As anyone can tell over the last few years, and especially over the last few months, generative AI has exploded in awareness, in both the public’s imagination, and in multiple industries. The technology is poised to not only bring forth monumental change but shake the very foundations most industries stand on. There’s a lot going on, and a lot that is coming to us, so let’s take a look at the top ten industries that generative AI is disrupting.
Banking, Financial Services, and Insurance (BFSI)
Within BFSI, AI technology has the potential to disrupt the sector in the following ways. One such way is by automating repetitive tasks. Think paperwork, administrative tasks, certain excel functions, and more. There are already ERP platforms out there promising to solve many of these issues. But as generative AI advances it will continue to replace the need for humans on the most mundane tasks. Then there are insights – the bread and butter of any business is being able to chart trends and make actionable decisions based on the best data.
This will also impact how customer service is treated while enabling new services thanks to generative AI-powered business models.
Customer Service and Experience
First, many think of chatbots and virtual assistants that can answer basic questions and provide basic functions to assist customers. But there is more. As chatbots become more powerful and interactive, their ability to be available on a 24/7 basis will become a powerful tool many companies won’t be able to resist. GPT-3 and ChatGPT are promising tools in this regard.
Then combining their ability to utilize customer information and insights for a greater personalized experience, the customer service and experience industry will be rocked thanks to AI’s ability to provide greater immersive and interactive conditions.
Similarly to BFSI, the relative tasks within the logistics industry are already being automated thanks to AI-powered technology and platforms. But where AI is likely to shine is in its ability to model predictions. Being able to predict demand and optimize inventory levels based on historical data isn’t new, as Chipola’s own AI system is attempting to accomplish this feat, but it will become more powerful. Scaling will in turn allow for greater flexibility in resource allocation. Which will then reduce costs associated with logistical management.
It’s not just with inventory, robotic technology powered by AI can also improve warehouse and distribution center operations. Freeing human labor to enable new services and evolve business models.
Healthcare is one of these industries that will likely stand to benefit the greatest in terms of improving the overall quality of life for human begins in the near future. One way will be through the use of machine learning algorithms to analyze large medical datasets to make predictions about patient outcomes and disease progression. Not only will medical professionals be able to improve the treatment of diseases, but overall patient outcomes while reducing resource strain on limited systems.
Another way, as mentioned in other industries is the elimination of repetitive tasks. This frees up human labor within clinics so that patients get more time with the professionals who are there to treat them. We’re already seeing this happen with teams across the globe putting together programs using machine learning algorithms to predict diseases such as Parkinson’s.
The retail industry will be distributed on several fronts thanks to logistics and customer service. With the growth of generative AI in logistics, retail storefronts will be able to improve inventory management, bringing down costs by cutting unnecessary waste. Then will be personalized shopping experiences powered by customer insights and services. Nothing as crazy as seen in the movie minority report where a hologram greets you asking if you’d like to purchase the same items as you did previously.
But what will likely be seen is greater supply chain management powered by customer insights, predicting trends and shopping habits that can vary from region to region.
One industry that many likely won’t think of as being prone to AI disruption is cybersecurity. The truth is, like the others mentioned on this list, cybersecurity reliance on human labor, detection, and automated detection systems can all benefit from AI. First, to improve detection, machine learning algorithms can learn from large datasets, analyzing them to identify patterns that indicate a potential attack. Then there is natural language processing and natural language generation. Both of these can empower phishing attempts by creating more convincing and sophisticated attacks.
But these same technologies can also help cybersecurity professionals to identify these attacks before they can penetrate a system or convince a user. In the future, cybersecurity can also see the development of autonomous systems that can detect and respond to attacks without the need for human invention.
Marketers might be worried about AI, but the effects of the technology won’t necessarily replace the marketer. Instead, thanks to growing datasets of online behavior, tools are being developed using machine learning algorithms to gain greater insights on customers to create affected targeted ads.
This in the long run can potentially give marketers even more tools to connect with leads as emails and other marketing tools have become exhaustive in recent years.
Who likes traffic jams? There honestly can’t be many folks out there who rush out of the office in anticipation of that afternoon traffic jam that makes a thirty-minute trip into a three-hour tour. Well, thanks to AI, that might be a thing of the past in the near future. Already, the transportation industry is investing heavily in AI. The goals are simple. Optimizing routes, and schedules, and improving traffic management. These investments are being done separately in both the public and private sectors. In one example, governments are hoping that AI-powered insights will allow for greater resource allocation.
The private sector is looking toward autonomous vehicles. These together could improve efficiency in transportation enough to make a real difference in how traffic and transportation are managed globally.
Though you might think Skynet robots, that isn’t really the case for the defense industry. Well not yet. Where AI is poised to truly disrupt the industry is in two very specific operations: supply chain management/logistics and autonomous combat systems. By reducing the strain of supply chains/logistics for military forces, AI can improve effetely, reduce costs, and allow armies to move with greater flexibility and/or with greater responsiveness.
On another front, the development of autonomous systems can enhance military personnel’s ability to identify and respond to potential threats. Another function of autonomous systems is the development of possible swarm drone technology. Though not Skynet, could be a bit more worrisome in the near future as drones are proving to become a cheap and effective tool on modern battlefields.
Media & Arts
Finally, media and arts! Though many might have in their heads AI-generated art, there are a few other ways AI can disrupt media & arts. In one of the less obvious, but likely will become, extremely important ways had to do with audiences. As datasets grow, machine learning algorithms will be able to analyze large amounts of data and make predictions about audience preferences and trends. This could lead to studios leaning on AI to make decisions that could cost upwards of the 100s of millions of dollars.
Another way is through deepfake technology which is already breaking ground. Disney, for example, is employing AI on multiple fronts. From de-aging technology that allows older actors to play roles suited for a younger version of themselves to even AI technology that will allow for the continuation of voices long after the passing of an actor. This doesn’t even touch on the digital advertising and marketing experiences that AI can push forward. These can micro-target individuals and provide studios with audience data of people most likely to consume and enjoy their content. Potentially removing the risk of wasting advertising dollars while directly speaking to those most likely to be interested in a piece of content.
How to learn more about generative AI
As we can see, generative AI is only a scary concept if we allow our imaginations to run wild. The potential benefits to the human experience, and overall life are tremendous. From combating traffic jams, and providing doctors with greater tools, to movies finding their audience, AI is likely poised to shake up many industries. If you don’t want to be left behind in the coming AI revolution then you’ll want to check out ODSC East 2023, where we’re currently working on an entire track devoted to generative AI. Sign up for our newsletter so you don’t miss anything!