Top industries being touched and transformed by AI

5 min read

Career Trends: September 5, 2022
Curated by the Knowledge Team of  ICS Career GPS

Artificial Intelligence has become a game-changer across industries like manufacturing, retail, agricultural, medical, finance and advertising.

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Artificial Intelligence (AI) is a branch of computer science that specifically deals with building smart machines with an interface that mimics the human mind. Ranging from self-driving cars to virtual doctors, AI is accelerating in no time, making people’s lives more efficient and smart. You cannot imagine a day without advanced AI applications like travel navigation, smart home assistants, and chatbot assistance. The world is now a digital space where virtual interaction is a new reality.

Former MIT professor of AI and computer science, Patrick Winston defined AI as “algorithms enabled by constraints, exposed by representations that support models targeted at loops that tie thinking, perception and action together.” Siri, Alexa, and other smart assistants have made people dependent on AI, immersing them more deeply into the digital world.

Industries and businesses have also witnessed a huge growth in terms of capitalisation and marketing solely due to AI assistance. The transformation of these sectors into a digital-friendly space is something to talk about. AI has given a whole new dimension to most sectors, from healthcare to the agricultural industry.

Here are some of the major industries being completely transformed with advancements in AI:

1. Manufacturing Industry

  • It is one of the first industries to make use of robots and automation systems.
  • A report by McKinsey suggests that AI can improve forecasting accuracy in manufacturing by 10-20%, which translates to a 5% reduction in inventory costs and a 2-3% increase in revenues.
  • Recent applications of AI by BMW include the use of automated image recognition for quality checks, inspections, and eliminating defects.
  • Another company that has a vast application of AI is Porsche, they use autonomous guided vehicles (AGVs) to automate significant portions of automotive manufacturing.
  • With the inclusion of AGVs, it takes vehicle body parts from one processing station to the next, eliminating the need for human intervention and making the facility resilient to disruptions.

2. Financial Industry

  • AI has proved to be a valuable asset to the financial sector.
  • With chatbots equipped with NLP (Natural Language Processing), customers expecting immediate replies can be attended to with minimum involvement of human personnel.
  • Chatbots can also help in opening new accounts and directing complaints to appropriate customer service units, among other services.
  • Phishing is one of the cyber crimes that has increased rapidly over time, with the alarming increase in fraud and illegal money transactions.
  • Enhanced AI components are being added to the systems to enable the identification of previously undetected illegal or suspicious transactional patterns, data anomalies, etc., making digital financial transactions more secure.

3. Retail and Customer Service

  • As digital and physical marketplaces come together, retailers can offer the same level of interaction irrespective of whether a consumer is physically visiting a store or shopping online.
  • Talking about some of the major developments in this industry through AI, the Interactive chat facility is enjoyed by consumers and customers across digital and e-commerce platforms.
  • These bots use AI and machine learning to chat with customers, answer common questions, and direct them to helpful answers and outcomes.
  • Conversational Support offered by AI also helps customers by answering their queries or redirecting them to human experts as and when needed.

4. Advertising Industry

  • The use of surveys and feedback forms to generate customer responses gives your brand an edge in the competitive market.
  • With the assistance of AI, customer preferences, behavioural patterns, browsing habits and all other consumer data collected can be turned into valuable insights.
  • It helps advertising companies easily improvise on the ideas of brand advertisements, giving the brand proper clarity and reach.
  • With the help of AI, we get a much more comprehensive idea about demographics and consumer behaviour.

5. Agricultural Industry

  • Specialists in the field are now using AI to speed up agricultural production.
  • Autonomous robot programmes are being developed to deal with routine agricultural tasks to assist human workers.
  • AI has led to the use of robots or robotic machines to enable bulk harvesting in less time.
  • Deep learning algorithms to process data captured by drones are also used to monitor the crops and the quality of the soil.
  • The most popular applications of AI in agriculture range from robotics to crop management and from soil monitoring to comprehensive analysis.

6. Healthcare Industry

  • Today, robots are commonly used to conduct critical surgeries because they are more accurate and efficient and remove the element of human error.
  • Quality of diagnosis and treatment plans have also improved significantly with the implementation of varied AI technologies in the medical sector.
  • The contribution of AI in healthcare also extends to research and development where robots and machines are constantly assisting scientists and experts to analyse the data.
  • This aids in formulating better treatment plans, solutions, vaccines, diagnoses, etc.
  • AI is also evident in the latest advanced monitoring machines that we often see in hospitals, particularly in critical care units.

Have you checked out yesterday’s blog yet?

How To Choose A Career In Marketing

(Disclaimer: The opinions expressed in the article mentioned above are those of the author(s). They do not purport to reflect the opinions or views of ICS Career GPS or its staff.)

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