Artificial intelligence is no longer a sci-fi concept. In fact, there are many industries already using it.
Such technology typically involves using algorithms to analyse data and then automate processes based off of this data. This can have different advantages from saving companies time to delivering more calculated decisions.
Just what are some of the ways industries are already using AI? The following post takes a look at 7 different industries.
AI has been a huge help to the marketing industry. By being able to analyse and react to huge swathes of consumer data, AI can help marketing companies create more carefully targeted advertising campaigns. Meanwhile, within email marketing, it’s now possible to create specifically targeted automated emails using AI such as birthday discount offers or abandoned shopping cart reminders. As for website design, features like pop-up ads can be programmed to appear at the right time based on previous data, while features like customer service chatbots have also been made possible.
Within retail, AI can be used to create a highly personalised shopping experience for customers. In the case of ecommerce, this includes customised promotions based on past orders and cookies. Retail companies have also started to use AI for other processes such as automatically monitoring and ordering stock, as well as automatically managing bookkeeping.
AI has also found its place in manufacturing. Robots have long been used within this sector, but today’s robots are now more adaptable than ever and are able to quickly pick up on problems and react to them. Many faults can now be automatically picked up using sensors and alerts can be triggered. This saves the need to manually inspect machinery on a regular basis. In some cases, machines may even be able to lubricate or clean themselves. The future will likely see even greater advancements with factories almost running themselves.
Within healthcare, AI could help to save more lives. Programs are currently being developed to monitor patient health records and pick up trends based on previously diagnosed health problems in order to identify potential future health risks. This allows scans to be scheduled to detect potential health issues early. AI can also be used to help organise patients and prioritise check-ups and appointments so that the right people are seen to first. AI is also currently being used in medical research to help better understand health problems like cancer and dementia and discover ways of treating them.
Machine learning in insurance has been popular for a while now. Insurance is an industry that is entirely based around calculating risk. Artificial intelligence can quickly read huge amounts of data and determine whether a client should be approved and if so what rates they should be charged. This isn’t the only area of insurance that AI can come in use however – it’s also possible to use AI to help process claims. All in all, it has helped to reduce the workload for insurance companies considerably, while also creating more accurate risk assessments.
Another industry in which AI can be useful for making risk assessments is the finance industry. When it comes to issuing loans, AI can help to more accurately assess the credit-worthiness of clients. AI can also be used to help make investments, with many stockbrokers using it to help assess risk when investing in certain stocks (there are even robo-advisor programs on the market). Financial advisors can also use AI to help clients make better financial decisions in the future by automatically analysing past earnings and losses and creating the perfect budget going forwards. All in all, there are many applications for AI within finance.
Cybersecurity is where you will find some of the most advanced AI currently on the market. This industry relies heavily on being able to detect digital threats and react fast. Using AI, cybersecurity firms can constantly learn new cybercriminal behaviours and set up defences to protect against them (such as looking for signs that a website or email may be malicious and providing warning before clicking on them, or automatically detecting network attacks and blocking them). Of course, cybercriminals are now using AI too, and so cybersecurity companies are having to build complex AI programs to work around these – it’s essentially a constant AI battle.