April 4, 2018
AI, usually termed as “Artificial Intelligence,” has taken the world by storm as human dependency on the technology increased in the past few years. The quantum of the technology is huge that nobody has tested the real potential of the technology—pushing people to increasingly rely on AI in every walk of life.
Often people misunderstood, misused and confused AI with machine learning, which is the science of giving the computer to act without being explicitly programmed. However, the major difference is, machine learning depends on algorithms, which learn and make forecast using data.
Tech junkies believe that AI will become more efficient and effective in coming years using machine learning—making the AI to match human mind and capabilities. But, this would take time as the technology has always come with limitations.
However, in coming years, they believe some industries will take benefit of AI and machine learning to improve their business strategy, market and profit as the technology become more industry-specific. Following are the industries to be believed to take benefits the most:
The most advanced technology adopted sector is the financial sector in the world, whether making financial models using data to forecast financial statements or predict stock prices. In all activities, AI will play a vital role.
For example, in future, AI may be able to tell the stock price whether goes up or down, based on the investor’s trading behavior along with general sentiments among them. This can help financial sector to take out monetary benefit from the situation by betting on right stock at right time.
The other use of AI using machine learning is the prevention of fraudulent activity in the organization by improving online payment processes and apps. AI could also help to prevent fraud by just highlighting the abnormality of client behavior and suggesting appropriate action to curb the fraudulent activity.
Healthcare sector majority rely on big data to understand issues, which impact human health, and to come up with the advancement in the medicine to resolve the issues. Machine learning and AI could help healthcare firms to identify abnormalities during laboratory experiments and suggest a remedy.
Sometimes in advance kind of experiments, AI understands the correlation between different kind of genes and helps to discover a life-changing treatment.
The manufacturing sector is the great example of machine learning. But now, AI has also taken the lead in the sector to become more result oriented. For example, AI can able to identify the key parts/processes of the complex supply chain that can hamper the whole production that may lead to increase in cost, disturbance in production cycle and decline in profits. In this regard, AI may also suggest the remedy to avoid such situation by proposing extra care of key processes and predicting which part needs service/maintenance. In this way not only, it can save production cycle from disturbance but also gives room to plan the services beforehand.
In the coming time, AI and machine learning may help a journalist to identify the core issue among the audience that they want media to take up. AI also helps them to identify newsworthy stories for a local and national audience that may increase the viewership of the organization. In this way, AI helps media houses to cover the stories, which match audience preferences.
We all know, the best shopping experience is where products are being offered according to personal choice of the consumer. It includes apps, physical store and even website. Only those who offer omnichannel experience to the customer, catch the eye.
AI and machine learning are now helping retailers to identify their customer’s choice and behavior—making them to better predict the need of their client. It helps retailers to adopt a proactive approach to engage the consumer in the best possible way. This can be possible by using buying pattern and demographics.
This also helps retailers to build a strong relationship with customers that eventually turns into loyalty with retailers.