Artificial Intelligence or AI is being considered as one of the most influential tech trends of the future.
As of now, the meagre glimpse that we have experienced (majorly in the form of Chatbots) is just the tip of the iceberg when it comes to this immaculate technology.
AI has made it quite clear that it holds the potential to re-engineer the manner in which an organization provides services to its customers.
Let’s look at a few such industries that AI is going to have the most massive impact on, in the years to come:
ManufacturingÂ
Today, even smaller manufacturers can benefit from ERP and MRP systems, thanks to manufacturing software providers like MRPeasy.
 There are several other major developments occuring in the manufacturing sphere as well, many of which have been developing for some time.
There are several major developments occuring in the manufacturing sphere, many of which have been developing for some time.
Smart manufacturing is a great example of such a development.Â
Smart manufacturing is a form of manufacturing that involves the utlization of advanced tools for the purpose of maintaining the inflows of raw materials.
This concept enables firms to optimize manufacturing processes by using computer control systems, together with the analysis of big data.
This is all made possible with AI via things such as sensors and RFID tags.
The implementation of such a system is increasingly providing firms with a competitive advantage in terms of persuing the everchanging and increasing demands of global manufacturing markets.
What’s more, manufacturing companies are now in the midst of a so-called ‘fourth industrial revolution’ through the rise of Iot (The Internet Of Things) devices, which are sold in tandem with analytics software that uses AI and machine learning.
Healthcare
The most notable trend being experienced in the healthcare industry is the arrival of tech giants like Apple, Google, IBM, etc.
They are primarily concentrating on creating specific healthcare based apps for analyzing raw medical data and to carry out diagnosis operations in a fast-paced manner.
These healthcare apps would be leveraging Artificial Intelligence to conduct data mining and analysis to find patterns that can provide diagnosis operations in a real-time and relatively more efficient manner.
IBM’s AI tool Watson is a good example of this. The tool operates by initially ascertaining the context and meaning of the raw medical data that is crucial for selecting a certain treatment plan.
Subsequently, it looks into certain information from the patient’s medical record and finally comes up with adequate treatment plans for the same.
E-Commerce
The e-commerce industry would majorly experience the prowess of AI in terms of providing relatively more personalized services to customers.
Personalized services can’t be termed as a completely new element in the e-commerce industry:
That’s because certain industry giants like Amazon have already been instrumental in providing basic personalized product options for their customers.
However, the coming years would experience an exponential jump in the level of AI-based Personalisation.
Firms would leverage AI-based algorithms to find out those types of products that appeal the most to a certain online consumer.
The AI-based algorithms would primarily look into a consumer’s demographic profile, previous purchase history, and the type of products that he browses.
In this way, e-commerce firms would be able to generate relatively more targeted and personalized recommendations for their users.
Such kind of product recommendations would increase the chances of the customer making the final purchase
Banking and finance
The arrival of AI would significantly reduce the overall duration of banking transactions and highly complicated and time-consuming tasks like loan application analysis.Â
Talking in quantitative terms, the average transaction would get reduced to just a few seconds, as compared to human analysts who can take up to multiple days for the same.
Secondly, AI would give rise to robotic advisers that can conduct investment decision for the bank’s clients:
Replicating the functionalities of an Investment banker, robotic advisors can analyze multiple company portfolios at once to make instant investment recommendations.
On the client’s part, robotic advisors would go through the client’s social media and e-mail accounts to make investment decisions that adequately meet his preferences and long-term objectives.
Education Sector
The education sector would experience the AI revolution, primarily when it comes to two elements:
- The current learning process of students.Â
- The manner in which educational institutions carry out their current administrative procedures.
The former would involve AI-based, mobile app development.
These E-learning apps would majorly be instrumental in providing personalized study materials for every student individually.
Secondly, when it comes to administrative procedures, AI would perform basic computational tasks like recording marks and grading assignments much simpler and faster through mechanization.
Currently, most educational institutions are using AI to grade exams that have multiple-choice questions and might be able to grade full-fledged written papers in the future.
Other than this, AI would also be able to streamline time-consuming and complicated processes like student admission procedures.
 Wrapping Up…
The most valuable piece of inference that organizations should draw from the article is to have a proactive approach towards adapting AI in their business models.
AI would soon become quite a popular trend in every business industry in the coming years.
This would lead to a business valuation improvement for every firm, whether small or large.
In such cases having a proactive approach towards AI would definitely help firms to have the edge over their competitors.
