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The biggest benefit of Artificial Intelligence (AI) Applications across industries is the tremendous adaptive capability of AI to fit into any industry sector. The number of Artificial Intelligence use cases are currently expanding throughout the Data Management industry in ways never seen. The rapid robotization of human functions has been perceptibly felt in many industries like the automotive, where the growth rate of AI-based systems is predicted to “jump from 8% in 2015 to 109% in 2025.”
The use of robots and intelligent machines is widespread in manufacturing, shipping, financial services, healthcare, and education, to name only a few. This trend seems to be continuing at a breakneck speed across the globe. Technological advancements like 3D sensors, advanced chips, Machine Learning, speech recognition science will soon usher in an era of full automation in many industries, led by smart machines.
Is Artificial Intelligence a Real Game Changer?
More and more the life sciences, healthcare, energy, law, financial services, manufacturing, and entertainment sectors are routinely processing high volumes of data to extract meaningful insights. Intel Bets on India to Boost Artificial Intelligence Usage claims that by 2020, Intel servers will process more data analytics than other types of data jobs. Intel’s Develop Education Program has been designed to educate the Data Scientists, engineers, and analysts in an effort to emphasize Artificial Intelligence use cases they can capitalize on. By 2020, most Data Center servers will be powered with predictive tools. The goal of this program is to democratize AI.
The Times of India slideshow has used results from a survey conducted by the Chartered Institute of Management Accountants (CIMA) to gauge the impact of AI in financial services sector across specific Asian, African, and European countries. It is interesting to note that the survey results reveal that 64% of finance professionals in India consider automation a cost and time saving tool, and 29% of the finance professionals in India think that automation leads to job loss. This survey further states that 50% of these professionals strongly believe that automation enhances efficiency and performance.
Machine Assistants Are Everywhere
Now that smart assistants like Aido have made a foray into the domestic scene, it is only a guess at how soon robots and smart assistants will begin to control our daily lives further. From assisted healthcare to automated customer service, consumers are experiencing the power of smart machines all the time. Drones are routinely used for government security purposes and public safety. When fed with advanced Machine Learning algorithms or Deep Learning algorithms, the Artificial Intelligence applications become capable of detecting and erasing human prejudices from data-driven decisions.
It has been predicted that the use of robotics and AI in legal and financial services will enhance the workforce efficiency by as much as 45%. In infotainment, the presence of Virtual Reality (VR) has already reshaped the human-machine dynamics in more ways than one. As Deloitte tries to describe the AI disruption, it stresses on the need for top industry leadership to leverage Artificial Intelligence for increased efficiency, quality, and top line growth. Now with hosted analytics platforms and outsourced data storage facilities, it is possible for mid-range and smaller businesses to reap the benefits of AI-driven data systems.
Artificial Intelligence Use Cases: By Industry Sector
Techemergence’s AI Industry Overview states that among all industry sectors, finance, healthcare, and marketing deal with the highest volumes of multi-structured data. Thus, AI adoption in the coming years will likely dominate these three industry sectors. The article mentions BCC and CB Insights reviews, though the underlying message in this report seems to be that all Artificial Intelligence companies and application vendors are eyeing the “cool kids” of AI world – Google, Facebook, and Amazon. This article includes findings from BCC Research Smart Machines Market Report (May 2014) – industry growth forecasts for 2019-2024. It is interesting to note that BCC predicts the highest aggregate 5-year growth rate in the area of digital assistants, which seems to be in sync with the review by Tech Emergence.
The article titled Top 5 Sectors Using Artificial Intelligence argues that by using AI systems and tools, at least five industry sectors like legal services, financial services, retail, marketing & advertising, and healthcare have achieved lower costs with increased efficiency.
Artificial Intelligence Use Cases: Review of Industries
A Pulse post reviews the use of AI applications currently in some industry sectors. The following section takes a deeper look at the impact of Artificial Intelligence across industry sectors in general.
The retail sector typically gleans mountains of unstructured data to gain customer insights. An application like IBM Watson AI is a perfect solution for that type of Data Analytics. An AI platform known as inSTREAM can decipher patterns in unstructured data, which can be applied to customer emails for better understanding of customer sentiments. AI technologies have also been used to improve customer services.
The use of pattern recognition and cognitive learning systems in marketing can help to generate new leads.
AI tools have been used to generate accurate and timely contracts, and draft legal documents to suit individual situations. Microsoft utilizes a body-tracking technology to track questionable persons within its vicinity.
Reuters publishes around 9,000 pages of news pertaining to the finance world every day and The Wall Street financial analysts produce about “five documents every minute.” Artificial Intelligence has been used extensively in financial services, as is evident in the success of applications like Wallet AI, which helps customers make informed financial decisions. Many banks worldwide engage digital customer-service assistants to provide round-the-clock support to banking customers. Banks are actively combining AI technology with traditional processes to cut costs and increase service efficiency. In the future, consumers will find more banks like DBS, where the bank’s presence is strictly maintained only on the digital platform through a network of intelligent service providers. AI technologies currently utilized in financial services include data mining, NLP, Machine Learning, and text analytics.
Washington Post’s From Robots to AI Manufacturing Is Getting a Lot Smarter describes the use of a smart, networked data collection and analysis system at General Electric, which captures data from such diverse operational touch points as design & development, supply chain, production, and customer orders to build a powerful database of insights for improved manufacturing processes. This concept of smart factory is only possible because of GE’s Brilliant Manufacturing Software-as-a-Service (SaaS) suite.
AI systems and applications have been extensively used in patient care and diagnostic systems all the way from drug discovery to assisted personalized treatment plans. Take the case of Butterfly Network, which resurrected the ultrasound machine into a tiny “silicon chip” with a mission to make the revolutionary technology available across the mainstream population. AI is working actively to reduce the time-to-market in drug discovery. IBM Watson Oncology specializes on developing patient-centric treatment plans. In Boston Children’s Hospital, clinicians feed genomic data into IBM Watson to develop a reliable cognitive system for interpreting a child’s genome sequencing data.
The education industry has demonstrated cutting-edge Artificial Intelligence innovations in its online classrooms, intelligent tutors, and digital learning content. As Predictive Analytics continues to control learning content development, very soon students will be guided by AI about learning modes and methods. The latest buzz word in the industry is the AI-powered “Cognitive Tutor,” who can monitor and track tutors learner progress and detect the extent of the learner’s understanding of learning content. Cram101 is another innovative learning solution that converts textbooks into interactive study guides with chapter summaries, practice tests, and flashcards.
Steven Spielberg is one name in the world of films who managed to capture the hearts and minds of his film viewers through the fanciful use of AI applications in films. Over the years, the film world has slowly adopted AI technologies in script development, settings, and filming. IBM Watson pioneered the development of AI-driven movie trailer with Morgan. In order to develop this particular trailer, IBM Watson processed about 100 horror film clips within 24 hours and delivered a six-minutes long trailer for Morgan, containing selective scenes.
The Artificial Intelligence Market Forecasts 2016 -2025 across 27 Industry Sectors has provided an overview of numerous Artificial Intelligence use cases, which includes Machine Learning, machine reasoning, Deep Learning, NLP, computer vision, and many other allied technologies. According to this study, food services, consumer products, advertising, and defense (along with others mentioned above) will significantly benefit from the growth of AI in the coming years.
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