Think about what the internet did for business. A single merchant, no matter how small they are, can use it to sell goods to the greatest corners of the world. It’s a level of reach that someone can scale an idea into a large company.

But we are at the next revolution. Built on the foundations of the internet, AI is picking up the labor-intensive businesses the web left behind, and pushing them into the digital world.

Here are two companies using this new tech to conquer old problems and redefine their sectors.

1. Carvana

Most of us have purchased a car the normal way. You go to a dealership and talk about your needs with a salesperson and eventually get a loan. The internet moved this process online, giving free information and a digital process to speed up purchases.

But AI takes this further. Famous for its huge car vending machines, digital used car dealer, Carvana  sold over 100,000 cars in the last quarter and has pushed itself into the second spot among America’s largest dealers.

The company takes advantage of AI to constantly look at car auctions to find the hottest-selling cars, then it purchases those models for its inventory. It is a surefire way to have the cars that people want. Also, if you want to sell your vehicle, you can give the app your license plate or VIN and you will get an offer within 15 minutes. This is possible thanks to the company’s machine learning and data.

The company also schedules the delivery or pickup of vehicles. It’s obvious that consumers like the idea as revenue has skyrocketed in recent years. In just the initial half of 2021 Carvana moved 200,272 vehicles, almost as much as the 244,111 it moved during the entire year in 2020.

2. Splunk

Splunk says it is the data-to-everything platform, and it means this literally.

Splunk can process enormous amounts of data in real-time to give you just about any info you need. Consider working for a Formula 1 racing team. Try to imagine the amount of information a Formula 1 car might reveal during a race — you probably can’t think of this, there is so much. Splunk can put all of this on a nice display and give your team performance enhancements or draw your attention to possible problems.

This is happening right now through Splunk’s partnership with the McLaren racing team.

Splunk’s system is made possible thanks to machine learning and AI. As more companies go online, they will be surprised by the mountains of data they are suddenly dealing with. This will lead them to needing Splunk’s services.

The company currently serves 91 of the Fortune 100 companies and it is delivering some strong growth with an annual compound rate of 47.9% since 2019. While the company is not profitable yet since it is investing into its business, it can be considered to be a great long-term play.

Author: Steven Sinclaire

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