Rise of AI - Transforming Industries with Use-Case Specific AI Solutions

Yesterday we had the pleasure of presenting IQONIC.AI at the Rise of AI conference 2024 in Berlin. We kicked off the conference with very interactive and personal discussions at the "AI Topic Tables'' and talked about the opportunities of AI to transform industries – such as beauty or health – for the better. 

Hosted by Veronika and Fabian Westerheide, the Rise of AI conference featured keynotes from prominent figures such as Dr. Fabian Mehring and Volker Wissing, as well as discussions on AI advances, commercialisation challenges, and Europe’s competitive position in the global AI landscape. The conference emphasized the need for significant investment in AI startups and highlighted Germany’s position in AI talent and innovation.

What it takes for AI to transform industries

Not all AI is the same: It needs a purpose – a use case! Only then can it be developed and deployed in a useful way that leads to long-term success. But why is that important?

Why AI should be use case specific

Artificial Intelligence (AI) should be use case specific to maximize efficiency, accuracy, and relevance in various applications. By tailoring AI systems to specific tasks, algorithms can be optimized to handle the unique requirements and nuances of each domain, resulting in better performance and more reliable results. Use case specificity allows for the integration of domain-specific knowledge and data, enhancing AI's ability to make informed decisions and provide relevant insights. This approach also mitigates the risk of overgeneralization, where a general AI may not perform adequately.

What a specific use case can look like: AI for Beauty

In our case, for example, AI is used to generate skin and hair analyses. This enables simple and fast diagnoses for beauty brands, retailers, pharmacies, salons and institutes.

There are thousands of cosmetics companies in Germany alone. Most of them are relatively unknown. What we do know is that only 23% of all customers buy more than once from a company – even though they buy beauty products regularly. This is very low, considering that a customer costs €119 to acquire and has a customer lifetime value of only €128.75 on average. With the help of AI-based analytics, customers can receive more specific and faster advice and product recommendations. This can significantly improve customer satisfaction and, as a result, customer loyalty.

Developed with dermatologists, our solution enables a comprehensive analysis of skin and hair with more than 15 parameters such as skin type, spots, pores, skin tone, hair type or hair thickness. After the analysis, customers receive personalized product and care recommendations based on ingredients. The White-Label SaaS is easy to integrate on any platform and fully customizable. In addition, it is a plug and play solution and fulfils high data protection standards.

The Rise of AI Conference gave us the opportunity to present these results. It brought together leading experts, decision makers and influencers from the AI community to discuss the future of artificial intelligence in society, politics and business. The vision is to support the growth of a European Artificial Intelligence ecosystem for the benefit of society to live happier and healthier in peace. A goal that we wholeheartedly support with IQONIC.AI!