Artificial intelligence is transforming the business landscape, and there's no denying that. While developed countries are already getting benefits from using AI in business, developing countries are still figuring out how AI can participate in the business process. This is specifically true for Bangladesh—a land of opportunity where businesses are just beginning to explore the potential of AI.

The benefits of artificial intelligence can not be ignored. From automating routine tasks to providing a personalized experience to customers, artificial intelligence can significantly improve Bangladesh's economy. 

This article will explore various ways AI transforms business and what Bangladeshi businesses can learn from it. Before we dive into the topic, let’s explore how artificial intelligence is impacting businesses globally.

The Uses of Artificial Intelligence Around the World

With the increased popularity of AI-powered solutions, businesses worldwide are taking advantage of this. Many companies are using AI-powered data to drive success in:

Developing Smarter Products

Businesses use AI-powered solutions to improve their products' functionality and design to enhance the user experience. For instance, the internet of things (IoT) uses artificial intelligence algorithms to connect home appliances and systems from a single device, allowing users to manage and control the system.

Providing More Smarter Services

Utilizing AI-powered solutions business ensures more customized and personalized customer service. Financial services companies use AI to analyze their client investment profile and provide better-personalized investment recommendations.

The output of using AI analysis results in increased customer satisfaction. Another example of providing more competent service would be a retail company analyzing customer behavior, such as buying patterns and preferences. Using these data, retailers can offer better-personalized experiences, resulting in increased customer loyalty, engagement, and sales growth.

Optimizing Business Operations

With artificial intelligence-powered solutions, businesses streamline and automate their internal operations, such as accounting, HR, and logistics. For example, the supply chain department of a company can optimize delivery routes and wait time while reducing shipping costs using AI algorithms. This results in more flexibility and efficiency in business processes and allows business scalability.

Optimization of Products and Service Pricing

Price is one of the critical factors in pursuing a customer to buy. Companies take various factors before determining the product or service page, such as:

• Customer behavior and their buying habits
• demographics
• Market trends analysis
• competitors' pricing strategy analysis
• Changes in demand and supply

Artificial intelligence considers all scenarios and helps business optimize their pricing strategies. The perfect examples would be Amazon, Walmart, and Uber. 

• Amazon and Walmart both use AI-powered algorithms to analyze sales data, competitor pricing, demand, and availability to set an optimal price which helps them maximize their revenue. 
• Uber uses an AI algorithm to recommend fares based on various factors such as destination, distance, approximate reach time, etc. Artificial intelligence also provides recommendations on efficient routes.

Advertise Using Virtual Replacement Perimeter Technology

Virtual replacement perimeter (VRP) technology enables businesses to advertise personalized ads to customers who are within the virtual perimeter, such as television. VRP uses artificial intelligence-based solutions such as machine learning algorithms to examine customer data and display ads in different regions.

Mining and Energy

The use of artificial intelligence in mining and energy industries have been increased lately, and the results are optimistic. The usage of AI in this industry ensures efficiency, safety, and sustainability. Here are some significant examples of how artificial intelligence usage is helping the mining and energy industries. 

• Data sent from sensors and other sources are analyzed by AI and can predict equipment failure before it occurs. The result is, reducing downtime and ensuring safety.
• AI also helps prevent workplace accidents by analyzing camera feed and sensor data.
• AI is helping in analyzing geological data to identify areas with high potential for natural resources. This is significant because it helps to utilize resources efficiently while reducing waste. 

Healthcare 

AI usage has significantly increased in recent years by healthcare professionals. AI streamlines many processes in healthcare resulting in better patient outcomes and reducing costs. Here are a few significant examples:

• Healthcare professionals using AI-based analysis to develop personalized treatment plans. This eliminates unnecessary tests and other medical procedures, saving time and money. 
• Medical staff uses AI to automate administrative tasks such as appointment scheduling and medical insurance processing. This results in a better output in medical service and the efficiency of a healthcare system. 
• AI can predict disease outbreaks by monitoring and analyzing data from various sources and warning about the potential spread of disease. This ensures public health and prevents infectious diseases. 

Agriculture

The usage of AI positively impacts agriculture by improving crop yields optimizing resource utilization, and reducing waste. Here are a few examples of using AI in agriculture:

• AI algorithms can analyze images captured by drones and detect pest infestation. This assists farmers in taking preventive measures before the damage becomes severe. 
• Using AI has been increasingly used in soil data analysis and can recommend pH and nutrient level adjustments that can affect crop growth. The significance of this is farmers can reduce costs relating to fertilizer while using it efficiently.

Finance, Banking, and Insurance

The uses of AI in financial sectors have increased recently. AI can now detect potentially fraudulent activity by analyzing data and identifying patterns. This helps financial institutions such as banks and insurance companies to detect and prevent fraud. Here are some practical use of AI in the financial sector:

• AI is helping financial institutions and insurance companies make an informed decision that helps them reduce risk. How so? AI can analyze data to detect a company's risky credit behavior and help managers decide. 
• AI has also been used in investment management. Investors and investment managers use AI-driven data previously analyzed by AI, such as market trends, future performance predictions based on past data, etc. 
• AI can help companies make compliance with regulatory requirements. AI allows companies to monitor transactions and ensures compliance. This helps companies to avoid penalties and fees and reduce the risk of brand reputational damage. 

Opportunities for Bangladesh: How AI Can Benefit Bangladeshi Businesses

AI has entered into people's life. We might not be aware, but AI is a part of our daily life. From virtual assistants to news, homes, or workplace, AI usage is everywhere. Bangladesh is a developing nation. Our resources are scarce and limited. 

Businesses, NGOs, and Governments can tackle resource scarcity and improve the nation's residents living standards using AI-powered solutions. By taking advantage of AI-powered solutions, the business sector in Bangladesh can:

Increase efficiency

Businesses can automate repetitive and time-consuming tasks, enabling employees time for more urgent tasks. For example, a chatbot can handle customer inquiries while customer care representatives can focus on other important tasks and issues. Additionally, AI-powered solutions can process significant data while making decisions faster and maintaining 100% accuracy.

Save Cost

Businesses can reduce labor costs by automating manual labor and human interaction processes. For instance, financial data can be analyzed with an AI-powered system. An AI-powered system can evaluate financial data to discover cost-cutting opportunities, such as waste reduction or supply chain process optimization. 

Furthermore, AI can assist in lowering operational costs by enhancing supply chain management, minimizing downtime, and avoiding equipment malfunction through condition monitoring.

Improve Decision-making

Sometimes, it's difficult for humans to analyze significant amounts of data and provide insights and forecasts. AI-powered solutions can take these responsibilities and provide predictions and valuable insights with more accuracy. For instance, AI can analyze sales data to forecast future demand and provide insights to manage inventory efficiently.

Additionally, doctors can diagnose more accurately in the healthcare sector by analyzing medical tests and patient records.

Furthermore, AI-powered technology can support individualized client recommendations based on their previous behaviors and preferences, increasing customer engagement and revenues.

Medicine Delivery

Pharmaceutical companies can leverage AI-powered solutions to improve living conditions in Bangladesh. Using artificial intelligence and drone technology, companies can deliver medicine to remote areas that are inaccessible by the route. For instance, Zipline uses drones to deliver medical supplies and blood to rural hospitals and clinics in Rwanda. 

In Bangladesh, the situation is not that worse compared to Rwanda, but still, most people live in rural areas and have insufficient access to medical support. On top of that, in the city area, delivering medicines using drones could open a new era for pharmaceutical businesses. 

Store Experience Enhancement

With the increasing popularity of online shopping, traditional shopping remains vital. Traditional shopping experiences can be enhanced using AI and VR technology. Retail shops in Bangladesh can implement AI-powered solutions to create interactive and personalized shopping experiences. 

For example, AI can analyze customers' buying behavior and make personalized recommendations when they enter the store. This would make them feel a critical factor in buying decisions. 

Natural Language Processing (NLP)

Businesses in Bangladesh can use AI to analyze social media posts, customer demographics, and feedback to identify customer pain points. This allows companies to gain insights into customers' requirements and develop products or services accordingly. 

Supply Chain

Large portions of Bangladeshi businesses are dependent on the supply chain. AI can take a significant role in modernizing supply chain processes. Companies can use AI algorithms to predict demands, monitor, identify potential disruptions, and recommend alternative suppliers. 

AI can be a powerful tool and uncover potential opportunities for new products and services in Bangladesh; after the Covid 19-pandemic, economic activity worldwide started to get on track. The economic activity shifted after the pandemic. Businesses and consumers are adjusting to the new economic realities, and AI can become essential to staying competitive while adapting to the change.