Artificial intelligence (AI) is a broad field of computer science concerned with developing intelligent machines that can accomplish activities that would normally need human intelligence. Despite the fact that each business is unique, even those in completely different industries suffer some of the same long-standing issues. Artificial intelligence has emerged as a promising tool for addressing several of these commercial issues in recent years. Let’s go through few of the business domains and applications of artificial intelligence in these domains –
AI in Real Estate
The idea of AI having a permanent position in real estate is taking a little longer to catch on. Marketing and sales departments are using artificial intelligence to construct statistical models that reveal more about consumer habits, market trends, and additional sales prospects. “AI can evaluate documents, identify phone numbers, capture multiple images, and then share them with people as a tour itinerary,” according to a Forbes article.AI helps marketers, real estate brokers, and mortgage lenders in general.
AI in HealthCare
AI in healthcare improves patient outcomes by enhancing preventative care and standard of living, producing better diagnosis and treatment recommendations. Healthcare is one of the most critical sectors in the broader landscape of big data because of its fundamental role in a productive, thriving society. The application of AI to healthcare data can literally be a matter of life and death. AI can assist doctors, nurses, and other healthcare workers in their daily work. AI in healthcare can enhance preventive care and quality of life, produce more accurate diagnoses and treatment plans, and lead to better patient outcomes.
AI in Finance and Insurance
As it has in other fields, AI in finance and insurance has given a new start to reach higher.AI has advanced to the point where there are emerging use cases that make investments in the technology profitable for financial institutions and companies. AI will inevitably change banking, insurance, and other financial services, influencing customer service, fraud mitigation, loans, credit scores, and investment advisories.AI and machine learning are being used by most companies like Amazon Web Services, Google Cloud Platform, IBM cloud, Microsoft Azure, to provide an excellent customer experience and efficient operations for banks, insurance companies, and financial sector companies.
AI in Retail
Retail sales have been growing, and the entire process has been automated through the use of smart technology.
The use of AI in the retail industry to make the shopping experience more efficient, secure, and reliable has resulted in the next big leap.AI retailers are improving demand forecasting, pricing decisions, and product placement. As a result, customers connect with the right products at the right time and at the right place.
How is AI changing the retail market? – AI is transforming retail marketing by taking the guesswork out of consumer demand. Data-driven campaigns can act as risk mitigation for retail and consumer product companies, creating a more stable business environment and meeting customer demand with greater accuracy.
AI in Supply Chain Management –
AI is changing the Supply Chain Management, Transportation and Logistics sectors. In transportation, from helping cars, trains, ships, and aero planes to function autonomously, to making traffic flows smoother, it is already applied in innumerable transport fields. Beyond making our life easier, it can help to make all transport modes safer, cleaner, smarter and more efficient. AI in Supply Chain Management(SCM) in logistics are not a luxury but a necessity for organizations to achieve and maintain their competitive edge. The operation of transportation determines the efficiency of moving products. AI transportation in logistics improves the moving load, delivery speed, service quality, operation costs, the usage of facilities and energy saving. Transportation takes a crucial part in the manipulation of logistic.
AI in Pharma and Chemicals –
According to an MIT study, only 13.8% of drugs are successful in passing clinical trials. A pharmaceutical company must pay anywhere from US $161 million to US $2 billion for a drug to complete the clinical trial procedure and receive FDA approval. While the medical technology and pharmaceutical industries are both essential to health, it is important to acknowledge that the two are extremely different. Medical devices work only if they are used correctly. Their effectiveness relies on the skills and experience of the physician using them, the quality of the hospital, and many other factors. Pharmaceuticals are chemical in nature and are designed to actively interact with the body’s metabolic or immune system. Pharmaceuticals either work or they do not. Effectiveness is relatively straightforward to prove.
AI in Utility and Energy –
AI, a utility function assigns values to certain actions that the AI system can take. An AI agent’s preferences over possible outcomes can be captured by a function that maps these outcomes to a utility value; the higher the number the more that agent likes that outcome. With advancements in technologies, domains like AI and machine learning have come into existence. They have the capability of transforming the renewable energy industry. By leveraging the power of AI, power companies can get better forecasts, manage their grids and schedule maintenance. Examples of an utility program: Utility Software performs certain tasks like virus detection, installation, and uninstallation, data backup, deletion of unwanted files, etc.
AI in Aerospace and Defense –
AI, machine learning, and other intelligent aerospace technologies are used every day by companies in numerous unique ways from improving safety to increasing productivity and visibility throughout an entire operation. Preventative Maintenance , Fuel Efficiency in Flight and Design , Fuel Efficiency in Flight and Design ,Improved Customer Experience, Training, Factory Automation and Operational Efficiency ,are some of the most common and impactful ways AI is being used in aerospace and defense.
AI in Education –
Artificial intelligence in education is probably one of the most significant, as learning is so much more comfortable and smoother beyond personal knowledge. Individualized instructional software is made feasible by artificial intelligence Students’ learning software, games, and programmers are being adapted by the educational system. This technique focuses on the individual needs of each student, highlighting weak areas and repeating things they haven’t mastered. AI will be used to produce custom-tailored education. Teachers will only provide assistance and support when pupils require it.
AI in Agriculture –
India is an agrarian economy with 54.6% of people directly dependent on agriculture as their primary source of livelihood. In recent years, we have extended the adoption of emerging technology to improve our agricultural practices. Artificial intelligence is expected to play a key role in the growth of Indian agriculture relieving the sector from stressful conditions and catalyzing shift towards data-driven farming, How is artificial intelligence used in agriculture? AI systems are helping to improve the overall harvest quality and accuracy – known as precision agriculture. AI technology helps in detecting disease in plants, pests and poor nutrition of farms. AI sensors can detect and target weeds and then decide which herbicide to apply within the region.