Artificial intelligence (AI) is no longer bound to only scientific research laboratories. AI has already started to leave its mark significantly on multiple industries – starting from IT to the health sector. During the pandemic back in 2020, AI contributed more than $ 2 trillion to the economy – according to a PWC analysis and it is expected that the figure will go past $ 15.7 trillion by 2030. Though AI is helping to shape many sectors and we already started to reap the fruits of AI, a few sectors where AI has truly brought its best avatar are mentioned below;
Sophisticated AI Chat-Bots To Amplify Faster and Easier Customer Support
The chat-bot interactions were tedious and annoying. The bots used to become stuck in loops and could only help with activities that were predetermined. The AI-powered human intuitive chatbots that use Natural Language Processing have a greater efficiency & impact, making them far more adept at giving a satisfactory response to consumers.
One of the virtual chatbots is named Erica launched in June 2018 as a virtual assistant in Bank of America with AI capabilities. It has already aided 7 million people and more than 50 million client requests were efficiently handled by Erica last year using artificial intelligence, predictive analytics, and artificial neural networks.
If your business website is delaying the embedding of customized AI chatbots, it is high time you need to think out of the box to stay competitive.
Transforming & Shaping The Financial Sector
Most financial applications across the world revolve around analyzing past data to get improved results. Precise data analysis brings Artificial Intelligence into the picture and which becomes a huge success in the finance sector. In the finance industry, AI has wide-ranging applications, including algorithmic-based trading, automation in risk assessment, fraud detection, and financial management, among several others.
Increasing Safety on Roads
One of the most concerning issues in the modern day is road accidents. Artificial Intelligence is playing a key role in reducing such fatalities. Many developed companies have already started using AI to record and analyze every minute detail regarding the driving pattern of different drivers ranging from lane discipline, Traffic rules abidance, to distance maintained with other vehicles on the road.
The details are collected by AI applications to provide safety recommendations to the driver and help automobile companies to come up with safer vehicles. As an example, Microsoft has been experimenting with HAMS (Harnessing Auto-Mobiles for Safety), an AI-based safety feature to enhance safety on Indian roads.
Enhancing Efficiency in Pharma Sector
AI has been a blessing to the Healthcare Industry across the globe. According to a study conducted by MIT, it is witnessed that merely 13% of the drugs pass the clinical trial stages, further, it costs millions of dollars for Pharma companies for any of its drugs to pass the clinical trials. Therefore Pharma companies switched to AI to increase the chances of clearing the clinical trials of their drugs to ensure better utilization of their R&D Budget. As an example, a leading Pharma Company named Novartis has been using Machine Learning Algorithm to find out which compound is best at fighting the diseased cells under examination.
Industrial Digital Automation
One of the prominent benefits of AI is automation. Automation in business operations not only saves your money & time but gives you more accurate & efficient results without any human errors. With an aim to deliver integrity & transparency in the data, Industrial Digital Automation is booming in leaps & bounds.
In modern-day AI is becoming the heart & soul of technology and with its enormous benefits across multiple sectors, we cannot deny the fact that AI is going to be the future and take the customer experience to the next level. As of now, we have only scratched the surface, and there are still miles to go before we can fully harness & utilize the power of AI.
If you are amazed and willing to know how AI can make your business operation easy, secure & efficient, book a free consultation today with Enliven and leap ahead with the power of AI.