According to Gartner, AI usage has grown by 270% between 2015 and 2022, and it has become a big part of digital transformation. AI, as well as machine learning (a subset of AI), is gaining momentum in the business.
Here are 7 examples of artificial intelligence across different industries.
1. Financial services: Anti-fraud
Fraud is one of the biggest threats in the financial services industry, with millions of incidents each year. Thankfully, many companies in this space are leveraging Machine Learning to reduce the number of unauthorized account breaches. Banks are establishing real-time behavioral profiling that can detect potential scams before they happen. IT teams have developed Machine Learning capabilities to detect outlier transactions and trigger potential fraud alerts. This technology offers peace of mind to financial institutions.
2. Transport: A better map of tourist routes
Successful freight transport needs to be done efficiently. In trucking, road challenges, such as weather and traffic, can prevent goods from reaching their destination in time. The longer the truck is on the road, the more resources it needs to cover the transportation costs. Over the past few years, AI has been used to help truck drivers find more efficient routes. The technology gives them real-time data on which routes to avoid and which allows them to reach their destination faster. AI can save the transportation industry a lot of money over the years.
3. E-commerce: Purchase recommendation tool
As the e-commerce industry continues to evolve, there are several technologies that can be attributed to its success, including AI. The Personal Recommendation Engine is an AI-powered solution that allows e-commerce sites to target shoppers based on their previous buying patterns and behavior. Technology can accurately recommend a product to consumers who are likely to consider buying it. Algorithms can target the right customers on a particular third-party site at an optimal time. As a result, e-commerce businesses can effectively increase sales.
4. Healthcare: Robots to assist surgery
Healthcare is one of the industries with many examples of artificial intelligence, especially with the rise of smart hospitals. One of the most common cases where this technology is at work is with robot-assisted surgeries. In these scenarios, there is still a doctor performing the surgery, but the technology is assisting the process. This AI-powered solution allows professionals to perform minimally invasive surgery with the help of a robotic arm. Medical facilities can conduct the most complex and sophisticated procedures with small and precise incisions. This leads to better outcomes for patients and hospitals.
5. Production: Product quality is improved
AI has played a vital role in manufacturing by improving supply chain communications, eliminating waste, and predicting machine failures on the assembly line before they happen. Product quality is also one of the top reasons why manufacturers use AI. Before using AI, manufacturers have to manually check the accuracy of their products, and there may still be some errors. By using AI with high-resolution cameras, manufacturers can inspect products faster and with greater accuracy. This automated technology is more reliable and leads to less production latency than manual processes.
6. Retail: Smart shelves
More examples of artificial intelligence are coming (or they are already being leveraged at) a retail store near you. One AI-based technology that is making headlines in retail is the smart shelf. These are electronically connected shelves that automate the process of making sure enough products are on display for consumers. When a particular item is depleted, the AI technology notifies the staff to either reorder the item or notify the supplier to send more of those items to the store. This solution makes it easier for workers to reset shelves, and it improves customer satisfaction.
7. Education: AI Tutor
Educational institutions have warmed up to the use of AI technology. It has been used in the classroom to aid in grading and shape better lesson plans for students. One of the most important artificial intelligence examples in education is with AI tutors. Traditionally, human tutoring has been an important part of the educational process, but there are areas of improvement that can be leveraged with AI. This technology can provide a personalized learning experience for students who need the most help. AI tutors can be used in person or online, and it can analyze testing in real time to transform the educational experience while students are learning. As this technology matures, more students will benefit from it.
