AI is transforming every industry. From manufacturing to health care, AI improves processes in these sectors and gains a competitive edge. The potential of this technology is vast. The oil and gas industry has seen turbulence in recent years, and it’s crucial to prepare for this new era with the help of AI. The following are some of the Top Industries getting transformed by AI algorithms.
With billions of dollars invested annually in research and development, automotive assembly is one of the top industries transformed by Artificial Intelligence. As the first sector to implement advanced robotics and AI technologies, the automotive assembly has seen dramatic growth. Its use in the manufacturing process has allowed automakers to produce self-driving cars. By integrating AI-powered software into the assembly process, automotive companies can improve productivity by 30 percent.
The health and pharmaceutical industries are among the top industries transformed by AI. Artificial Intelligence can help engineers assess the marketability of a prototype before it is even designed. Moreover, it can help researchers and engineers analyze the feasibility of a product. Similarly, the health and pharmaceutical industries spend $160 billion per year on R&D. By combining data and AI can enhance product reliability.
Artificial Intelligence is helping the real estate industry. With its help, the efficiency of brokers, strategic thinking, and consumer empowerment are increasing. With AI, bots can help brokers find the perfect property match, and chatbots can operate 24 hours a day.
AI is helping the entertainment industry identify shows that consumers are interested in watching. Netflix, for example, uses AI to recommend shows to their subscribers based on their preferences. Retailers are using machine learning algorithms to predict demand and predict sales. With the help of these bots, humans have reduced forecasting errors by half.
The healthcare industry is a significant hub of data. Doctors and nurses need to maintain patient data. But the automation of these processes will make the industry more efficient. These companies are also seeing a reduction in labor costs, as these machines save time and money for both medical professionals and patients. In addition to that, AI in the healthcare industry can also improve the productivity of hospitals.
The retail industry is a prime candidate for AI adoption. The industry is complex, requires fast decisions, and provides a personalized connection between customers. Automated supermarkets could make a huge difference. Likewise, improved fraud detection systems will significantly impact financial services. And retail and foodservice can also benefit from AI-optimized inventory and customer operations.
In retail, Artificial Intelligence is transforming customer service. Amazon has launched its first store in Seattle, where shoppers can grab food directly from shelves without checkout. Using computer vision, AI can track shoppers’ movements and automatically debit their accounts when they leave. In the future, delivery drones will be used to complete this task. Ultimately, this technology will transform the world and the industries we live in.
For example, the energy retail industry is leveraging AI to offer personalized benefits to its customers. It is already leveraging AI to develop custom benefits for high-volume clients. The banking industry uses machine learning to identify the most profitable clients. It could be the key to reducing churn and attracting new customers. For instance, a grocery retailer could send a package to a customer’s home within minutes in the UK.
The legal industry is another sector getting ready for AI. Its customers can rely on AI to handle their legal needs. As a result, AI can improve the efficiency and productivity of the legal industry. For example, it can reduce human errors and prevent lawsuits. A recent study by Servion Global Solutions shows that AI will power 95% of customer interactions by 2025. Some companies are already implementing artificial intelligence or virtual reality. To learn more about AI and how it is transforming industries, visit the ONPASSIVE site.