The Power of AI: Diverse Applications Across 5 Industries

Aida Pandur

Artificial intelligence has never been a buzzword as much as it has over the last year. The talk of AI comes with the rise of Chat GPT that sparked a race between multi-billionaire companies of who can have the best LLM. More and more AI software keeps popping up; be it for content creation, marketing, image generation (give or take a few hands or fingers) – and it seems like it’s here to stay. But then again, that’s what everyone said about blockchain and cryptocurrency a few years ago as well, and now there’s barely any mention of it.

Will our future be shaped by artificial intelligence? This question has been asked for many, many years – probably since its conception back in the 1950s with the Turing machine. It appears that we are headed in that direction, but perhaps not in the way we think.

All the buzzwords around AI have been related to content creation. It doesn’t have nearly as much traction in other areas or industries, as we read one scandalous thing after another about what has said this time. The goal of this article is to examine the potential, use cases and application of artificial intelligence across various industries – in a way where it will not replace an individual’s creativity and skill, but in a way to better society as a whole.

AI in Healthcare

Big technology companies like Microsoft, Apple, Google have had a big impact on introducing AI to healthcare. AI is currently integrated with a number of healthcare services. These tools and systems aim to improve patient care and improve medical research and diagnostics.

It’s undeniable that at this pace, AI has the potential to revolutionise the healthcare industry by providing more personalised healthcare solutions.

One example of AI usage in healthcare is in mammography – in general, 1 in 2 healthy women get diagnosed incorrectly for breast cancer due to a high proportion of mammograms yielding false results. The use of AI is enabling review and translation of mammograms 30 times faster with 99% accuracy, reducing the need for unnecessary biopsies.

AI in Retail

Retailers are always looking for the best way to understand, analyse and adapt to customer trends and behaviour, and give them the best possible product. AI helps retailers optimise these decisions, and connects the right customers with the right service and/or product.

An example of AI in retail is how it helps recognise the customer’s intent by using heat mapping. By combining cameras with computer vision, we can see which products people take from the shelves, which ones they put back, and where they go afterward. This intelligence is then used to create experiences that promote engagement with products.

AI in Banking and Financial Services

Artificial intelligence has a very solid place in banking and financial services. Across multiple sectors, AI helps improve customer experience through conversations, mainly online via chatbots. This is no different for banks when it comes to various questions their customers might have.

Another area where banks can benefit from AI is boosting transaction safety. It would make identifying certain patterns of fraud and suspicious activities a lot easier and faster, and even help prevent crimes in some cases.

AI in Manufacturing

Manufacturing is another industry with tons of data to process, and has several uses for AI.

Machine learning in particular has a big role in manufacturing. For instance, the predictive AI nature can support maintenance of critical equipment by accurately predicting asset malfunction. This can cut a lot of time and costs due to potential malfunctions being caught in time, and preventing unplanned downtime.

Quality control in manufacturing also benefits from AI – in a similar fashion to predicting asset malfunction, AI alerts manufacturing units of potential production faults that could impact product quality.

AI in Real Estate

Perhaps by examining the past four examples, you have already (correctly) deduced that in real estate, artificial intelligence can be used for analysing market conditions and trends, potentially giving businesses an edge. It can also be used to predict rental income, and any other aspect affecting the real estate market.

Renting or buying a property can be a long and tedious process, especially with so much documentation – with AI that can all be managed and processed automatically.

AI is Powerful – and Here To Stay

It’s incredible to see such developments in such a short amount of time, and it’s certainly going to evolve even more in this coming age. These are only a few industries which we chose to talk about, but artificial intelligence is present in most industries today; that is the relentless pace of technology. Just think about how much the internet alone has changed over the last decade. What, then, awaits us in the future when artificial intelligence evolves even more?

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