AI technology and its applications in the future economy
Artificial intelligence is a very popular topic in the world and countries today, AI is present in all areas of daily life such as medical equipment, retail, commerce. electronics, food and finance,...
AI has been around since the 1950s, but perhaps the creators of this technology never thought it would become as ubiquitous in the economy as it is today. The IDC Spending Report from IDC Market Intelligence predicts global AI spending will reach $77.6 billion by 2022. Similarly, Gartner also predicts AI-generated business value of around $3.9 trillion .
Summary of article content:
- AI benefits in manufacturing
- AI in health
- AI in the retail business
- AI in the food processing industry
- AI in financial services
- AI in transportAI in real estate
- AI in entertainment and tourism
Benefits of AI in manufacturing
There is no doubt that artificial intelligence has revolutionized the way we work. From healthcare to advertising and recommendations, AI directly improves our daily lives by providing fast, efficient experiences.
How is AI affecting our lives in a way that we may not be aware of?
Look around the products you use every day. AI technology is becoming more and more advanced and advanced day by day, leading to lower costs and making the technology more affordable in different industries.
This change has made a huge impact in the way products are manufactured and has resulted in more efficiency, less human error, and greater total output. Let's explore the role of artificial intelligence in manufacturing.
AI in health
AI is currently being used for many healthcare challenges, such as data mining to identify patterns, followed by diagnosis, treatment, medication administration, and even robotic surgery.
The entry of large companies such as: Microsoft, Google, Apple and IBM is now significantly changing the current healthcare industry.
These include IBM Watson, an artificial intelligence engine that acts like a robotic doctor, drawing inferences from existing data, choosing a treatment plan, and analyzing patient records. patient to determine the plan. In other words, IBM Watson acts like a doctor.
AI in retail business commerce
AI is transforming the business models of many brands and businesses. New technological advances are being innovated across industries.
The integration of Artificial Intelligence in e-commerce is increasing the standards of marketing for many companies. It has helped create more personalized experiences by performing analytics on data sets and by identifying different consumer behavior patterns.
The e-commerce sector has started to use artificial intelligence using visual search engines. This helps users by allowing them to search whatever they want with just one click.
AI in food processing technology
Food processing is a complex business. It includes sorting food or raw materials coming from the farm, maintaining machines and certain types of equipment, etc. When the final product is ready to ship, humans check the quality of the product. and decide if it's ready to ship. However, in many food processing units, this process is automated by AI.
In the years to come, it will forever revolutionize the field of FP&H. AI will help these companies increase revenue by speeding up production, reducing maintenance and therefore production downtime, reducing the risk of failure by automating almost every process, and ultimately deliver a great customer experience by predicting their likes, dislikes and wants.
AI in financial services
As we can see, the benefits of AI in financial services are numerous and hard to ignore. According to Forbes, 65% of senior financial managers expect positive changes from the use of AI in financial services.
This shows that, as of the end of 2018, only a third of companies had taken steps to implement artificial intelligence into their company processes. Many still err on the side of caution, fearing the time and cost that such a job would take - and there will be challenges for implementing AI in financial services.
However, one cannot hide from technological progress forever and not confronting it now can cost more in the long run.
AI in transport
The use of machine learning and predictive analytics has turned supply chain management into a coherent process. The warehouse uses AI robots to automatically sort and pack goods in the warehouse.
AI algorithms are also starting to be applied more to find the fastest delivery route, optimize the best delivery. Self-driving cars using artificial intelligence are expected to become popular in the transportation industry in the coming years. Although self-driving cars are still in the research and testing phase, they can replace manual driving, making driving safer on the road. In which companies use AI algorithms to optimize public transport, planning and controlling traffic.
AI in real estate
The use of AI in real estate opens up new opportunities for agents, brokers and clients. Chatbots help brokers and agents to advise and provide the most suitable products according to the needs of the buyer, rental or seller. The AI-powered chatbot also runs 24/7 to help visitors get to the real estate website at any time.
With this model, agents become more efficient, brokers expand their strategies, and consumers are empowered to take the initiative in transactions.
AI in entertainment and tourism
Marketing and advertising. Artificial intelligence programming will help with the development of movie trailers and advertising designs.
Personalize the user experience. Artificial intelligence applications will be used by entertainment service providers to deliver personalized content based on user data obtained from their website activity and behavior.
Search optimization. In this case, AI will be used to increase the speed and efficiency of the overall classification and search process.
Experience creativity with wider use of VR and AR. More aggressive implementation of AI to enhance virtual and augmented reality to take user experience to the next level.
For travel brands, AI-powered trip planning provides the ultimate way to inspire customers and retain them.
The aspects mentioned above are not the only ones modified by AI. It is worth noting that the entertainment industry will feel all the power of AI-driven chatbots. Yes, chatbots can be useful not only in customer service but also in communication and entertainment.
A future where AI will be a key to success will be to use it wisely and ensure that it complements rather than replaces the personal aspect of hospitality.