The AI revolution: How companies are transforming their industries using AI?

Artificial Intelligence is becoming a game-changer for businesses across various sectors. Many companies, acutely aware of the competitive edge AI can provide, are choosing to keep their technological advancements close to the chest. This strategic silence extends beyond mere product development. It encompasses AI-driven strategies and innovations that could reshape industries.

While many companies keep their AI advancements secret, today, we’re revealing five well-known businesses that use AI to boost profits, work smarter, and create innovative products.

Whether you’re a business leader seeking inspiration or simply curious about how AI is shaping our world, these examples will provide a fascinating glimpse into the future of business – a future that, in many ways, is already here.

Almost all these companies are leveraging OpenAI‘s models. But remember, this is just the tip of the iceberg. There’s a whole world of AI solutions, from open-source projects to commercial offerings, each with unique strengths.

Moderna

Moderna, famous for its COVID-19 vaccine, pioneered AI use in the pharmaceutical industry. In 2023, they partnered with OpenAI to implement ChatGPT Enterprise across their entire company, aiming for 100% AI adoption by all employees in just six months.

Moderna is using AI for different departments:

Clinical research department

At the heart of Moderna’s research efforts is the Dose ID product, a custom-built AI assistant that transforms clinical data analysis.

It helps with the following processes:

• Data processing: Dose ID sifts through vast amounts of clinical trial data, uncovering insights that might otherwise remain hidden.
• Visualization: The AI tool generates clear, informative visual representations of complex data sets, enabling researchers to identify patterns and trends easily.
• Dosage optimization: Perhaps most critically, Dose ID aids in determining optimal vaccine dosages, a crucial factor in developing safe and effective treatments.

(Image credit) Legal department

Moderna’s legal team has embraced AI to optimize document handling and improve internal communications:

• Contract analysis: AI algorithms swiftly summarize lengthy contracts, distilling complex legal language into concise, actionable briefs.
• Policy assistance: An AI-powered system provides rapid responses to employee inquiries about internal policies, ensuring consistent interpretation of guidelines across the organization.

Brand department

The brand team at Moderna utilizes AI to enhance its messaging and expand its audience:

• Presentation preparation: AI assists in creating comprehensive, visually appealing slides for quarterly earnings calls, effectively communicating complex financial data.
• Language simplification: Advanced natural language processing helps translate intricate biotech terminology into more accessible language for diverse stakeholders.
• Audience targeting: AI tools aid in tailoring Moderna’s narrative for different audiences, from investors to the general public, ensuring effective communication across various channels.

The company has seen remarkable success in adopting custom GPT models. Employees across the organization have enthusiastically embraced this technology, creating an astounding 750 custom GPTs tailored to various business needs. The widespread adoption is evident, with 40% of weekly active users taking the initiative to develop their own GPTs. Furthermore, the engagement levels are noteworthy, as each user averages an impressive 120 AI-driven conversations per week, highlighting the significant integration of AI into daily workflows.

Moderna’s CEO claims that thanks to AI, they’re now doing the work of a 100,000-person company with just a few thousand people. That’s not just efficiency—it’s a complete paradigm shift in medicine development.

Moderna’s AI implementation opens up exciting opportunities for the entire pharmaceutical industry. By dramatically reducing the time and resources needed for drug development, AI could lead to faster discoveries of life-saving treatments. Other pharma companies could adopt similar AI-driven approaches to streamline their research processes, improve clinical trial designs, and enhance stakeholder communication. Beyond pharmaceuticals, any research-intensive industry could benefit from AI-powered data analysis and knowledge management systems similar to Moderna’s, potentially accelerating innovation across fields like materials science, renewable energy, and biotechnology.

Oscar Health

Oscar Health, an American health insurance company, uses AI to reduce costs and improve patient care.

They’re using AI in three main areas:

• Claims processing: In claims processing, they’ve developed an AI assistant that efficiently navigates claim traces, resulting in a 50% reduction in escalation resolution time.
• Medical tecord analysis: The company also utilizes AI for medical record analysis, enabling faster retrieval of relevant patient information for insurance claims, summarizing records to prepare providers for patient encounters, and identifying suitable patients for specific treatments by analyzing multiple records.
• Clinical documentation: Oscar Health сut the time spent documenting medical care conversations by nearly 40%.

Oscar isn’t just using AI—it’s building its company around it. It’s created a centralized AI Pod to guide other teams and is leading a coalition of 37 major healthcare players to develop ethical AI use principles.

Oscar Health’s AI initiatives demonstrate the potential for technology to make healthcare more efficient and accessible. By automating time-consuming tasks like claims processing and medical record analysis, AI frees up healthcare professionals to focus on patient care. Other insurance companies could adopt this approach to reduce costs and improve service quality. Moreover, AI-assisted medical record analysis could be valuable for hospitals, clinics, and research institutions, potentially leading to better patient outcomes through more informed decision-making. The healthcare industry could benefit from similar AI applications to tackle challenges like personalized medicine, early disease detection, and resource allocation.

Klarna

Klarna, a fintech company, uses AI to revolutionize shopping and customer service. They’ve developed an AI-powered shopping assistant to recommend products based on user preferences.

Their AI assistant has made significant impacts on various departments:

• Managed 2.3 million conversations in its first month.
• Equivalent to the work of 700 full-time agents.
• Matches human agents in customer satisfaction.
• More accurate in resolving issues, leading to 25% fewer repeat inquiries.
• Available in 23 markets, communicating in over 35 languages.

Klarna estimates a $40 million profit improvement in 2024 due to AI implementation. They’re encouraging all employees to explore and test AI applications, aiming for a new level of employee empowerment and enhanced customer experience.

The company’s success with AI in customer service and personalized shopping experiences opens up new possibilities for retail and financial services sectors. Companies can significantly improve customer satisfaction while reducing operational costs by providing instant, accurate customer support at scale. The concept of AI-powered shopping assistants could revolutionize e-commerce, offering personalized recommendations and seamless customer journeys. Other fintech companies, banks, and retailers could adopt similar AI strategies to enhance customer interactions, streamline operations, and gain valuable insights from customer data. This approach also paves the way for hyper-personalization in marketing and product development across various industries.

Verizon

Verizon, one of the world’s largest telecommunications companies, uses AI to handle an astounding 170 million customer calls annually.

Their AI strategy focuses on:

1. Speeding up internal processes.
2. Enhancing products with AI technology.
3. Providing robust network capabilities for customers running AI programs.

(Image credit)

Here’s how AI is transforming Verizon’s customer service:

• Quick information retrieval: Pulling up customer history instantly.
• Predictive problem solving: Anticipating call reasons based on past interactions.
• Recommendations: Suggesting solutions to agents.
• Call summaries: Automatically summarizing conversations.
• Follow-up tracking: Ensuring necessary actions are taken.

The results are impressive: agents can now anticipate the reason for a customer’s call 80% of the time and recommend resolutions with about 90% accuracy.

Verizon’s AI implementation in customer service showcases how large-scale operations can be optimized using intelligent technologies. AI improves customer satisfaction and reduces operational costs by predicting customer needs and streamlining problem-solving. This approach could be valuable for any company with a large customer base, from utilities and airlines to e-commerce platforms. Using AI for hyper-personalization at scale opens up exciting possibilities for marketing, product development, and customer relationship management across industries.

Duolingo

Duolingo, the popular language learning app, uses AI to revolutionize how over 50 million monthly active users learn languages.

They’ve introduced features like:

• Role Play: It’s an AI conversation partner that can discuss a wide range of topics.
• Explain My Answer: It’s a tool that breaks down grammar mistakes using GPT-4.

These AI-powered features are deeply integrated into the app, leveraging Duolingo’s gamified approach, which users love.

Duolingo’s innovative use of AI in language learning demonstrates the potential for personalized, interactive education at scale. This approach could revolutionize not just language learning but education as a whole. Other edtech companies could adopt similar AI-powered conversational partners and personalized feedback systems for subjects ranging from mathematics to music. Beyond education, AI-driven personalized practice and feedback could be valuable in professional training, skill development, and even therapy applications.

Conclusion

AI isn’t just a future possibility – it’s here now and changing the game across industries. AI delivers tangible business value from medicine to finance, telecommunications to education.

The question isn’t whether AI will impact your industry – how soon and how dramatically. As these companies show, embracing AI can increase efficiency, provide better customer experiences, and create innovative products and services.

This is just the beginning. If companies are achieving this with AI now, imagine what’s next. The future looks exciting, and it’s clear that AI will play a crucial role in shaping it.

Featured image credit: Freepik