Know How AI is Revolutionizing Industries

By Martech Outlook | Friday, October 04, 2019

Artificial Intelligence is persistently growing in every sector, and industries are looking forward to AI applications to achieve digital transformation, leading to better opportunities and growth.

FREMONT, CA: Over the next few years, artificial intelligence is going to dramatically change the customer service experience across nearly all industries, with most significant businesses providing some AI-centered customer experience. Nowadays, around 43 percent of companies are using AI in some form.

Predictions of AI

Companies that explore how AI is best-exploited need to concentrate on the requirements of their clients. AI is an instrument that enables customization and individualized facilities to tackle these requirements. To succeed, a company should brainstorm the approach and goals of its customers and then use AI tools.

AI can make access, facilities, and comfort more competitive. Companies in almost every sector, through the implementation of cost-effective, smart officers, can increase the amount of customization and personal service supplied to all their clients. These officials could enhance and enhance many significant elements of daily life.

In addition to the cost savings of transfer to software, smart systems with true AI can assume the role of consultants, managers, and supervisors in complex organizations, in complex situations. Chatbots assist organizations in saving time and money when they become omnipresent in different sectors.

Industries Reshaped by AI

Each sector shall be impacted by AI, while the healthcare industry, travel, transportation and hospitality, manufacturing, banking, and insurance sector will drive the most significant changes over the next three years.

• Healthcare: Overall, the AI sector can provide better preventive treatment, reduce hospital stays for more extended periods, and provide better care, based upon individual requirements of the consumer/patient while reducing costs. Intelligent kiosks can connect patient history and real-time biometric information with doctors with tablets or other mobile devices seamlessly. In the case of a potentially hazardous patient health finding, a piece of medical information that is collected via IoT devices and transmitted over the Internet to a cloud-based AI analyzing system can also send alerts to a doctor. AI is capable of faster diagnoses and improved therapy choices.

• Travel, Transportation, and Hospitality: AI will make traveling experience highly personalized: flight, car rental, hotel and restaurant reservations based on individual preferences are provided, and alternate travel arrangements are provided when travel disruptions are made. With long-haul trucking, air, sea and rail-based shipping, and localized delivery services, AI can help companies squeeze inefficiencies out of these logistics-heavy industries throughout the entire supply chain. With AI, companies can reduce costs, determine the best routes, and overcome labor shortages while delivering better service to customers. Another AI-based technology to interrupt the transport sector is self-driven or autonomy cars. Self-driving trucks are hitting roads that have a major impact on a number of industries, including delivery vehicles, public transport, and personalized driving services.

• Manufacturing: Manufacturers of all sizes can extend tailor-made services to their customers with AI-based intelligent systems. Smart systems can assist create and design products. Digital twin simulations can enhance the production process and optimize it. IoT detectors can be connected to AI systems on the factory floor, which can detect and prevent future servicing or product quality problems. Companies can analyze information from real-time or social media usages on how their goods are used by clients to improve their businesses efficiently.

• Banking: AI could provide all clients with private facilities – such as chatbots – to promote the interaction of clients and access to commercial facilities. This could save considerable costs and increase income for banks and provide a more personalized and financially advantageous customer banking experience.

• Insurance: Insurance companies can introduce AI to obtain understanding and deliver personalized facilities to their clients. In addition to assessing danger, insurers could proactively subsidize safe conduct by using AI, such as correlating driving information from a car's braking system, in order to decrease car insurance prices for safe conduct.

AI is a powerful tool which can personally and professionally change our life. The technology has an excellent ability for companies to solve their most challenging company issues, to attain operational efficiency, and to improve customer experience.

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