Evolving technology is a great disruptor for the existing industries and nowhere is this more apparent than in the case of Artificial Intelligence and its impact on various industries. Here we will like to talk in detail about this revolutionary technological evolution and how we foresee it will change the way we do business in a wide range of industries.
Artificial Intelligence is the process through which a machine can take a decision in some situation by itself without needing any human supervision.This has the potential to impact how we work, do business and select goods among other functions in a major way. Here we are telling you how this AI technological change will impact seven different industries.
Our financial sector that comprises of Banks, Insurance firms and private capital firms among others are slowly realizing the immense potential of Artificial Intelligence in improving the efficiency as well as the scale of their business.
AI can be used in a variety of jobs like loan dispersal, approving the creditworthiness of an individual or even predicting the market trend of the stock market. And as AI does not have any human emotions, the chances of it taking a decision based on any emotional factor is zero.
This will not only improve the productivity but will also help in reducing the NPAs of the bank. Financial institutions can make use of this powerful technology to reduce the chances of fraud and bad debts by thoroughly assessing the creditworthiness of a customer before giving him any loan. The AI can also be used to perform the following tasks:
• Changing the business model to include blockchain and other new business features
• Simplifying the procedures to serve the customers need in a better way
• Improving cybersecurity
This is one industry where experts feel the impact of AI will be the greatest. People in the industry predict that in the future, all customer related queries will be answered by AI platforms.
Currently, many industries use AI to improve the customer interaction and improve their user experience. AI has the ability to shift through voluminous data in a very short time to find out what is the best answer to the query posed by the customer with chatbots. It also has other advantages like:
• It is economical as you don’t have to pay a ton of money on the salaries of workers who are there answering different queries
•The standardized form of service
• It can be kept open 24x7
• Very fast and efficient
This is another sector that is witnessing rapid changes thanks to the adoption of AI by major retailers. Most retailers use their mobile app development team to develop apps for the mobile users with integrated AI for a greater UI/UX of their customers. Customers who want to know different prices of different articles or want to return any product back can interact with the AI inbuilt in the system. This allows him to seamlessly submit their queries or complaints and get a positive feedback from the robot bots (based on AI) in a matter of seconds.
The owner can also use the AI to keep a track of the sales volume across the different online platform in real time basis.
The automobile industry is the perfect example of a high-tech industry that has embraced the AI invasion in all aspects of manufacturing and servicing of cars with a gusto. AI is widely used to design new cars and their components with the help of 3D drawings on the computer and then using the AI to test all the components to see how they will function in the real world. This not only reduces design cost to a minimum as the entire process is done in virtual reality but also improves the quality of the product enormously.
Besides manufacturing, AI can be used by the customers to talk with the car through mobile apps. Many car developers hire iPhone developer or the Android mobile app development experts to design apps that will help the customer to find out what are the places of interest along the route that the car is taking. It can also let you control various functions of the car by just tapping on the display of your mobile phone.
The use of AI in education has already started to show great results. Many online education sites hire iPhone developer as well as Android app developers to create apps that will help them to explain the intricacies of a subject through interactive 3D models. These apps allow the students to perform different experiments without any risk. This allows them to understand their subject at a more fundamental level and improve their concepts tremendously.
Running a large industrial plant is a very complex job. Here you have to look at different aspects of manufacturing like controlling the temperature, checking the quality, taking note of the stocks and dispatches and a host of other things. Many advanced industries are using AI to automate these processes and improve the efficiency and productivity of these firms significantly.
Just like the industry, agriculture also has also transformed a great deal with the use of AI. It checks the nutrient and the moisture level with the help of sensors and then uses the adequate amount of water (through drip or any other kind of irrigation process) and nutrient to the plant. This not only helps in reducing the wastage of water but also allows the plant to get the right nutrients and the correct amount of water at the right time to improve productivity.
This is another sector that is increasingly witnessing the use of AI to provide quality and tailor-made healthcare solution to people. AI not only help to monitor the vitals of an individual but also after checking his symptoms gives valuable information to the attending doctor about what sort of procedure he must follow to get the best result.