Posted On : 14th November, 2019 by Shaun Williams
Artificial Intelligence (AI) is being regarded as one of the most dominant tech trends of the future.
Till now the very little that AI has offered us (primarily in the form of chatbots) is just a mere beginning.
It’s very much certain that Artificial intelligence has the potential to re-engineer the manner in which every business industry serves its customers.
Here are a few industries where AI would lay a strong footprint in the year 2020 and the future years to come
A major trend that is being experienced in the healthcare industry is the arrival of tech giants like IBM, Google apple etc.
These tech giants are concentrating on creating certain specific healthcare apps that would use data mining to analyze medical data and finally carry out a diagnosis.
The healthcare industry hosts a vast amount of raw data that have been collected over the decades.
These apps would leverage AI to analyze the existing data and find patterns to provide newer and better diagnosis and treatment for patients.
IBM Watson is a burning example of this: The AI tool works by initially finding the meaning and context of the data, and that is essential for selecting a treatment plan.
It then combines certain information from the patient’s medical record and finally comes up with the most appropriate treatment plan.
The upcoming year would see e-commerce giants leveraging Artificial Intelligence to provide highly personalized services and offerings to their customers.
Although we have already experienced firms like Amazon providing personalized services to their customers, it’s going to level up extensively in 2020.
The year 2020 would experience e-commerce firms using AI-based algorithms to determine which products a customer is more likely to buy.
These AI-based algorithms would use a customer’s demographic profile; purchasing history and other products he has viewed earlier to generate recommendations.
E-commerce companies are going to leverage AI-based algorithms that analyze the demographic profile and browsing history of a certain user.
In this manner, they would be able to generate relatively more targeted and personalized recommendations for their customers.
Such product recommendations would bear a much greater chance of being finally purchased.
Banking and finance:
The banking and finance sector would experience an AI revolution primarily with regard to the exponential decrease in the decision-making time when it comes to certain banking transactions.
Firstly, AI chatbots would be used to conduct loan application analysis that can help in significantly reducing the time to just a few seconds as compared to human analysts taking days.
Secondly, robotic advisors would be making investment decisions for clients
In this case, AI would leverage the ultra-fast processing power of robotics.
Robotic investment advisors would analyze a myriad of companies to make instant investment recommendations.
Additionally, they would also consider your social media accounts, e-mails etc to make investment decisions that most appropriately fit your interest and long-term life objectives.
When it comes to the education sector, AI will bring changes in not only the learning process of students but also the manner in which institutions carry out their current administrative operations.
The former involves providing personalized study materials, as per the requirements of every individual student.
This would primarily be in the form of AI-Based e-learning apps.
When it comes to enhancing administrative procedures, AI will make computational tasks like grading assignments, and recording marks much simpler and faster.
AI is already being used to grade multiple-choice tests and would also be able to grade written tests in the future.
Finally, educational institutions would also leverage AI in the future to streamline complicated and time-consuming processes like student admission and enrollment.
The real-estate industry would primarily leverage AI to analyze the huge inflow of raw data that it experiences.
This would ease up the current responsibilities of estate agents and brokers in finding the perfect real estate options for their clients.
As an outcome, the real estate consumer would be able to enjoy much more personalized options.
In this manner, we might see AI bots completely replace real-estate brokers in the future.
Bots would be able to find relatively more ideal options for the customer and that too, at a significantly reduced time.
Secondly, AI-based bot development in the future would also enhance the manner in which real estate websites provide customer service to their clients.
AI bots have the ability to work on a 24/7 basis and provide an immediate response to a customer’s queries, something that a human customer executive just can’t achieve.
The tourism industry is primarily taking the help of AI for business expansion.
This is majorly in the form of AI-backed tourism mobile apps, that have inbuilt chatbot systems in them.
Other than providing 24/7 customer service, these apps would also focus on providing personal search platforms for every individual user.
These platforms would analyze the user’s previous browsing history, time spent on a single page in the app/website etc and come up with personalized browsing options.
The transportation industry would experience collaboration between the Internet of things (IoT) and AI to create mobile apps that can provide real-time information to logistics company owners.
This would include predicting the estimated time of arrival of delivery vehicles, based on various factors like:
- Weight of the package
- Driver’s driving style
- The intensity of traffic etc.
The IoT based device in the truck would gather the raw data and AI would process it to provide personalized solutions to the app users.
Self Driving Cars: The Distant Reality
There’s no doubt that self-driving cars would turn out to be real though not in the very near future.
Other than heavily leveraging AI, self-driving vehicles would also use lots of image processing, machine learning and data mining techniques.
The above article provides an important takeaway for businesses, and that is not to have an apathetic attitude towards adapting AI in their operations.
AI would soon become a common trend in these industries with every player jumping into the trend wagon.
Therefore, having a proactive approach towards AI would help a business in staying ahead of their contemporaries.
Author Bio- Hi there, I am Shaun Williams, a content writer with Goodfirms, a research platform for DevOps and Game Development companies, among many others. I enjoy communicating ideas and knowledge creatively and also ensure that the readers never suffer from boredom while reading my posts.