5 Industries Being Transformed by Artificial Intelligence

No matter if you champion the benefits of artificial intelligence or fear its possible implications, there’s no denying the revolutionary effect it …

An auto engineer working with artificial intelligence

No matter if you champion the benefits of artificial intelligence or fear its possible implications, there’s no denying the revolutionary effect it has had on our world. While seemingly few aspects of our daily lives remain untouched by AI to some extent, certain industries have embraced this technology more than others. In this article, we’ll take a closer look at five industries that are being completely transformed by AI.

Automotive

The automotive industry has long been one of the biggest adopters of artificial intelligence. As it stands, it currently employs nearly 40% of the global robotic workforce; the largest percentage of any industry. By automating repetitive and dangerous tasks, manufacturing plants have increased efficiency and created safer environments for human workers. Though automated assembly lines are the most prominent use of AI in the industry, it doesn’t stop there.

Once the far-off dream of sci-fi novels, self-driving cars are quickly becoming a reality. While fully autonomous cars are still a work in progress, many auto manufacturers are already utilizing artificial intelligence to make vehicles safer. Thanks to onboard computer systems, automatic braking and collision avoidance features can now be found in many modern cars. With roughly 90% of all traffic accidents caused by human error, it’s likely we’ll see an increasing adoption of artificial intelligence by the automotive industry in the near future.

E-Commerce

With roughly 20% of all shopping done online, the e-commerce industry has been quick to embrace artificial intelligence in an effort to expand the market. Commonly found across many online retailers, personalized product recommendations have been a huge point of success for the industry. According to one study, retailers using this AI recommendation algorithm found a 915% higher than average conversion rate.

Artificial intelligence has also found its way into the customer service side of e-commerce. Available 24 hours a day, AI chatbots are able to assist online shoppers with basic issues, allowing customer service representatives to focus on more complicated tasks.

Financial Services

It used to be that making money in the stock market meant tirelessly analyzing financial reports to predict which way the market would move. Thanks to artificial intelligence, this process has been reduced to the blink of an eye. Able to parse through market reports in a fraction of a second and offer data-backed advice, AI-powered financial tools have significantly lowered the barrier to entry for first-time investors.

Able to adhere to complex and sophisticated rules, AI has also proven itself invaluable for credit lenders. Unhindered by inherent human biases, AI tools can accurately assess potential borrows based on data rather than emotion. In doing so, borrowers are granted fairer access to financial services, and lenders can operate with less overall risk.

Human Resources

Much like the credit lending example above, AI’s ability to do away with bias has proven useful in hiring situations. When tasked with screening candidates, despite their best efforts, HR managers and recruiters will often make decisions based on instinct rather than purely data. By scoring candidates based strictly on factors that pertain to the job, managers using an AI-assisted hiring process can find people best suited for the role rather than those those they simply connect with on an emotional or personal level.

Healthcare

Of the many areas of our lives impacted by artificial intelligence, healthcare has arguably the greatest potential for positive change. With the entire encyclopedia of medical knowledge at its fingertips, AI tools help doctors make faster, more accurate diagnoses and recommend the best course of treatment. Following in the footsteps of other accidental medical discoveries like penicillin, artificial intelligence has already made unexpected but wholly welcome breakthroughs in the field. Recently, a Japanese research team that created an AI program to distinguish bear claws from croissants discovered that it was also capable of accurately identifying cancer cells.

From an operational standpoint, hospitals have been utilizing AI tools to increase efficiency and deliver optimal care. The practice of triage, deciding which patients should be seen in what order, can be difficult for even the most seasoned medical professionals. When a few seconds could mean the difference between life and death, decisions need to be made quickly. Thankfully, AI programs designed specifically for this task are able to assess the severity of each patients’ symptoms and automatically manage the order of care.

The Future of Artificial Intelligence

It’s safe to say that artificial intelligence will play a major role in many more industries in the near future. Whether you’re looking for talent to modernize your systems or looking for a career in the field, we can help. Get in touch with us today to learn how.

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