Artificial Intelligence In Business: The Impact & Future Prospects

Artificial Intelligence, or AI, is not a very new concept. We have already seen companies advancing this technology into products we now use on a daily basis. Just in its nascent stage, Artificial Intelligence is yet to showcase its most exceptional applications in the product and service industry. AI is promising and so is the future it holds for consumers and companies alike. Let’s dive deep with me to have a real encounter on the future of AI in business.

Artificial Intelligence In Business Today

The complex AI algorithm can simply be broken down into a structure: human*process(AI)*data = business value. Companies, either service or customer based are already making use of this specific algorithm to bring innovation to their services. Artificial Intelligence is typically used in software development so that a company can employ an integrated system of its own to work on. As AI is capable of analyzing large amounts of data to predict a certain outcome, it is not surprising that the technology is already used in industries such as healthcare, mobility, and financial services, among others.

Let’s have a closer look at the application of artificial intelligence in these areas:

AI In Healthcare

Artificial intelligence is one of the most promising technologies for the healthcare sector. Not only used for pilot projects, AI also supports a number of companies and facilities in creating systems to store patient information on an app or in the cloud, as well answer patient queries on health-centric topics via chatbots or other conversational interfaces.

Furthermore, artificial intelligence will help to analyze health-related issues as well as diagnose patients by just scanning their face. IBM (Watson Oncology) and Google (Deepmind) are already working on solutions in this area, some of them by predicting health risks by collecting patient data. AI has definitely not reached its peak in the healthcare industry yet as, within the next ten years, algorithms are predicted to carry out tasks that generally require human intelligence.

AI In Mobility

Uber has already invested in assisted driving and is currently testing autonomous cars, which is an exceptional example of Artificial Intelligence in the mobility industry. Uber is planning to have a fleet of such vehicles by 2021 and the ride-hailing giant is already into a deep R&D stage to take its plan on the floor.

Tesla is investing millions of dollars in the technology to have the R&D for having test vehicles backed by AI on the roads, while Google is also working on their own solution. In Europe, automotive supplier Magna has made its move to collaborate with cutting-edge startups to identify solutions in different areas while they have also just announced a multi-year partnership with Lyft to develop and manufacture self-driving cars at scale.

AI In Financial Services

Among other application areas, companies in the financial services industry have started utilizing artificial intelligence to detect fraudulent activity. The AI-backed systems are trained to detect fraudulent and non-fraudulent activities in any given transaction. The system is updated with the related data that is to be mined in order to determine fraud possibilities. Over time, the system gets used to spotting fraudulent transaction containing any type of misleading information. Many companies in this sector are looking forward to having these systems integrated into their software in the near future.

Apart from fraud detection, AI also serves as a technology to improve solutions and the decisions made with them. Conversational interfaces like chatbots are capable to carry out financial operations and tracking account activity to name only two use cases. Artificial intelligence will also facilitate the employment of robo-advisers and other automated advisory solutions which will become an impactful asset to the entire industry.

The Bottom Line

The day is not far away when companies will work with computerized assistance instead or added to the human workforce. Artificial intelligence is growing and service-sector companies, as well as their industrial counterparts, will move to integrate this technology into their mechanisms. The future for companies working with AI assistance is going to be a bright one.

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