The advancements in artificial intelligence (AI) are likely to change the way we live our lives in the future. Recent developments have already started to make our lives more convenient, efficient and connected, and that trend is set to continue. As more innovations come to the forefront such as autonomous vehicles, virtual assistants and smart home devices, we may become more reliant on technology than ever before. Let’s explore what else we can expect from the future of AI.
How has AI Impacted Different Industries?
When we think about the future of AI, people have different ideas and opinions about where it is headed. Some people think AI will get better at understanding and talking to us, so virtual assistants will become even more helpful. While others think that we'll see more robots in places like hospitals or even in our homes, helping us with tasks. And self-driving cars might become more common, making transportation safer and more convenient. AI is designed to mimic human intelligence, using algorithms to analyse data and make decisions.
It has already made significant impacts across various industries, from healthcare to finance and manufacturing. AI can automate tasks, analyse data to uncover trends, and enhance user experiences, leading to improved efficiency and better outcomes.
Healthcare
In healthcare, AI is helping doctors diagnose illnesses more quickly and accurately. It's also being used to discover new medicines and treatments. AI can also manage large datasets helping to advance medical research and development. The integration of AI in healthcare has major benefits including speeding up time diagnosis and treatment times. An example of AI in action is utilising Intel’s AI healthcare tools, GE Healthcare has improved access to medical imaging diagnosis for rural health centres improving the accuracy of patient diagnosis.
Finance
In finance, AI is revolutionising the industry by allowing businesses to automate and improve the efficiency of historically manual, time-consuming and repetitive tasks such as credit approvals. AI is also helping the finance industry by analysing large amounts of data, leaving human intervention to focus on strategic insight and analysis. AI is also starting to integrate into fraud detection and personal finance advice, it is likely that the financial industry will continue to embrace AI to further advance financial services and business processes. For example, Enova (a company based in Chicago) is utilising AI and machine learning to provide financial analytics and credit assessments in its lending platform. For more real-life examples of AI in the finance industry, check out this article.
Manufacturing
AI is already being utilised by the manufacturing industry in a variety of ways including prototyping, quality assurance and improving the efficiency of manufacturing lines and processes. Manufacturing will be one of the many industries that AI will help to streamline to save human employees time and businesses money. A great example of AI being used in manufacturing comes from prestige car manufacturer, Porsche. They are using autonomous guided vehicles to automate portions of the automotive manufacturing process. The introduction of AGVs will make Porsche’s manufacturing system more resilient to disruptions like pandemics and staff sickness.
Retail
AI is already being used by the retail sector for price analysis and data deep dives - it is likely this is just the beginning. AI will mean customers are easily connected with the right product at the right time, at the right price point. The advancements in retail AI have only just scratched the surface.
One example of AI being used in retail that you have probably heard about is Amazon’s “Just Walk Out” technology. It uses AI to work out what a customer has bought in a charge and automatically charge their account without the need to go to a physical check-out point with a human, imagine how fast the shopping experience will be if this technology was rolled out to other retailers - no more queues!
Hospitality
The hospitality industry is one that is constantly facing challenges from staff shortages to food shortages and increasing prices, entering AI. AI can really help hotels, restaurants and other hospitality businesses by streamlining and automating business processes. As the development of AI continues we are likely to see lots of advances in AI for the hospitality industry.
An example of AI being used in hospitality can be taken from the hotel industry with many implementing virtual concierge services to improve the guest experience at just the click of a button.
As we look to the future, AI shows great promise. Advancements in technology like autonomous vehicles and virtual assistants are becoming more integrated into our lives, making things more convenient and connected. However, it's important to consider ethical implications and ensure that AI is developed responsibly, with transparency and fairness in mind.
