AI Applications in Various Industries: Who’s Doing What?

AI is changing the world. While the technology is still at its infancy stages, the impact can already be felt across multiple industries. Just the other day, for example, IBM made the trailer of a movie entirely from AI. Rather than spend time picking scenes to include the trailer, the company fed their AI program WATSON with 100 horror movie trailers and using these trailers as a guide, WATSON created a complete trailer for a new psychological thriller! And, it’s not just in a movie where AI’s impact is being felt. The following are other applications of Artificial Intelligence in five different industries that prove the technology is fast becoming part of daily life.

AI Applications in Healthcare 

From drug discovery to virtual nurses and diagnostics to personalized care, artificial intelligence is enabling one breakthrough after another in the health industry. The following are just a few top applications of AI in healthcare;

• Virtual nursing assistants: Molly, a virtual nurse developed by startup sense.ly is one of the biggest additions to the nursing industry in the last few decades. Constantly smiling and armed with a pleasant voice, she uses machine learning to support patients with chronic illnesses in-between doctor’s visits. 
• Designing treatment plans: AI is also now quite often used by doctors to identify potential treatment plans for patients, especially cancer patients. IBM’s Watson Oncology, for example, analyzes the meaning of data and clinical notes and reports to extract useful insight that can be used to inform treatment plans. 
• Diagnostics: Finally, a number of healthcare companies are utilizing artificial intelligence to develop new programs for patient imaging and diagnostics. Pathway Genomics, another creation of IBM, for instance, has come up with blood test kits for cancer known as Cancer Intercept Detect that attempt to detect cancer cells in people who’ve never had the disease before. 

AI in Finance and Banking 

Another industry where the role of artificial intelligence continues to rise each day is finance and banking. Finance involves a lot of data and repetitive processes, and that’s where AI excels. As such, we’ve seen AI make entry into pretty much every sector in finance, from customer service to fund management and security. The following are some of the top ways AI has changed these sectors;  

• Personal finance: Before you get to the bank, there are a few innovative AI solutions already working to help individual users better manage their finances. One such solution is wallet.AI. Founded in 2012, Wallet.AI tracks everything you do, from your eating patterns to how often you take the cab, and analyzes this information help you spend your money better.
• Stock trading: Currently, some trading functions are completed by AI-powered computers rather than fund managers. Two excellent examples of AI-powered solutions currently used in financial markets are Sentient and Emma. Emma, in particular, can be used for stock trading, wealth management, monitory policing, and so much more.
• Customer service: Finally, AI is also helping banks and other financial institutions provide satisfying customer experiences. The Commercial Bank of Dubai, for instance, uses a virtual customer representative named Sara to assist visitors 24/7. 

AI in Retail

Retail has faced its share of challenges in recent years. For one, with the digital wave, most retail activities have had to move online. Those who can’t establish a strong online presence are, therefore, left behind. Secondly, ever-growing competition has made the industry a customer’s market. Customers now call the shots. It means that retailers need insight now more than ever. If you don’t have the information to help you fully meet your customers’ needs, you’ll lose the customers in no time. 

Artificial intelligence is not only helping retailers extract the information to help them boost sales and keep customers, but also enabling;

• Demand forecasting: Ideally, the retailer wants to stock enough products to satisfy consumer demand, but not so much as to exposes themselves to losses in case demand plummets. AI appears to be the solution to this puzzle. The Morrison stock forecasting solution, for example, allows the company to perfectly forecast demand such that the company always has just enough stock, but not too much.
• Geo-targeted sales campaigns: Another way AI is proving valuable to the retail industry is by allowing marketers and advertisers to run geo-targeted sales campaigns. A recent AI solution, the Darwin Pricing software, for instance, uses artificial intelligence to model price expectations at different locations, enabling retailers to offer the right discounts in every location. The result – more sales!

AI in Education

Lastly, AI is also making big strides in the education industry. Custom textbooks and lectures, for instance, are now a thing at most higher education institutions thanks largely to artificial intelligence. Custom textbooks are textbooks specifically created to help a student or a group of students complete a given course or pass a certain exam. Custom lectures, meanwhile, are meant for teachers. Created by Pallit, the solution allows lecturers to quickly prepare exhaustive lectures for their classes. Other than custom textbooks and lectures, AI is also helping with;

• Intelligent tutors: Also known as cognitive tutors, intelligent tutors are software programs that can track the mental steps of a learner during a problem-solving session to gauge the learner’s understanding of the subject matter. The AI tutor can then prescribe appropriate learning content for that learner.
• Learning companions: Woogie, a voice-enabled AI device created in 2015, is the best example of what we can expect from learning companions in the future. The device listens to the learner, converts text to speech and vice versa, and can even read for learners. 
• Personal trainers: AI is also enabling the creation of personal trainers capable of studying one’s habits and providing advice on fitness and health routines.

Other applications 

Aside from healthcare, finance, retail, and education, artificial intelligence is also shaping many other industries including manufacturing, technology, energy, and automotive. We’ve even seen AI make moves into the hotel and travel industries where advanced AI solutions are used to attempt to understand consumer preferences so as to provide incoming customers with the best experience. 

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