AI Disruption - Which Businesses are Likely to Get Affected?
“Just as electricity transformed almost everything 100 years ago, today I actually have a hard time thinking of an industry that I don’t think AI will transform in the next several years,” said the former chief scientist of Baidu, Andrew Ng, in 2017.”
AI is bringing technological transformation in every industry by automating their processes, offering greater personalization to its customers, and disrupting how they work. It’s a computer program with particular aspects of human intelligence or the ability to think like humans.
In the last two years, artificial intelligence has disruptive and improved many business verticals and also became the main target of venture capital funding with investments into the billions. AI start-ups, such as Vacasa, Samsara, ThoughtSpot, CloudMinds, TripActions, SparkCognition, and more, which have raised millions, are a sheer proof that AI is a billion-dollar business.
Like the previous years, in 2020 and the upcoming years, AI with the power of machine learning, deep learning, and data science is going to disrupt various industries. Let’s take a look of the top five industries to be disrupted by AI:
1. Fashion
Fashion is one of the biggest industries in the world that has been transformed by artificial intelligence. Be it designing, manufacturing, or marketing of the fashion products, AI is there in every process. The technology is helping fashion brands and businesses to look into their customers’ behavior, improve brand awareness, enhance the shopping experience, and boost sales.
AI enables intelligent automation to automate various tasks and predictive analytics to analyze demand, purchase patterns, and other sales aspects. Moreover, artificial intelligence also comprises computer vision that helps in improving manufacturing efficiency by figuring out defects in the fabric and recognizing counterfeit items.
2. Fitness
With people preferring home workout over visiting a gym, the demand for online fitness applications has increased. These apps include various exercises that people can do according to the instructions mentioned in the app. However, one major drawback of such apps was that there was no way of monitoring if the posture during the exercise is correct or not. The implementation of artificial intelligence has removed this barrier by providing a way to maintain the right posture during exercises. Zenia, an AI-enabled application, that offers a comfortable and reliable way to practice yoga, is an example of this.
3. Healthcare
AI adoption in healthcare has brought a major transformation by allowing medical professionals to get precise and relevant data about patients. Artificial intelligence enables predictive analytics that help doctors to look proactively into the patient’s health. The technology also ensures better accuracy in diagnostics, scans, and other health tests, which not only saves money as well as time.
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The availability IoT (Internet of Things) -enabled devices, doctors can even monitor their patients remotely and prescribe them the right medication. Apart from this, health chatbots powered by AI are also there to help patients get answer to their queries and assist doctors to collate preliminary data about the patients.
4. Customer Support and Services
There is no denying that the chatbots built using the natural learning process or NLP (a subset of artificial intelligence) have already started to disrupt customer services. These chatbots are programmed to receive a customer’s query and provide its solution (using predefined responses) within seconds. The arrival of AI in the customer service domain has improved the efficiency by segregating the queries and transferring it to the concerned customer support executive. The chatbot also mitigates the initial part of the conversation by asking the primary details and the query of the customer at first, which saves a lot of time.
5. Real Estate
Just like all other domains, AI has also started to disrupt the real estate business. AI tools are being used to provide improved services to the customers looking out to sell, buy, or rent any property. AI-powered chatbots work round the clock to provide customers, searching for a property, with the most relevant recommendations.
It also help the real estate agents to know customers’ interest and send them the relevant options or follow-up the leads. AI in the real estate world also helps the businesses to minimize paperwork by collecting the preliminary details and other required information before human intervention.
To sum up, it would be no wrong to say that AI is the most revolutionary technology of this century that is changing the way industries work. This is one of the possible reasons that we are observing a big hike in the demand of AI-powered applications and solutions. If you are also looking out to integrate AI in your business or AI app development, then contact a reliable AI solution provider or hire AI developers now.
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