Introduction
The concept of artificial intelligence isn’t new. Scientists and scholars have been studying it since the 1950s. However, the implements of AI have only recently found traction as actual, real-world applications.
Modern technology has made the concepts of intelligent computing a reality. As a result, AI and predictive analytics have taken various industries today in a sweeping transformation.
Businesses access business intelligence tools through cloud data analytics software that helps decision-makers make strategies backed with high-quality and enriched data.
In fact, a report by Grand Review Research establishes that the market for artificial intelligence is projected to grow at a compounded annual growth rate of 38.1% between 2022 and 2030. This isn’t surprising, considering how every industry across the spectrum of business has benefitted significantly from this technology.
Let’s now take a look at how artificial intelligence has transformed various industries.
AI Solutions for Healthcare
The COVID pandemic left the healthcare world with many lessons to learn. Adopting digitality emerged as the front and centre of managing institutions well.
Cloud-based SaaS solutions today are rapidly incorporating efficiencies across the entire process and operations at healthcare institutions. AI and predictive analytics are helping healthcare institutions:
- Digitalize the collection of patient data on EHRs and EMRs
- Make data readily available at the point-of-care
- Enhancing interconnectivity between stakeholders with improving collaboration between clinicians, patients, caregivers, and medical technology providers
- Unify the operations of the entire healthcare facility on one system to eliminate duplicity, redundancy, and data mismanagement
- Improving compliance with consumer privacy regulations
AI Solutions for Retail
If any industry has benefitted the most from the use of artificial intelligence, it is the online retail and eCommerce industry.
eCommerce companies generate copious amounts of consumer data on a daily basis. AI-based software helps these companies put this unstructured data into an understandable, synthesizable structure to generate invaluable consumer insights.
AI solutions for retail play a big role in helping eCommerce companies personalize their services for shoppers – a factor that has become deterministic of success in the industry today. Additionally, AI-based solutions help eCommerce industries:
- Process millions of bytes of data every day
- Generate actionable insights on consumer data
- Predict and forecast demands and adjust the supply chain accordingly
- Manage inventories and stores better
AI Solutions for Manufacturing
Manufacturing has come a long way since the first industries were set up. Today, companies look to reduce waste, minimize inputs, and maximize the throughput from their production facilities.
In order to achieve this, smarter manufacturing facilities have been set up. The operation of such facilities is orchestrated entirely by intelligent computing through leveraging the concept of the Internet of Things.
Every piece of equipment communicates with a central hub and with each other through meticulously choreographed automation algorithms that learn from AI/ML engines and incorporate lean methodologies in the manufacturing process.
AI-based software also allows facility managers to see insights into market dynamics, which helps them readjust the manufacturing process to resonate better with the demand and supply scenario. Resource optimization can be done better by leveraging AI solutions for manufacturing.
AI Solutions for Education
Education has seen a drastic transformation after the pandemic. Today, academia and other institutions are leveraging AI-powered software to transform learning for students.
The software enables learners to pace their program. The AI engines “understand” the grasping and recall capacities of the learners, adjusting the course progress accordingly.
This has brought on a very welcome concept of inclusive learning wherein every learner is given equal weight and attention in a course. As opposed to traditional classroom education, AI solutions for education adopt varied techniques to administer lessons to the learners, judging from their performance and progress in a particular course.
The collaborative power of AI solutions for education has also helped break the barriers that COVID-19 placed on group study.
AI Solutions for Banking and Finance
Banking and finance is a diverse and complex industry. As such, artificial intelligence-based technology has immense utility and penetration in sectors like loan application processing, automated assistance, fraud detection, prediction and forecasts, etc.
AI has also been pivotal in customer service in banking and finance, including speeding up processes that involve a lot of documentation. A few ways that AI is transforming the banking and finance sector are as follows:
- Automated data extraction from paper-based documents for digitalization. This application saves a ton of manual hours spent on data entry of documents like loan applications
- Chatbots to assist consumers with questions on banking and finance
- AI and predictive analytics to detect anomalies in the system and effectively catch frauds by analyzing historical data and collating it with current information
AI Solutions for Advertising
Advertising has emerged as the single largest industry that utilizes consumer data the most. AI and predictive analytics help advertisers pitch their products to customers better. Let’s understand this with an example.
Say you are surfing the internet and enter a few search terms to look up different information. Based on the data use policies, you leave a data trail behind, which is bought by the advertisers to analyze.
They feed this information into their AI and predictive analytics engines to understand what you searched for, how frequently, what products you could possibly want to buy with the ones you searched for, etc.
The advertisers then leverage this data to reach you on social media platforms to show you ads for relevant products and services based on your internet behaviour. Without the use of complex AI algorithms, this wouldn’t have been possible.
Advertisers also use predictive analytics and forecasting to optimize their paid ad campaigns by running SEO data into the engines and understanding search trends based on the generated insights.
Wrapping Up
AI and cloud data analyticsaren’t just an option any longer – they are pivotal to business success, regardless of the industry, the business belongs to. They can bring transformational efficiencies and returns for companies who know how to use them well.
