Learn All About Impacts and Applications of AI in Various Industries

Artificial Intelligence (AI) is becoming an integral and seamlessly incorporated technology for businesses and in our daily lives. It has the potential to change the world, from streamlining operations to inform better decision-making!

AI has impacted all industries, including banking and finance, healthcare, automobile, telecommunication, manufacturing, defense and military, entertainment and media, education, etc. Whether we realize it or not, AI is everywhere around us and playing a highly active role in our daily lives. Each time we get to our Facebook newsfeed or run a Google query, get product information from Amazon or search for flight tickets online, AI is working in the background. It is now well equipped to help solve critical business problems and better lives worldwide.

In this blog, we will look at how various industries are harnessing the power of AI to the fullest. Let's dive in!

Artificial Intelligence in Financial Services

The applications of artificial intelligence in financial services are diverse and far-reaching. The technology is nothing short of a game-changer about enhancing the operational efficiency of financial service organizations and reducing the incidence of fraud. As a result, an increasing number of banks are being encouraged to raise their AI budget. With chatbots that can address customer queries and advise them on personal finance products, the overall resource cost of banks can be significantly reduced as they often don't require human intervention. One of the earliest examples of AI in financial services is ENO, a text-based assistant launched by Capital One in 2017. Since then, AI has come a long way and has critical consumer and corporate finance applications. Applications of AI in Finance:

• To detect the risk of insurance

• Fraud detection

• Advanced market insights for investment banking

• Financial advice

Artificial Intelligence in Healthcare

Artificial Intelligence has unfathomable applications in the field of healthcare. The time when robots perform surgeries on human beings is perhaps not far, and what is restricted to science fiction may soon transform into reality. From finding hitherto undiscovered links between genetic codes to helping in the early diagnosis of various ailments, artificial intelligence in healthcare can transform the sector and the way we approach health and medical treatments at large.

Consider the example of Buoy Health, for instance. A symptom checker chatbot based on artificial intelligence technology enables patients to input their symptoms. It, in turn, provides them with the correct diagnosis and subsequent treatment advice. It comes as no surprise that one of the many users of Buoy Health is the prestigious Harvard Business School in Boston, Massachusetts. Applications of AI in Healthcare:

• Insights to validate the need for surgery

• To diagnose infectious diseases

• Healthcare apps to provide medical assistance

• Wearables powered with AI to track health parameters

• Possibility of detecting early-stage detection of dementia

• Intelligent robots conducting surgeries

• To conduct drug discovery and production

• Image analysis for medical diagnostics

• Automating the redundant administrative tasks

Artificial Intelligence in Retail

The retail industry is primarily shaped and driven by consumer behavior and consumer requirements. This is where artificial intelligence technology is bringing about a drastic transformation. The application of artificial intelligence in retail enables retail organizations to analyze consumer demand patterns and forecast demand much more accurately.

In addition to the above, the technology is being utilized to help organizations optimize their pricing strategies and product positioning. AI in retail is also helpful in inventory management and reducing the total inventory cost for retail organizations. By implementing Automated Inventory Management, retailers can ensure the proper placement and quantity of inventory at different stores and the various sections.

Applications of AI in Retail:

• Chatbots to provide smart assistance

• Algorithms to help with purchase prognosis

• To derive product pricings

• Determining the effectiveness of advertisements and their perfect location

• To offer a tailored in-store experience

Artificial Intelligence in Manufacturing Artificial Intelligence technology holds immense potential to enhance the degree of automation in the manufacturing industry and identify flaws in the manufacturing process and manufacturing units. Over 60% of manufacturing companies are using AI technology which leads to a cut in downtime and ensures high-quality end products. Subsequently, manufacturing companies are using AI-based analytics for their information systems for improving work efficiency. To avoid sudden damages to machinery, manufacturers are using AI-based predictive solutions to predict maintenance. AI can help maintain, be efficient, detect issues and also gain profits in the manufacturing industry.

Danone Group, a French food manufacturing organization, applies Machine Learning to enhance the efficiency of its demand forecasting. The move mentioned above has led to a significant impact, including a 20% decline in errors about forecasting, a 30% fall in lost sales, and a 50% reduction in the workload of demand planners. Applications of AI in Manufacturing:

• Advanced data analytics helps risk management, data visualization, supply chain management and initiates rapid decision-making processes for companies.

• Predictive maintenance to reduce risk of failure of systems

• AI and RPA to help automate repetitive tasks

• Inventory management with integrating AI into the existing factory systems

Artificial intelligence In Government

The seemingly ceaseless applications of artificial intelligence technology are not restricted to the private sector. The usage of artificial intelligence in government is leading to enhanced efficiency in budgeting, the automation of routine tasks, advancement in research and development, the completion of mission-critical tasks, etc., to name a few. The prognosis of failure rates has far-reaching repercussions, especially regarding military equipment and the defense sector. AI also plays a crucial role in bolstering cybersecurity measures for governments constantly under the threat of cyber warfare. Applications of AI by Governments worldwide:

• Identification of Fraudulent benefits claims in social welfare

• Tracking disease spreads & triaging patients with high-risk scores

• Helpful in domestic security where AI can predict a crime and recommend optimal police presence

• Usage of autonomous military drones in combats

• Self-driving shuttles in predetermined learned paths like industrial campuses, city centers, or suburban neighborhoods

• Monitoring social media to verify traffic incidents

• Classifying emergency calls based on their urgency using voice recognition tools & ML algorithms

• Fire prediction considering the dryness of forests and predict the wildfire better

• Customer service chatbots and gaining citizen feedback via social media

• Document automation, quick drafting of documents and announcements, and document translation

Artificial Intelligence in Education

Perhaps one of the most significant applications of artificial intelligence is in Education. With the consistent evolution of teaching and learning methods and a rapid shift to virtual modes, particularly amidst the ongoing global COVID-19 pandemic, artificial intelligence technology is helping educators and students bridge the chasms created by space and use innovative approaches to continue the learning process.

Artificial Intelligence in Education can help pave the path for customized and individualized learning. One of the critical applications of AI in education is bringing the joy and power of learning to all, irrespective of where they live and the language they speak. For instance, tools such as Presentation Translator is a free plug-in available with Microsoft PowerPoint that can generate subtitles in real-time and help students understand what their teacher is saying. The tool above supports more than 60 text languages.

Applications of AI in Education:

• Personalized education for specific students based on practical learning patterns and existing needs of students

• Automate repetitive and mundane tasks to reduce the administrative burden off the staff

• Increasing accessibility via virtual classrooms eliminating geographical boundaries

• Self-updating content that's more engaging, interactive, and simplified

• AI tutors and virtual assistants like chatbots

Many more industries are researching and incorporating AI in their systems to generate efficiencies, profitability, or ease of life. As we continue to explore all things AI, the following blog from the series will focus on AI's most prominent use cases today. Stay tuned to learn more about AI and continue to enjoy reading the distinct facets of AI!

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