{"id":1947,"date":"2019-09-12T04:08:53","date_gmt":"2019-09-12T04:08:53","guid":{"rendered":"http:\/\/kusuaks7\/?p=1552"},"modified":"2024-04-16T09:15:28","modified_gmt":"2024-04-16T09:15:28","slug":"ai-predictions-how-ai-is-transforming-five-key-industries","status":"publish","type":"post","link":"https:\/\/www.experfy.com\/blog\/ai-ml\/ai-predictions-how-ai-is-transforming-five-key-industries\/","title":{"rendered":"AI predictions: how AI is transforming five key industries"},"content":{"rendered":"\t\t
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What are the key industries that are ripe for disruption as AI becomes more pervasive? Here, we explore the biggest AI predictions<\/h3><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tOver the next three years, embedded artificial intelligence (AI) will dramatically reshape the customer experience across nearly all industries, with most major businesses providing some type of AI-centred customer experience. Today,\u00a043% of businesses are already leveraging some form of AI, according to Aberdeen Research.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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AI predictions<\/h2><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tAI is a way of providing new, novel experiences that are useful and helpful to people. \u201cBy 2021, most major businesses will provide some type of customer experience centred around AI,\u201d confirmed\u00a0Jerry Overton<\/a>, DXC fellow and head of Artificial Intelligence at\u00a0DXC Technology<\/a>, in a\u00a0recent blog post<\/a>. IDC forecasts that\u00a0spending on AI systems<\/a>\u00a0will more than double to $79.2 billion in 2022, with a compound annual growth rate (CAGR) of 38% over the 2018-2022 period.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tBusinesses exploring how best to take advantage of AI must focus on customers\u2019 needs. AI is a tool that can help address those needs through increased customisation and personalised services.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tTo be successful, a business should brainstorm about customer experience strategy and objectives, and then use AI as a tool to make that experience happen.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tAI has the potential to democratise access to information, services and convenience. Companies in virtually every industry can raise the level of customisation and personalised service provided \u201cto all of their customers through the deployment of low-cost intelligent agents,\u201d continued Overton. These software agents could augment and improve many important aspects of everyday life.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tIn addition to the cost savings realised by transferring lower-level, data entry tasks over to software, \u201cwith true AI, intelligent systems can assume the roles of advisors, managers and supervisors in complex organisations and situations,\u201d he said. Chatbots will help organisations save time and money as they become ubiquitous in various industries. For example, Juniper research forecasts that chatbots will free up medical staff time and save countries\u2019 healthcare systems around $3.7 billion by 2023. And, in banking, operational cost savings from using chatbots will reach $7.3 billion globally by 2023, up from an estimated $209 million in 2019, according to\u00a0Juniper Research study findings<\/a>.\n
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\"Predictions for 2019: Blockchain, AI and AR technology, Transitioning from unfamiliar entities into targeted solutions\"<\/h5><\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Predictions for Blockchain, AR and VR <\/a><\/em><\/div>\n
technology: High in the sky aims have given way to clear, <\/a><\/em><\/div>\n
targeted goals and expectations. Read here<\/a><\/em><\/div><\/blockquote>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Five industries reshaped by AI<\/h2><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tEvery industry will be affected by AI \u2014 specifically this technology will drive the greatest transformation over the next three years in healthcare; travel, transportation & hospitality; and manufacturing, banking and insurance. Consider the following examples:\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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1. Healthcare<\/h3><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tRegarding healthcare, Overton then explained that \u201coverall, AI will enable the healthcare industry to provide better preventive care, reduce the length of hospital stays, and provide more effective follow-up care based on the consumer\/patient\u2019s individual needs, while cutting costs.\u201d Smart kiosks can seamlessly link patient history and real-time biometrics information with physicians equipped with tablets or other mobile devices.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tSimilarly, medical data that is collected by IoT devices and transmitted wirelessly to a cloud-based AI analytics system can send alerts to a physician in the event of a potentially dangerous patient health data finding. AI has the power to provide smarter diagnoses and improve recommended treatment options.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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2. Travel, Transportation and Hospitality<\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tAI will enable a highly personalised travel experience: Making reservations for flights, rental cars, hotels and restaurants will be based on individual preferences, and alternate arrangements will be provided when travel is disrupted.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tWith long-haul trucking, air, sea and rail-based shipping, and localised delivery services, \u201cAI can help companies squeeze inefficiencies out of these logistics-heavy industries throughout the entire supply chain,\u201d wrote Overton. With AI, companies can reduce costs, determine the best routes, and overcome labor shortages while delivering better service to customers.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tSelf-driving or autonomous vehicles are another AI-based technology poised to disrupt the transportation industry. Self-driving trucks are \u201chitting the highways,\u201d and autonomous vehicles will have a profound effect on a number of sectors, including delivery vehicles, public transportation, and personalised ride services.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\"Global business value of AI in banking forecast to reach $300bn by 2030\"<\/h5><\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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With an increase in the number of AI projects, <\/a><\/em><\/div>\n
the business value of AI in banking is projected to reach<\/a><\/em><\/div>\n
$300bn by 2030, says IHS Markit. Read here<\/a><\/em><\/div><\/blockquote>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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3. Manufacturing<\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tOverton, who leads the strategy and development for DXC\u2019s Industrialised AI offering, continued: \u201cWith AI-based intelligent systems, manufacturers of all sizes could extend tailored services to their customers. Intelligent systems can help with product creation and design. Digital twin simulations can improve and optimise manufacturing processes. IoT sensors on the factory floor can connect to AI systems that can detect and predict potential maintenance or product quality issues.\u201d\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tAnd with AI, companies can analyse data from real-time usage or social media on how customers are using their products so the companies can effectively implement improvements.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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4. Banking<\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tWith AI, Overton suggested in his article that financial institutions could \u201cprovide personal services to all customers \u2014 enabled by chatbots, for example \u2014 to facilitate customer interactions and access to financial services. The result could be significant cost savings and increased revenue opportunities for banks, and a more personalised, financially advantageous banking experience for customers.\u201d\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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5. Insurance<\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tInsurance companies could deploy AI to gain insight into their customers and to offer them personalised services. Beyond evaluating risk, insurance companies could use AI to proactively subsidise safer behaviour, such as correlating driving data from a car\u2019s braking system to provide lower auto insurance rates for safe driving behaviour.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Elevating the customer experience<\/h2><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tAI is a powerful tool that has the potential to transform our lives both personally and professionally. The technology has great potential and possibilities for helping enterprises resolve their most challenging business problems, achieve operational efficiencies and elevate the customer experience.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tFor more information, download DXC\u2019s white paper,\u00a0AI predictions for 2019-2021<\/a>.<\/em>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

What are the key industries that are ripe for disruption as AI becomes more pervasive? Here, we explore the biggest AI predictions Over the next three years, embedded artificial intelligence (AI) will dramatically reshape the customer experience across nearly all industries, with most major businesses providing some type of AI-centred customer experience. Today,\u00a043% of businesses<\/p>\n","protected":false},"author":635,"featured_media":3921,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[183],"tags":[97],"ppma_author":[3361],"class_list":["post-1947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ai-ml","tag-artificial-intelligence"],"authors":[{"term_id":3361,"user_id":635,"is_guest":0,"slug":"nicholas-ismail","display_name":"Nicholas Ismail","avatar_url":"https:\/\/www.experfy.com\/blog\/wp-content\/uploads\/2020\/04\/medium_7846d3d9-9e57-4968-8d69-64a8c8947899-150x150.jpg","user_url":"https:\/\/www.information-age.com\/","last_name":"Ismail","first_name":"Nicholas","job_title":"","description":"Nicholas Ismail is Editor at Information Age<\/a>.\u00a0 He writes original articles for the magazine and website, interviewing business leaders both on and off-camera while providing analysis for IT and business leaders on the latest technology trends disrupting the industry."}],"_links":{"self":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/1947","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/users\/635"}],"replies":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/comments?post=1947"}],"version-history":[{"count":5,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/1947\/revisions"}],"predecessor-version":[{"id":36613,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/1947\/revisions\/36613"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/media\/3921"}],"wp:attachment":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/media?parent=1947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/categories?post=1947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/tags?post=1947"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/ppma_author?post=1947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}