How Artificial Intelligence is Affecting Business Today
In the last decade, Artificial Intelligence (AI) has progressed to the point where it’s changing the way people behave. People are using AI-powered applications on their devices to request songs, schedule appointments, make shopping requests, and so much more. Read below to know more. Article by business.att.com
In the data-driven business world, AI technology continues to enable smart automation, predictive analytics, and more efficient operations. As a result, AI is shaking up “business as usual.”
To get a sense of how far AI has come, let’s compare today’s AI to an article we posted in 2017 that predicted how AI might change business.
1. Improving healthcare diagnosis and treatment
One of the most impactful ways AI is being used today is in healthcare. In 2017, we talked about how AI could potentially aid in more advanced detection of physical abnormalities and illnesses. Today, healthcare organizations are using AI to help diagnose diseases much faster than humans by scanning pathology images and generating heat maps of potentially troublesome regions. AI can “drill down to the pixel level on extremely large digital images” to “identify nuances that may escape the human eye.” AI and machine learning scan and analyze complex data sets that aid doctors in targeting therapies based on a patient’s genetic makeup.
2. Personalizing the consumer experience
By using in-store automated AI monitoring, retailers can capture and analyze shopper behavior without the aid of a human observer. AI can gauge customer engagement and help managers optimize storeroom layout and product placement. AI service bots are also expected to provide 24-hour customer assistance within the next year or two.
3. Eliminating unscheduled downtime in Manufacturing
With unplanned maintenance costing manufacturers an estimated $50 billion a year, some manufacturing companies are turning to AI to help them predict failures. AI-enabled models calculate the chances of part malfunction or machine breakdown to help businesses plan for upkeep. AI algorithms use machine learning and artificial neural networks to make predictions that eliminate some of the uncertainty of routine maintenance. Being able to anticipate repairs allows managers to give advance notice to technicians and minimize production interruptions.
4. Fighting insurance fraud
With insurance fraud totaling billions a year in the US, AI is coming to the rescue by helping insurers spot fraudulent claims. Insurance companies are applying AI and machine learning to large data sets to generate a fraud score for each claim, with an average accuracy rate of 75%. By detecting and flagging unusual patterns, AI is saving agents valuable time by eliminating the need to manually screen claims. Catching fraudulent claims also saves customers money by keeping premiums lower.
5. Driving different modes of transportation
Self-driving vehicles are among the most obvious uses of AI in the transportation industry today, but there are other innovative applications. AI is also helping the shipping industry by collecting data from a variety of sources to optimize and adjust shipping routes and simplify distribution networks. Shipping companies plan to apply AI technology to build self-driving ships to deliver goods across the seas. AI will help plot the quickest route to destinations and avoid route interruptions like inclement weather. These ships will also use AI to predict when ship maintenance is needed, reducing costly downtime.