Why artificial intelligence has become prevalent across diverse industries?

Today's businesses are very complex and doing everything, from bringing innovating strategies to leveraging advanced technologies, to stay competitive. Artificial intelligence emerges as a crucial technology for enterprises, providing unique capabilities by simulating human intelligence. Organizations capitalize on this technology to fulfill an array of business functions and meet their customers' needs effectively. As artificial intelligence is rapidly being utilized across all sectors, the High Tech industry is leading the adoption of this technology with a 37% share.

Despite this, the influence of AI technology can be seen in every industry. To assess its potential impact, this article will explore how diverse industries are taking advantage of AI applications.

Manufacturing

Artificial intelligence has a key role to play in manufacturing, making factories smarter by automating order management and scheduling. A report from Accenture estimates that AI-driven technologies could bolster labor productivity by up to 38% across 16 industries, including manufacturing, throughout 2035. AI in manufacturing can perform quality checks, predict failure modes and maintenance, enable generative design, making use of large big data sets and help deliver effective customer service.

Healthcare

Healthcare is recognized as a more complex industry as it deals with an individual's care and information alike. AI provides a game-changing solution to medical professionals, improving virtually every aspect of the industry from robot-assisted surgeries to securing patients' data against cyberattacks. This technology has been crucial for technological advancements in healthcare. It helps in the diagnosis and treatment of diseases that are complex to humans such as cancer. It also helps patients with minor aches, pains and illnesses through virtual nursing.

Retail & E-Commerce

AI has the potential to benefit the retail and e-commerce industry by automating data, stock and inventory analysis that facilitates better forecasting of sales. AI-based tools such as chatbots can help companies by answering customers' queries immediately and 24/7 without human interventions. It can also remind customers with incomplete sales and abandoned carts with offers and discounts in order to induce a purchase. Retailers use artificial intelligence in their logistics side of the business to reap greater ROI.

BFSI

Digital technology like AI has a substantial impact on the banking, financial services and insurance (BFSI) industry. While the industry has always been sluggish of technology innovation, the current digital wave is redefining the historically change-resistant industry. Artificial intelligence has disrupted every facet of banking from the front office to the middle and back-end. It has transformed the way financial services providers operate, from investment assistance, accounting and consumer lending to credit scoring, smart contracts and more.

Education

The adoption of AI in education is rapidly transforming the way of teaching and learning experiences. It improves learning by personalizing education. Artificial Intelligence helps discover what a student knows and what does not know and based on that it builds a personalized study schedule for each learner considering the knowledge gaps. It also produces smart content, contributes to task automation and ensuring access to education for students with special needs and 24/7 access to learning.

Entertainment

As the proliferation of the internet has already stimulated the growing ubiquity of content creation tools in the entertainment industry, AI is helping companies to improve their services and enhance customer experience. By integrating AI-powered tools, entertainment and media companies can envisage a user's behavior to make recommendations on the type of movie, music, TV shows, and other content they are interested in. The tools can also help personalize content and reporting automation.

Marketing, small businesses, transportation & logistics, supply chain, food tech, sports, and other industries are also harnessing the power of artificial intelligence. And this technology is making a huge difference in such domains by enabling businesses to drive innovation.