Hey Alexa, what’s the weather today? Hey Siri, which is the nearest Chinese restaurant? Virtual doctors for instant medical treatment, drones delivering your parcels, robots serving your meal in the restaurants and so on; these all developments are laid on the strong foundation of “Artificial intelligence” which has transformed the way we work, travel, study, shop or do business. Smartphones and gadgets have become a necessity nowadays; using these gadgets means you are using AI whether you know it or not. Similar is the case with organizations and businesses today; they are exploiting AI to improve their operations, improve productivity, for efficiency, to upgrade their offerings and services in order to keep the customers delighted and satisfied.
A simple example to understand this better would be the advent of autonomous (driverless) cars. In the coming years, AI will make your commute faster, safer and convenient. The traffic lights would also be monitored via AI to reduce wait times and for a smooth flow of traffic as per the congestions. PwC estimates that AI could add as much as $15.7 trillion to the global economy by 2030.
Have you seen Facebook identifying faces and prompting names if you wish to tag them; it is because of AI. The facial recognition software identifies the faces and suggests the names for the user to tag them in a photo. You search for a bag online and next thing you see is an advertisement of bags every on each website you visit and how is that made possible? Well, AI again. The feeds that you get in your timelines, the notifications sent by various apps or the suggestions you get on YouTube; these all based on the past searches and trends curated by AI. The scope of Artificial Intelligence is never-ending and with every innovation, it opens a new window to the future which seems unimaginable.
The number of enterprises implementing artificial intelligence grew 270% in the past four years, according to Gartner’s 2019 CIO Survey. AI has made its way to various organizations and industries, below are few industries that have been transformed drastically because of artificial intelligence.
Education: The learning experience is becoming personalized and interactive with the help of AI. Nowadays, students can attend the classes virtually and can access the study material easily on their mobile phones, laptops or tabs. All they require is internet connectivity and they are good to go. Artificial intelligence has automated the way administrative tasks and grading was done which saves a significant amount of time for the teachers. According to a report by Gartner, by 2020, at least 10% of higher education institutions will use smart machines to improve student success.
Automotive: AI has made autonomous vehicles a reality which seemed impossible until a few years ago. These vehicles aim to save energy, time and reduce the number of accidents. Apart from this, features like driver assist analyze the situation by monitoring the various parameter to alert the driver to avoid accidents. AI is definitely making the driving experience more convenient, safe and fun.
Finance: This industry is one of the early adopters of AI and has transformed the traditional operations overall. We can see AI taking care of the customer services, processing loan requests, assessing credit scores, learning customer behavior and trends to scale up their offerings. It has created a win-win situation for both organizations and customers as well by making the processes quick and error-free. A simple example would be chat assistance services offered by banks on the web and mobile.
Healthcare: AI has strengthened the healthcare industry by supporting it deliver better medical treatment, care and at a faster pace. Nowadays, you can anytime get medical assistance over the phone with the help of applications and virtual doctors. AI is widely used in medical research to develop better medicines and treatments. Apart from this, the natural simulations based on algorithms is offering a challenging and more realistic environment to the learners. By 2020, the spending on AI projects in healthcare to reach $54 million (source). Healthcare is fertile ground for artificial intelligence and emerging advanced analytics technologies to improve outcomes, cut costs and increase engagement.
Retail: Have you heard the concept of human-free retail stores? Well, AI-powered retail stores would allow customers to get in the store with the help of a facial recognition app. The smart baskets would automatically calculate the bill as per the products in it and the money would be deducted from your e-wallet once you exit the process. Isn’t that great? There are various retail stores adopting AI to sort their shelves, designing an app to help customers locate a product easily, or try a product virtually (virtual trial rooms). Overall, Artificial intelligence has been warmly welcomed and accepted by the industry owing to the power it has to transform the retail world.
AI has already made its presence felt because of the changes it has brought at an individual, organizational and industrial level. Right from chatbots, to virtual doctors, to driverless cars; the list is growing by each passing day. With the constant innovations and developments; Artificial Intelligence is deemed to expand its scope by empowering industries to streamline processes and take better business decisions!
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