The top 5 industries in which AI is being revolutionised
AI is the buzzword on everyone’s lips. As it continually develops, it is changing the landscape of many industries.
Individuals and companies voice fears about the negative effects of AI, including job loss and replacement, ethical concerns, and a loss of human interaction.
However, AI is providing positive changes and opportunities in a growing number of industries. Routine tasks are being automated; supply chains optimised, and data-driven decision-making enabled, as well as possibilities for enhanced customer experience. With this comes new roles and functions being created in workplaces.
Comprehensive roadmaps for the productive, responsible, and positive use of AI will be required, argues Tim Levy, AI entrepreneur. In the film and entertainment industry, this is of utmost importance to allow AI and human creatives to work together for the betterment of the industry. Taking this measured approach will allow companies across all sectors to capitalise on the opportunities presented by AI developments.
Here is a rundown of the top 5 industries which are being revolutionised by AI:
Healthcare
Healthcare is arguably one of the industries that need AI innovations the most. AI has the power to increase efficiency, reduce costs, and address workforce challenges, which are a major problem in this sector. The main uses currently focus on diagnostics and personalised medicine.
AI can aid medical practitioners in detecting early signs of diseases or conditions, including cancer and neurological disorders. This allows them to stage early intervention, resulting in better outcomes for patients.
Tailoring personalised treatment plans is easier than ever before. AI can analyse genetic information, medical histories, and other patient data.
Transportation and Logistics
AI systems can optimise delivery routes, reduce fuel consumption, and improve delivery times.
One of the most dramatic innovations in the transportation world is the invention of self-driving cars. In San Francisco, Waymo has rolled out its autonomous taxi service powered by AI. The service is accessed through an app, much like Uber or Lyft.
Finance
AI has been significantly transforming the finance industry for some time. It is helping to enhance accuracy, efficiency, and personalisation.
One of the biggest areas this is making an impact on is Fraud Prevention. AI can analyse transactions in real time to detect unusual patterns which could indicate fraud.
AI can also increase operational efficiency by automating routine tasks, including compliance checks, data entry, and reporting. This speeds up processes and reduces operational costs.
Financial Times recently reported that JPMorgan has plans to use Generative AI to guide investment decisions. The technology will be capable of flagging questionable decisions by portfolio managers.
Film and Entertainment
Despite backlash from creatives who see it as a severe threat, AI has the potential to drive positive impacts in the film and entertainment industry.
Tim Levy, founder of Twyn, a novel AI-powered entertainment content platform, is encouraging the media and entertainment industries to welcome AI as a positive. While many fear that AI could begin to make human talent redundant, Tim disagrees. He believes that AI can be used to enhance human-made content rather than replace it.
AI holds the potential to create enhanced viewer experiences and interactive content that will revolutionise the film industry.
Retail
Technology has been changing the retail landscape for a while. According to Forbes, 20.1% of retail purchases are expected to take place online in 2024.
Recent AI developments allow retailers to go beyond e-commerce and innovate to enhance their customer experience.
Ikea is one such retailer. The Swedish multinational launched its ‘Kreativ’ experience which allows customers to design and visualise their own living spaces, from their smartphone.
In conclusion
While many people remain apprehensive about AI’s effect on our lives, it is indisputable that AI is transforming many industries for the better. Capable of increasing efficiency and enabling innovation that enhances customer experiences, AI developments will continue to drive improvements across the sectors detailed here and many others.
Adapting to these changes will, however, require companies to be proactive and strategic to upskill their workforce, reevaluate current processes and implement robust ethical frameworks.