When you hear the word AI, what comes into your mind? It immediately conjures an image of a machine talking and working like a human being. What appears to be a world of fiction has now become a reality. However, there’s more to it than meets the eye.
AI stands for artificial intelligence, which is what it is. Simply put, it refers to the simulation of human intelligence into a machine using today’s technology. The goal is to make this machine somehow think, speak, act, and work like human beings.
AI proves to be beneficial in the world of business. It makes business processes more efficient, productive, and seamless. Know, however, that it hasn’t emerged out to replace humans. It is meant to assist people by eliminating manual tasks.
Many businesses and organizations have started using AI. Think of Alibaba and AI for its City Brain project, Amazon and its digital voice named Alexa, and Apple with its AI and machine learning (ML) for its iPhone products.
Let’s look at the top industries that have incorporated AI in their business processes.
1. Retail Industry
The retail sector has proven to be quite efficient and convenient for people. Think of artificial representatives assisting customers in high-end physical retail stores. Consider the e-commerce industry that has been booming in recent years. It allows both sellers and buyers to meet online and conduct business transactions. Thanks to AI, it enables consumers to perform online shopping. Even Chatbots appear in various e-commerce websites assisting customers. They answer frequently asked questions (FAQs) and address simple concerns.
2. Health Industry
The health industry has come a long way in treating health conditions and saving lives. Thanks to digital tools and technologies, they have greatly assisted health professionals and medical facilities. Most importantly, they have helped patients alleviate their health conditions.
Think of AI providing virtual medical care and even robotics assisting health professionals in surgeries. Even the rise of telehealth has become apparent during this pandemic. AI allows doctors to diagnose and treat patients remotely.
3. Education Sector
When it comes to AI adoption, the education sector is no exception. The COVID-19 crisis has led to how the industry has embraced AI. Because of the pandemic restrictions, teachers and students have resorted to online education. Apart from online classes, mentors have provided modules and other forms of learning. But thanks to AI creating extended realities (ER), students can now engage in virtual and augmented realities for enhanced learning.
4. Real Estate Industry
The real estate sector has become open to AI technology in recent years. In the wake of the COVID-19 crisis, real estate companies have resorted to virtual tours. These tours with AI-simulated representatives can assist potential home-buyers. These prospects can examine properties and check their various areas. They can do so even in the comfort of their homes. Ultimately, AI has become a game-changer in the real estate sector.
5. Financial Sector
The financial sector is among the top industries open to AI. Financial institutions incorporate AI technology to assist customers. For one, AI helps banks make better recommendations for their much-valued clients. It works by emulating human logical reasoning through algorithms. Also, financial institutions utilize Chatbots in assisting clients having basic queries. Lastly, banks use ML to predict industry trends and detect fraud in banking.
6. Legal Sector
AI has recently found its way into the legal industry by assisting lawyers and clients. AI helps automate various legal processes, particularly those routine, high-volume tasks. These include legal research, documentation, and reporting. Instead of paralegal officers doing the manual work for some administrative tasks, AI does these jobs for them. This way, lawyers can focus on their core function, and that is to help their clients in their legal matters.
7. Aerospace Industry
The aerospace industry has come a long way, from air travel to space exploration. This sector is at the forefront of utilizing digital tools and modern technologies. A few examples are the utilization of P-SRAM for the aerospace industry, 3D printing in aircraft manufacturing, and the Internet of Things (IoT) in air and space travel. Of course, we cannot proceed without mentioning AI. Why? Most of these digital tools require the integration of AI. Ultimately, AI has become the core of most of these modern technologies.
AI has come a long way in transforming various industries. Consider those sectors outlined above, from retail to finance to aerospace. If your business belongs to one of these, it’s a good idea to invest in AI. Ultimately, you’ll be surprised at how it can kick your business up a notch!