Technology

How AI Trends Boost Industry Profits and Innovation

We have already seen a wave of innovations across industries. Artificial Intelligence is just adding a new chapter to it. Artificial Intelligence is revolutionizing the industries. Impact of artificial intelligence can be seen in healthcare, finance and banking, business marketing and many more. Artificial Intelligence has helped industries to grow at the much faster rate.

What are Latest AI trends?

Before discussing the latest trends in artificial intelligence, let us first discuss artificial intelligence.

Artificial Intelligence

Artificial Intelligence is the branch of computer science that emphasizes the creation of intelligent machines that act and work like humans. Artificial Intelligence gives the power of reasoning, problem-solving and decision making to the machines. Artificial Intelligence applications include speech recognition, learning from past experience, robotics, theorem proving etc.

Some of the major trends in Artificial Intelligence are:

  • Robotics Workforce

Almost every industry is using robotics in the assembly lines. Robotics is constantly replacing labor-intensive work with machines. Automation is industries has leveraged the productivity to a large extent. Also, artificial intelligence robotics machines have high precision and accuracy. They have the capability to work at a  much faster rate than humans.

  • Voice Assistants

One of the major trends in Artificial Intelligence is voice assistant. Voice recognition systems built using artificial intelligence are able to take human voice as an input, process it and work according to the instructions.

  • Chatbots

Chatbots are one of the latest trends in artificial intelligence. Chatbots are built using artificial intelligence algorithms that enable them to communicate with humans. Chatbots have gained significant importance in customer support service for the organizations. Chatbots are designed to be user-friendly that can answer the queries of customers.

  • AI medical diagnostic systems

Artificial Intelligence has transformed the medical industry in a number of ways. Artificial intelligence systems have helped doctors to maintain the patient’s records, past illness, and various records. Also, artificial intelligence applications have been developed that can diagnose the disease of the patient from patient’s symptoms. Some of the more advanced Artificial Intelligence systems are able to perform typical surgeries also.

Let us now discuss how AI trends are boosting the profits and innovation of various industries.

  • AI in Healthcare Industry

Healthcare industry is one of the first industries to be benefitted from artificial intelligence. In the past few years, we have seen a considerable amount of investment by this industry in the field of artificial intelligence. Artificial Intelligence has also helped healthcare industry is growing leaps and bounds. The huge amount of data is associated with healthcare industry.

Healthcare organizations want to get an insight of the data using data mining. But data mining of that much amount of data is a tough task. Artificial intelligence applications have helped these organizations in data mining and analyzing the results. Artificial intelligence as a service has helped in boosting the profits as well as innovation in healthcare.

AI has the potential of improving the outcomes by 40 percent and reducing the cost of treatment by 50 percent. This leads to increase in profits. Talking about innovations, AI has helped in the 3D printing of human body parts, diagnosis of disease at an early stage, virtual health assistant and many more.

  • AI in Automotive Industry

The artificial industry is also revolutionizing automobile industry. Artificial intelligence is helping the automotive industry at every stage. AI helps in understands the dynamics of automobiles and can suggest designs that are robust. AI is also playing a big role in the manufacturing units of the automotive industry. This has increased the profits of automotive industries to many folds. Moreover, Tesla’s self-driving car is a giant leap in the automobile industry. Further research is going on like smart cars, accident prevention technology etc for the betterment of the automotive industry.

  • AI in E-commerce Industry

The e-commerce industry is one of the fastest growing industry in the market. Artificial Intelligence has applications in E-commerce industry also. One of the best examples is the AI-based recommendation system. Whenever commerce recommends you a product, it involves a complex artificial intelligence algorithm in the background. AI system recommends you products on the basis of your past searches, demographic profile, and area of interest. Also, AI systems have also improved the customer support services.

Chances are that you may have used live chat tool on a website and the tool is AI-powered. Live chatbots help in improving the customer service that leverages the customer satisfaction. A good customer satisfaction leads to increase in sales that improve the profit of the websites. Artificial intelligence as a service has also helped to innovate the e-commerce industry in a number of ways- recommendation systems, prediction systems, smooth supply chain management is to name a few.

  • AI in IT industry

Artificial Intelligence has a huge impact on the IT industry also. AI systems are helping programmers at every stage of software development cycle. For example, AI plays a major role in deciding the architecture of the software, technologies to be used and also in software deployment.

Automation tools build in AI make quality assurance better. AI has increased the profits of IT industries by increasing the productivity of the developers. Also, AI has innovated the IT industry by building better real-world software that can interact with the environment like voice recognition, face detection, image and video labeling etc.

Conclusion

With every passing day, artificial intelligence applications are adding a new chapter in the technological advancements. Artificial intelligence has an impact on almost every industry- be it healthcare, automobile or IT. Artificial intelligence has the ability to handle a huge amount of data. Latest trends in artificial intelligence have helped various industries in improving the productivity as well as the way things were done. Therefore industries are also investing huge budget in the research and development in the field of artificial intelligence. This will be beneficial for the industries in the long run.

About the author

Steven Hansen

Steven Hansen is a founder of Techeries. He is a specialist in digital security solution business design and development, virtualization and cloud computing R&D projects, establishment and management of software research direction. He also loves writing about data management and cyber security.