Artificial Intelligence (AI) was just a buzzword a few years back until tech market players started leveraging this technology to it’s full potential. Be it Google, IBM, Facebook, or any other tech mammoth you can think of, they are putting Artificial Intelligence in front of everything. Smaller companies and startups, as well, are now increasingly favoring the adoption of the this technology to optimize their performances and functionalities. Instead of seeing them as expenses, companies recognize them as investments that would only help in the longer run.
Research by Price Waterhouse Cooper revealed that Artificial Intelligence would be a fundamental technology in the future. Most industries would work with the technologies at their fulcrum. If you did not realize, the trend has already started, and some industries right now have already been influenced by AI and ML and rely heavily on them for advancement and implementation. This list should help you understand it better.
If you think self-driving cars are products of a distant future, smart cars have already made their way to the markets. Back in 2015, the implementation of AI-driven systems in cars and vehicles was just 8% but by 2025, the rates are expected to jump to 109%. Connected cars are the in-thing in the automobile industry right now, where predictive mechanisms accurately tell drivers the probable malfunctioning of spare parts, routes and driving directions, emergency and disaster prevention protocols and more. Gartner predicted that connected cars with embedded wireless connectivity and networks would be the benchmarks for cars by 2020. This is also turning slowly turning into a reality with the prototypes of autonomous cars hitting the roads.
Example of Artificial Intelligence In Transportation
Siemens Mobility has tested a prototype A.I. monitoring system through traffic cameras. Here the product alters the traffic lights and controls the traffic based on real-time road congestion. This directly helps in reducing traffic-related incidents and also helps in minimizing road congestion. Through this smart system, there will be a reduction in redundant traffic, enhanced road safety, and also reduced wait times
Artificial intelligence is already arriving as a game changer in the healthcare sector. IBM’s cognitive supercomputer was able to quickly diagnose the presence of a rare type of leukemia in a patient that even doctors could not do after months of study. There are algorithms and systems that aid in the detection and treatment of chronic ailments, and with electronic health records in place, artificial intelligence and machine learning systems are only making personalized healthcare a reality today. Also predictive healthcare is slowly gaining momentum as well.
Example of Artificial Intelligence In Healthcare
A virtual nurse Sensely is a fantastic example of Artificial Intelligence in healthcare. It uses Natural Language Processing, speech recognition, Machine Learning, and wireless integration with various medical devices such as blood pressure cuffs to provide effective medical assistance to patients.
Check out the list of key features that this virtual nurse provides:
Finance has always needed one of the most precise forms of computing systems in place for a myriad of its purposes. As far as AI and ML are concerned, the finance sector would rely heavily on the systems powered by these technologies to detect fraudulent transactions and pave the way for safer and more secure online transactions. It can also predict the rise and fall of stock values in the market and help financial advisers with ideal investment plans.
Example of Artificial Intelligence In Finance
Artificial Intelligence is mainly used to analyze patterns within large data sets. Therefore, it is no surprise that it’s often used in trading. AI-powered computers can swiftly, effectively, and efficiently sift through data faster than humans. This greatly expedites the whole analysis process and saves large chunks of time.
The manufacturing industry has tons of aspects that AI-based bots or systems could fix. From robot-driven assembly lines to intelligent systems that can predict the malfunctioning of machinery, AI would become inevitable for the manufacturing industries. It could also remove redundant skill sets and engage employees in meaningful work. AI-based bots or machines would also assist in solving supply-chain concerns over a wide geographical location, minimizing the shipping and delivery timing of online products.
Example of Artificial Intelligence In Manufacturing
The BMW Group uses automated image recognition for quality checks, and inspections to eliminate pseudo-defects to ensure there are no deviations from the target despite no actual faults. This has resulted in them achieving high levels of precision in manufacturing.
Instead of spending thousands of dollars on a campaign to test if it would be effective for a set pool of target audience, AI-powered systems would efficiently simulate the campaign with past data in hand and deliver precise results. This would be a game changer in marketing as brands and businesses would have a sure-shot avenue to place their money. Reaching out to potential customers, generating leads and converting them to sales, identifying the market share of a new product before launch, and competition research could all become easier with smart sentiment analysis tools and techniques.
Example of Artificial Intelligence In Advertising
Best Western came to IBM Watson Advertising for enhanced engagement. They were looking at reaching and engaging consumers in active travel planning mode around peak holiday weekends, which are some of the year’s busiest travel periods. It was concluded that conversations were the best way for Best Western to offer personalized travel recommendations and help them take the pain out of the travel planning process.
By using personalization, they witnessed an increase in traffic to their locations, which included:
Not just these, AI is even transforming entertainment, politics, sports any other industry you can think of. The future belongs to this technology, which is just the dawn of it. along with skillset in these domains, there is a dire need for visionary leaders who are capable of spearheading these innovative implementations. Check out UNext’s Executive PG Diploma in Management & Artificial Intelligence in collaboration with IIM Indore if you want to build your future in the realm of Artificial Intelligence. designed and delivered by the best minds in the industry, this program is the perfect amalgamation of AI techniques and Management skills.