Unless you’re living under a rock, you probably would have heard about Artificial Intelligence (AI).
AI has been a buzzword for the past few years, with companies and researchers scrambling to be the first to develop true AI.
While we are still a ways off from having robots that can think and feel like humans, AI is already changing the world in small but significant ways.
From retail to healthcare to manufacturing, AI has an impact on nearly every industry. This blog will explore some examples of AI across sectors.
How is Artificial Intelligence used in Financial Services?
The use of AI in financial services is proliferating as the technology becomes more sophisticated and widely available. As a result, AI is used in various ways within the financial industry, including fraud detection, customer service, and investment management.
Fraud detection is one of the most common applications of AI in financial services. By analysing patterns in customer data, AI can help to identify potential fraud cases more quickly and accurately than human investigators. This can save businesses significant money by reducing losses from fraudulent activity.
Customer service is another area where AI is being used increasingly. Automated chatbots can provide quick and effective customer support, often 24 hours a day. This can free human customer service representatives to deal with more complex inquiries. Additionally, AI-powered chatbots can proactively assist customers by helping them check their account balances or providing information about special offers.
Investment management is another area where AI is starting to be used more frequently. By analysing vast amounts of data, AI can identify trends and patterns that human investors might miss. This allows businesses to make better-informed investment decisions and potentially generate higher returns.
How is Artificial Intelligence used in Healthcare?
Another industry that widely uses Artificial Intelligence is healthcare. Typically, healthcare is a complex system with a lot of data, and AI can help make better decisions about patient care.
AI is being used to develop better and more personalised treatments for several diseases, including cancer. For example, AI can diagnose diseases and predict how well a patient will respond to a particular medicine. In addition, AI can improve the efficiency of clinical trials.
AI is also being used to develop new treatments for diseases in drugs and therapies by analysing large data sets to identify patterns and potential targets for treatment.
Other notable applications include:
- Improving medical imaging (X-rays and MRIs).
- Robotic surgery (assisting surgeons with planning and executing procedures).
- Monitoring patients’ vital signs.
- Providing early warnings of potential health problems.
How is Artificial Intelligence used in Manufacturing?
Artificial intelligence has massive applications in manufacturing, from robots that work alongside humans on the assembly line to automated processes that manage the production line itself.
AI is primarily used in the manufacturing industry to increase:
- Cost reduction
One way that AI is used in manufacturing is through collaborative robots or co-bots (collaborative robots).
These robots work alongside humans on the assembly line, assisting with lifting heavy objects or performing repetitive motions. As a result, co-bots can help to improve productivity by working faster and more accurately than humans alone.
Another way AI is being used in manufacturing is through automated process control. This is where AI-powered software manages and optimises the production process. Automated process control can help to reduce waste and improve quality control by ensuring that products are made to specifications.
How is Artificial Intelligence used in the Life Science industry?
In Life Science, AI is used to help with tasks such as research and development, drug discovery, and clinical trials.
Artificial Intelligence is used to speed up the R&D process by helping identify new targets for drugs and therapies. It is also used to create models of diseases so that potential treatments can be tested more efficiently.
Researchers at the Allen Institute leveraged AI technology to create a comprehensive 3D model of a human cell, which provides unprecedented insight into how all the different components and structures within a cell work together.
Doctors and scientists can better understand how cancer and other diseases affect individual cells using these models.
By feeding data and images of cancer cells into the AI, they can build a complete picture of how the cell is affected. This will clarify how best to treat each patient with tailor-made treatment options.
Overall, AI is proving to be a valuable tool in the life science industry.
How is Artificial Intelligence used in retail and consumer services?
Artificial intelligence (AI) has begun to permeate all aspects of our lives in recent years, from how we interact with our devices to how we drive our cars. Retail and consumer services are no exception.
Here are some examples of how AI is being used in retail and consumer services today:
Automated customer service: Many companies use AI-powered chatbots to provide automated customer service. These chatbots can handle simple queries and tasks, such as resetting a password or checking the status of an order.
Personalised recommendations: AI is used to power customised recommendations on retail websites and apps. By analysing past purchase history and search data, AI can guide products and services that customers are more likely to be interested in.
Improved search functions: Retailers are using AI to improve the search functions on their websites and apps. By understanding the natural language of customers’ queries, AI can provide more relevant and accurate results.
Enhanced security: AI is also used to improve safety in retail environments. For example, many retailers are now using facial recognition technology powered by AI to identify known shoplifters and other criminals.
How is Artificial Intelligence used in autonomous cars?
Self-driving cars are one of the most visible applications of artificial intelligence in the transportation industry. At present, it helps a car navigate, avoid obstacles, and make decisions.
Some of the first applications of AI in autonomous cars were navigation and obstacle avoidance. Early autonomous vehicles were equipped with sensors to detect and avoid objects in their path. It was a breakthrough a few years back, allowing cars to operate without human intervention.
Artificial intelligence is used for much more than just navigation and obstacle avoidance. For example, it helps cars decide when to change lanes, turn, and react to other vehicles on the road. Sometimes, it can even plan routes and help cars park themselves.
How is Artificial Intelligence used in day-to-day life?
You might be surprised to know that you’re already using artificial intelligence in your everyday life, even if you don’t realise it! Here are a few examples of how AI is becoming more and more commonplace:
Google Maps: It uses AI to provide users with the best possible route based on real-time traffic conditions.
Tesla Autopilot: Tesla’s Autopilot system uses AI to assist drivers with tasks such as changing lanes, passing other cars, and parking.
Netflix Recommendations: Netflix uses AI to recommend TV shows and movies to users based on their watching history and preferences.
Spotify Discovery: Spotify’s Discovery feature uses AI to recommend new music to users based on their listening habits.
Google Translate: Google Translate uses AI to translate text in multiple languages.
Virtual assistants: Several virtual assistants like Ok Google, Siri, Alexa, and Cortana use AI to help users with tasks such as playing music, setting alarms, making phone calls, and more.