“Everything we love about civilization is a product of intelligence, so amplifying our human intelligence with artificial intelligence has the potential of helping civilization flourish like never before – as long as we manage to keep the technology beneficial.“ – Max Tegmark, President of the Future of Life Institute.
AI already impacts our everyday life in the form of Voice Assistants, Home Assistants , Google Traffic and many more at work place. It is the major buzzword in the technology industry and has a changing definition. Machine learning, Machine reasoning, Deep learning, Natural language processing, Computer vision and strong AI are the spectrum of technologies included in AI right now. Here are some of the industry specific AI use-cases to see how it is benefitting the businesses around the globe.
Surge Pricing, Chatbots, Optimized Routes – Rings the bell? Aviation is an industry where quintillion bytes of data are created every day. There is data on bookings, cargo, in-flight purchases, in-flight entertainment and such which can be leveraged for decision making capabilities. Smart analysis of historic and real-time data help in daily ticket price adjustments and improved engagement with profitable market segment. AI Voice Assistants are used in responding to customer enquiries about flight schedule, flight availability, ticketing using NLP(Natural Language Processing). Facial recognition is used to verify identity and map customers with their luggage. Machine learning algorithms can be used to predict in-flight purchases and stock the right amount of food, beverages and goods to avoid wastage or shortage. Sensors can monitor machine performance and transmit data to enable predictive maintenance. Machine wear and tear data and replacement data can be used to predict replacement schedules and help save lives and protect assets.
2. Health care
Health care is another industry with wealth of data in various formats such as structured, unstructured and medical images. This data can be classified and sorted by diseases, tissue type, organ or body parts and tagged accordingly for future use. It can be used to compare against similar case history to accurately diagnose and treat effectively. Machine algorithms are used to effectively to predict possibility of inheriting life threatening diseases like cancer.
3. Banking & Finance
Money laundering is a menace to countries world over and globally estimated at 2 – 5% of global GDP. Money launderers convert their illegal money to legal one through a series of steps. These steps and patterns can be easily detected by a robust AI system to prevent money laundering. The banking & finance sector has effectively used chatbots to personalize customer relationship and revolutionize customer care. AI models can take historic data & data from several sources in financial markets to help investors decide the course of action for a more profitable outcome. Recommendation engines are used widely in financial & banking sector to personalize recommendations to customers about offerings like credit card, funds, investment strategies, etc. Fraud detection is another area where AI can help in providing superior and accurate results. AI empowers banks to predict good and bad debts when an applicant applies for a loan, thereby helping them avoid losses.
4. Supply Chain & Logistics
Autonomous logistics is the next revolution in logistics where goods are delivered by self-driven vehicles. Advances in technology space such as AI, IoT and geospatial applications are making it a reality. Customers today have little patience when they wait for their ordered goods to be delivered. AI can be used to effectively predict demand and ramp-up resources before the demand spikes. AI can also be used to find the optimum route to deliver goods to your customer based on availability, traffic and many such conditions.
AI models can examine historical freight data and other concurrent factors such as traffic, weather, availability and geography to estimate a fair price quickly. Since price prediction is the biggest challenge in the industry, AI can ensure that businesses quote the right price and not lose sales. AI helps in managing disruptions by predicting them using historical data and help take alternate plans for safer passage.
Insurance industry is ripe for AI disruption. Chatbots are a novel way of interacting with customers and answering queries on policy details. They can help reminding customers about term payments on time. Cold calling customers is by no means the effective way to sell policies as today’s customers expect personalization. AI models can help predict customers who will likely buy a second policy from you. Many customers take a policy but lapse it by not paying their term payments and AI can help you predict such customers & take steps to prevent the same.