5 Industries That Artificial Intelligence Is Changing

If it seems as though artificial intelligence has been a hot topic for decades now, it’s because it has been. Yet the public attitude towards the technology has evolved with time — from wariness and opposition to anticipation and support.

Already, more and more organizations are using artificial intelligence products to improve productivity in their respective industries.

37% of survey respondents claim that their organizations are already using AI in some capacity, or plan on doing so soon.

Where is AI having its greatest impact? Here are five industries that have evolved significantly in recent years as a direct result of artificial intelligence technology.

1. Finance

Finance is an area where, in the past, people have been particularly wary of the implantation of artificial intelligence. As personal finance is a sensitive area for many, the fact that it’s taken so long for people to accept AI is understandable.

Today, however, the opportunities for AI in finance are undeniable.

To start, artificial intelligence is being used to provide customers with near-instant decisions on credit cards, loans, and other products. Machines are able to scout out a user’s credit history and weigh lending habits in a matter of minutes, if not seconds.

Human analysts are also beginning to be replaced with AI. Whereas a human mistake has the potential to cost a company millions of dollars, using a tested and proven AI algorithm lessens the risk of a serious loss.

Then, of course, AI is being used in the trading environment. Companies are using software with predictive analysis to forecast market activity with greater accuracy.

2. Education

Artificial intelligence is allowing teachers and office administration to focus on duties that require a more human touch.

Through AI, teachers are able to streamline tasks such as grading homework, exams, and quizzes. Beyond that, artificial intelligence software is able to collect information regarding a student’s learning habits and lesson comprehension within a flipped classroom environment.

Through both AI and automation, college and university staff members are able to juggle large amounts of student data without missing a beat — a huge feat that has traditionally required a colossal effort from smaller staffs.

3. Healthcare

Artificial intelligence is changing the healthcare industry in more than just one way. In fact, AI has worked its way into nearly every facet of healthcare.

One of the areas where it is having its greatest impact is with electronic health records (EHRs).

For the majority of practices today, physical copies of records are a thing of the past. Electronic filing and cloud storage creates a much more efficient system and allows for the integration of AI to process, sort, save, and recall important patient information.

Another area where the use of AI is growing rapidly is robotics. Surgeons are using this technology to assist with surgery, allowing them to operate with greater accuracy, preserve more blood, lower pain, and even expedite recovery times.

4. Marketing

Businesses are beginning to employ artificial intelligence across multiple departments, but marketing is an area that, more so than most other areas, has been turned on its head.

In fact, 40% of marketing and sales teams claim that AI and machine learning are critical to their success — more than any other industry.

Today, businesses are using chatbot technology to communicate with prospects, leads, and customers alike.

Unlike more dated AI technology, which was only capable of offering clunky dialogue and responses that often missed the mark, today’s chatbots are able to use natural language processing (NLP) for more conversational interactions.

On another level, businesses are also using AI to intervene as users are preparing to abandon purchases. Through predictive analysis, these AI products can display persuasive pop-ups just as users are about to leave, helping businesses close a greater number of sales.

5. Transportation

Transportation seems to be at the heart of many conversations concerning artificial intelligence, perhaps because the industry has seen some of the most impressive AI developments to date.

Even beyond self-driving passenger cars, delivery companies and services have already begun harnessing the power of artificial intelligence in various ways.

For example, Amazon’s drone delivery service, Prime Air, has been in development for a few years and is expected to be publicly available sooner than later. This service promises delivery of lightweight orders to customers in just 30 minutes or less.

Artificial intelligence is also being used to help cargo ships and other vehicles plot out the most ideal shipping routes by weighing factors such as speed, cost, fuel usage, and safety.

Whether it’s banking, education, transportation, or marketing, AI is permeating some of our largest industries and having a profound impact; and we are only just scratching the surface of what this technology is capable of achieving.

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