Real-World AI: Diverse Applications Across Industries
In science fiction movies like "The Matrix" and "Terminator," artificial intelligence (AI) is often shown as something scary, like a robot trying to harm people. While movies make AI seem like a threat, in reality, it's more like a helpful tool that works with us. The importance of AI in today's world cannot be overstated, since it has revolutionized various industries. It's remarkable to think that, not too long ago, many people doubted the potential of AI. Now, we witness its incredible impact on businesses and society, showcasing the unforeseen positive outcomes that technology can bring to our everyday lives. This blog aims to explore the diverse applications of AI in different fields, emphasizing the significant contributions it makes to our rapidly evolving world.
AI in Healthcare
AI is playing a significant role in the healthcare industry, revolutionizing patient care, diagnosis, and drug discovery. AI-powered medical devices aid in the early detection and treatment of diseases, improving patient outcomes. For example, Google Health is using AI for tasks such as breast cancer screening, predicting patient outcomes, and preventing blindness. Notably, their breast cancer identification algorithm outperformed human radiologists by an average of 11.5%. The use of AI could also provide personalized treatment plans based on genetic profiles. AI can increase patient involvement via chatbots, giving information, and boosting drug adherence. Additionally, AI can assist in drug discovery by analyzing vast amounts of biomedical literature and identifying potential drug candidates, speeding up the process of bringing new drugs to market. Overall, the integration of AI in healthcare has the potential to greatly improve patient care and outcomes.
AI in Finance
More than 75% of millennials prefer online transactions over visiting a bank branch. They like using mobile banking services with features like chatbots and personalized recommendations. To meet these preferences, the finance industry can team up with top AI companies. Rapid data analysis by AI leads to innovative product and service offerings, which helps businesses improve customer experiences and stay ahead of competition. AI-powered chatbots are being used widely by banks to provide personalized financial advice and assistance. These virtual assistants are capable of answering inquiries, helping with transactions, and even providing financial planning guidance. By automating repetitive tasks, AI allows human resources to focus on strategic activities, reducing processing times and improving overall efficiency. AI also minimizes manual errors in data processing, analytics, and document processing, ensuring consistent and reliable outcomes.
Another area where AI is making a significant impact in finance is fraud detection and prevention. Machine learning algorithms can identify anomalies in financial transactions, flag potential fraudulent activities, and minimize financial losses for individuals and organizations. AI lending platforms like Upstart and C3.ai leverage machine learning to assess borrowers' creditworthiness beyond traditional methods, reducing fraud risks.
An example of AI company in this field is DataToBiz from India, serving clients globally. They offer comprehensive AI and machine learning services, including strategic planning, big data analytics, digital transformation, and Internet of Things (IoT). DataToBiz has successfully provided custom FinTech solutions to notable banks. Their team of expert AI and ML engineers collaborates with clients to streamline processes. The company's services cover data warehousing, analytics, vision analytics, IT staff augmentation, BI implementation, and more.
AI in Manufacturing
AI is also revolutionizing the manufacturing industry by streamlining production processes and improving efficiency. Smart machines powered by AI can analyze large amounts of data in real-time, optimizing production schedules and reducing downtime. For example, BMW Group is embracing a digital-first approach to manufacturing, collaborating with NVIDIA Omniverse to optimize layouts, robotics, and logistics virtually before physical production begins. The partnership extends the use of NVIDIA's Omniverse platform across BMW's global production network, including a forthcoming electric vehicle plant in Hungary. This approach leverages AI for virtual planning sessions, reducing risks and ensuring efficiency in global production. Additionally, AI-powered robots can perform repetitive tasks with precision and speed, freeing up human workers to focus on more complex and innovative tasks. For example, in the automotive industry, AI is being used to enhance quality control processes. AI-powered robots equipped with computer vision systems can accurately detect defects in car parts during production, ensuring that only high-quality components are used in the assembly line. This not only reduces the likelihood of faulty products reaching the market but also minimizes the need for manual inspection by human workers. As a result, manufacturers can save time and resources while maintaining consistent product quality.
Other than boosting the production process, AI is also used for predictive maintenance and supply chain management. It can predict maintenance needs and protect workers from safety hazards. Manufacturers also use AI in supply chain management to deal with millions of orders and purchases. AI could prevent bottlenecks and ensure timely delivery of products to customers.
AI in Education
AI is reshaping traditional education models. Some universities as well as online learning platforms such as Duolingo and CourseEra, have merged AI into education systems. With AI-powered adaptive learning systems, students can receive customized lessons and feedback tailored to their individual needs and learning styles. This not only enhances their understanding but also allows teachers to focus on impactful teaching.
Additionally, AI can identify patterns and trends in student performance, helping educators make data-driven decisions to improve teaching methods and curriculum design. AI-powered virtual tutors and chatbots can also provide instant assistance and support to students, making learning more accessible and engaging. Furthermore, AI can play a significant role in assessing and grading students' work, ensuring fair and consistent evaluation across all students. Plagiarism detection tools are widely used to ensure academic integrity.
An example of AI in Education would be Eduaide.Ai which serveg as an AI-powered tool for lesson development. With access to over 100 resource types, instant translation into 15+ languages, and features like a content generator, teaching assistant, feedback bot, free-form chat, and assessment builder, Eduaide.AI empowers educators to create high-quality instructional materials, generate syllabi, and develop personalized education program plans.
AI in Retail/E-Commerce
Large retailers like Amazon, Walmart, and Target have begun to implement AI. For example, an online clothing retailer can use AI algorithms to analyze customer data such as browsing history, purchase patterns, and social media activity. Based on this information, the AI system can recommend personalized clothing items and accessories to each customer, increasing the chances of a purchase. This not only improves the shopping experience for customers but also boosts sales and encourages them to become repeat buyers. Additionally, AI-powered chatbots can handle customer inquiries and provide instant support around the clock, reducing the need for human intervention and improving customer satisfaction. These chatbots can quickly answer common questions, provide product recommendations, and even process simple transactions. One such company is Walmart which has been enhancing its conversational AI capabilities over the past few years. With Walmart Voice Order, customers can link their Walmart accounts to smart speakers and mobile devices. The system can understand requests, identify specific products through names, and ascertain brand preferences. By automating these customer service tasks, the retailer can save time and resources, allowing their employees to focus on more complex issues and providing a higher level of personalized service. Customer sentiment analysis is also used to identify areas for improvement. It’s important for companies to maintain their brands and reputations, so sentiment analysis is a great tool to analyze customer feedback, social media posts, and online reviews.
AI in Transportation
Companies like Waymo, Integrated Roadways, and Hitachi have integrated AI into the transportation system. Companies can use AI algorithms to analyze historical data on traffic patterns and consumer demand to optimize their delivery routes. This would allow them to minimize travel time, reduce fuel consumption, and increase overall delivery efficiency. For example, Integrated Roadways has developed a Smart Pavement system that utilizes IoT technology to connect vehicles. This system offers real-time information to vehicles regarding road conditions, accidents, traffic congestion, and other relevant issues.
Additionally, AI-powered drones and autonomous vehicles are being developed to perform last-mile deliveries, eliminating the need for human drivers and further improving efficiency. This combination of AI technology would revolutionize the company's operations, resulting in faster and more cost-effective deliveries for their customers. Waymo, which is a commercial taxi company, has integrated self-driving cars into its services. The influence of autonomous cars on the logistics industry is expected to be substantial. Similar to the manufacturing industry, AI can be used for predictive maintenance, allowing companies to identify and fix potential issues before they cause costly breakdowns or delays. Hitachi, a renowned industry leader, excels in incorporating AI into transportation. The company employs advanced predictive fleet maintenance software, leveraging IoT and AI technologies. Through the collection and analysis of data, Hitachi offers comprehensive fleet monitoring and ensures the health of assets in the transportation sector. Overall, AI is transforming the transportation sector, making it more efficient, reliable, and sustainable.
AI in Agriculture
By utilizing AI-powered sensors and machine learning algorithms, farmers can monitor and analyze soil conditions, weather patterns, crop health, and livestock health in real-time. This data-driven approach enables them to make smarter decisions about irrigation, pest control, and fertilization, ultimately increasing crop yields and reducing waste. Furthermore, autonomous farming equipment and robots can be deployed to perform labour-intensive tasks, such as planting and harvesting, with greater precision and efficiency.
These groundbreaking solutions are spearheaded by tech giants like Microsoft and International Business Machines Corp (IBM). Microsoft leads the charge in AI-driven innovations for agriculture with its Azure Data Manager for Agriculture, addressing crucial challenges by dismantling data silos and providing insights into soil health, weather patterns, waste tracking, and carbon sequestration. Collaborations with industry leaders such as Bayer and Land O'Lakes demonstrate practical applications, with Bayer improving yield predictions and Land O'Lakes promoting sustainable practices through the Truterra sustainability tool.
Meanwhile, IBM has revolutionized agriculture through its Environmental Intelligence Suite, leveraging AI-driven solutions. This suite offers real-time weather data and machine learning-powered forecasting, facilitating precise crop management, optimized supply chains, and predictions for market demand. This empowers agribusinesses to make informed decisions amidst challenges posed by climate change and food security. IBM's suite delivers hyper-local weather data for tailored farming applications, illustrating its impact in reducing power outages in India and providing enhanced water usage insights for Texan farmers.
AI in Security
AI can enhance surveillance systems by analyzing video footage in real-time and detecting suspicious behaviour or potential threats. For example, Avigilon is a Canadian company specialized in video analytics. Its AI-powered appearance search technology enables users to efficiently search extensive recorded video footage to identify specific individuals or objects based on their appearance, spanning multiple cameras and time frames. This advanced capability substantially reduces search time, providing a valuable tool for law enforcement and security professionals to enhance forensic investigations.
AI can also improve access control systems by using facial recognition technology to verify identities and grant or deny access to restricted areas. Furthermore, AI algorithms can analyze large amounts of data from various sources, such as social media and online platforms, to identify potential security risks or threats before they escalate. This proactive approach can help prevent security breaches and protect both individuals and organizations.
AI in Entertainment and Gaming
AI empowers entertainment businesses with intelligent capabilities. AI can be used to enhance the user experience by personalizing content recommendations based on individual preferences and viewing habits. For example, streaming platforms such as YouTube, Netflix and Amazon Prime Video can use AI algorithms to analyze a user's previous choices and suggest movies or TV shows that align with their interests.
The gaming industry was one of the early adopters of AI. AI can be used in the creation of virtual characters in video games, providing a more immersive and engaging gameplay experience. Various game studios have already introduced games featuring AI non-player characters (NPCs), and modders have taken the lead in integrating AI characters into popular games like Skyrim, Bannerlord, and Grand Theft Auto through AI modifications. These demos showcase the transformative impact of AI on gaming experiences, providing interactive elements previously unseen. These developments offer an exciting glimpse into the future of gaming, demonstrating how AI technology enhances real-time interactions and elevates the overall gameplay experience across different titles.
The film industry also uses AI to enhance visual effects and do other tasks, such as creating movie scripts. Disney, known for its groundbreaking work in animation and visual effects, has incorporated AI into its creative processes. AI aids animators with tasks like character animation, motion tracking, and rendering, leading to increased efficiency in production timelines and cost optimization. By automating specific aspects of animation and VFX, Disney can redirect its focus towards pushing creative boundaries and delivering visually stunning content to a global audience.
Impact of AI on Business and Society:
Other than the industries mentioned above, AI is also widely used in other industries, such as real estate, travel, and legal businesses. The advent of AI has revolutionized the business world. By automating repetitive tasks, AI improves workflows, prevents human mistakes, and reduces labour costs. AI serves as an inspiration in decision-making, delivering insights that may not be immediately evident to human decision-makers. AI helps businesses improve profitability, efficiency, and productivity.
The effects of AI are felt well beyond the boardroom and workplace, and the technology is changing the world as we know it. It eliminates mundane work by performing things that require little to no talent. This redefinition of jobs has the potential to create a workplace that is both personally satisfying and intellectually stimulating.
Although AI may lead to job displacement in certain industries, it also has the potential to create new job opportunities in emerging fields. As technology continues to advance, it is crucial for individuals and organizations to adapt to and embrace the changes brought about by AI. With the right mindset and preparation, AI can be harnessed as a tool for progress and innovation, ultimately leading to a more efficient and prosperous future for all.