Applying AI to the Real World: 3 Uses Across 3 Industries
With a third of organizations now using gen AI in their business, saying you use AI is like saying you use electricity—we all use it, but in very different ways. What matters is how different industries are applying AI to solve their unique challenges.
In this blog, we’re answering these three questions across three industries (Retail, Financial, and Healthcare):
- How is this specific industry actually using AI?
- What challenges do these industries face when adopting AI?
- And where do Managed Service Providers (MSPs) fit in?
Let’s look at how these three industries are applying AI.
1. How the Retail Industry Is Applying AI
AI has seen a massive adoption rate in the retail industry. According to a report by ShipStation, out of over 8,000 consumers and 400 retailers, 90% plan to increase their AI investment. Here’s just some of what retailers are applying AI to:
Automatic Restocking and Inventory Forecasting
AI can use mountains of data to predict demand and adjust inventory as needed. AI tools can:
- Monitor inventory across multiple locations in real-time.
- Forecast demand based on historical trends.
- Trigger restocking orders automatically.
- Prepare for high-demand seasons before shortages occur.
Large retailers like Walmart are already using AI to keep their shelves stocked full.
Personalized Product Recommendations
Applying AI pushes personalization to the next level by analyzing:
- Browsing behavior and purchase history.
- Demographics and preference choice.
- Style trends.
IKEA even offers an AI assistant that lets customers visualize furniture directly inside their homes.
Customer Support Chatbots
Advanced AI chatbots give your customers access to support 24/7. According to IBM, these generative AI chatbots are far more capable than old clunky bots and can handle up to 80% of routine requests.
What challenges do retailers face when adopting AI?
Two large issues that block retailers from applying AI are:
- Data and Privacy Concerns: Data privacy is no joke. If customers are going to interact with your AI, it must be secure and follow critical regulations and guidelines.
- Outdated Systems: Many retailers use outdated systems that were never designed for modern AI demands, leading to poor performance and compatibility issues.
Where do MSPs fit in?
An MSP can help retailers implement AI systems by:
- Replacing outdated hardware within realistic budgets.
- Strengthen data security and educate users about cybersecurity and AI best practices.
- Improving network infrastructure to better support AI workloads.
2. How the Financial Industry Is Applying AI
The financial sector’s been at the forefront of AI adoption since the early 2020s. This is in no small part thanks to the fact that banks and credit institutions have large amounts of data, making them perfect for machine learning systems.
Real-Time Fraud Detection
AI systems are great at detecting suspicious activity. That’s why 85% of financial institutions use AI to assist with fraud detection by flagging:
- Unusual spending behavior or transactions in unexpected locations.
- Rapid withdrawals or transfers.
- Strange activity based on customer history.
AI-Assisted Wealth Planning
Only 35% of Americans have a financial plan, but AI may be about to change that. AI tools can offer affordable and personalized plans by analyzing:
- Income and spending habits.
- Investing goals and risk tolerance.
- Current market conditions.
Risk Assessment and Credit Scoring
Applying AI to risk assessment allows for a faster and more flexible system that tracks utility payments, mobile activity, and digital transaction patterns.
What challenges do financial institutions face when adopting AI?
- Strict Regulatory Requirements: Financial institutions operate under strict compliance frameworks like FINRA, SEC, FFIEC, and PCI DSS, which means AI tools must comply with these standards for data security, auditing, and transparency.
- Complex Security Needs: Nearly 20% of all cyberattacks targeted financial institutions over the past two decades. Cybercriminals are increasingly targeting AI systems to steal passwords, banking info, and more.
Where do MSPs fit in?
An MSP can help financial institutions adopt AI systems by:
- Managing compliance and audit requirements so AI platforms align with regulatory frameworks.
- Monitoring systems for anomalies and security threats, helping protect AI platforms that handle sensitive financial data.
- Designing robust backup and recovery systems so AI tools and financial data remain available during outages or cyber incidents.
3. How the Healthcare Industry Is Applying AI:
Healthcare organizations are now adopting AI 2.2x faster than the rest of the economy. This growth no doubt comes from AI’s potential to transform how providers diagnose illnesses, manage records, and support clients.
Medical Imaging Analysis
Doctors and medical researchers are using AI tools to assist when analyzing X-rays, MRIs, and CT scans. AI can help identify abnormalities like:
- Fractures and lesions.
- Tumors and patterns difficult for the human eye to spot.
Early Detection and Predictive Monitoring
AI’s pattern-recognition abilities also allow it to detect early warning signs of diseases and other issues before symptoms fully appear, including:
- Alzheimer’s and Pulmonary disease.
- Cancers diabetes.
Clinical Documentation Assistance
AI systems can assist healthcare professionals with administrative work by:
- Taking detailed notes during patient visits.
- Automatically recommending appropriate billing codes.
- Summarizing patient history and medical details.
What challenges does the healthcare industry face when adopting AI?
Major challenges the healthcare industry faces when applying AI are:
- Patient Privacy Laws: AI systems that interact with patient data must adhere to strict security standards and regulations such as HIPAA.
- Fragmented Records: Patient data is often scattered across multiple platforms. Because AI requires clean, organized data to produce accurate outputs, data organization is critical for successful AI implementation.
- Systems Integration: Implementing AI into complex systems can prove difficult and disruptive.
Where do MSPs fit in?
An MSP can help healthcare organizations implement AI systems by:
- Making sure AI tools are HIPAA-compliant and able to handle sensitive patient data.
- Improving cybersecurity around medical records and AI platforms.
- Integrating AI tools into existing systems with minimal downtime.
Why Businesses Are Turning to MSPs for AI Adoption
Businesses need the right infrastructure, security controls, and, more importantly, the right plan, to properly apply AI. It’s a lot of work, but with a little guidance from a trusted MSP, it becomes far more manageable.
At The 20 MSP, our dedicated team of AI experts assists clients in implementing AI across their business. If you’re interested in applying AI to your business, reach out. You tell us your vision, and we’ll help you build it out.
There are a lot more industries to cover, so stay tuned for more!
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About The 20 MSP
As a leading provider of managed IT services, The 20 MSP serves thousands of businesses nationwide, including single and multi-location organizations, delivering white-glove service, secure and streamlined IT infrastructure, and 24/7/365 support. We believe in building lasting relationships with clients founded on trust, communication, and the delivery of high-value services for a fair and predictable price. Our clients’ success is our success, and we are committed to helping each and every organization we serve leverage technology to secure a competitive advantage and achieve new growth.
