New Wave of Digital Transformation – Machine Learning Solutions in Business

Abstract

Artificial intelligence (AI) is a key factor in the next phase of digital transformation in business processes.
Machine learning provides a very promising opportunity for companies, but it is very complex process to define the
best option for each company. I have collected the most promising AI solutions in the field of business. Most of the
companies tend to set up strategies to introduce and apply artificial intelligence solutions. Based on the wide scope of
cloud services offering on-demand access to advanced computing infrastructure and managed Artificial Intelligence
services, it is becoming easier and easier for companies to test these solutions, to experiment the results and to
innovate new solutions for their business operations.
In the first step, it is important to define what Artificial intelligence is. Furthermore, companies also have to analyze
and understand their own business before implementing AI solutions. This is similar to the digital transformation
process, where companies may even need to reinvent their own business in the digital world to stay competitive. Based
on these efforts, many companies are in the phase of defining the opportunities in their business to advance their
analytical practices with machine learning. The main aim is to develop algorithms trained on data sets in order to
define basic and common data patterns to make predictions for business purposes. I collected several examples in
different industries where these processes are already under way or already in operation. I will demonstrate the main
solutions and the expected results in business.
The main examples in business referring to artificial intelligence may be found in the fields of financial services,
marketing, retail, healthcare and real estate business. The main advantage of AI in these areas mainly focus on to
improve customer services, to automate workloads, to optimize logistical procedures and to increase efficiency.
Furthermore, aim of application of AI solutions may be to prevent outages, fraudulent activities and even to predict
performance and behavior. Most of the companies usually aim at managing and analyzing their sets of data to develop
their marketing and advertising activities.
The object of the research is to analyze how companies start introducing AI solutions and how the analyzing phase of
sets of data are prepared and carried out in business sectors where AI is already applied.
The objectives are to show how companies may take advantage in this latest phase of digital transformation.
Significant examples of companies in different industries are collected to demonstrate the main trends.
Tasks of the research is to define key examples for a company to initiate the introduction of AI solutions.
The paper is based on literature survey as research method. From methodological perspective, companies that have
already started to apply AI solutions are in the focus. Economic institutions and the major advisory firms also provide
economic reports on expected changes in business management, e-commerce and marketing activities based on
applying AI solutions.