#10 Industries Where AI Could Potentially Dominate
- 2 September 2020
- Posted by: Sanjana Gavand
- Category: Technology
You must have already heard about AI aka Artificial Intelligence, and probably must have even used it in day-to-day life, one way or another. There was a time when we would have to type it out on Google every time we had to search for what’s the tip of your shoelace called? (Yes, there is a name for it. Go ahead, ask Alexa!) But that’s not the case today, you can simply ask Google Assistant or Alexa or Siri for that matter. Bygones are the days when we would have to remember everyone’s phone numbers and birthdays or would have to go out every time we had to look out for a new store. All of this is only possible due to Artificial Intelligence.
From answering our basic needs to even replacing humans, AI is gaining popularity by the day. Maybe it could even replace doctors and lawyers (sounds a little scary, yes, but we can’t deny the possibility). With that being said let’s take a look at all the potential industries where Artificial Intelligence may dominate in the near future.
From analyzing customer patterns and providing personalized recommendations, Artificial Intelligence is playing a major role in the retail sector. It analyses and creates customer preference driven data models, to create customized recommendations for each of the customers based on their previous purchase record. Not only this, but it could also help cut down order fulfillment time, minimize cart abandonments, and even introduce pick-and-walk retail shops in real life powered by AI technology.
2. Customer service and experience
After-sales service plays a major role in CRM. Many companies are starting to implement AI technology to answer the primary customer requirement. This technology can also help agents to better understand the customer information and their concern so that the issues can be resolved more efficiently. In some cases, it could even eliminate the occurrence of issues in the first place. For example, AI-powered cars continuously monitor the functioning of the engine it’s components, and priorly inform the customer if there is a need for servicing.
When it comes to our day-to-day lifestyle AI is already playing a major roll in it. It has even provided a solution for having to get up every time you have to switch on/off our bedroom lights. This technology has been widely used in many smart products like refrigerators that can keep track of the inventory and tell you when you restock on your vegetables or even self-driven cars that can track traffic and select the best route to get you to your office right on time.
In almost every industry marketing plays a major role. Artificial Intelligence in the marketing industry could help companies drive real-time recommendations to maximize customer preferences and even facilitate the automated decision-making process for content creation. AI could be used in the curation intelligent personalized email for the particular segment of the target audience, with respect to their demographics, which can help create more personalized content.
5. Banking and Finance
FinTech is changing the course of how the banking and financial sector works. The introduction of AI technology could help the financial institutes to better analyze the market movements. It can also eliminate the involvement of intermediaries, third party agents and brokers. Algo trading has already started to drive more attention. Combining such technology with AI could lead to automated investment decisions making, and could even help save time and cost.
6. Transportation and Logistics
In the transportation and logistics sector, AI could majorly contribute to optimize route planning and delivery schedules. Its predictive analytics can help transportation service providers minimize their operation time and also facilitate in improving inventory management systems.
This could be one of the best use case scenarios for the application of AI technology. Artificial Intelligence in the construction industry can help eliminate the requirement of human labor for such a tedious task and even reduces the possibility of errors. This technology can help build huge as well as smart structures in a minimal timeframe.
With the growing use of technology the most overlooked concern, arising these days is cybersecurity. With such a large number of data at play in the day-to-day operations, many companies are bothered about cybersecurity standards. AI technology could help build companies more cyber resilience business model.
AI technology could facilitate automation in the repetitive processes, making it less prone to errors and speeding but the product creation process. Not only this, but it could also facilitate quality control, shorter design time, higher performance, minimal product rejection, and many more.
The education industry is already shifting to online learning rapidly. In the coming years, AI could be included in the curation of personalized learning content and curriculum development. In the long run, it could even help to break barriers and facilitate global learning.