Applying AI: Artificial Intelligence Across Major Industries
Business + Managementposted by ODSC Community November 4, 2021 ODSC Community
If we had to name the most impactful technology having a transformative effect on just about any industry on the planet, it would most certainly be AI. The term Artificial Intelligence emerged as early as the middle of the 20th century, yet the massive implementation of AI in business is taking place today. In 2022, companies are predicted to spend $77,6 billion on AI systems, as IDC reports. Other sources claim that the market for AI solutions will exceed $190 billion in 2025. In this article, we will explore some current applications of artificial intelligence in seven major industries applying AI.
Before we proceed, though, it’s worth mentioning that AI is in essence an umbrella term for a number of technologies. Algorithms automating routine processes in an enterprise and a chatbot helping customers choose the best-fitted apparel are both examples of different aspects of artificial intelligence and its implementation in businesses.
The manufacturing process is highly complex and involves a great number of interconnected operations. In manufacturing, applications of artificial intelligence are almost as multi-faceted as the production process itself. In product design, AI technology helps create prototypes and test them before launching them into production. The production process in itself is facilitated by robots that are capable of working alongside humans and handling hazardous tasks that previously required physical labor. Modern AI-driven ERP systems collect and analyze a plethora of metrics about every aspect of the manufacturing process, and offer insights on better resource management, planning, and quality control. Coupled with the Internet of Things technology (IoT), AI accounts for successful predictive maintenance by helping monitor the state of assets and equipment.
Retail & E-Commerce
The applications of AI in retail are, inarguably some of the most impressive and illustrative as well. No matter what we shop for, AI shopping has already completely transformed the customer experience. Behavioral analytics is an AI tool applied by most modern online and offline retailers to detect patterns in customer behavior and tweak their offerings in order to boost sales. Recommendation engines are helping customers select the products they would love based on their previous choices.
The job of shop assistants has also undergone a major transformation. With chatbots answering the most frequent and routine questions, human intervention is now required in only very specific situations.
The healthcare digital transformation is driven, among other factors, by the advent of AI. Artificial intelligence in healthcare and its capability to process large amounts of data and detect subtle changes in any process makes the future of healthcare technology look brighter than ever. As of today, artificial intelligence in medical diagnosis is helping detect diseases before they manifest and curb them at early stages. Driven by AI, data analytics help accelerate and propel new drug discovery.
In medical imaging, AI-based image recognition is applied to distinguish the norm from the pathology and thus facilitate the work of medical personnel. In collateral fields, such as healthcare customer service, AI is helping keep and update electronic medical records, manage the work of healthcare organizations and create a better patient experience.
Banking and financial services
In the financial industry, AI has accounted for the emergence of an entirely new segment – fintech. Coupled with artificial intelligence, financial services are now leveraging data analytics to accurately access customers’ credibility, provide insurance, offer financial advice, and detect fraud. AI in banking simplifies and accelerates the process of loan origination and management, and bank software applications available in desktop and mobile versions have eliminated the necessity of going to a physical bank to conduct balance checks and money transfers. AI credit scoring helps customers track and evaluate their credit rating and see what steps can be taken to improve it.
Logistics and transportation
AI is also at the forefront of groundbreaking changes taking place in the logistics and transportation industry. AI in logistics not only leverages data analytics for warehousing, fleet management, and route planning, it also involves the use of robots in order to free warehouse personnel from hard physical labor. The use of artificial intelligence in transportation also accounts for the emergence of self-driving vehicles. AI in transportation is also successfully used for smart city management, in order to manage traffic, avoid congestion, and make the roads safer for drivers and pedestrians.
Entertainment and gaming
The entertainment industry is adopting AI at a head-spinning pace. The recommendation engines selecting personalized music and videos based on users’ taste are quickly becoming ubiquitous. Using machine learning technology, streaming music and video services are capable of determining not only which video or track to broadcast, but also decide on the right timing, and monitor individual preferences. In the gaming industry, AI is applied to modify the behavior of characters so that it would resemble real people and propel the storyline of the game in a natural manner. AI is also capable of composing music, generating subtitles and interacting with users in real-time.
AI-enhanced travel is now creating a completely new experience for travelers across the world. The job of offering travel advice, making reservations and clarifying details is now trusted to AI travel agents – chatbots trained to assist people in making their travel fun and enjoyable. The travel industry is also widely applying recommendation engines and behavior analytics to track personal travel preferences and to offer customers exactly the tours they want when they want them.
Conclusion on Applying AI
This overview of the latest artificial intelligence applications demonstrates how AI is transforming the ways major industries operate and applying AI. Better accuracy, efficiency, acceleration of major processes, cost reduction, and enhanced quality is what AI brings to the table if implemented thoughtfully and taking into account the specifics of a particular company and industry.
Yet, while 75% of CEOs believe implementing AI is a must for their business, most experience difficulties finding the right expertise, changing their legacy processes and figuring out where to start. These companies need a reliable tech partner that would offer them a helping hand and guide them through a step-by-step process of AI implementation.
About the author on Applying AI:
Alexey Chalimov, CEO and a founder and technology evangelist at several technology companies.
Alexey enjoys sharing his real experience and opinion about working in IT, problems he sees cropping up within the organizations as well as challenges in Digital Transformation, IoT, Cloud Computing, Big Data and other fields.