7 Business Sectors That AI is All Set to Transform

Have you ever logged into your Facebook timeline and freaked out when you have seen that your account is showing related pages that you had been surfing through the night before? Feels quite eerie, doesn’t it? But let me tell you that there is nothing to be afraid of – nobody is actually stalking your phone. It is all a part of machine learning where AI uses predictive reasoning to determine your tastes and preferences.

So, if you have been thinking that artificial intelligence is all about the robots from the Sci-fi movies and is still a thing that is yet to be developed and adopted, then you are mistaken. “Today, artificial intelligence is ubiquitous in our lives, and it has taken over our lives for the better,” says Mathew Hose, as essay writer associated with the AI-driven academic help site, Myassignmenthelp.com. Nowadays, AI is being used to create better user experiences, specifically tailored to suit each user’s preferences.

So what is the present scenario of Artificial Intelligence in the landscape of Business?

According to a report by PricewaterhouseCoopers (PwC), the global economy is likely to witness a magnanimous contribution of a whopping amount of $15.7 trillion from AI within another decade. In the last few years, every industry has incorporated AI into their business process.

In contrast to the past, when only large multinational corporations could afford applications using artificial intelligence, today, the scenario is way different. With the high growth and influx of AI-using applications, smaller businesses are being able to afford and deploy artificial intelligence in their business processes.

A recent survey has shown how Artificial intelligence has a direct impact on the financial value of a company and the GDP of a country as a whole. By deploying the right kind of AI technology, businesses have been able to usher in the following positive changes:

• Saving time and money through the use of automated business processes
• A remarkable increase in productivity and operational efficiencies
• Faster business decisions are taken by the machines based on the outputs
• Lesser chances of human error, thus maintaining accuracy in executed tasks
• Better prediction of customer preferences leading to a smoother customer experience
• Generation of quality leads thus leading to the growth of a company’s customer base
• Optimized business costs with higher profit margins
• Increased revenue due to maximized sales opportunities

7 BUSINESS SECTORS THAT AI REVOLUTIONIZED

Artificial Intelligence is revolutionizing every business sector and is improving the financial standing remarkably. AI is being incorporated to increase sales, to detect fraud, and improve customer experience through automated work processes.

Industries ranging from health care to banking, travel and retail – all these sectors are massively gaining from AI implementations. While the banks can benefit from automated fraud detection, the retail business can understand consumer behavior through machine learning.

Here is how AI affects the following industrial sectors.

1. The Retail Industry

While shopping on Amazon, have you ever noticed that when you add a product to your cart, you get recommendations for clothes or other accessories that go along with what you are buying? I have often been found guilty of adding items one after the other based on the recommendations and spending a lump sum after that. This is nothing but AI working its wonders in tracking a consumer’s shopping habits to recommend new and related items to you to improve customer experience. AI-Powered chatbots are providing users with easy assistance and are also improving conversation support capabilities. With AI, retailers are being able to offer personalized customer experiences to enhance customer loyalty, thus aiding in the growth of their business.

2. IT Service Management and Software Development

Since AI is an effective way to troubleshoot basic problems, the IT service management has started using AI for an automated customer support tool. Not just that, Artificial Intelligence is also being used to help software engineers develop new and better products. A research conducted by MarketandMarkets in September 2017 predicts that by 2022, the market for machine learning will grow to $8.81 billion. From running faster tests to predictive reasoning-based problem solving, AI is replacing human resources wherever possible, thus revolutionizing the software development sector. AI is also being used to analyze data that is stored in various cloud storage tools to create advantages for everyone from Software Engineers to the business owners. Machine learning and AI is being used to enhance the process of traditional software development cycle.

3. Agriculture

With AI into the picture, agriculture has benefitted marginally from robotics monitoring of crops to automated analytics that analyses the requirements of different crops. In most countries, the agriculture sectors are using autonomous robots that are being programmed to handle routine agricultural tasks such as crop harvesting, thus, replacing the need for human laborers who are getting relief from the strenuous job. It is also being used for the purposes of crop and soil monitoring through automated vision. The deep learning algorithms can process data captured by the drones to monitor crop and soil health. AI is also being used as an excellent replacement for the traditional scarecrows to ward off birds and other farm animals.

4. Energy & Mining

Energy and mining is an industry that is full of dangers. Replacing the human workforce, AI is being deployed in the sector of mining to make the processes more efficient in delivering energy, and to predict when batteries and other equipment will fail. AI implementation into the energy sector has made energy exploration to be an easier and more economical task. Business magnates in this sector have started using AI to optimize how electricity flows out of batteries and points of consumption. If the assumptions are right, then we can expect AI technology to be able to save around $200 billion globally.

5. Healthcare

When it comes to the healthcare sector, AI has several uses that can transform the entire industry. Hospitals are putting user-friendly bots and chatbots to use that are assisting patients in their health diagnosis. Robots are replacing surgeons who are performing operations with better precision. AI is even being used to keep track of the patients’ medical history. The healthcare industry is using artificial intelligence to predict illnesses and identify high-risk patient groups. With AI, the sector has achieved an increase in the level of accuracy and speed of treatment through automated diagnosis. From predictive care to DNA analysis, AI has a positive impact on the healthcare industry. When we talk about the pharmaceutical industry, AI has a vital role to play. Drug manufacturing companies are using AI to improve and quicken the pace of drug formulation processes.

6. Banking and other financial institutions

Technology is slowly replacing physical assistance, and AI is providing customers with seamless banking services that are automated with voice commands and touch screens. The use of AI in the banking sector has reduced the chances of human error in calculation, thus making the banking processes more efficient. Almost all banks have their own applications that are helping their customers make payments, submit KYC forms online without having to extract time from their busy schedules to visit the bank. Banks are deploying robots that are capable of analyzing data, so as to provide customized financial advice, calculations, and forecasts to their users. Computers are programmed in a way that they are able to handle most customer service queries. The AI-driven applications are also helping back office processes in developing better financial plans and strategies through research. You must have heard about cryptocurrency, right? With blockchain technology being welcomed into the financial industry, the payments are becoming more secure, helping banks and other financial institutions in building trust with their users.

7. Transport

You must have booked flight tickets online, right? Have you ever wondered what technology is behind the entire processes? Well, it is Artificial Intelligence, of course! The traveling domain has started using AI in critical tasks, making the traveling experience of passengers smoother and better. In China and Singapore, you can see autonomous self-driving buses that are AI-programmed to stop at the bus stoppages and collect the tickets from the passengers. The manufacturing industries are also investing in AI to build autonomous trucks that carry goods, thus reducing the major challenges that are generally faced by the transportation industry. With AI into the industry, a remarkable improvement has been achieved, concerning the safety of the workers. AI innovation is also keeping a close check on the matters like environmental pollution and fuel emission, thus making the world a better place to live in.

Artificial Intelligence is redefining various sectors of business by offering a personalized experience for the users through an automated process. And that is precisely why AI is being embraced by every industry – from banking to IT, from healthcare to transportation. In our fast-paced world, AI is indispensable, and therefore you should make plans for incorporating it into your business framework soon!

Author bio:

Patrick Austin, a Canada-based digital marketing expert and a custom assignment writer at Myassignmenthelp.com, offers top-notch Assignment writing service to the students in across the globe. Apart from penning enriching blogs on current marketing trends, he likes to play basketball and has an enviable philately collection.