Artificial intelligence (AI) technology is taking industries by storm. According to PwC, 72% of business leaders believe that AI will be a business advantage for companies that stay ahead of the curve.
AI is being implemented in several vertical businesses, and in many forms – from chatbots to actual AI robots, intelligent big data analysis, and software that can collect an aggregate of customer data and distill it down to actionable insights.
While there are many ways AI can be used in different industries, below are a few examples of ways it is already being used in five specific industries.
Financial institutions are using AI chatbots to field customer questions and offer financial advice. Erica, the virtual financial assistant for the Bank of America, for instance, allows clients to access their accounts, transfer funds, and ask questions about services, right from their phones. Meanwhile, ATB banks in Calgary, AB have a new employee: SoftBank’s Pepper the Robot, which assists people by voice or via its small screen as customers look for help with their banking needs.
Last summer, Manulife became the first Canadian life insurance provider to adopt an AI decision algorithm (AIDA) for underwriting. The idea is that the AI can help simplify and speed up the application process for life insurance, reducing the amount of legwork for human staff, and allowing potential and current clients to get answers more quickly.
Many retailers are using AI to learn more about individual customers so they can offer curated product offerings, deals, and recommendations, as well as to help manage inventory, determine competitive pricing, provide customer support, and accommodate voice search, among many other functions. Another feature is visual search, which is offered from retailers like American Eagle Outfitters. The retailer’s app uses image recognition technology to help customers find the right clothing they desire, and recommend items that would go perfectly with them. Ted Mann, President of Slyce, which provides the visual search platform, says that the trend is growing 20% month over month, and is one of the most popular search models among Millennials and Gen-Xers.
At CES, LG showcased its CLOi AI robots, the PorterBot, ServeBot, and CartBot, that could all be used to help guests of various establishments, whether it’s directing them to the right aisle where they can find a grocery item they need, to bringing their luggage up to their hotel room, or delivering room service or extra towels. You might even find ones poolside serving drinks one of these days. LG has since expanded the line to include the GuideBot, CleanBot, LawnBot, and Home, each of which serves a distinct function.
Use cases for AI in health care range from devices like Samsung’s Bot Care that can be used in the home to help you keep track of vitals, store historical data, and remind you when it’s time to take your pills, to AI software that provide doctors with greater insight into a patient’s medical care, and streamlined access to full medical histories. AI is even be used to help find treatments for illnesses. An AI software like IBM Watson can scan thousands of medical journals from around the world for experimental treatments that could work on a specific patient based on his or her condition far quicker than a team of doctors could ever dream of doing.