Can you imagine a reality where machines can assist alongside humans for businesses to prosper?
Artificial Intelligence is the development of technologies that allow machines to analyze the data, learn the logic behind, and make conscious decisions similar to humans. AI-analytics can further identify hidden patterns and provide a competitive edge necessary to outdo the competition.
Many industrial forerunners are already adopting Machine Learning, Deep Learning, Natural Language Processing, Sentimental Analysis, and many other technologies to leverage and grow their business.
AI will affect almost all of the industries. We have rounded up the industries where AI will have maximum impact.
Industries Artificial Intelligence Will Impact the Most
1. AI to Transform the Automotive Industry
No accidents, no traffic congestion and... no driver.
Let’s face it. Riding for pleasure is incredible. But driving in traffic is tiresome.
People are already preferring pooling and shared rides over car ownerships. It is only a matter of time before self-driving cars go mainstream.
AI-assisted self-driving cars make use of the sensors and cognitive equipment to drive safely, avoiding traffic and accidents. It can make decisions in a split second and not freeze under shock like we humans do.
It also paves the way for a connected automotive system where all the cars are connected and can share information. This enables the vehicles to report breakdown of other vehicles and can reroute and navigate efficiently reducing the traveling time.
It can also work in manually-operated cars to assist the driver by monitoring sleep and traffic, automatic brake if the car closes a certain distance, dialing help in case of an emergency and much more.
The Automotive industry is probably the biggest benefactor of Artificial Intelligence. Tesla and Google have already released self-driving cars and they were well received by their customers.
2. AI to Empower the Finance Industry
AI enhances the efficiency of the financial sector. Analyzing the historical data, AI-enabled software is ideal in determining if the investment is worth the risk.
It can also predict how the trading markets will react and fluctuate based on the trends, news, and leadership decisions among others. This can potentially open the institutions a gateway to increase their profits.
The introduction of Artificial Intelligence could identify legitimate and fraudulent transactions accurately than any human team ever could. It doesn’t just reduce the losses but also increases the reputation of financial institutions.
Similarly, Artificial Intelligence algorithms come in handy to identify risk accurately during credit lending. The early adoption of AI can push businesses to do better in the industry.
3. AI to Build Conscious Robots
This is obvious. Without Artificial Intelligence, robots are programmed entities used only for repetitive functions.
Not that such robots aren’t useful.
But robots that can think can make far greater contributions. They can respond to human queries, help in households, become healthcare assistants, and even explore the space and the deepest regions of the ocean.
Conscious robots can easily blend in and become an everyday part of life, improving experiences through every aspect. From assisting the elderly to alerting the authorities in times of need, they can do pretty much everything we can do.
4. A Highly Efficient Manufacturing Sector with AI
When AI works as the brain of a manufacturing unit, two things are assured: quality and speed.
The Artificial Intelligence algorithm can ensure that the products that come out of the manufacturing unit are of top quality. And it does that extremely fast paving way for greater productivity and thus for greater profits.
The AI can also be mindful of the machines’ wear and tear and book repairs when required. The data gathered on the machines’ throughput and the outcome can come in handy when strategies are laid out.
With AI overseeing the work, manufacturing is made much safer for the personnel working in the company.
5. An Improvised Technical Support with AI
Have you ever liked to wait on support calls? Not a pleasant feeling, right?
AI voice bots have no constraint like one resource can handle only one call at a time. They can handle multiple calls and requests without any lag or delay in time.
This greatly reduces the waiting time for the customers. It doesn’t stop there, either. Every query can be presented with precise solutions and answers that the callers are left with nothing but gratification.
Plus, Natural Language Processing allows businesses to understand their customers better so that their needs can be addressed effectively.
AI voice bots do not need to search for the records every time a caller asks for the information.
With the data gained over time, customers can be engaged strategically to provide the best experience.
6. Better Cyber Security with AI
Despite the efforts, there are always bugs that manage to escape the testing iterations.
Incorporating AI can analyze the software systems and rectify the loopholes preventing unauthorized users from accessing it.
The AI can also map the relation between the IPs, malicious files, and threats to screen them from getting into the software system.
The development of cognitive AI can alert the authorities as violations happen in real-time. It can empower authorities by strengthening their cyber wing and by reducing crime.
7. AI Can Guarantee Quality Education
Adopting Artificial Intelligence and Machine Learning will nurture the students to become better individuals.
Every student is unique. So, the same teaching method might not bring out the best of everyone.
AI, on the other hand, can help to identify the strengths and weaknesses of every student to devise personalized teaching methods. The students can learn at their own pace too. Their natural talent can be easily identified and trained to support their future.
It can be used to teach a good number of skills and courses in engineering, medicine, arts, etc.
8. Artificial Intelligence for Efficient Logistics
Logistics companies always have to be mindful of the travel route, time, fuel, and the load for a delivery to be successful.
Artificial Intelligence lifts the managing burden off the companies and reduces the total cost. AI can rightly sort the products and determine the total volume for effective storage and warehouse management.
The AI highly optimizes the route to reach the destination in a short time while saving fuel and thereby its expense. It can also determine the load a vehicle can carry to pack it with the exact amount: not less, not more. It greatly increases efficiency.
And it does all that while forecasting the traffic to reroute accordingly.
AI can also take care of the Last-Mile Delivery to create a personalized experience for the customer to ensure their satisfaction.
9. AI for Precise Mining
AI-powered machinery can easily detect regions with resources. It can analyze and even calculate the number of mineable resources present in the region.
And renewable energy, wind and solar, rely heavily on the climate and weather and thus have been ambiguous in terms of productivity. Analyzing the historical data, power plant's efficiency, and the present conditions, the AI can arrive at the obtainable energy for a period.
AI-enabled housing is also better at conserving energy keeping a check on the heavy power-consuming machines. AI is probably the biggest boon energy and mining companies can ask for.
10. AI for a Boosted Agricultural Yield
Lately, a lot of people are moving from rural to urban areas in search of work or entrepreneurs. Either way, this resulted in the agriculture industry encountering a shortage of hands to work in the fields.
AI-powered machinery can very well lift the burden off the farmers and tackle the shortage of laborers.
Crops can be monitored with cognitive Artificial Intelligence technology to keep track of their health. Weeds and pests spoiling the crops can be identified at the nascent stages. And measures can be suggested to curb the effects before they become adverse.
AI’s study on weather and climate changes can provide insights on the expected rainfall and the suitable crops to plant for the season.
The right harvesting period can be suggested along with the steps to boost the yield.
Artificial Intelligence can boost the revenue of the agro-industry.
11. AI for Superior Healthcare and Analysis
Everyone in the healthcare industry knows that by the time symptoms appear, cancer had already begun spreading and is hard to cure.
Incorporating Artificial Intelligence in healthcare is probably the best of all the advantages AI can provide. Even the slightest of the decline in health can be identified immediately and healthy habits can be recommended.
Early detection can help to cure diseases when they are still developing and add years to human longevity.
AI also maintains records of diseases affected and the treatments provided, assisting the doctors to determine the right treatment for a patient.
Further, doctors can be trained to handle all of the scenarios. Simulations can be run and the doctors’ responses can be evaluated to improve the quality and the rightness of the treatment.
12. Powerful Retail Management with AI
Artificial Intelligence identifies the key aspects that drive sales to provide companies with insights to strategize accordingly.
Behavioral Analytics coupled with AI surveillance could also help to identify, alert and prevent theft and other malicious practices inside the store. Billing can also be automated to reduce the time of customers at the counter and increase efficiency.
In-store chatbots can offer the customers instant query clarification to provide the customers with a better shopping experience.
The clothing section can make use of the virtual trial rooms where customers can see how the clothes look on them without changing them. Even apparels can be tested before buying to make it extremely customer-friendly and drive sales.
A lot of companies belonging to a variety of industries have already ventured into AI and Machine Learning. It can improve the services, outwit the competition, and structure the company for the future.
Google Maps, LinkedIn, Facebook, Uber, and many other well-known companies are using AI to improve their services.
You can also put together a team of developers to build AI-enabled software and make use of the technology to achieve your business goals faster. Sooner the better.