How Artificial Intelligence Will Disrupt Many Industries
In this post, titled; How Artificial Intelligence Will Disrupt Many Industries, we shall discuss the pros and cons of AI in some major industries. But before then, let’s look at the meaning of Artificial Intelligence.
Artificial intelligence, machine learning, and deep learning technologies are being adopted by industries all over the world. While these technologies certainly hold the potential to vastly improve the quality of operations in the corporate sector, they also stand to disrupt many existing markets.
Artificial intelligence (AI) is the simulation of human intelligence processes by computer systems. Computer systems are able to perform tasks normally requiring human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.
AI has been used in many different industries to optimize processes and make decision-making easier. It has been used in manufacturing and production to optimize processes, increase production efficiency, and reduce human error. AI is also being used to make decisions in healthcare by analyzing patient data and making suggestions for treatment plans. In the financial industry, AI is being used to analyze data and predict trends which can be helpful for predicting the next market crash or when a company might go bankrupt. Marketing organizations have been using AI to better understand consumer behavior by analyzing customer data, which helps them target ads more efficiently.
AI must be needed for companies that are looking for ways to stay competitive in today’s business world.
The pros and cons of artificial intelligence are still a matter of debate. But one thing is for certain, it will be here to stay. AI has the potential to solve many problems that humans have faced over the years. It is not just a tool but also an assistant that can do repetitive jobs and help with decision-making processes. With AI, humans can focus on more creative tasks like solving problems and coming up with new ideas.
However, there are some disadvantages too. AI will take away some jobs from humans which might lead to unemployment in the future. It also does not have emotions like human beings do so it cannot understand human feelings or react accordingly. Also, It can make people lazy and unproductive in the long run.
AI is the new frontier of human understanding and it is not only going to change the way we interact with computers, but it will also change the way we interact with each other.
Some of these changes are already happening in the scientific world. AI has been used to create hypotheses and find evidence for them. This is especially helpful when scientists are in search for a cure for cancer, for example, because they can search much more quickly than ever before and make discoveries that would never have been found by humans alone.
The AI revolution is coming. For many of us, it will be the most important development in our lifetime and one that touches every aspect of our life. The question is not whether AI will have an enormous impact on society, but what kind of impact it will have.
AI is a powerful tool for solving problems. As we build new technologies and invent new uses for them, it’s crucial to think about the possible benefits and risks – both short-term and long-term – before implementing a design or making changes to existing systems. It’s important to remember that no technology can be called “good” or “bad,” but instead each has consequences that must be understood before use.
How Artificial Intelligence Will Disrupt Many Industries
Marketing
The marketing industry will benefit from AI in many ways. The first is more personalized messaging, and the second is better targeting. AI marketing solutions can also determine the most effective messaging for a company based on customer preferences.
AI can tell exactly who you should advertise to. This they do through collecting of billions of data. When you discuss about a laptop with your friend for instance,and maybe do some Google search about laptops,the AI will send that data to advertisers and your Newsfeed will have laptop sellers ‘crawling from nowhere’
Banking, Financial Services, and Insurance (BFSI)
AI and the financial sector are a great fit for each other. Similar to healthcare, BFSI companies have been collecting, collating, and organizing data for many decades, making AI a natural addition to the field. Paperwork that was done manually is now getting automated,hugely cutting the need for manpower in this sector.
Healthcare.
Artificial intelligence is one of the biggest technological innovations of our time. It is being used in all sorts of industries these days, while it sounds like science fiction, artificial intelligence has been getting closer to reality day by day.
The world of healthcare is no exception, and there are a variety of opportunities and challenges facing the industry today. Many of the problems with healthcare stem from the disjointed nature of EHR systems and the number of interoperability challenges weighing down organizational processes, costing time & money, and negatively impacting patient experience.
Over time it will likely be essential to supporting clinical and other applications that result in more insightful and effective care and operations.
AI has multiple use cases throughout health plan, pharmacy benefit manager (PBM), and health system enterprises today, and with more interoperable and secure data, it is likely to be a critical engine behind analytics, insights, and the decision-making process. Enterprises that lean into adoption are likely to gain immediate returns through cost reduction and gain competitive advantage over the longer term as they use AI to transform their products and services to better engage with consumers.
AI can add value by either automating or augmenting the work of clinicians and staff.
Primarily, the healthcare sector as a whole has been geared towards collecting accurate and relevant data about patients and those who come into care.
And this is exactly what AI needs for more accurate results. DATA.
We are looking at a future where a device worn like a watch in your hand will be able to give detailed and more accurate diagnosis and timely prescription. Cutting the need to visit your doctor’s office every other time.
AI is already being used in the surgical rooms. And with more precision.
Think of a nurse/clinical officer who was needed to keep collecting data from patients. A small software makes it possible to collect data by scanning a patients fingerprint. A wearable that tracks your insulin levels and instructs when you need to take that insulin shot.
Think about the health records personnel. The disruption will be huge in the health sector.
Customer Care Services.
Closer home in Kenya,think of Safaricom’s Zuri. Zuri can help you around way faster than the human Custormer Care agents. And serve many people at a go.
AI has already begun to disrupt customer service. Natural language processing (NLP) algorithms have found their way into customer-facing helplines in the form of chatbots.
Due to their ability to accurately understand what the customer is saying, sufficiently advanced NLP algorithms may replace customer support executives by crazy percentages. And it’s already happening!
Logistics
Today you can track how your goods are moving from your phone.
Using predictive analytics, companies are able to produce just the optimal amount of goods. They are also able to accurately predict the demand of a certain product. This has enabled them to cut down the warehousing expenses and overhead costs. Signifantly.
Document and goods checks at ports used to take weeks, sometime months.
Today, it takes a few days for a ship to get clearance to ship all its goods. Image recognition algorithms and intelligent automation can help customs officials conduct checks more seamlessly by scanning the documents involved, transitioning it into a digital realm. This cuts the needs for manpower by a large margin.
Transport sector.
I won’t talk much about self-driving vehicles. Teslas.Uber catching up.
Soon, this technology will advance enough to allow humans to take the position of a supervisor, who will only be required to monitor the AI. Think about just 3 AI supervisors being able to monitor a fleet of company vehicles and making deliveries faster and more safely than 200 drivers.
Security and Defense.
Apart from autonomous weapons, image recognition and video recognition may be used for surveillance of the general population. Instead of having DCI Sleuths in every corner, facial recognition helps save the day!
Expensive air defenses, satellites, and fighter jets are becoming virtually powerless to stop inexpensive, easy to produce drones and missiles powered by today’s readily available, commercial-grade AI technology.
We cannot exhaust the number of industries that Technology and AI is disrupting. From education to agriculture to fitness to construction. Technology is changing so much about the world as we know it.
SEE ALSO : APPLICATIONS OF MACHINE LEARNING IN REAL WORLD
Hope this post on How Artificial Intelligence Will Disrupt Many Industries helps?
