With all the buzz around cryptocurrency and blockchain technology, artificial intelligence (AI) has taken a backseat in some ways. However, this hasn’t stopped the AI industry from growing at an exponential rate. The artificial intelligence market is estimated to grow in value to $191 billion by 2024 with a CAGR of 37 percent.
Don’t be fooled, AI is still a force. The ability for machines to make decisions based on logic, data, and information from the past is impacting a number of industries. From self-driving vehicles to chatbots, artificial intelligence is transforming the way business is done on a global scale.
Let’s take a closer look at the major industries AI is redefining via innovation and advanced machine learning.
AI continues to disrupt industry tasks and problems, but none as prominent as the shipping industry. By implementing artificial intelligence into shipping processes, logistics can become simplified, more efficient, and reduce human error. And since shipping is the backbone of other industries, it becomes a primary target for tech innovation.
Supply chain tasks can be pretty complicated, and AI shifts complex tasks like connecting shippers with carriers simplistic. This is due to the automation AI serves up when it comes to multiple carriers for single shipments. AI can record shipments based on images, auto-weigh, thus taking human error and unnecessary costs out of the equation.
Artificial intelligence and the finance industry go hand-in-hand. Employing AI into financial systems can help institutions manage investments, easily collect data in real-time, integrate predictive analytics into decision making processes, and guide human counterparts in investment opportunities. This is why most financial institutions are already using or deploying AI.
There’s also an added benefit to using AI in finance for customers. Instead of waiting on hold for a human representative, most personal and business banking can be managed by an artificially intelligent chatbot. You may have already interacted with a banking bot and not even known it.
The healthcare industry has been moving more toward AI implementation to help healthcare companies solve a number of problems. Artificial intelligence is also shaping the future for the healthcare industry as a whole, opening new doors to understanding health sciences and efficiency. The most common use for AI in healthcare is to collect patient personal information and data, but new opportunities in more complex data collection for chronic illnesses is on the horizon.
The use of AI in patient diagnosis is becoming more prevalent as well. This is because artificial intelligence software can sift through large amounts of data quickly and offer up insight on specific medical conditions and the treatment for those conditions.
Authors of a study published in Stroke and Vascular Neurology (2017) explained, “Artificial intelligence (AI) aims to mimic human cognitive functions. It is bringing a paradigm shift to healthcare, powered by increasing availability of healthcare data and rapid progress of analytics techniques.”
Artificial intelligence is also redefining the education, an industry that sees great value in using innovative technology to help students, teachers, and education institutions achieve greater results. For example, AI chatbots can be used by teachers on all academic levels to answer student questions online. Giving students timely access to the information they need to be successful while freeing up teachers to answer more in-depth questions.
AI can be utilized to compile student data and suggest learning strategies to increase their success. Artificial intelligent systems can also deliver real-time feedback to students on course information and lectures at the university level via their mobile devices. By adding more advanced technology to education, we can build a more efficient, brighter future for the next generation of students.
Marketing is an important industry that needs to keep up with innovative systems like AI. Having a more intelligent marketing strategy can make campaigns more efficient, productive, and cost-effective. For instance, artificial intelligence can compile lists of consumers based on past purchases for a business to remarket them on the products they may be more likely to buy.
AI chatbots are already heavily used by brands and retailers to guide customers that lands on their websites through the entire buying journey. These chatbots make product suggestions, size recommendations, upsell, and check out customers. And the AI marketing technology will only become more advanced, since smartphones are a direct line to consumers 24/7.
In Conclusion . . .
There are a lot of ways AI can be used to redefine an industry. There is certainly no one AI feature solely used. Artificial intelligence is implemented into multiple facets of an industry in order to boost efficiency, productivity, user experience, and more. If your business has yet to integrate some form of AI, you can be sure your competitors already have. How can AI redefine your industry?
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