We are fortunate enough to live in the era of technological advancements. Gone are the days when almost every single task had to be done manually. But now we have technologies like Artificial Intelligence and Machine Learning that can perform almost every bit of work that a human can do.
AI technology is capable enough to decrease human efforts in different areas and that is the reason a large number of industries are utilizing Artificial Intelligence to perform different activities on a continuous basis.
From healthcare to transportation, Artificial Intelligence (AI) is adopted by every industry in recent times. It offers new opportunities and the automation of many processes which otherwise needed great manual interventions.
The algorithms used by AI feed a huge amount of data and make decisions based on logic. This enables the machines to learn and complete a task with minimal supervision. That is the reason it is so important to implement AI applications in today’s businesses.
Top Artificial Intelligence Industries
Many industries have already realized its potential and have implemented Artificial Intelligence to simplify their everyday business tasks. By partnering with AI, companies are developing game-changing solutions while creating a truly global impact.
Here are the top 5 industries where AI has caused a revolution.
AI in Finance
From managing investments to collecting financial data, AI is truly dominating the finance industry. It can perform many tasks faster and more efficiently than human beings. So, almost every financial company is using Artificial Intelligence to save time while reducing costs.
Artificial Intelligence has the potential to help the financial companies to ensure a secure business by minimizing risk and generate more revenues in banking, trading and investing.
A good application of AI in finance is the bank chatbot. When customers want to discuss some account information or change their password, they are directed to an AI driven chatbot.
Companies like JPMorgan Chase use AI as an image recognition software to analyze legal banking documents that extract particular information and clauses in seconds, compared to the 360,000 hours of work each year by lawyers and loan officers to manually review 12,000 annual commercial credit agreements.
AI in Healthcare
When it comes to healthcare, AI has endless possibilities. With advanced processing and understanding life sciences, Artificial Intelligence is taking this industry to the next level.
According to Health IT Analytics, “AI will continue to dramatically influence the development of clinical decision support and business intelligence”
AI technologies are used to collect more in-depth patient data for conditions like heart conditions, asthma management, Parkinson tremors and more. It can also be used to improve drug formulations, DNA Analysis and Predictive Care.
AI driven diagnostics can sort a massive amount of data to discover the cause of any disease and suggest possible ways to treat it in a more accurate and efficient way. The Healthcare industry is seeing some revolutionary changes with the usage of AI based healthcare tools.
AI in Transportation
The transportation industry is seeing tremendous growth with the application of AI technology. It can predict, monitor and manage unpredictable things like traffic and accidents. AI uses observed data to predict and make appropriate decisions. It can also optimize and adjust the shipping routes and simplify distribution networks by analyzing and optimizing the data collected from various sources.
Although self-driving cars and trucks are still in the testing phase, they are sure to change the way how transportation today is. Tesla’s new semi-autonomous trucks and self-driving Ubers are some of the recent advances of Artificial Intelligence in agriculture. With fully automated fleets, issues like long driving hours and breaks will no longer be matter of concerns.
Computer vision and sensor fusion are two very important applications in self driving cars which are very helpful in examining the context of different objects and processing the way of control. By doing that, they offer the information and processes using data taken from different sources to the system for accurate decisions and responds according to the situation.
AI in Agriculture
Agriculture is a major industry and a huge part of the economy in many countries and Artificial Intelligence has a lot to offer to this industry. AI is used to improve and protect the crop yield in many parts of the world.
Robotics in Agriculture can help in monitoring soil, detecting weeds and diagnosing plant diseases. Even the impact on crop yield faced by unpredictable weather changes can also be predicted by the Predictive Analytics driven by machine learning.
Many farms are taking advantage of drones to get high quality images for scanning and analyzing fields for collecting necessary data. This imaging technology also helps the farmers in analyzing crop health along with overall field management. Agriculture companies can also handle major tasks like crop harvesting in a larger volume, by using AI technologies.
The international agricultural research institute ICRISAT has collaborated with Microsoft to help farmers improve the crop yield with a Sowing App. This app helps the farmers in seed treatment, pest control, water management and identify the optimal time to sow seeds.
AI in Retail and Customer Service
Customer Service is one of those industries that heavily rely on artificial intelligence and machine learning. With the advancement of chatbots and automated technologies, Artificial Intelligence is changing the face of the call centers and customer service industry. For any customer queries, AI powered assistance is offered in a smart and interactive way.
In the retail industry, it is very difficult to understand what customers are looking for and which products will be most relevant for their searches. Artificial Intelligence can help to overcome such situations by enabling easy search options and identifying the most relevant products quickly.
Conclusion
Artificial Intelligence is transforming the industries by automating processes and offering personalization. This has enabled many companies to decrease human efforts, and get more productive results, faster.
Industries are using Machine Learning and Artificial Intelligence for more accurate business analysis. In fact, the efficacy of businesses is highly dependent on further developments in AI technology.
Steadily and consistently, this technological innovation is transforming human lives in a positive way. With the rapid development of AI technology, we can expect more exciting features and applications in the coming days.
