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November 15, 2023 | General
How Fortune 500 companies harness the potential of AI?
Since the release of the free version of ChatGPT, artificial intelligence has become one of the hottest topics in the world of technology. The rapid pace of development in this field makes it one of the main and widely discussed subjects—the possibilities that artificial intelligence will provide to people in the future. Therefore, in this article, we will focus on the current applications of AI used by the top performers in the Fortune 500 ranking.
Artificial Intelligence and Amazon
One of the leaders in AI implementation is Amazon.
Delivering a defective product can discourage consumers from further using a particular service. Therefore, Amazon has decided to develop its own system using artificial intelligence to detect faulty products before they are shipped to customers.
The previous system was very time-consuming, involving manual checks of product condition by up to five people, even though defective products only appeared on average once in a thousand cases. The new control process involves placing the product in a container, which is then transported to a special scanning station where it is evaluated by artificial intelligence based on a collected dataset containing the appearance of both good and defective products. If a particular item fails the AI quality check, it is sent to an employee who manually assesses the actual product condition. This solution is currently used in several Amazon facilities, but the corporation promises further development and the possibility of expanding the solution to detect the time when the damage occurred. This will further minimize the frequency of defective products, resulting in cost savings for the company.
Additionally, Jeff Bezos' company utilizes artificial intelligence in many other areas of its operations, employing solutions such as:
- Personalized product recommendations
- Search item suggestions
- Assisting in managing inventory and supply chains.
Artificial Intelligence and Walmart
Walmart is the largest supermarket chain in America, employing over 2 million workers. To facilitate the work of store staff, the network decided to create its own application powered by artificial intelligence. It can indicate to the customer where to find the desired product, suggest necessary items for events such as birthday parties, or generate a 3D visualization showing how a particular product would look in our room.
Artificial intelligence is also used in managing logistics chains. Trucks supplying Walmart network stores are loaded according to the plan proposed by AI. Then, employees use a special application to scan boxes with products, and artificial intelligence informs which boxes need to be unloaded. With sensors mounted on store shelves, AI helps decide how to arrange products to improve sales. For example, it determines whether it is more profitable to place breakfast cereals from the same company with different flavors next to each other or cereals from different manufacturers but with the same flavor.
Artificial Intelligence and Coca-cola
Coca-Cola takes a very interesting approach to implementing AI solutions. We are referring to one of the company's products, Coca-Cola Y3000, whose taste was created by "combining perspectives of fans from around the world and insights gathered by artificial intelligence." The use of artificial intelligence to compose a beverage did not go unnoticed. It is easy to imagine that due to the role of AI in creating the product, many people wanted to try the taste of this cola. Moreover, many influencers recorded material about it, further assisting in marketing the product.
The success of Coca-Cola does not come out of nowhere and is supported by an analytical approach and collecting the right data. Already in 2014, the beverage manufacturer decided to install sensors in 60 drink vending machines that continuously provided information about the status of these machines. Based on this data, the artificial intelligence algorithm analyzed the vending machines' demand and then recommended which products and in what quantities should be delivered. As a result, artificial intelligence noticed that energy drinks were selling poorly in hospitals, and it was worth supplying a different assortment instead. Thanks to this system, a 15% increase in sales and an 18% reduction in replenishment frequency were observed.
Summary and conclusions
Based on the experiences of these three global corporations, it can be concluded that artificial intelligence excels in automating and optimizing simple and repetitive processes. Its use is not limited to them, as AI also performs well in enhancing the accessibility of using services and products. Artificial intelligence is also gaining perspectives in the creative field. Moreover, the implementation of AI solutions can be an excellent marketing strategy.