The relentless parade of new technologies is unfolding on many fronts. Almost every advance is publicized as a breakthrough, and the list of “next big things” grows ever longer. Not every emerging technology will alter the business or social landscape—but some truly do have the potential to disrupt the status quo, alter the way people live and work, and rearrange value pools. Artificial Intelligence is one such disruptive technology which is not only transforming lives but is transforming businesses and is dominating the entire technology landscape; especially the consumer-focused companies along with the global economy. With the growing proliferation of AI, its impact can be observed across the industries.
Given the myriad capabilities of artificial intelligence, it has several wide-ranging applications that are relevant across industries. While the impact of AI is expected to be felt across all industries some sectors such as Healthcare, Banking, Retail, Consumer & Package goods, and Technology are the most likely domains to be disrupted.
Artificial Intelligence and Healthcare
Artificial intelligence has the potential to revolutionize every aspect of the healthcare industry, right from hospital care to clinical research to drug development to insurance. With its ability to process and analyze massive amounts of data, AI can help doctors make more sound decisions about the course of treatment.
Thus, AI has an important role to play in healthcare offerings of the future from diagnosis, precision medicine to patient communication and administrative work. However, AI systems will not replace human clinicians on a large scale, but rather will augment their efforts to care for patients. Over time, human clinicians may move toward tasks and job designs that draw on uniquely human skills like empathy, persuasion and big-picture integration but will work alongside artificial intelligence technologies.
Artificial Intelligence and Banking
The banking sector is likely to see the impact of artificial intelligence right from core banking all the way through to customer experience. AI can help streamline business processes, through robotic process automation or natural language processing, eliminating the need for tedious manual interventions especially in areas such as document reviewing.
Thus, Artificial Intelligence is the future of banking as it brings the power of advanced data analytics to combat fraudulent transactions and improve compliance. AI algorithm accomplishes anti-money laundering activities in few seconds, which otherwise take hours and days. AI also enables banks to manage huge volumes of data at record speed to derive valuable insights from it. Features such as AI bots, digital payment advisers and biometric fraud detection mechanisms lead to higher quality of services to a wider customer base. All this translates to increased revenue, reduced costs and boost in profits.
Artificial Intelligence and E-Commerce
Artificial intelligence can help drive more efficient and optimized supply chains through better forecasting facilitated by machine learning.
Thus, it would be fair to state that AI technology is likely to have an enormous and beneficial impact on the e-Commerce industry in the coming years.
Artificial Intelligence and Manufacturing
Along with other sectors, Manufacturing has also been impacted by AI, especially with the evolution of industrial automation.
Artificial Intelligence has the potential to bring a paradigm shift in our manufacturing ecosystem and bring huge windfall profits for the companies who will realise its potential early on to outperform their peers.
Artificial Intelligence and Technology
The technology sector stands to gain considerably from AI’s ability to automate processes, thereby bringing massive cost savings through optimized infrastructure. Also, given the heightened fear of cyber threats, AI has a big role to play in maintaining cyber security.
These examples imply that AI may well be a revolution in human affairs, and become the single most influential human innovation in history. Thus it is imperative to incorporate human choices while developing such innovative products to bring equitable benefit for all.
Artificial Intelligence and Transportation
Commutation problem is increasing across the world and there is huge opportunity for AI to bring change to every person’s life.
And now autonomous vehicles—cars, trucks, buses, and drone delivery systems—using advanced technological capabilities of artificial intelligence are the upcoming breakthrough innovations to revolutionize the transportation sector.