Artificial intelligence can and is already transforming various industries, as it can perform tasks that a brain can do. Here are five ways AI can transform different industries.
For years now, AI has been used in manufacturing. According to a study conducted by Boston Consulting Group, 14% of companies that responded to the global economic downturns during the previous four years were able to increase their profit margins and sales.
AI can help companies improve their production processes by monitoring various aspects of their operations, such as bottlenecks and scrap rates. It can also help them identify the most effective employees using the machines.
Big data and AI are helping to transform the healthcare industry by improving the quality of care and reducing costs. Through software, doctors and clinical experts can now access vast amounts of data, which can help them make better decisions.
Through the use of qualitative and quantitative data, such as patient responses, healthcare organizations can improve the accuracy of their diagnosis and treatment plans. This process can then be continuously improved through the data collected.
The rise of data and AI in the healthcare industry has allowed organizations to expand their scope of operations quickly. Using algorithms, they can now match the characteristics of patients with the most effective treatments and lab tests.
AI’s rapid emergence and growth in the retail industry are attributed to the increasing technological innovations. Virtual and augmented reality technologies in online advertising and chatbots power customer service interactions. In the future, retailers will be able to use AI to predict the trends of fashion purchases based on the data collected worldwide.
An enterprise resource planning system is software that combines all of a company’s operations into a single platform. With the help of AI-powered tools and dashboards, it can provide actionable insights and make informed decisions. This system can help companies manage risk and grow even during economic downturns.
The increasing number of innovations used in the education industry allows organizations to create personalized learning plans for different groups of students. Through AI, these plans can be designed to help improve the effectiveness of their teaching and learning. For instance, by analyzing the characteristics of children with certain aptitude sets, algorithms can help teachers identify the most effective ways to teach them.