When you consider that artificial intelligence powers “any machine that does things a brain can do,” there is immense potential for the technology to develop further. Here, we take a look at five of the industries in which AI has had a significant early impact.
Manufacturing
AI has found use for years in manufacturing. Boston Consulting Group’s recent study The Rise of the AI-Powered Company in the Postcrisis World found that in the four previous global economic downturns, 14% of companies were able to increase both sales growth and profit margins.
The most common applications of AI in manufacturing are in real-time monitoring of production, including troubleshooting bottlenecks and tracking scrap rates to speed up production while reducing waste. The technology also enables companies to understand which workflows, shifts and employees are best at utilizing the machines in order to optimize production.
AI is also useful for maintaining machines, predicting when service will be necessary, speed up prototyping, optimize product design, forecast product demand, and stay in compliance with industry regulatory requirements.
Healthcare
AI and its sister technologies, along with big data, are transforming the healthcare industry and helping to improve outcomes while reducing costs in a variety of ways. AI in software is helping doctors and clinical experts augment their knowledge. Access to data improves their decision-making and positive outcome rates. As examples, the use of quantitative and qualitative data to improve early disease detection, diagnosis accuracy and treatment plans can help every phase of care delivery. Responses from patients feed databases which lead to a continually improving system.
Combined with machine-learning diagnostic equipment and Internet of Things, data can rapidly proliferate through the healthcare system, not just nationally, but globally. Algorithms are now being used to match patient traits and symptoms with the most effective lab tests, medications and treatments. At present, AI is showing promise for early detection of cardiovascular and neurological disorders, as well as cancer. Early detection, combined with accurate predictive analytics tools give doctors ways to pre-empt serious and grave patient outcomes.
Retail and Fashion
The retail industry’s application of AI technologies is seeing rapid growth. Chatbots are increasingly powering online customer service interactions, augmented and virtual reality technologies are finding play in online advertising. Through immersive visualization, online shoppers can enjoy the equivalent of a custom-tailored clothing fit, without ever leaving home, let alone taking off their shoes in a fitting room. Soon, AI may be able to make accurate trend predictions based on data patterns of fashion purchases around the world.
Business Intelligence
Enterprise resource planning (ERP) software works to integrate all of a company’s operations and data into one platform. These platforms have evolved with AI-powered tools and dashboards that mine the data, provide insights and inform executive decision-making. Companies can mitigate risks while being more aggressive in their investments. One outcome is that they can find ways to grow, even during economic downturns.
Education
The use of artificial intelligence to create tailored learning plans for specific segments of learners is fast gaining ground. AI can account for individual differences in learning styles and impediments to learning, leading to inclusivity and better learning outcomes. For example, algorithms that identify how children with specific aptitude sets best learn geometry can inform approaches to teaching. In fact, it is likely that the traditional model of teachers in classrooms could change in order to make segmentation by learning styles more feasible.
These are just a few of the industries with artificial intelligence (AI) and machine learning (ML) impact. Now is the time to invest in your understanding of these technologies and your potential role in the brave new world they are helping to create.
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Sources:
Boston Consulting Group: The Rise of the AI-Powered Company in the Postcrisis World
FinancialTimes: The Impact of AI on Business and Society
Forbes: 10 Ways AI Is Improving Manufacturing in 2020
Forbes: 13 Industries Soon to Be Revolutionized by Artificial Intelligence
HealthRecoverySolutions: The Growth of Artificial Intelligence in Healthcare
RoboticsBusinessReview: How AI Is Being Deployed Across Industries
