Artificial intelligence, machine learning, and deep learning technologies have triggered a wave of disruptive innovation in various industries. Many big enterprises across the countries are adopting machine learning services and AI-based technologies to improve the quality of operations and gain a competitive edge in the market by introducing innovative offerings as one of the ongoing tech trends this year.
Why AI Is a Disruptive Force
AI is the harbinger of disruptive innovation, giving birth to game-changing products and services. These offerings also serve the unrecognized or low-end segment of consumers. At the same time, they are also able to move to the mainstream market.
For example, AI has introduced a new business model called the sharing economy, where individuals can freely lend their assets to established companies. These assets are further offered as services to the end customer and generate profits. This business model is successfully used in various domains like smart rapid prototyping, ride-sharing, smart grids, lodging, etc.
Improvement Through Machine Learning
Machine learning is an integral aspect of AI that learns continuously by analyzing more and more data. As a result, ML contributes to better problem-solving through its self-learning capabilities. Sectors that have well-maintained, long-standing data banks will be able to utilize AI solutions to their maximum potential. Combined with machine learning services, your AI systems can use data analysis to improve their ability to understand current problems and deploy the most suitable solution.
Have a look at this AI/ML white paper, VLink broadly lays out the topics about which corporate executives, from C-level decision makers to line of business data consumers, should be thinking.
Industries That Will Get Disrupted by AI
AI has begun to take greater hold in the data-rich healthcare ecosystem. Its biggest potential is in deploying predictive healthcare for better decision-making, patient outcomes, and support for healthcare workers in the diagnosis process.
Predictive analytics backed by machine learning in healthcare can accurately gather patient data from medical imaging, administrative paperwork, electronic health records (EHR), insurance claims, etc., and analyze them for patterns. As a result, AI in healthcare can enable doctors to take proactive and personalized actions to ensure patients’ health. Doctors today have access to IoT-enabled embedded devices for better patient monitoring and health emergency alerts.
The healthcare sector also utilizes AI-powered image recognition capabilities to quickly analyze scan results and assist doctors in symptom diagnosis with increased accuracy. Health chatbots are also helping doctors obtain preliminary data about the symptoms and use the same for enhanced care.
Banking, Financial Services, and Insurance
AI in the banking & Insurance sector is helping BFSI companies collect, collate, and organize their data and draw deep insights that contribute to the timely detection of fraudulent activities. AI can automate the manual paperwork and documentation load, thereby saving time and eliminating errors.
Predictive analysis can empower BFSI companies to utilize data mining and parsing text online to single out high-value customers and maintain longer customer relationships by providing value-added services or incentives based on their financial activities.
AI in banking is already helping companies evaluate the customer’s credit record and identify potential defaulters seeking a loan. As a result, BFSI companies can avoid onboarding potential non-paying customers and streamline their process of new customer acquisition.
Manufacturing & Logistics
AI in transportation and logistics is revolutionizing operations. Predictive analytics can accurately determine future inventory requirements by predicting the demand and figuring out the best possible transit routes to reduce warehousing expenses and overhead costs.
Implementing AI in manufacturing factories can help detect defects in a product’s manufacturing process. Predictive maintenance has also enabled factories to reduce downtime by timely responding to maintenance requirements. At the same time, AI can empower manufacturing units to respond to changes in demand in real-time.
Retail & Ecommerce
The retail industry stands to benefit from AI technology by collecting data to understand how customers interact with their businesses. By analyzing this data, AI algorithms can arrange the products according to customers’ preferences and help increase overall sales. AI is also behind the emergence of self-shop stores that utilizes image recognition, deep learning, machine learning, and smart automation to allow customers to quickly enter and exit the store with the product of their choice.
In the online marketplace, eCommerce industry stores are deploying retail analytics to expand their customer reach beyond the horizons. E-commerce sites, like Amazon, draw insights from the customer’s browsing patterns and their product choices from their purchase history. This helps the online stores accurately predict what products the customers may like and thus boost sales.
AI enables the marketing industry to make messaging more personal and ensure better targeting by deploying AI-based tools and intelligent automation. AI-driven marketing solutions hold the potential to help businesses determine the most impactful messaging that will appeal to customer preferences and increase return customer instances.
AI will also empower marketing departments to connect with customers better through targeted advertising using neural networks. AI has already made its mark in the marketing industry through Google and Facebook ads and also in the form of recommendation engines that allow personalized advertisements.
Media & Entertainment
AI has immense untapped potential in the media and entertainment industry and will elevate the competing power within the industry by automating repetitive responsibilities. AI automation will enable artists and entertainers to save time and utilize it in creating and delivering high-quality content to their audience.
AI-based technologies are also being utilized for multilingual subtitle generation to make the content suitable for consumption by all types of audiences. Metadata tagging is another valuable addition to the AI arsenal. Using AI-based video intelligence devices, relevant tags are added to videos, digital objects, pictures, and even places in the video to make the content readily discoverable.
AI-powered weapons will lead to the emergence of next-generation arms, though the ethical consequences of developing autonomous weapons are yet to be considered. Aside from this, image and video recognition are another AI-based technology that is being applied for surveillance purposes. Its working is designed upon the existing databases (biometric and facial scans) to easily identify citizens through facial recognition algorithms deployed in surveillance networks. When ethically used, it improves the nation’s security with minimal human intervention.
AI in cybersecurity has a key role to play in combating cyberattacks and ensuring continuous network monitoring to detect any suspicious activity. A custom-developed AI solution works with heavy databases that train it to exhibit reasoning. AI algorithms can identify and overcome security vulnerabilities and ensure early cyberattack detection.
Also Read: 13 Edtech Trends to Watch Out for In 2023 to find out what Andrew Anderlonis, Former President at Rediker Software, as our speaker guest on the #TechTalkwithVLink podcast, has to say about disruptions in the education sector and how enterprises are contributing to it by offering advantages including interoperability, mobile access, real-time reporting & much more.
Although we have only begun to recognize the potential of artificial intelligence and machine learning in the healthcare and many other industries, the pace of adoption of these technologies and their impact on our lives are difficult to ignore. AI is revolutionizing the way mission-critical operations are carried out in every industry.
To help you stay competitive in the face of disruption, VLink is here to take you through a meaningful and result-oriented digital transformation. From data analytics and automation to full-fledged AI and machine learning capabilities, our team can develop personalized AI strategies to improve efficiencies and foster growth therein. Contact us for a consultation today.