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New technology is disrupting business models. From driverless cars to chabots, artificial intelligence (AI) is completely changing the way we live and do business. It is an era of change where an innovative AI companies and Artificial Intelligence Solutions will contribute greatly to this increase in global economic growth and productivity. PwC estimates that AI could add as much as $15.7 trillion to the global economy by 2030.
Here is how AI is changing different industries by better monitoring and managing processes for higher efficiency and performance.
- Streamline efficiency in the energy sector to use deep predictive capabilities in order to manage demand and supply and optimize renewable energy solutions.
- AI applications in the transport sector can provide traffic analysis, facilitate safe transport, as well as real-time journey planning.
- AI in water resource prediction, management and monitoring can help to overcome water crisis across the globe and minimize waste, as well as lower costs and environmental impacts.
- Driving supply chain and logistics operations. AI can minimize cost through improved forecasting, quick deliveries through optimized routes, improved customer service, and more.
What is Artificial Intelligence (AI) and how does AI work?
Artificial Intelligence, or simply AI, describes a machine’s ability to simulate human intelligence and actions such as logic reasoning which were typically considered unique to humans. This technology is now being successfully deployed and used in every industry. One of the most common examples is AI is chatbots, specifically the “live chat” that handle basic customer service requests on company websites. AI is raising the benchmark of excellence as the technology continues to evolve.
A subset of artificial intelligence, Natural Language Processing, or NLP deals with the ability to process and analyze text and speech data. It covers machines learning, semantics, and speech of human language to perform actions like answering human questions.
Artificial Intelligence has several components to achieve the desired result — an intelligent machine. AI was developed by studying the way the human brain thinks, analyzes and decide, then applying those mechanisms to computers.
Artificial intelligence can help minimize or in some cases remove chances of human error, create accurate analytics, and turn data collecting devices into robust diagnostic tools. One example of this is wearable devices such as smartwatches and fitness trackers, which put data in the hands of consumers to empower them to play a more active role in managing their health.
Applications and Opportunities
Healthcare
Artificial intelligence is bringing about a paradigm shift in the healthcare industry and can be applied to various types of healthcare data (structured and unstructured). Its impact promises to be truly life-changing. From hospital care, asset management to clinical research, and drug development, AI applications are revolutionizing the core functioning of the healthcare industry to reduce costs and improve patient care. The secure exchange of health data will help bring breakthrough changes for the patients.
Construction
The construction industry has fast joining the technology and software change bandwagon. AI is helping the construction industry to the next phase of tomorrow. Bringing AI and machine learning into this industry will reduce human error, fasten the construction process, minimize hazards and increase safety at workplace.
Logistics and Delivery
AI helps integrate supply chain management by unifying data. It analyzes and provides insights across the organization. Right form anticipating orders to effective management of deliveries, AI has the power to increase efficiency across entire supply chain. Along with predictive analytics, AI can significantly improve route optimization and network management.
Customer Service
Customer satisfaction is the cornerstone of success for enterprise regardless of how far along in the buyer’s journey. Considering the different touchpoints, AI can streamline the experience handling simple questions like inventory, availability, or straightforward exchanges and refunds, which frees up staff to focus on more complex and sensitive issues.
Chatbots
Chatbots have become more sophisticated to the point that they have become indistinguishable from humans. Instant response to inquiries, reduced service time, increased customer engagement, the ability to handle simple transactions, and proactive customer interactions are all within the grasp of these bots. It’s predicted that by 2020, chatbots will power 85% of all customer service interactions.
Customer Relationship Management
Whether it is transcribing and analyzing calls or following up with leads via email, AI is positioned to not only do more for the enterprise but the customers they serve. AI is poised to do what sales teams and CRM fail to achieve alone.
Education
The basic concepts of education have changed across the generations. It is quite obvious that change is needed. The most pressing question is what that change should be and how to achieve it. Harnessing AI to create a highly contextual and personalized experience, provide dynamic and effective learning path for any subject. THis can prove to be an amazing enabler for education revolution.
Infrastructure Planning
Infrastructure planning and development will witness a rapid evolution courtesy AI. Voluminous data can be processed and organized to help understand urban areas and how they are changing. AI data can also provide a different way of looking at growth and development, utility use, safety, and more.
Advertising
AI-powered systems would be a game changer in the marketing world as brands would reach out to potential customers, generating leads and converting to sales, identifying the market traction of a new product before launch and competition research could all become easier with smart customer analysis, sentiment tracker tools and techniques.
Finance
Finance industry would benefit with most precise analysis for a myriad of its purposes. As far as AI and ML are concerned, the finance sector would benefit from these technologies with the ability to detect fraudulent transactions and make way for a safer and secure online transaction. It can also analyze market patterns, trends and the rise and fall of stocks values in the market to help financial advisers create customize plans.
Conclusion
The key to this digital transformation lies in leveraging the power of AI to use processing capacity to efficiently and accurately analyze large amounts of data. These technologies can help create an ecosystem of intelligent systems to detect patterns, automate processes and fasten strategic decision-making.
