How Artificial Intelligence becomes Game-changer for Industries
From predicting maintenance and other issues to improving the quality of products- Artificial Intelligence (AI) can handle many crucial tasks of modern industries efficiently. There is no exaggeration in mentioning that AI is the core element of Industry 4.0. Artificial Intelligent solutions can assist various industry sectors to anticipate changes in market trends and make insightful decisions in real-time.
Gartner has predicted that AI will produce more jobs than it displaces by 2020. It is also expected that one in five workers will rely on AI for performing non-routine tasks by 2022. Evolving artificial intelligence services are all set to amplify the efficiency of employees and the overall productivity of companies. When it comes to pattern recognition, predicted analytics, language translation, and speech recognition- AI technology can easily match human capabilities.
Here we are going to see what AI brings for the key industry sectors.
1. Manufacturing– This sector comes first because the impact of AI is clearly visible in the form of improved efficiency and increased visibility across different operations. Artificial intelligence solutions can readily transform the way manufacturing companies run their production lines and manage supply chains.
AI-powered systems help manufacturers monitor and manage every stage of the production cycle. AI makes it easy to optimize complex processes through robotic process automation (RPA) and machine learning concepts. Predictive maintenance helps manufacturing companies understand when machines will need maintenance. Also, engineers or machine designers can check various designs into generative design software, and get better designs to meet specific needs.
2. Healthcare– Second important sector is healthcare that can be one of the biggest beneficiaries of AI technology. Surgeons, physicians, nurses, and healthcare staff can leverage the benefits of process automation in the ecosystem through artificial intelligence solutions. Physicians can diagnose symptoms, analyze the patient’s data, and make real-time decisions regarding treatment with the help of AI-powered tools. Surgeons can take help from AI-powered bots for thoracic and heart surgeries.
Custom software development services have played a vital role in the ongoing battle against the COVID-19 pandemic. Remote patient monitoring through AI-based devices or equipment enable doctors to maintain a safe distance from the patients of coronavirus.
Also Read- Implementation of AI in Mobile App Development- Scope and Future
3. Education– AI-based customized applications can take the education sector to a new level. During this pandemic age, AI has made online education more interactive and personalized for students. Artificial intelligence solutions can facilitate teachers to give more time to every student by reducing the time for accomplishing complex tasks. For example, teachers can easily conduct tests online and assess the responses easily. Video lectures and learning aids can be prepared by taking help from artificial intelligence services.
Another role of AI in the education sector is in smart campus initiatives. As a physical or digital setup, a smart campus is a combination of humans and technology for delivering automated experiences to students across higher education institutions and universities.
4. Banking and Finance– As per the Business Insider Intelligence survey, 75% of banking sector respondents with assets worth over $100 billion said that they are using AI technology, whereas 46% of the respondents with assets less than $100 billion have accepted that they use AI technology.
AI and ML technologies can help the banking sector generate over $250 billion value by reducing spending on resources and bringing automation in processes. Financial institutions can also mitigate risks and reduce overheads significantly using AI-based solutions. A reputed IT consulting company can give more suggestions to the BFSI sector-related company to make the most of AI technology.
5. Retail and eCommerce– Both these customer-centric sectors need to analyze huge data regarding sales and customers’ shopping patterns. As the most sensitive sectors, retail and eCommerce need to predict sales and manage inventory effectively to eliminate situations like ‘No Stock’ or overstock. There, AI technology lends a helping hand. The custom software development company can build an application with AI-powered features to analyze the data and show personalized recommendations to every customer. Also, these features show similar items as per the customer’s budget, buying data, and online behavior.
A chatbot with AI functionality can answer the customer’s questions on a 24/7/365 basis. It also ensures that the potential customers retain the website or mobile app by offering them a seamless digital experience.
It is fair to mention that AI technology is capable of transforming processes by analyzing, organizing, and automating tasks. Be it a startup or an established organization, AI assists every company to get an edge over competitors by unlocking the value and generating high revenue.
In a nutshell, artificial intelligence solutions will lead the way in various industry sectors. Globally, many entrepreneurs want to leverage the benefits of this revolutionary technology for making their business processes smarter and more intelligent. Integration of AI-based features in the system will make businesses more productive over the period. With enormous potential, this technology is truly a game-changer for industries.
Semaphore is a renowned offshore software development services provider. We provide end-to-end solutions in the web and mobile app development domains to the global corporate clientele. Our experienced developers can transform your idea into an awesome app using advancements of emerging technologies like AI, AR, IoT, and VR. Do you want to give your business a mobility boost? Simply drop us a line at email@example.com and our expert consultants will get back to you soon.