The future of businesses is Artificial Intelligence. We would be lying if we deny the fact that AI will help businesses combat with the changing scenarios and help them disrupt in the ever-evolving and transforming landscapes. AI not only helps with forecasting, but also ensures a quicker understanding of the environment, and envisions how the business will be able to flourish at this moment.
If things are to be believed, the upscaling of AI will help boost businesses and enhance their growth. There are industries that will flourish and grow under the impact of AI. Here, we will talk about some of the industries that will observe growth and how they will transform with AI.
#1 Retail Industry
The retail industry is highly dependent on inventory management, which is why Artificial Intelligence and Machine Learning is important for this industry.
Let’s take a few examples and see how AI and ML can together improve the outcome of this industry.
- Knowing the demand in a particular segment can help you manage the inventory effectively. For instance, if you are aware that a particular product will run in one retail store location but, it will not be in much demand in the other, you will arrange for the stock accordingly. Artificial Intelligence, based on the historic data made available, and the consumption patterns, as well as demographic details and item type, will define where the consumption of the product will be maximum. This will help in optimizing the inventory management, and ensuring there is a perfect match in demand and supply
- The in-store layout can help in increasing the conversions or reducing the demand for a product. It can also help retail stores increase their chances of making a profit. For instance, if you were to line up baby products with female hygiene products in the store, chances are your products would see double sales. Females with babies might show interest in picking up some of the baby products, and your sale is done. Similarly, if you have alcohol with baby products, men coming in to buy baby products might pick up alcohol. The idea is to have products that can improve the conversion rate for the retail, alongside each other
- Operations need to be efficient in the retail outfit, which is why you need AI to analyze the logistics and the reasons for the delay. AI will effectively optimize the routes, and even change directions as needed. Apart from this, based on real-time data into the logistics, and supply chain, the operations will be more efficient, and AI will help in making the necessary changes in the plan
- Marketing is an important aspect of retail spending. You need not spend a lot on marketing, which is why you need to make effective changes in your spending methods. You can begin with an understanding of where your customers are likely to see your marketing efforts, and accordingly, channelize your efforts for the same.
#2 Healthcare Industry
The next industry that will be impacted by AI and will face immense effects in the healthcare industry. AI will play a crucial role in ensuring that the operations are smooth and the overall solutions available for the healthcare industry are effective.
- Diagnosing the disease is the first step to being able to find a capable solution to the same. Diagnostic errors can cause major issues in ensuring a quicker solution, and faster recovery. This is true for some of the critical diseases. As a result, AI is essential for this industry. From ensuring that the diseases and the criticality can be identified through X-rays and other methods, the accuracy of the diagnosis is also rated high in this case. As a result, with AI, you can ensure quicker diagnosis and better facility and solutions
- The treatment plan is yet another aspect of healthcare that requires speed and accuracy. Most often, despite knowing the disease, the treatment plan gets delayed, which leads to a delay in the cure. However, with AI, you will get the records related to the patient’s medical condition, and also a treatment plan that is personalized to their needs. this will help hasten the plans and ensure faster treatment and better solutions
- The Healthcare industry can also improve their techniques to identify vaccines and solutions for diseases, which can increase their chances of finding a cure faster and in a much better way.
#3 Banking & Finance Industry
The third and most important industry that will face disruption in the face of AI is the finance and banking industry. The most important aspect of this industry is data privacy and assurance of security in the transactions. However, owing to increasing cybercrime, even a normal transaction can cause major issues, which is why it has become essential for this industry to adopt new-age technology.
- Preventing data fraud during transactions. A lot of times people tend to swipe their cards at the counters or online, and their data is recorded. This is misused by hackers, and they tend to spend money using your card. Whenever such fraud occurs, AI alerts you and instantly blocks your card from being used. Only when you try to retrieve, will you be able to reuse your data. AI understands the past transactions, and your basic details to be able to prevent this fraud
- Apart from being able to prevent fraud, the banking, and finance industry need secure protection which is provided by AI. The technology allows you to incorporate face recognition as well as other security methods that can help protect your data and safeguard your applications within the mobile. It will also act as security against all fraudulent activities
- Banking resources spend a lot of time trying to answer the user’s queries. The chatbots can help free these resources and ensure a quicker resolution of issues. With the chatbots, you can increase the customer’s experience through better customer service and easier ways to connect with your banks or financial institutions. In fact, in some cases, the bots themselves can offer solutions, and thus you don’t need to invest major resources in these activities
- The risks involved in financial investments as well as other banking products will be known if you channelize AI in a proper way. This will help you know what kind of investments to proceed with, and help you analyze the market properly. AI will help you not just with your investments, but also risk management and other aspects.
- You can employ AI and ML to automate trading and improve the investment portfolio for your customers. The technologies can identify the subtle patterns in trading and help you benefit from them. this is just one of the applications of this technology in trading. With the right analysis of the gaps that exist and proper knowledge of how to increase trading impacts with AI, you will be able to diversify the portfolio and make profitable investments.
Summing Up
Artificial Intelligence and Machine Learning are soon to disrupt some of the major industries. We have discussed here, three such industries that will become capable, operationally efficient, and will thrive in the 20s with these two technologies. Apart from these, the food, entertainment, and even the media industry will gain with the application of AI and ML. Share your thoughts on how AI and ML will disrupt the industries and help them increase global reach.