How AI is Helping to Transform the 5 industries?
Blog: NASSCOM Official Blog
The world is changing at a rapid pace with Artificial Intelligence (AI) being at the forefront in this scenario. From smartphones to chatbots, AI is already ubiquitous
“AI can enable humans to focus on the parts of their role that add the most value.” – Anonymous.
Today many companies are investing heavily on AI and Big Data, and believe that these technologies will help in digital transformation. According to the survey by IDC, AI represented around 12$ billion investment in 2017.
What is AI?
Before we deep dive further, let us understand what is AI?
For many people even today, it seems unclear what this technology is all about. AI is a branch of computer science that deals with the intelligent behaviour of machines.
Importance of AI
“AI is a boon bestowed upon us and it will positively affect over lives in multiple ways”, says Mark Zuckerberg, CEO, Facebook.
How AI will help to transform OUR lives in the future?
Here are five critical industries where AI is helping to change the world and transform our lives:
- Healthcare
There is definitely great potential for AI in healthcare industry as it helps to predict and prevent diseases in time. According to a report, 86% of healthcare providers will use AI across the globe to provide healthcare facilities to patients. By 2020, it estimated that the expenditure on AI projects in healthcare will reach $54 million. You can use AI in many areas related to healthcare, such as managing medical records, analyzing tests, X-rays, virtual nurses, and so on. Some of these are already been used by few healthcare providers that are helping to transform human lives.
- Retail
AI can serve as a boon for the retail sector that gathers and possesses customer data as it will revolutionize the sector. AI can help create more personalized shopping experience to the customers using the data based on their likes and dislikes. Another benefit that AI can give to its customers is to get the customer to buy more by giving them with discounts or coupons for a given product even before the customers are ready to buy the product. There are various ways where AI can be used in the retail sector as the list is endless and the examples listed above are just a tip of iceberg.
- Travel & Transportation
Travel & transportation are another two industries where AI is up for transformation significantly. With the advancement of technology, transportation sector has also evolved to a level where vehicles and navigate and move without any human assistance. Leveraging AI in transportation sector has a great impact on passenger’s safety and it helps to reduce traffic congestion and accidents. In addition, AI is also been used to forecast the paths for pedestrians and cyclists thus decreasing any mishap to occur. One of the common examples of AI is Google map that can analyze and movement of traffic at any given time.
- Manufacturing
You can also AI in the manufacturing industry to perform a variety of processes and tasks especially in the production department. AI can be utilizes in those tasks in the manufacturing industry that prove to be hazardous to the human beings thus avoiding any accidents to occur. There are a lot of manufacturing companies in US who are slowly adopting AI to run leaner supply chains so the cost of transportation and wastage can be reduced. AI has a great impact in the growth of any manufacturing company as it helps to reduce cost of labor and provides increase in accuracy and speed. It is predicted that the usage of AI will see a impending rise in production by 40% by 2035.
- Finance
Last but not the least, AI is also transforming the finance industry by storm. There are many leading financial institutions who are implementing chatbots to provide better services to its customers. There are a few companies who use deep learning system to sort out unreliable merchants and also trace out sales of illegal products. In addition, AI helps banking and financial institutions to manage the large amount of data and detect any kind of irregularity in the transactions. You can also AI to forecast trading volatility, and manage wealth and assets via machine learning.
Conclusion
AI has been useful in developing many solutions to make our life simpler. It has been transforming various industries.
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