The Role of Artificial Intelligence in Modern Businesses

  • Created Date20 Feb, 2019
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The very mention of AI evokes the concern over job displacement, shortage of skills and economic instability. Despite the pressing concerns about how AI will affect the world today, the technology still holds the potential to provide us tools that will automate redundant task making our lives better.

As per the MetLife 16th Annual US Employee Benefit Trends Study, it states that the employees showed optimism on the future of automation. The study showed that around 49% of employees had a positive view of automation while 24% showed negative view.

With the revolution of AI, most business and top leaders are quite aware of the impact that AI  already has in different industries. No doubt, artificial intelligence has outpaced accuracy and productivity as compared to human activity. It is evident that AI is already matching human capabilities in various sectors.


The reality is that we all are already living in the world of AI, and most certainly using it every now and again, perhaps we do not realize it.

It seems that AI is seen as a positive impact on modern businesses today. Let us look at how the role of AI has changed the entire industry. Artificial intelligence changes the perspective towards how we can run businesses, empower human being to make better decisions and allows us to be more productive in our workforce.

Well, that’s an exciting future, isn’t it?

FinTech sector

This sector generally faces huge loss due to frauds caused by the lack in the working process. Traditional banking process generally involved online transactions, and online money transfers etc. But now due to technology such as AI, the complete data and transaction can be tracked and fraudulent activities can be identified.

Retail industry

Have you wondered how when you shop a pair of trousers, a blurb pops out recommending other similar outfits via comments and messages of other customers who bought them? Well, if you’re wondering what prompts these pop-ups, its AI. This is just another example of how AI ease customer service.

Manufacturing industry

AI plays a major role in the manufacturing industry, the devices that are connected gathers a significant amount of data every minute. The operations in the manufacturing unit are automated with sensors, actuators, mass flow meters etc. these helps human hand prevent hazardous accidents.

Healthcare sector

This sector has seen the best of AI in recent years. The healthcare sector generates a huge amount of information daily, this data is then sent to the AI models to analyse them to get the desired information. The information retrieved provides useful insights and help the doctors make fast and accurate decisions.

Travel industry

When you plan a holiday or a vacation, the nearest locations and hotels gets recommended to you. That’s AI trying to make your search easier. Most apps use AI, and the travel and tourism industry thrives on AI to ease the travel experience.

Conclusion

Undoubtedly, artificial intelligence professionals are being hunted down by top companies. There are around 57% of firms looking for professionals skilled in AI, NLP, neural networks, analytics, pattern recognition, and cloud computing etc. The supply-demand gap shows that there are huge job opportunities for professionals skilled in AI.

 

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