Artificial intelligence is a game-changing technology that has been transforming our world in subtle but sweeping ways. All thanks to the rapid advancements in cloud computing, machine learning (ML) and Big Data, artificial intelligence is all set to touch every aspect of our lives, from cooking to shopping to art.
International Data Corporation (IDC) forecasts that spending on AI and ML is expected to go up to $57.6 billion by 2021. Many fear that AI will replace humans and create a major job crisis worldwide. However, the utilization of AI will help humankind to attain business objectives quicker and more effectively. AI-powered tools and systems automate repetitive tasks and roles, deliver better customer service, and ensure faster production, thereby boosting productivity and operational efficiencies.
The untapped potential of AI can revolutionize nearly every industry by optimizing their processes and reaping higher revenues and profits. In fact, Gartner research points out that at least 30% of companies globally will use AI in at least one fragment of their sales processes by 2020. In this post, we are going to discuss some of the potential applications of artificial intelligence in different industries.
Hospitals, insurance companies, pharmaceuticals, doctors, and industries with ties to healthcare have all been impacted with the disruptive potential of artificial intelligence and machine learning. From hospital care to clinical trials, drug manufacturing and insurance claims, AI applications are transforming the healthcare sector in positive and substantial ways. Saving costs for hospitals, doctors, and patients alike, AI and ML technology is poised to transform the three major zones of healthcare — operational processes, patient engagement, and diagnostics.
Collecting, storing, and tracing healthcare data in compliance with the safety standards and regulations is always a troublesome task. The first and foremost application of AI development is to digitize the healthcare data by ensuring faster, more secure, and more consistent access. Moreover, the alignment of health data with predictive analytics can help in taking timely, informed decisions and coming up with an individually customized treatment plan.
Consumer wearables and other medical devices integrated with AI technology are applied to detect the early stages of life-threatening diseases so that doctors and caregivers can monitor and treat the conditions better. Drug research and discovery is another prominent application of artificial intelligence in healthcare. Upgrading the research and development efforts, cutting down the time to market for new drugs and their costs, and assessing clinical trials to avoid dreadful events, AI and ML technology can provide innovative opportunities for pharmaceutical companies in the near future.
As security breaches and cyber-attacks become increasingly common, businesses across the globe have been searching for an effective solution to combat threats and stay safe. Applications using machine learning as well as artificial intelligence play a crucial role in detecting and blocking malicious activities on computer networks. Mainly involving computer algorithms and deep learning, AI applications are integrated with the ability to interpret patterns and make predictions.
Addressing issues proactively by enabling better predictions, AI and ML technology applications have a profound impact on threat hunting, vulnerability management, and network security. When paired with human intelligence, advanced AI solutions can help enterprises to identify, manage, and protect against threats effectively.
Logistics and supply chain
Augmentation and automation features of AI can enhance the productivity and profitability of logistics and supply chain. As the volumes of data in supply chains and logistics increase everyday, the need for sophisticated solutions is more than ever. Whether it is about processing orders efficiently or reducing operational costs, AI has the potential to make the entire process of supply chain management more streamlined and accurate.
AI computing techniques such as machine learning and deep learning could be used to recognize business patterns, learn different procedures, seek information, and analyze data intelligently. According to the McKinsey reports, firms could gain $1.3 trillion to $2 trillion a year by utilizing AI in supply chain and manufacturing.
There are a few specific aspects where AI can be used to improve the operation efficiency of logistics and supply chain management. Using chatbots for operational procurement is a case in point. Assisting in streamlining procurement-related activities, chatbots are mainly used for its communication abilities. Another major application of AI is the use of AI-enabled robotics, conversational interfaces, and autonomous vehicles in logistics operations.
AI-powered tools and systems can improve the overall productivity and efficiency of business operations, with visible effects towards the bottom line. AI’s potential to transform human lives go well beyond the hype, as it opens up a new world of opportunities.