6 Industries That Are Leveraging Artificial Intelligence To Their Advantage
- By Preeti Mangal
- Artificial Intelligence
Innovation is the key to growth, no matter which domain your business belongs to. Unless you are willing to invest in the latest technologies, you cannot expect to get closer to your growth targets or gain a competitive advantage. One of the technological innovations that are fast emerging as a winner for businesses is Artificial Intelligence. As the name implies, AI is a technology that replicates human behaviour, with abilities such as experiential learning, understanding language, reasoning and even self-correction.
By embracing the applications based on this technology, you can expect the systems to become intelligent to handle complex situations. You can well understand the immense benefits that these applications can unlock for organisations. But it is worth knowing how the technology would work for your business before investing in such an application. Let us explain how Artificial Intelligence can be leveraged by different industry verticals to unlock new opportunities.
Without any doubt, the healthcare segment has witnessed extensive modernisation in the last few decades, and AI has played a dominant role in this innovation. The technology is currently applied for a range of functions, from digital consultation to medication management, medical imaging, drug discovery and robotic surgery. AI-based data mining plays a crucial role in identifying patterns for an accurate diagnosis and treatment of health conditions in patients.
AI-enabled robotic surgeries aid surgeons with higher accuracy during the operations, which results in a greater success rate and shorter hospital stays. Similarly, Electronic Health Records (EHR) technicians leverage the technology for data documentation and digital storage. This enables them to eliminate the cumbersome paperwork while saving time and reducing the errors associated with storing decades of health records in file cabinets at hospitals or clinics.
The manufacturing industry too, has been at the forefront when it comes to the adoption of Artificial Intelligence and Machine Learning. These applications are employed across multiple layers of operations, such as workforce planning, shift scheduling and product design. They have the potential to improve efficiency and product quality while ensuring employee safety and reducing dependency on them.
In plants and factories, machine learning is leveraged for predictive maintenance of the critical industrial equipment. These systems are capable of predicting asset malfunction accurately. So the management can take timely measures to resolve the issues before they happen and prevent costly downtime for the businesses. AI algorithms are also used for quality control as they can provide notifications about potential production faults which may result in product quality issues.
Artificial Intelligence is making inroads into the construction segment as well. The last few years have seen the emergence of smart construction with AI-based apps. From better project planning to prevent cost overruns, curbing delays and making job sites more productive, there is much that these applications are capable of handling. Zi, the AI-based virtual assistant, leveraged by the construction project management software Zepth is one of the best examples of the use of AI for automating projects.
The predictive capabilities of the technology also make it useful for cutting down the risk of accidents on job sites. Some applications can predict the probability of accidents at specific parts of the sites. Consequently, businesses are armed with the requisite information and can take the necessary action to curb the risk factors and prevent accidents at worksites.
Retail and e-commerce
Another vertical that is availing extensive benefits from AI in retail and e-commerce. The industry landscape is highly competitive, and the only way that brands can stand apart is by understanding consumer expectations. This is where AI-enabled applications help- they can gather consumer data and analyse it intelligently to detect patterns in their behaviour and provide real-time insights to the organisation.
Apart from analytics, Artificial Intelligence also powers virtual chatbots for interacting with customers like human agents and enhancing the customer experience as well. Most of the e-commerce websites and apps integrate smart chatbots that are programmed to give instant answers to common customer queries. Further, they can even understand customer preferences and provide them with contextual product recommendations accordingly. This translates into higher sales figures and better customer satisfaction.
Banking and financial services
AI is driving transformation for the banking and financial services industry as well. There are plenty of use cases of the technology in this segment. To start with, intelligent software robots are being used to replace human agents for processing loan applications in a fraction of a second. They also have the potential to act as financial advisors because they can sift through tons of data in seconds and recommend the best investment decisions for the customers.
Apart from the banking industry, AI-based chatbots are deployed in the Insurance vertical as well. From creating personalised insurance plans and products to delivering seamless customer support, there is a lot that these virtual assistants can handle. AI-based software also significantly reduces the claim processing time. Another important aspect of AI in this sector is fraud detection. AI-based Decision Intelligence technology can analyse various data points to detect fraudulent transactions.
Transportation and Logistics
The transportation and logistics industry is also on the verge of an AI revolution. Self-driving vehicles are probably the next big thing in the transportation industry. Though the concept is still under progress, these vehicles will eventually make driving on roads safer by replacing manual driving. AI algorithms are also expected to make a breakthrough in the public transportation sector, with functions such as scheduling, routing and traffic light management.
Machine learning and predictive analytics are playing a pivotal role in supply chain management as they warn about breakdowns well in advance. Warehouses are using AI-powered robots for product sorting and packaging. Additionally, AI algorithms enable the identification of optimal shipment routes, which can go a long way in reducing fuel costs and driver fatigue.
AI is fast becoming a significant driving force for digital transformation across various verticals. It is poised to reduce dependency on the human workforce by automating different processes and operations. Further, it empowers businesses with predictive analytics and smart insights so that they can take relevant decisions to prevent problems and optimise performance. There are endless possibilities ahead, and they will probably unfold with time. Timely adoption of AI-based technology solutions, therefore, surely makes sense for businesses that want to be progressive and future-ready.
Innovation is vital for business growth and winning a competitive advantage. When it comes to technologies that drive innovation, Artificial Intelligence is a technology you cannot miss. Not only does it serve colossal potential but also works for diverse industries, whether it is healthcare, manufacturing, construction, retail and e-commerce, banking and financial services or transportation and logistics.