Artificial Intelligence (AI) technology has been rapidly advancing in the past few years. In fact, many industries nowadays are integrating it into their business process to improve their efficiency and production.
However, what exactly is AI technology, and how will it affect the leading industries in the world? Find out here!
What is Artificial Intelligence, and Why is it Important?
AI is a technological advancement that involves advanced programing technology to solve problems. It is closely related to machine learning and big data. AI systems tend to get smarter every time new data is inputted into the system.
The three main components of AI technology include:
- Advanced AI algorithms/code
- Data and data management
- Computational systems
AI technology is important mainly because of the following reasons:
- Return of Investment
In simple words, AI technology allows organizations to make better business decisions and streamline their business process. By doing this, they can improve their accuracy and speed in various aspects of their operation.
List of Industries that Use Artificial Intelligence:
As mentioned, many of the major industries in the world are integrating AI into their business processes. These technologies include the following:
It is easy to consider that one of the leading industries that make use of AI technology the most is the tech industry. This is noticeable in the Google search engine, for example, which is driven by an AI algorithm to generate responses for every question inputted automatically. Social media platforms also make use of their own AI algorithms to provide users with more personalized content.
One of the greatest impacts of AI in the tech industry is how it is able to help organizations scale up. Despite scaling up, the advantage it provides is that they don’t have to use much manpower as long as they have a well-established and reliable AI.
You might not notice it much, but the transportation industry is also among the leading industries that make use of AI technology. One of the most evident examples of this is the release of AI-driven systems in cars. These systems provide predictive mechanisms to inform drivers regarding malfunctioning parts. Some systems provide drivers with the best route possible for them to avoid inconveniences.
Finance is one of those industries that require a price computing system for a wide range of purposes. This is why it is heavily dependent on AI technology nowadays because it provides them with powerful systems that automatically detect fraud for safer banking transactions and collect data for better financial investment decisions.
AI technology has significantly changed the face of the healthcare industry. This is evident with IBM’s cognitive supercomputer that can quickly diagnose a rare type of leukemia that even experienced doctors are unable to do in several months.
Aside from making medical diagnostics, the healthcare industry also makes use of AI-based systems to handle electronic records. This has significantly improved the industry’s quality of service to patients. At the same time, AI technology is also used to provide a more personalized medical approach to patients for better satisfaction.
Web scraping has a lot of benefits but can be a time-consuming process. It provides businesses and stakeholders with valuable data to help them make the best possible decisions.
However, web scraping processes have become less consuming with AI-empowered scraping tools such as Web Scraper API by Oxylabs. Now, there is software that collects the data instead of manually tracking them down and storing them in a database.
Nowadays, the manufacturing industries are integrating AI-based bots such as robot-driven assembly lines to increase their production and efficiency. This industry even utilizes AI that can predict the malfunctioning of machines.
The integration of AI technology in the manufacturing industry has a lot of benefits for companies in terms of cost-efficiency. This is because it removes employees who have redundant tasks.
However, this also poses a lot of concern with the labor force at the same time. This is because they are afraid that AI-based robots will eradicate or significantly lessen the need for human employees in the manufacturing industry, resulting in unemployment.
There is no denying that there are a lot of benefits from using AI technology which is why it has a huge potential to impact the major industries in a good way. However, just like other things, it also comes with several downsides. Given that its use is unprecedented, unknown issues might occur in the future. But, regardless of that, AI integration in various industries will continue to increase in the near future.