AI technology uses this data to suggest products that suit the consumers’ preferences.
What are some ways that businesses have profited from customized shopping?
- It increases brand reputation and consumer trust.
- It cuts down on shopping time.
- Zara has an advantage over rivals in terms of flexibility, speed of delivery, and product suggestions while shopping. AI thereby improves brand visibility and revenue.
Final words about AI-related business ideas you can start today
Businesses are employing AI in fraud detection, retail services, educational tools, virtual health aids, and chatbots. It has also been in effective use in online recruiting, video generators, data management, email optimization, and personalized shopping.
All these tactics have increased sales, expanded client bases, and improved brand visibility and customer experiences.
Artificial intelligence (AI) will aim to make business processes more satisfying and less demanding by presenting new prospects and use cases for companies. Which of these AI-related business ideas are you willing to start today?
