Here are 7 industries that have witnessed AI disruptions in recent times and transformed themselves.
After Artificial Intelligence was introduced to the world. Many industries since then have adopted this technology and have also used it for various means and departments. These departments deal either with data or have a large number of engagements regarding the product that takes time to resolve which results in the loss of customers and therefore valuable source of income. After the implementation of AI in these fields the task of handling data and also customers and also providing other services has been made very easy. It has opened new opportunities for industry to increase their productivity. AI’s ability to interact and collect large amounts of data in less time has also disrupted in the traditional way of working in many industries. The adaptation of AI has picked up pace in recent years to get good results and also attend to more problems in less time. As AI works on advanced technology like Deep learning, Neural learning, Chatbots, Natural Learning Processing, and Machine learning. It has been useful for industries in many ways and has increased their productivity.
Here are some of the sectors that are facing disruption as they have adapted to AI. They have also witnessed major business transformation after this change of approach. Let’s take a look at the list.
Industries Facing Disruption and Massive Transformation After AI
AI has enhanced the performance of every sector that is adapting it. It has made the work of employees a lot easier than earlier as they can be more productive and also can access more data and solve problems more effectively. Some of the sectors that have witnessed the disruption are mentioned below.
Healthcare
Healthcare is the first and is the industry that has the most opportunities for AI. It has also enhanced the technology used in this sector. This sector has used AI-powered technology to treat people and also care for patients in the hospital. Healthcare has used AI to interact with patients with the help of Digital Nurse Avatars, it also has a voice recognition system for interaction. They can also be used to help in medical transcription. It can also help smart billing systems to have accurate financial data. It can also help doctors by making clinical decisions while a treatment is going on. AI can also make the administrative work fully automated so that they can focus more on clinical outcomes and also increase their revenue and the efficiency of an organization. AI can also help in analyzing scan reports and also help doctors to virtually monitor their patients, it can also inform doctors in case of emergency. AI has helped healthcare improve its efficacy to attend to more patients and generate income and also access various used cases in order to help doctors refer and make decisions accordingly.
Customer Service and Experience
Customer service is a sector that has to work around a huge number of data. This data consists of customer information and also about the issues that are faced by customers in order to improve the product. This sector can use chatbots to interact with customers and also collect data regarding issues and problems faced by customers and consumers. This also helps customer service executives to help customers more efficiently as these chatbots can suggest customers solve problems and also suggest solutions to executives.
The chatbots are now designed using Natural Learning Processing that enables bots to understand what the customer is saying and also what they want to explain. They are deployed with statically aligned algorithms that have a set of predefined responses and also allow the chatbot to adapt according to the issue of the customer. This reduces the time of addressing issues as there is no waiting time improving the customer experience.
AI can also prove beneficial by using recommendation engines as applications can generate dynamic homepages that display products on the homepage on the basis of the customer’s last buy or preferences and search history. The apps can also give carefully tailored recommendations to each user improving customer experiences for that app.
Banking and Insurance Services
AI is creating an impressive impact on the efficiency of the Banking and Financial services sector. This technology has helped this sector to press problems like back office work, payments, sales, risk management, regulatory compliance and many more areas. Many banks have adopted AI technology for personalized insights like recommendations of loans, investments and other financial help needed by the customer. It has also enhanced the after-sales service of banks where customers have to converse with the banks. It has helped conversation banking by providing AI biometrics, anti-fraud, and also risk management.
Logistics
Logistics is another sector that is swiftly progressing and adapting AI technology. This is why AI has a scope to cause disruption. The logistics sector can use AI for network planning and also create a predictive demand map as it can improve their planning and also help in expanding the business. The reason for AI is that it can provide accurate data and also forecast demand on the basis of that data. This sector can use various AI-powered technologies like computer vision to monitor moving cargo and track the vehicles and also use self-driving automobiles for safely delivering cargo and consignments. It can also use assisted braking in vehicles that can also help in curbing damage caused by accidents. They can also use AI in vehicles to prevent accidents of vehicles and thus get rid of losses incurred by accidents and the process of insuring the consignment of accidents.
Telecom
Telecom is also a sector that can adopt AI technology to curb the issues faced in their productivity and other services. Through AI telecom can access a large amount of data and gain insights that can help improve their productivity and also provide improved customer experience. It can also help in creating new plans and services to improve customer experience and also an efficient service. This sector is using AI to have predictive analytics by using machines equipped with sophisticated Machine Learning algorithms that can forecast the future based on data collected. It can also help operators monitor equipment and figure out the problems and possible failures by reviewing the patterns in cell towers, power lines, servers and set-top boxes and resolve the issue. They have also used AI for customer support which has also improved the efficiency of various companies as they can deploy a virtual assistant to solve technical problems faced by customers.
Manufacturing
The manufacturing sector is also considered to be undergoing significant changes as they use machine-learning algorithms, pattern-recognition tools and many more technologies that can transform the manufacturing industry. This sector can use AI for inspecting products in the production line. They can use AI to inspect parts in manufacturing by deploying the inspection AI and also access CAD instructions to follow the instructions and automatically resolve any damage or defect caused during the assembly or manufacturing of the product. This helps them to reduce scrap and wastage in the factory outlet and also cost-effectively increase the production rate.
Transportation
Autonomous driving or automatic driving also known as self-driving is considered to be one of the most revolutionary inventions that humans have invented. The use of AI for driving is a transforming decision for any industry. Many tech giants have deployed self-driving cars. Right now, semi-auto-driven cars are used but in no time people will adapt to fully self-driven cars. This will reduce the rest stops to zero and also the expenses related to it. With this, humans will have to monitor AI cars reduce the risk of losing a life and also reduce the expenses of companies.
Conclusion
These are the sectors that can take help from AI technology and reduce their cost and also increase their productivity and the efficiency of the companies and improve product quality. AI can also make work easier and also allow companies to adapt automation in fields that require automation in order to speed up the process.