7 Sectors that are getting transformed by AI
“Innovate or die” is now truer than ever before. AI is impacting industries across the board. It is transforming sectors that were characterized by long-standing, time-tested processes and cultures and for whom inculcating new changes was considered incredibly difficult.
AI with its chatbots, recommendation systems, etc. is doing to the industry what cloud computing did 10 years ago. So much so that International Data Corporation (IDC) predicts that global spending on AI will reach $57.6 billion by 2021.
Let us take a look at the various sectors which are being impacted by the surge in AI.
No other sector is gaining as much as manufacturing from AI. Maintenance, Human-robot collaboration, and optimized products design are some sub-verticals where adoption of AI is the highest. AI can assess the health of a piece of equipment and enable predictive maintenance which can cut down on downtime. Human-robot collaboration across the factory is already a reality and it is estimated that already around 1.3 million robots are in use right now. AI is also revamping product design. A brave new world where a brief including the basic specifications of the design requirements are fed into an AI system. Then AI algorithms run their magic, examine various permutations and combinations, and come to the most optimal design. Armed with AI the manufacturing companies are becoming better equipped to deal with the challenges of the market.
Fleet and Asset management
AI-driven fleet management systems are delivering tremendous value to the supply chain and logistics industry. By enabling their logistics operations with AI, the organizations can get their fleets optimized in real-time. By asset monitoring via AI, business owners can get crucial real-time health inputs of the major machines and parts. This can drive preventive maintenance and reduce unplanned downtime. By identifying idle assets one can spread the work-load and optimize resource utilization. Safety is another issue which is being creatively solved by AI. Enabling a video-based safety monitoring system driven by AI can help improve safety and security.
Telecom, ever at the forefront of tech-driven disruptions, is repositioning itself in this era of AI and IOT. The utility is no longer limited to basic Internet and telecom services. Telecom networks have become the hub for enabling IoT and AI for their clients. They are leveraging IoT and AI to optimize network availability, drive better operations, and address the needs of their customers. Predictive maintenance of the various assets of the telecom providers and also getting real-time information for network parameters helps achieve that. In other areas, by leveraging RPA and virtual assistants for handling customer queries, the telecom providers have improved customer service and cut operating costs.
Health care as a sector has been ahead of the curve in adopting AI. AI has already been extremely useful in drug discovery and research by suggesting the optimal molecular composition. AI is also helping caregivers remotely track the vitals of the patient so that care can be provided on time. Hospitals too are tracking their assets for more efficient utilization and better performance. That apart, AI has played a pivotal role in the rise of a patient-centric model.
Retail and e-commerce have become the most public face of AI. AI is helping retail companies better target customers, stock better, deliver better, and to increase customer satisfaction. Recommendation engines are driving purchases by suggesting which products can be bought together. Customers engage more with deals and recommendations that look more specific and personal -and they’re happy to do so. In the brick-and-mortar world, AI is being leveraged to plan traffic flow through a store. From planogram modifications to in-store Kiosks AI is visible everywhere in the shopping world.
The world of finance became receptive to the wonders of AI post the financial crisis and in the wake of a growing threat of financial frauds. AI can pinpoint anomalous behavior or risky patterns and flag the relevant systems and people of these symptoms of fraudulent activities. Similarly, AI is already helping predict what products would be most appropriate for a specific customer profile, who could be a risk, and product upsell and cross-sell opportunities. Another area of interest in the arresting of customer churn. AI can point out which customer is showing symptoms of jumping the boat. By having prior knowledge, the financial firm can take steps to prevent that attrition
Oil & Gas
Even though the adoption rate is only just ramping up, the scope of AI in this sector is huge. The energy giants have already started using AI to monitor the vitals of the equipment’s being used. All the readings of the valves, motors, pumps, and tanks are being fed into the AI ecosystem which can point out the anomaly, generally undetected by the human eye. This can prevent another Atlantic oil spill kind of scenario. Similarly, AI is also helping companies make better-informed decisions about where to explore and mine for mineral resources.
There’s no longer any room for doubt that AI is transforming how the world operates. The effect of AI will only become more and more pronounced. Experts predict that the use cases of the future will be no different from the stuff sci-fi movies are made off. The question is, how will it disrupt your business model?