Heralding Change: 6 Major Industries Benefiting from the AI Revolution
Businesses have increasingly taken to using AI to solve problems and smoothen operations. Many have realized that intelligent systems are the key to the future, and are looking to transform their companies to reap the benefits of this tool. Google, IBM, Amazon, and countless other tech giants have resorted to developing their own AI services which are being utilized by companies around the world. This article will be exploring some of the significant benefits of AI in:
Travel and Leisure
Many retail businesses employ AI to reduce their operational overheads, increase revenue, improve customer service, and increase efficiency. If you have responded to an automated chat, made a secure digital payment using an online portal, or had an online product recommendation, that means you have had an interaction with an AI system. Some of the ways AI can help retailers are:
AI-run chatbots to assist with customer service
AI and robotic assistants for in-store service (This may sound like science fiction, but companies like Amazon have already begun to employ such AI systems)
Price prediction and automated price adjustment
Supply chain management and logistical support
Customer behavior prediction
Large-scale retail corporations like Amazon use sophisticated AI algorithms to maintain their inventories, address customer inquiries and recommendations, and provide pricing solutions. Part of the reason why Amazon has such a dominant position in global retail is because of their early adoption of AI systems.
The single biggest advantage of integrating AI into healthcare systems would be to handle low-skill administrative tasks and large amounts of patient information data. According to news publication Insider, healthcare costs could be reduced by 30% if low-level administrative tasks—pre-authorizing insurance, bill payment, and record maintenance—are automated using AI.
AI can also help analyze large data sets, correlate patient insights, and make predictive analyses. For example, IBM’s proprietary AI system Watson can identify cancer treatments for patients, and Google Cloud’s Healthcare AI makes it easier to record, store, and retrieve patients’ medical information.
Patients can also use AI for self-care and diagnosis. Wearable health monitoring devices such as FitBit and the Apple Watch, can analyze your vital signs and warn you of any irregularities. The Apple Watch has an ECG application that can monitor your heart rate for arrhythmia. Healthcare technology company BioSign specializes in software that can track your vital signs from anywhere in the world, and transmit that data to your healthcare practitioner.
Banks need to process enormous amounts of data every day; from market-related data such as stock trades to individual financial transactions of their customers. Additionally, they also participate in future trading which requires careful investing based on predictive analysis. The banking and financial service industry has also benefited greatly from the incorporation of AI technology in their operations.
Customer service: AI can help improve customer experience by eliminating long queues through virtual assistants, provide personal banking services by analyzing customer data, and optimize day-to-day functions like account onboarding and transaction processing.
Risk Management: Financial services are heavily dependent on external factors, that cannot always be easy to predict. AI-driven analytics can help make accurate forecasts of financial events and market fluctuations, which in turn, will help these institutions make better decisions.
Fraud prevention: AI helps prevent fraud through machine auditing, which removes the chance for human errors, and detects fraudulent transactions and suspicious activity. AI systems can analyze customer behavior patterns and transaction history to detect anomalies that could indicate fraud.
Looking for more AI/ML insights? Check out:
Of all the industries mentioned on this list, agriculture has the longest turnaround time. Plants cannot be grown on command, nor can they be stored and shipped with ease. Agri-businesses require extensive preparation, planning, and labor. AI can lend a hand in agriculture in the following areas:
Forecasting expected demand: Agri-businesses can use big data and machine learning to spot trends and anomalies in purchasing and consumption behavior and use this information to make predictions about future demand.
AI-enabled farming: AI can help optimize farming through automated management of yield and production. It can enhance work from the picking of the crops, through to its sorting and packaging. AI can also help with soil care and find eco-friendly solutions for crop plantation.
Storage: Food storage requires a large amount of care. It is time-consuming and labor-intensive. By using AI systems in the sorting and packaging process, it can be made quicker and more accurate.
Robotic supply management: Did you know that the European Union employs more than 30,000 robots in its food industries? These AI-powered robots reduce the amount of food waste in supply chains and can make simple administrative decisions about food management without the need for extensive human intervention.
One of the most visible and exciting breakthroughs in the world of AI technology has been in the field of transportation. The self-driving car stands as a testament to humanity’s scientific progress. What would, mere decades ago, have been relegated to the annals of science fiction is now a scientific reality.
As the application of this technology is still in its infancy, the benefits and risks of artificial intelligence in this field are subject to debate. But there is considerable investment in this idea from industry leaders in both AI technology and automobile engineering, and it is fast becoming clear that self-driving cars will become a common sight within our lifetime. Many vehicles are already partially equipped with AI technologies such as automated parking mechanics.
In addition to autonomous transportation, AI is already contributing to the transportation industry in various other ways. Traffic management systems are run using AI algorithms in many countries. So are applications like Google Maps that analyze traffic patterns in real-time, to give you updates and suggest alternate routes. AI systems are used by air traffic controllers to predict delays and give weather warnings.
Travel and Leisure
Like retail, the travel and leisure industries are also highly dependent on effective communication and customer service. Travel trends are usually heavily researched by customers who want to know what kind of experience they are investing in before spending their money. Unlike other products, there are no refunds for a bad experience. AI can help customers make better choices, while also allowing businesses to amplify their services.
Customer review management: Chatbots can be a huge asset to the travel industry. They can be programmed to analyze travel history data to anticipate a customer’s travel needs, find the best ticket prices, and respond to FAQ’s.
AI assistants: AI can be used in face-to-face customer interactions to reduce labor and time spent at receptions. For example, the Hilton Hotels have collaborated with IBM to create a robotic assistant called Connie, run by IBM’s AI, Watson. Connie can interact with guests to provide tourist information and learns from each new interaction to improve communication.
Virtual and Augmented Reality: Virtual reality can take prospective customers through a tour of hotel facilities, as well as tourist destinations, and enable them to make informed choices. Augmented Reality (AR) is already being used by hotels to provide interactive elements within the physical space. For example, a hotel in Britain uses an augmented reality AI that is compatible with maps on the wall. When viewed through a smart device, these maps also indicate popular tourist destinations and items of interest around the town.
Today, many of the world’s key industries operate on AI systems. Though AI has existed for decades, the exponential rise of the Internet has brought AI to use to the forefront of future-ready businesses. Some companies operating in major industries such as retail, banking, agriculture, healthcare, transportation, and travel and leisure, have been quick to recognize and incorporate this new technology into their business practices. As a result, many of them have gone on to dominate their competition, and become leaders of their respective industries. If you want to be truly ready for the next step in human-machine evolution, you may want to consider the benefits that AI can bring to your business as well.
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