The expectations for artificial intelligence (AI) are soaring as market-leaders are looking to achieve unprecedented results using AI. Artificial Intelligence is the technology which allows a machine to take a decision by itself without needing any human supervision. Artificial Intelligence can benefit almost every industry and has the power to transform the way we work, do business and perform other functions. This technology can allow companies to incessantly improve their processes, enhance partnerships, and gauge market forces.
Undoubtedly, this revolutionary technology has got the potential to change the way companies operate but many organizations aren’t sure what to expect from AI or how it fits into their business model. However, the tech will make its place across industries at breakneck speed which means companies need to explore the applications of AI and develop a strategy for their business. So, let’s take a look at how AI will evolve and impact the following top three industries.
- Automobile Industry
AI is already embraced by the high-tech automobile industry. The auto industry has put AI to use in its manufacturing and car servicing operations. The technology is proved exemplary in designing new cars and their components with the help of 3D drawings on the computer which are later tested using AI to check their performance in the real world. In addition to this, car manufacturers are embedding AI into their models so that the customers can talk with the car through mobile apps. With the help of AI, car users can control various functions of the car through their mobile phone.
- Banking & Finance Industry
The financial sector which consists of Banks, Insurance firms and private capital firms can benefit immensely from Artificial Intelligence to enhance the efficiency and the scale of their business. AI will diminish the risk of human error and emotions that negatively impact this sector. Various critical tasks such as loan dispersal and creditworthiness approval- all can be performed with ease while minimizing the risk of NPAs. Financial institutions suffer heavily due to fraud cases and bad debts but all such issues can be tackled by making use of AI technology to access the creditworthiness of a customer before approving a loan.
AI can also help you sort through thousands of companies and recommend to you those investments which are most aligned with your values on a risk-adjusted basis. By using advanced machine learning and data mining techniques, AI can even predict the market trend of the stock market that no human will ever match. In addition to this, AI will also eliminate the need for a middleman financial advisor or broker in years to come.
- Manufacturing and Agriculture
AI has a lot to offer in the manufacturing sector and can automate its processes to improve efficiency and productivity. Various different aspects of running a large industrial plant can be solved with the help of AI such as controlling the temperature, checking the quality, taking note of the stocks and dispatches.
In the case of the agriculture sector, AI applications can be of help to checks the nutrient and the moisture level of soil with the help of sensors. This data can help provide an adequate amount of water and nutrient to the plant, thereby reducing the wastage of water and improving productivity.