Most probably, you’re aware of the Artificial Intelligence technology which is the prime force behind several innovative applications. If you look around, you can easily identify numerous operations where Artificial Intelligence is used. And you might also be using AI in some form such as Apple’s Siri or chatbots.
The applications of AI are no longer limited to the digital domain. In fact, today AI presents a unique opportunity for almost every business. AI has been around since the 1950s but it is only recently that the technology has begun to find real-world applications. And these days, Artificial Intelligence (AI) is revolutionizing the business landscape by offering unmatched experiences for businesses, as well as users. Increasingly, more and more industries are exploiting this technology to achieve greater automation, agility, and operational efficiency in business operations.
Applications of AI
According to a report by Gartner, it is expected that by 2020 around 30% of companies globally will use AI to optimize their process and reap higher revenues. AI is already helping industries such as entertainment, education, health, commerce, and transport in solving various operational issues and creating personalized user experiences. The technology not only mimics human interaction but also offers higher speed and reliability at a much lower cost. To better understand the uses of AI, let’s take a quick look at the most significant industrial applications of AI.
Manufacturing is one of the first industries that starting exploring uses of AI. Factories and manufacturing plants are using AI-enabled robots to assemble and pack different parts without any human intervention. Robots simply take instructions from humans and perform tasks right from assembling raw materials to the shipping final products.
AI algorithms also streamline the manufacturing supply chain process. The technology is used for identifying the patterns of demand for products and predicting market demand to keep a track of inventory. Also, it helps in the maintenance of equipment by predicting malfunctions and possible breakdown of machines.
Nowadays, more and more people prefer online shopping. With the increasing trend of online shopping, the websites started using artificial intelligence to offer personalized shopping experience. The online retail stores recommend buyers stuffs based on their past purchases or items they put in the search box. AI is leveraging e-commerce websites by identifying the interest and shopping pattern of their target customers. The latest addition to improve customers’ experience is the introduction of chatbots in websites for seeking guidance or for solving queries.
3. Finance and Banking
When it comes to dealing with financial data, AI can minimize human errors and make the process faster. The banks and financial institutions need to automate the process considering the increase in the number of financial accounts. With the help of Artificial Intelligence, data accumulation, analysis, and processing have become hassle-free these days. Also, robots are more efficient and quick than humans in analyzing market data, tracking consumer base, and offering complete transaction security.
Artificial Intelligence has also become a vital part of the healthcare industry. Doctors and physicians are seeking the help of AI to diagnose patients, as well as get assistance in the treatment procedures. AI applications in the healthcare industry are bringing down the cost by reducing the need for several machines and equipment. There are some great AI applications that can suggest treatments based on the patients’ medical history and some can even deliver anesthesia to patients automatically.
The entertainment industry is one of the early adopters of AI technology. In fact, the use of Artificial Intelligence is quite popular in video games development. With the help of AI, developers are creating gaming apps where players can impersonate a real-world person. Also, there are music and movies apps that use AI to recommend users songs and videos based on their choice and past viewing or listening pattern. If an app displays ‘you may also be interested in’ option, it means AI is being used to suggest you genre of your choice.