Artificial intelligence isn’t some nebulous concept for the future; it is happening right now. Already, industries are experiencing dramatic changes thanks to the introduction of this revolutionary tech. Companies in these sectors that utilize AI are becoming more efficient, accessing greater profits and outmaneuvering their competition. Thus, business leaders in these industries who understand AI and its applications are better positioned to find success.
AI isn’t right for every industry, and it isn’t right for every business. However, companies in the following industries are more likely to find that AI has enormous benefits worth pursuing today.
Agriculture is perhaps humankind’s oldest industry, and yet many farmers are looking to the future in their adoption of artificial intelligence. Currently, AI tech helps farmers optimize crop management to include tools for improving crop breeding and harvest yield. Some farmers are using AI to survey farming areas and provide guidance on crop rotation strategies, which increases growth in seasons to come.
Currently, the energy industry uses AI to assist with drilling. In the past, oil and gas companies would make educated guesses about the location of valuable resources, which led to a large number of unnecessary drilling, which harmed the environment while increasing costs. By sifting through signals to find the exact location of energy resources, AI radically improves efficiency. In the future, the energy sector could further cut waste and lower costs by predicting energy needs while operating power systems around the world.
There is virtually no aspect of the financial sector that has remained untouched by artificial intelligence. Financial institutions use AI for everything from personalizing insights for personal wealth management to assisting corporate financial institutions in assessing loan risks. Today’s financial advisors hardly make a move without consulting an AI-driven program for prediction and analysis. There are plenty of consumer-facing AI finance tools, as well, to predict consumer finance needs and assist consumers with making financial decisions.
Many AI applications in healthcare have a relatively small scale — but that does not make their impact any less significant. Studies on AI applications have found that AI tools can improve provider decision-making and thus improve patient outcomes in various ways, such as by indicating the presence of disease or by generating potential treatment options. AI in healthcare saves lives, and with more widespread adoption of AI, the healthcare industry can see advancements in patient care even while reducing costs.
Efficient transportation is all about logistics, and AI has become invaluable in calculating optimal routes and simplifying distribution. At present, AI is primarily used to forecast traffic and navigate around congested regions, which can speed up shipping times and cut waste. Yet, the transportation industry stands to benefit significantly as artificial intelligence develops, as autonomous vehicles driven by AI (literally) will soon eliminate human error from shipping and radically reduce transportation costs.
The COVID-19 pandemic shined a bright light on the flaws of the education system, and since, many districts have implemented AI solutions to fill the gaps in learning and teaching. AI tools help teachers better understand where students are in their academic study, which allows them to personalize lesson plans. Some AI applications have fully replaced teachers, or at least tutors, guiding students through certain fields of study using natural language processing.
As we advance further into the Digital Age, cyberattacks become more frequent and more devastating. There is an escalating arms race between cybercriminals and cybersecurity developers, and AI is being used on both sides. Because savvy cyber attackers are adapting AI tools to find ways through established cyber protections, cybersecurity firms must also use AI to learn from ongoing attack strategies and strengthen their defenses.
Perhaps one of the most extensive uses of AI is in retail. For years, many of the largest retailers have taken advantage of AI in advertising, leveraging machine learning tools to better identify and reach target audiences. This means consumers see more products that apply to their lifestyle and interests, and it also means that retail companies can reduce waste in their advertising budgets to keep product prices lower.
AI has escaped the confines of science fiction and is firmly in place as science fact. The more we accept that AI has an important place in our present lives, the better we can adapt this fantastic technology to improve our lives into the future.
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