Every time you click on a new movie or TV series on Netflix, conduct a Google Search, ask Siri for help or browse Amazon’s recommended products, you’re subtly being helped by artificial intelligence in the background.
According to Statista, the global artificial intelligence market has grown by 154% in 2019 and has reached revenues of $9.5bn worldwide. Businesses that use artificial intelligence (AI) and related technologies will gain an unprecedented competitive advantage over businesses that lack behind. Given the complicated nature of AI, many organisations still lack the foundational knowledge to create value from AI on an enterprise level. For example, knowing exactly where their AI opportunities lie, how to implement it, and how to define a strategy for extracting value from these opportunities.
Although AI was first introduced as a concept since the 1950s, the technology has only recently begun to find real-world applications (such as digital personal assistants). Tech giants and start-ups have exponentially increased their investments in artificial intelligence applications. Artificial intelligence opportunities exist in every sector and across many industries.
There are three factors that have contributed heavily to the advancement of AI technologies, namely:
- The vast amount of data generated from e-commerce, Internet-of-Things, science, governments, social media, businesses, etc.
- Greater computer processing power and rise of cloud-based services, which help run complicated machine learning algorithms.
- Improvement in machine learning algorithms due to the availability of large amounts of big data.
In this article we will be discussing a few applications of artificial intelligence in various industries that demonstrate how omnipresent the technology has become in our everyday lives.
(If you don’t know what Artificial Intelligence is, check out our introductory article to learn about the basics of AI)
Artificial intelligence is rapidly entering a new phase within enterprises. An increasing number of businesses are turning their trial AI programs into enterprise-wide implementations. This movement is largely based on the early successes of pilot programs, as well as the continuing advancements in artificial intelligence software and hardware. Heineken, a 150 year old company is using AI to drive marketing decisions and initiatives by utilising the vast amount of data they collect. By using AI, they also improve operations and customer service. From managing global supply chains to optimising delivery routes, artificial intelligence is helping organisations of all sizes and in all sectors to improve productivity and the triple bottom line at every stage of the business lifecycle from sourcing material to sales and accounting to customer service. It’s allowing companies optimise their design, production and delivery capabilities like never before.
Because there exists many different artificial intelligence applications, AI can be split into five different categories to help identify what kind of AI should be used. These five categories are listed as follows:
- Reasoning: The ability to solve problems through logical deduction. e.g. financial asset management, legal assessment, financial application processing, autonomous weapons systems, games. This kind of AI should be able to look at historic data and come up with its own reasoning to solve an issue without pre-programmed rules. (this is a form of deep learning)
- Knowledge: The ability to present knowledge about the world. e.g. financial market trading, purchase prediction, fraud prevention, drug creation, medical diagnosis, media recommendation
- Planning: The ability to set and achieve goals. e.g. inventory management, demand forecasting, predictive maintenance, physical and digital network optimisation, navigation, scheduling, logistics
- Communication: The ability to understand spoken and written language. e.g. real-time translation of spoken and written languages, real-time transcription, intelligent assistants, voice control
- Perception: The ability to infer things about the world via sounds, images, and other sensory inputs. e.g. medical diagnosis, autonomous vehicles, surveillance
In order to showcase the range of sectors that AI is affecting, here are 7 different industries and their AI applications:
Therefore, instead of asking, “Will automation take our jobs?”. We should ask, “How can I prepare myself for the automation revolution?” as it is inevitable.