Artificial intelligence is, without a doubt, one of the biggest technological advancements in human history. AI technology is quickly finding an application across many different industries because of its ability to improve existing processes and introduce automation to increase productivity even further.
Even so, AI technology is still in its early stages, so it's still too expensive for most small and medium businesses. With that said, new AI solutions are released all the time, making AI more accessible and affordable. It already has a significant impact on the world, so let's go over the main applications of AI in industry.
1. Transportation
The transportation industry is one of the key industrial sectors. It's also among the first industries that adopted AI solutions to improve its efficiency. The role of AI in this industry is found on many levels. For now, AI solutions are used to find shorter transportation routes, minimize waiting time, and ensure that all available fleet drivers are kept busy. However, the role of AI in transportation will grow in the next few years as companies such as Google and Tesla pour in billions of dollars in developing self-driving vehicles.
Stanford University predicts that AI-driven cars, trucks, trains, and buses will become a normal thing by 2030. Transportation companies are also looking to improve their future fleets by using AI. Replacing human drivers with self-driving vehicles will help save these companies a lot of money, and reduce human errors. A US company called Nikola is working hard to create fully electric and hydrogen-powered trucks with self-driving capabilities to provide better transportation services. The application of AI in industry is growing every day, and the transport sector is no different.
AI solutions are improving transport services for years already. They are used to improve planning, organize fleets, track containers, process payments, and much more. The best thing about AI is that it becomes smarter over time, so its accuracy and capabilities improve over time. In a few years, users will be able to order items and call self-driving cabs from their smartphones, leading to a type of transportation-as-a-service approach. In other words, vehicles, as we know them, will all but disappear in the following decades.
2. Healthcare
Healthcare is one of the most important industries of all, and AI makes it more versatile than ever before. By introducing automation of repetitive tasks, AI leaves doctors with more time to help patients. It also helps improve the development of new drugs and treatments by analyzing massive amounts of patient data. The right AI solution can help improve the quality of life for millions of people soon. It's estimated that AI can help the US healthcare system save over $100 billion every year by reducing drug trial costs, research, and improving clinical practices.
For example, an AI-powered solution can automate tasks such as bacterial swap analysis, prescribing drugs, and improving the doctor's decision-making abilities. It can also optimize the supply chain and reduce administrative work. Of course, AI will never be able to treat patients without human intervention, but it can help by improving existing procedures.
Something as simple as an Apple Watch or a FitBit band can also help improve disease prevention and diagnosis. Wearables such as the ones we mentioned generate a ton of user data on health conditions, blood pressure, heart rate, etc. The data is sent to an AI solution that generates insights into various medical problems and the reasons they occur. AI in industry is making a huge impact here as well.
3. Marketing
Digital marketing is a very competitive industry where every move makes a big difference. Traditional marketing practices have reached a point where new technologies are needed to evolve strategies for the future. Of course, AI became one of the most popular tools for developing new marketing practices because of its ability to track consumer habits, make predictions, and improve content creation according to the best practices.
Modern technologies are needed because consumers these days prefer personalized goods, and only AI has the power to make that happen. Marketers have to work hard to win over every customer, so they use AI-powered tools to get a better understanding of what consumers expect. That information shapes the rest of the marketing efforts, including content creation, targeting, ad strategy creation, etc. Put in simple terms, AI can track the interests of every individual user and present the right type of content to increase sales and improve the overall customer experience.
AI's ability to separate customers into distinctive buying personas has a direct effect on sales funnel organization. AI helps marketers understand the motivation behind the buying persona, which also helps predict the future. Lastly, AI-powered chatbots are changing the game in providing customer support. These smart virtual assistants are now capable of communicating with customers and helping them resolve some simpler issues. That way, businesses can provide better support to more customers, improving customer relationships affordably and efficiently. The use of AI in industry is changing the entire world.
4. Finance
The financial industry uses data to make predictions for hundreds of years. Financial experts had to follow important statistics to make accurate predictions and make money by trading. However, while AI uses somewhat of a similar approach, it can analyze much more data and make extremely accurate predictions. But that's just the tip of the iceberg.
Imagine what such an approach means to financial advisory services. Instead of talking to a financial expert, customers will soon communicate with an AI-driven robotic adviser. From a company standpoint, an AI financial advisor is much more efficient, as it can help thousands of customers with a one-time payment. Moreover, a field called bionic advisory is becoming the next big thing in the finance industry. It allows machines to mimic human behavior and use insights to make better decisions and predict the future.
Trading is also changing since AI was introduced to the mix. Its ability to analyze large amounts of data quickly makes AI the most powerful technique for trading and investing. Artificial intelligence can identify market patterns and anomalies, allowing it to stay one step ahead of all possible outcomes. The moment it identifies an issue, the AI can alert financial experts and help them make a better decision. Data-based decisions are extremely useful, especially when handling large investments and selling stocks.
5. Entertainment
The entertainment industry is constantly evolving by default, but with AI, it can go into hyperdrive. Just think of online streaming services such as Youtube and Netflix. They both use AI to learn about your preference, so they suggest similar content in the future.
The idea here is to use artificial intelligence to make the industry feel more personalized and engaging. Entertainment providers can now personalize entertainment according to every individual. That was unimaginable only a decade ago, but today, almost all entertainment channels leverage AI to increase efficiency and sales.
Conclusion
Artificial intelligence is still in its early stages, making it extremely expensive. However, as it becomes more and more widespread, new AI solutions are becoming more accessible to smaller and medium-sized businesses across many different industries.
The bottom line is that AI is here, and it's here to stay. It will only become more sophisticated and find new applications in the future. The possibilities are practically endless, so we expect to see a drastic increase in AI solutions in the next ten years.
