From detecting frauds to driverless cars to virtual doctors and robots taking care of the patients, Artificial Intelligence (AI) is transforming everything around us – the way we live, work, travel, and do business. In other words, AI is transforming the industrial sectors in ways unimaginable, carving a smarter, simpler, and convenient future for all. Not to mention, the revenue that businesses are deriving from implementing AI. Today, 43% of businesses are already leveraging some form of AI, according to Aberdeen Research. Also, PwC estimates that AI could add as much as $15.7 trillion to the global economy by 2030.
AI today is reimagining the way industries work and function. Let’s look at the different ways AI is transforming the industrial sectors today.
How is AI addressing industry-specific needs?
AI today has transformed and revolutionized most healthcare functions. AI is empowering doctors and hospitals to attend to more patients and offer better healthcare – especially with greater speed. How, you ask?
This is how! AI and machine learning systems help health care experts to analyze the large volumes of data gathered over a decade. And this in turn helps them to discover patterns and other insights that mere humans may miss out on.
For instance, AI-powered smart kiosks can seamlessly link patient history and real-time biometrics information with physicians equipped with tablets or other mobile devices.
Not just that the set algorithms powered by AI applications in diagnostic tools are helping clinicians make timely and accurate diagnoses, even before the disease could progress any further.
To add on, there are plenty of other intelligent tools that are helping clinicians to develop individualized treatment plans – customized to each patient’s health concerns and needs.
For instance, IoT devices collect the necessary medical data and transmit them to a cloud-based AI analytics system. This system, in turn, sends alerts to the physician in case the system detects any anomalies in the patient’s health data. It doesn’t stop at that, it even makes a diagnosis and recommends treatment options based on the patient’s health data.
In a nutshell, AI today is enabling the healthcare industry by offering better preventive care, reducing the length of hospital stays, and providing more effective follow-up care based on the patient’s individual needs – all while cutting costs.
The educational industry today is also relying on AI to develop new tactics for helping students learn and study. It has indeed given a whole new perspective on education and how it should be passed on to students.
Though the education industry was slow to adopt AI, AI-powered solutions have been in the EdTech space for some time now. And the shift to virtual learning, however, accelerated the use of AI and other remote learning tools. A recent study revealed that 47% of learning management will be enabled with AI capabilities in the next 3 years.
AI has simplified and personalized the learning experience for students and the teaching experience for teachers. Put simply, AI has changed the way students learn as AI has made it possible to access any educational material that a student needs in one place. And the best part is that they can access all these materials within the reach of their mobile phones or laptops. This means, students no longer need to attend in-person classes as long as they have a mobile phone or a laptop, and of course – a stable internet connection.
Thanks to AI, even the basic administrative tasks are taken care of via automation, thereby, saving a lot of time which the educators can now use to spend more time with their students.
3. Financial services
Financial institutions are using AI to make better recommendations to customers and also make informed and thoughtful decisions themselves. Most importantly, financial institutions are using AI to help them detect and prevent frauds, thereby, saving them a fortune. In addition, these institutions are also deploying AI to help them with niche applications, such as wealth management, loan approvals, and trading decisions.
Simply put, banking and insurance companies today to a large extent depend on AI to help them with a variety of tasks. When it comes to banking, financial services organizations are using AI to offer exceptional and customized services to all their customers – all while reducing costs to a great extent.
And when it comes to insurance, institutions are relying on AI to help them gain insights into their customers’ purchase behavior. This in turn will help recommend the service or product that their customers are looking for.
For instance, there are many apps that use AI to mimic human logical reasoning skills. Some are even capable of analyzing the chat conversations to understand the personal preferences and purchase behavior of each customer. This in turn helps financial organizations to deliver personalized suggestions to their customers. And you could also use these insights to ensure your next marketing campaign reaches only the customers who might actually be interested in what you have to offer.
AI is literally revolutionizing the manufacturing sector. How? The answer is smart asset management systems! These systems are indeed a life savior to everybody associated with the manufacturing sector.
Yes, the manufacturing sector today is increasingly using AI to:
- Predict machine functioning and take care of all the tasks associated with its maintenance
- Identify the most probable time that equipment will need service
- Optimize the scheduling of maintenance work
- Increase the machine’s overall efficiency
Not just that with these AI-powered intelligent systems, companies can even help you with product creation and design. Moreover, digital twin simulations can help improve and optimize your overall manufacturing processes. And the connected AI systems and IoT sensors make it easy to detect and predict potential maintenance/product quality issues.
When I say transport and AI, the most obvious thing that strikes your mind is the driverless car!
Yup, AI is fueling a growing fleet of self-driving vehicles that are getting smarter with every trial. These self-driving vehicles are disrupting the transportation industry in numerous ways. And this of course is impacting other industries and many businesses out there.
Not just that, AI is also being used for smarter traffic management operations and transportation logistics. The travel industry is also using AI to help them personalize the travel experience for their passengers.
For example, AI is helping these companies to make flight reservations for their customers. And book rental cars and hotels based on the customer’s preferences so that their journey is as smooth as possible.
In short, AI is helping the travel industry to reduce costs, determine the best routes, and overcome labor shortages while offering better service to its customers.
So, which industry is next?
The transformative impact of AI across different industrial sectors is undeniable! It’s not wrong to say that AI is influencing all the industrial sectors in some way or the other. Most organizations today are heavily investing in AI to transform their business for the best. And a few years down the line, AI-led transformation will be a huge deal and no industry or business can escape this reality.