AI: Game-changer For The World
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.
- As per a 2017 study by PWC, AI adoption will result in the global economy growing 14 per cent by 2030. It will add a massive $15.7 trillion to the global economy.
- As per a Microsoft commissioned Economist Intelligence Unit report titled “Intelligent economies: AI’s transformation of industries and societies”, 90 per cent of global businesses expect AI to have a positive impact on growth. 86 per cent expect AI to boost productivity.
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.
- For example, Doxper is an Indian AI startup working in the healthcare sector and improves the doctor-patient interaction. It aims to provide easy storage & retrieval, automated patient follow-ups, and auto data transcription. This helps in keeping the records safe and makes communicating with the patient really simple and is helping the healthcare sector to digitize the records of their patients.
- AI can also help provide 24/7 monitoring support and act as a virtual private assistant for patients. In turn, this will help cut costs while improving patient outcomes. In addition, virtual bots can answer patients’ most commonly asked questions. Virtual Recommendation systems can recommend the right doctors based on patient history.
- In other words, AI will take on all the simpler actions at scale and allow the doctors and nurses to really focus on the patient’s diagnosis and treatment.
- For instance, NIRAMAI (Non-Invasive Risk Assessment with Machine Intelligence) is a novel breast cancer screening solution. It provides a cost-efficient way to detect breast cancer and is a better alternative to the existing method of mammography which requires a high capital cost.
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.
- At the same time, virtual assistants such as chatbots can help elevate customer experience with highly personalized interactions and tailored offerings, delivered at scale. This allows employees to focus on higher-value tasks instead of being tied down by mundane activities such as routine customer calls.
- Credit risk management systems and fraud detection frameworks can help anticipate the probability of default, calculate exposure at default and loss due to default models. This allows faster approval times and more accurate predictions of risk.
- For example, Rubique is a Fintech startup that wants to revolutionize the finance industry by introducing predictability. This helps its users to find the best match to his/her credit requirements with the help of an AI-based recommendation engine and Rubique’s financial matchmaking platform.
- Rubique’s multi-sided lending platform provides features like e-KYC, bank statement analysis, credit bureau check, credit memo generation & MCA integration along with real-time application tracking to make it a paperless experience.
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.
- Predictive analytics can enable better inventory management by helping retailers get more accurate forecasts on expected sales.
- AI can also help streamline marketing efforts through better targeting. On the customer experience side too, smart shopping carts can help minimize abandoned carts and boost the shopping experience with customized recommendations as well as virtual assistants.
- It can also help detect instances of online fraud. For example, while launching its AI technology, MasterCard noted that 13 times more revenue is lost to false declines than to fraud. By utilizing AI that can learn customer’s purchasing habits, credit card processors minimize the probability of falsely declining customer’s card while maximizing the probability of preventing somebody else from fraudulently charging it.
- Another fascinating and effective way of using artificial intelligence is to tackle the painful problem of counterfeit products and fake reviews on shopping websites.
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.
- Machines driven by AI offer numerous benefits and some of them are enhanced production efficiency, mapping machine interactions to human interactions and most importantly newer opportunities.
- For example, AI-powered robots can interpret CAD (Computer-Aided Design) models, which eliminate the need to program their movements and processes. In 2017, Siemens developed a two-armed robot that can manufacture products without being programmed.
- With AI becoming the core element of Industry 4.0, predictive maintenance enables manufacturing companies to reduce machine downtimes.
- In addition, with technological advancement, there is an increase in Human-Robot collaborations at manufacturing facilities. Robots are becoming more cognitive to take decisions based on real-time situations.
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.
- In addition, testing and quality assurance can be made far more effective as well as efficient using AI. Smart personal assistants are also gaining currency with the development of AI.
- Smart Personal Assistants: Now that voice-to-text technology is accurate enough to rely on for basic conversation, it has become the control interface for a new generation of smart personal assistants. The first iteration were simpler phone assistants like Siri and Google Now (now succeeded by the more sophisticated Google Assistant), which could perform internet searches, set reminders, and integrate with your calendar.
- Amazon expanded upon this model with the announcement of complimentary hardware and software components:
- Alexa, an AI-powered personal assistant that accepts voice commands to create to-do lists, order items online, set reminders, and answer questions (via internet searches).
- Echo (and later, Dot) smart speakers that allow to integrate Alexa with living room and use voice commands to ask natural language questions, play music, order pizza, hire an Uber, and integrate with smart home devices.
- Microsoft has followed suit with Cortana, its own AI assistant that comes pre-loaded on Windows computers and Microsoft smartphones.
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.
- Reducing commute times is a complex problem. A single trip may involve multiple modes of transportation such as driving to a train station, riding the train to the optimal stop, and then walking or using a ride-share service from that stop to the final destination.
- It can also involve unexpected situations like: construction; accidents; road or track maintenance or adverse weather conditions.
- Furthermore, long-term trends may not match historical data, depending on the changes in population count and demographics, local economics, and zoning policies.
- Some of the examples how AI is already helping to tackle the complexities of transportation are: Google’s AI-Powered Predictions, Ridesharing Apps like Uber and use of AI Autopilot in Commercial Flights.
- Google’s AI-Powered Predictions: Using anonymizedlocation data from smartphones, Google Maps (Maps) can analyzethe speed of movement of traffic at any given time. And, with its acquisition of crowd-sourced traffic app Waze in 2013, Maps can more easily incorporate user-reported traffic incidents like construction and accidents. Access to vast amounts of data being fed to its proprietary algorithms means Maps can reduce the time for commutation by suggesting the fastest routes to and from workplace.
- Ridesharing Apps like Uber and Lyft: Uber uses ML (Machine Learning) to predict rider demand to ensure that “surge pricing” (short periods of sharp price increases to decrease rider demand and increase driver supply) will soon no longer be necessary. Uber uses machine learning for Expected Time of Arrival (ETAs) for rides, estimated meal delivery times on Uber EATS and computing optimal pickup locations, as well as for fraud detection.
- Use of AI Autopilot in Commercial Flights: AI autopilot in commercial airlines is a surprisingly early use of AI technology. The New York Times reports that the average flight of a Boeing plane involves only seven minutes of human-steered flight, which is typically reserved only for take-off and landing.
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.