In the volatile world today, AI offers unparalleled opportunities for any business industries. Due to technology maturity today, leveraging AI into your enterprise isn’t difficult, because the adaption process is quite fast, and the usage of AI is extremely convenient. However, the custom development may be expensive. Before making a decision, entrepreneurs need to conduct a complex feasibility analysis to evaluate what value the enterprise will gain from the use of AI capabilities.
There is no limit to AI adoptability including Automated accounting and customized marketing information, efficient inventory and supply chain management, as well as improved maintenance schedules are just a few benefits of artificial intelligence used in business.
Artificial intelligence in Healthcare and Pharma
Artificial intelligence (AI) aims to provide human cognitive functions. It is building a paradigm shift to healthcare, powered by increasing availability of healthcare data and swift progress of data analysis techniques. AI can be applied to various types of healthcare data (structured and unstructured). Popular Artificial Intelligence techniques include machine learning(ML) methods for structured data, such as the classical support vector machine and neural network, and the modern deep learning, as well as natural language processing(NLP) for unstructured data. Life-threatening disease areas that use AI tools include cancer, neurology and cardiology. We then review in more details the AI applications in stroke, in the three major areas of early detection and diagnosis, treatment, as well as outcome prediction and prognosis evaluation.
AI capabilities would help predict the severity of pandemic diseases like Corona virus (COVID-19). The AI systems can map and process trillions of virus symptoms behaviour and can find which medicines or vaccines could help treating such dangerous virus in future.
However, the AI systems needs to build a maturity model by combining the capabilities of Bigdata, cloud, IoT, Blockchain capabilities to make AI more smart enough to address healthcare industry and Pharma industry issues.
AI in Banking, Insurance and Financial services
AI plays very vital role in Banking, insurance and Finance services to automate the day to day operations, smart way of analyzing the transactions, trading status, customer behavior and KPIs which impacts global economy. However these capabilities can be leveraged more with AI and Blockchain platforms integration.
AI Chat boats and apps like Personal assistant and NLP(Natural Language Processing) offers more smart services to Banking, Insurance and Financial services
Customer always look for convenience and fast response when dealing with their financial and trading issues. AI-enabled chatbots provide financial guidance 24/7 through voice records and text messages, and may quickly resolve any type of issues however the IT team should build a robust AI data model to accomplish the capabilities to address all the Finance and trading related user queries. These bots may not only perform day-to-day transactions but also track and analyse customer’s preferences to improve the enterprise efficiency and reserve the customer’s loyalty.
The foundation of Robotic Process Automation (RPA), which may be used as a major tool for analyzing and processing data of any financial instruments is also part of AI Process. Using AI, banks may analyse and extract the needed information from terabytes of data documents within a few minutes. AI can dramatically reduce the time spent on data processing and save countless hours of work, allowing to focus on more important tasks. These are just a few advantages of artificial intelligence in finance; other benefits of AI include risk assessment, fraud detection, and many others.
AI in Retail industry
AI is a great boon for retail entrepreneurs. It exercises a major positive influence on the company’s productivity, task automation, and revenue. With artificial intelligence, retailers may implement efficient customer support, advanced product search, and storage methods, as well as create robotized stores that will save massive amounts of operational costs.
AI benefits for Retail Business statistics 2018
Most of the time Retail business owners struggle with either excessive or short supply of products and services so AI can analyse inventory, supply chain and demand & supply trends based on customer needs during unprecedented situations.
Additionally, retail business owners may implement AI alongside with computer vision and augmented reality to create suitable rooms with virtual reality of the customers . Such technological advancement makes the purchases more quick and easy, thus resulting in dramatic increases in sales.
AI in Manufacturing industry
Manufacturing and production industry has various phases of its life cycle and every stages of it can be automated with the help of AI-ML capabilities.
Machine learning (ML) software is now successfully paving its way into the manufacturing business segment. Industry 4.0 witnessed AI technology implementation in Manufacturing and production industries. Complex AI algorithms are used for predictive maintenance that allows excluding possible machinery failures. In addition, similar algorithms may be used to enhance product quality by tracing minor technical irregularities and deviations from the quality standards.
AI in Telecom industry
One of the principal artificial intelligence applications in the telecommunications industry is customer support provided by chatbots. AI-powered customer services may evaluate the requests and network data to find the required solutions faster. Artificial intelligence is also capable to analyze thousands of emails in no time, detect the “leads” and send them directly to the sales department.
Also AI can help predicting the lead sources, its conversion rates and success factors. So AI can demonstrate a great capabilities to address all technical and operational jargons to accomplish success on its investment.
AI in the Automotive Industry
Influence of artificial intelligence on the automotive industry is fundamental. It powers advanced safety features like risk
assessment and driver monitoring that uses cutting-edge cameras and sensors to analyze the current physical stance of the driver. AI may also identify the driver and passengers to automatically adjust the car compartments to the set preferences, and exclude car theft probability.
AI a gift to automobile industry as it brings various features to build smart vehicles with automatic sensors to identity traffic issues, signal status, paediatricians crossing roads and make suitable decisions accordingly.
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